French firm CMA CGM signs letter of intent to form JV with Ethiopia's MACCFA

French shipping company CMA CGM has signed a letter of intent to form a new joint venture with Ethiopian company MACCFA and to manage Ethiopia's Modjo port, according to a document made available by the French President's Elysee department.

Marseille-based CMA CGM, one of the world's largest container shipping lines, recently became the core shareholder in Ceva Logistics, with the company looking to expand in non-maritime freight services.