CMA CGM: Record $3.5bn profit in second quarter

CMA_CGM

CMA CGM has posted a 2,500% increase in its net profit, to $3.5bn, for the second quarter, compared with the same period of last year. CMA CGM’s turnover in Q2 came in at $12.4bn, up 77% on the previous year, of which $10bn came from its container liner business, which was 89% higher than before.

The company expects to “further improve” these record results in the second half of the year, as conditions in the market remain favourable for liner shipping in H1 22.

The French shipping and logistics group acquired 14 new vessels in the past year, 32 second-hand ships and more than 500,000 extra TEU in equipment.

Chairman and CEO Rodolphe Saade said the performance was driven by “higher volumes and freight rates” in container shipping, due to “an unprecedented demand”.

He added that logistics subsidiary Ceva “had continued to improve its operational and financial performance”.

He said: “While pressure on global supply chains is likely to persist, the group’s strong performance enables us to accelerate our logistics transformation and our investments in industrial assets. We are pursuing the effort initiated over the third quarter of 2020 to increase our capacity and meet our customers’ needs.”

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