Following the acquisition of GEFCO by French CMA CGM Group, the European automotive logistics provider's brand will now become CEVA Logistics.

In particular, CMA CGM's subsidiary CEVA Logistics announced on 10 January the creation of a dedicated Finished Vehicle Logistics (FVL) organisation as part of GEFCO integration process.

According to a statement, any GEFCO’s remaining business, mostly in contract logistics and ground transportation, is going to integrate into CEVA’s existing operations.

CEVA plans to finish integration activities and replace the GEFCO brand worldwide in the next months of the year.

The new product organisation will be under the director of former GEFCO COO Emmanuel Cheremetinski, who will lead a global team of approximately 4,000 employees.

Prices of copper dipped on Tuesday, as surging COVID-19 infections in China hit its industrial activities and raised concerns over near-term demand outlook, though a weaker U.S. dollar limited losses.

Three-month copper on the London Metal Exchange was down 0.2% to $8,303.50 a tonne by 0737 GMT, reversing gains from the previous session that was supported by China's pledge to boost its economy.

But the world's top metals consumer is currently seeing a wave of surging infections.

CMA CGM SA has agreed to buy two major US shipping terminals owned by Global Container Terminals Inc to bolster the French logistics company’s presence in the country.

The acquisition gives CMA CGM a gateway on the US east coast and strengthens its position as global port terminal operator, the company said Tuesday, confirming an earlier Bloomberg News report. Financial details for the transaction to buy the terminals in the state of New York and New Jersey weren’t disclosed.

AD Ports Group has signed a contract with China Harbour Engineering Company for the development of buildings and topside infrastructure for the cutting-edge CMA Terminals Khalifa Port, a joint venture owned by CMA CGM’s subsidiary CMA Terminals (70% stake) and AD Ports Group (30%t stake).

The agreement includes the development of the first net zero carbon administration building to be constructed for the joint venture, which is being developed in-line with the company’s role as an official partner of World Green Building Council’s Middle East & North Africa Regional Network. The award-winning administration building, which won the Net Zero Design Building Project of the Year in October, will be a highly energy efficient building that is powered from renewable energy sources and offsets.

In addition, the agreement will see the development of 28 office and utilities across the terminal, more than one million square metres of yard paving, reefer stacks, STS cranes and access roads.

Ocean shipping rates for goods leaving China are likely to fall next year when new container vessels take to the seas, according to carriers at a major trade fair in Shanghai.

Freight rates have plunged by as much as 90 per cent in the last year from the unprecedented highs they enjoyed during the pandemic, and are expected to stabilise in the short term.

More than 200 new ships are due to be delivered to freight operators in each of the next two years. Vessels with a total capacity of 2.34 million 20-foot equivalent units (TEUs) will be delivered in 2023, and another 2.83 million TEUs will be added in 2024.

That compares with 1.1 million TEUs this year.

“The shipping industry is wary of a further drop [in shipping rates],” said Kevin Gao, senior sales manager with Hapag-Lloyd (China) Shipping, an exhibitor at the China International Import Expo (CIIE). “Delivery of new vessels will probably exacerbate an overcapacity issue.”