It did not release financial details for the deal, which comes at a critical time for Eutelsat as it tries to drum up business for its low Earth orbit (LEO) network \u2014 a market dominated by Starlink, which is owned by Musk\u2019s SpaceX.\u00a0<\/p>\n
Ramon Fernandez, CMA CGM\u2019s finance chief, told the FT that although the two services were complementary, the company could \u201cin time choose the operator that best meets our needs\u201d.\u00a0<\/p>\n
The lower Earth orbit is becoming an increasingly important market, promising high-speed connectivity and lower latency \u2014 the speed it takes for a signal to travel from Earth to a satellite and back \u2014 than traditional operators in higher orbit. <\/p>\n
CMA CGM\u2019s move is a big bet on OneWeb, which has less than a tenth of the 9,000 plus satellites operated by Starlink in the lower orbit region and which is widely seen as having older technology<\/a> it is racing to renew. <\/p>\n Having two LEO networks to rely on \u2014 on top of the much higher geostationary satellites already operated by Eutelsat \u2014 would give CMA CGM<\/a> \u201cmaximum security\u201d for its connectivity, Fernandez said. <\/p>\n OneWeb is also trying to update its LEO constellation of more than 600 satellites. It ordered a new batch of 340 from Airbus in January, due to be delivered from the end of this year. <\/p>\n To finance these and another 100 already on order, Eutelsat, which is listed in Paris, raised a \u20ac1bn loan from banks last week guaranteed by the French state.<\/p>\n France is now its main shareholder with an almost 30 per cent holding, after the government upped its stake in a capital raising last year. Britain, which had rescued OneWeb from bankruptcy before its 2023 sale to Eutelsat, has 11 per cent.<\/p>\n Marseille-based CMA CGM, which is held by the Saad\u00e9 family, also owns over 7 per cent of Eutelsat. <\/p>\n Flush with cash after the Covid pandemic pushed up shipping rates, CMA CGM has expanded into logistics, media and other areas under chief executive Rodolphe Saad\u00e9. It bought into Eutelsat in 2022, and the group has been a visible supporter of French state interests. <\/p>\n \u201cIt\u2019s clear that in a fragmenting world, being able to rely on alternatives, and especially a European solution is an important element for a global company like us that is also French and European,\u201d Fernandez said of the contract with OneWeb. <\/p>\n Recommended<\/p>\n
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