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Syria Agrees to New Contract with CMA CGM to Operate Latakia Port Container Terminal

Container Ship CMA CGM Rigoletto moored at a container terminal at the Port of Los Angeles in Los Angeles, California on February 3, 2025. (AFP)
Container Ship CMA CGM Rigoletto moored at a container terminal at the Port of Los Angeles in Los Angeles, California on February 3, 2025. (AFP)
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Syria Agrees to New Contract with CMA CGM to Operate Latakia Port Container Terminal

Container Ship CMA CGM Rigoletto moored at a container terminal at the Port of Los Angeles in Los Angeles, California on February 3, 2025. (AFP)
Container Ship CMA CGM Rigoletto moored at a container terminal at the Port of Los Angeles in Los Angeles, California on February 3, 2025. (AFP)

Syria's General Authority for Land and Sea Ports said on Wednesday that it had agreed to a new contract with French shipping and logistics group CMA CGM to operate the container terminal at the Latakia port.

The Syrian port authority said in a statement that the contract would include new terms and mechanisms, and the settling of all previous dues by both sides, without providing details.

CMA CGM did not immediately respond to a request for comment.

A Syrian source familiar with the negotiations told Reuters that the talks leading up to the new contract included changes to revenue distribution and the length of the contract.

The source said Syrian authorities had hoped to negotiate a larger share of the revenues than the previous contract, a shorter timeframe for the terminal lease and technical improvements, including a new ship deck.

Latakia port is Syria's main maritime gateway. CMA CGM began managing Latakia's container terminal in 2009 and the contract was repeatedly renewed, most recently in October 2024 for an additional 30 years by authorities under Syria's now-toppled leader Bashar al-Assad.

Assad was ousted from power on Dec. 8 by a lightning rebel offensive, and a transitional government is now in power.

CMA CGM is controlled by Franco-Lebanese billionaire Rodolphe Saade and other members of his family which has roots in Syria.

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UN's FAO: World Food Prices Dip in May

A woman sells dried foods at a street market in Hanoi, Vietnam, 06 June 2025. EPA/LUONG THAI LINH
A woman sells dried foods at a street market in Hanoi, Vietnam, 06 June 2025. EPA/LUONG THAI LINH
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UN's FAO: World Food Prices Dip in May

A woman sells dried foods at a street market in Hanoi, Vietnam, 06 June 2025. EPA/LUONG THAI LINH
A woman sells dried foods at a street market in Hanoi, Vietnam, 06 June 2025. EPA/LUONG THAI LINH

Global food commodity prices declined in May, driven by marked drops in cereal, sugar, and vegetable oil prices, the United Nations' Food and Agriculture Organization said on Friday.

The FAO Food Price Index, which tracks monthly changes in a basket of internationally traded food commodities, averaged 127.7 points in May, reflecting a 0.8% decrease from the April figure.

The May reading was up 6% from a year earlier but over 20% below a March 2022 peak following Russia's full-scale invasion of Ukraine that started a devastating war between two of the world's leading grains producers.

The FAO cereal price index fell 1.8% month-on-month, led by a sharp drop in global maize prices. Strong harvests and ample supplies in Argentina and Brazil, along with expectations of a record crop in the United States, weighed on prices, Reuters reported.

Wheat prices edged lower due to improved crop conditions in the northern hemisphere.

By contrast, rice prices rose 1.4%, supported by firm demand for fragrant varieties and currency movements.

Vegetable oil prices declined 3.7% from April, with declines across all major oils. Palm oil prices fell due to seasonal output increases in Southeast Asia. Soy oil prices dropped on higher South American supplies and weak demand for biofuel.

Rapeseed oil eased on improved European Union supply prospects, while sunflower oil declined amid weak global demand.

The FAO sugar price index decreased by 2.6%, reflecting concerns over the global economic outlook, weaker demand from food and beverage industries, and expectations of a production recovery next season.

Meat prices rose 1.3% from April. Beef, pork and sheep meat prices increased, with beef reaching a record high. Poultry prices declined, pressured by surplus supplies in Brazil following import restrictions linked to a bird flu outbreak.

The FAO dairy price index rose 0.8%, supported by strong demand from Asia. Butter prices remained at historic highs, while cheese and whole milk powder prices also increased.

In a separate report, the FAO forecast record global cereal production of 2.911 billion metric tons in 2025, up from 2.848 billion in its previous estimate and 2.1% above 2024.

With production expected to surpass consumption, global cereal stocks are anticipated to grow by 1.0%, partially recovering from last year's contraction.