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DECEMBER 18, 1996

COMPAGNIE MARITIME D'AFFRETEMENT LEAVES CYPRUS FOR PORT SAID

Mediterranean hub of Naples of CMA will effective in next april

Compagnie Maritime d'Affretement has announced it is leaving Cyprus, one year into a three-year transshipment contract with Cyprus Ports Authority at Limassol. Themis Philippides of M and A, the line's Cypriot agents, said C.M.A. would incur U.S.$4.5 million annually in additional costs if it continued, through high costs and limited working hours. C.M.A. transferred transshipment operations to Cyprus in October 1995. In mid-October 1996, C.M.A. moved to Port Said, Egypt, which was said to be temporary. C.M.A. had handled 150,000 and 200,000 containers annually through Limassol, 50 percent of its business. The port's lack of a 24-hour loading and unloading service was reportedly costing C.M.A. U.S.$1,500 every hour that its ships were not at a berth. Services are halted between 0130 and 0600 daily.


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