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CMA CGM Q3 profit plunge

Some CMA CGM containership on a trainMARSEILLE: November 20, 2015. The CMA CGM group reported revenue of US$3.97 billion for Q3 2015 – down nine percent over the same period last year. EBIT fell 36.5 percent to US$158 million with a resultant net profit of US$51 million, down 74.8 percent from Q3 2014.

For the first nine months of 2015, CMA CGM said revenue dropped 3.3 percent from 2014 to US$12.1 billion and EBIT rose US$39.3 percent to US$889 million to produce a net profit of US$613 million – a jump of 56.6 percent over the same period last year.

The company noted a sharp fall in freight rates during Q3, particularly Asia-Europe, while transpacific routes "continued to benefit from a better balance between supply and demand".

TEU's carried rose 3.4 percent in Q3 to 3.3 million and 9.7 million for the first nine months – up 6.5 percent year-on-year as the carrier increased unit capacity by 14.8 percent for the quarter with the arrival of two more 18,000 TEU vessels. A sixth ship of the same class will join the CMA CGM fleet in Q4.

Commenting on the outlook for the remainder of the year the company said the sector is facing lower-than-expected volume growth, putting pressure on freight rates for many lines in the short term: "Freight rates are expected to remain weak in fourth-quarter 2015. The market should rebalance during 2016," it added.

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