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APL makes a profit for CMA CGM

MARSEILLE: May 19, 2017. CMA CGM has reported a 35.9 percent year-on-year increase in Q1 2017 revenue to US$4.62 billion. The result includes APL figures for the first time.

APL ZeebruggeRevenue would have dropped 1.7 percent to US$3.34 billion excluding the APL contribution.

Net income for the period was US$86 million and US$60 million without APL, compared to a loss of US$100 million in Q1 2016.

"For the first time and less than a year after its acquisition, APL has contributed positively to our group's results," said CMA CGM Group CEO Rodolphe Saadé. "Although the shipping industry still faces strong headwinds, we are confident our strategy should allow to improve operational results over the next quarter, leveraging the new Ocean Alliance and maintaining our focus in operational efficiency and innovation to the benefit of our customers."

CMA CGM reported an EBIT margin of 5.5 percent to US$252 million and for the first time since 2011, APL registered "satisfactory quarterly results" with a return to profitability. The box carrier produced a gross operating income of US$56 million and a net result of US$26 million as a result of higher revenue per unit and cost control.

The group increased TEU volume in Q1 by 34.2 percent to reach 4.27 million while reducing its fleet capacity 1.8 percent to 445 vessels compared to the same period last year. Notwithstanding variable exchange rates and bunker prices, an improvement in freight rates is expected to increase EBIT margin during the remainder of 2017.

CMA CGM has begun the Ocean Alliance weekly NEU4 service linking Zeebrugge with ports in China and South Korea with the 13,380 TEU box ship APL Changi. Read more: Ocean_Alliance_Zeebrugge.pdf

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