Air France-KLM and French shipping giant CMA CGM will end their existing joint venture on March 31, 2024, a year after its launch. The companies have also paved the way for a potential accelerated exit of the cargo forwarder from Air France-KLM's shareholding.
The two French firms blamed "the tight regulatory environment in certain important markets" for preventing optimal cooperation under the framework of the deal put into force in April 2023. Reuters reported, citing unnamed sources, that the regulatory snag pertained to the United States, where the JV was held back due to the ongoing transatlantic dispute over the allocation of slots at Amsterdam Schiphol.
Air France-KLM and CMA CGM are in discussions about ongoing commercial cooperation as independent companies post March 31, 2024.
While CMA CGM remains an important minority shareholder in the Air France and KLM Royal Dutch Airlines group with a 9% stake acquired in 2022, the firms have agreed to shorten the lockup period to the end of February 2025. Previously, CMA was barred from selling half of its shares before June 15, 2025, and the other half until June 15, 2028. The logistics firm will also vacate its seat on the Air France-KLM board on March 31, 2024.
CMA CGM is currently the third-largest overall and the largest private shareholder in Air France-KLM, after the French (28.6% stake) and the Dutch (9.3%) governments.
The partnership, which comprised the joint commercialisation of Martinair (Netherlands) and CMA CGM Air Cargo freighter capacity, as well as the Air France fleet's bellyhold capacity, was initially planned to continue through 2033.
The ch-aviation fleets module shows that CMA CGM Air Cargo currently operates three A330-200Fs (with one more due soon on transfer from CMI operator Air Belgium) and two B777-200Fs. In turn, Martinair operates one B747-400(BCF) and three B747-400ERFs. Air France operates two B777-200F freighters but was not a part to the JV.
