MARSEILLE: September 09, 2019. CMA CGM has reported an adjusted EBITDA of US$954 million for the second quarter of 2019 of which US$464 million was attributed to applying IFRS 16 and US$147 million from the consolidation of Ceva Logistics.

Excluding these two factors adjusted EBITDA was up 60.1 percent year-on-year to US$343.6 million from US$214.6 million in 2018.

CMA CGM students enrollAs a result of IFRS 16 and the acquisition of Ceva, the group reported a Q2 net loss of US$109 million on a 35 percent increase in revenue to US$7.7 billion.

Despite ongoing geopolitical uncertainty, CMA CGM said the acquisition of Ceva will gradually enable it to benefit from a less volatile and more diversified environment than the maritime sector and remains confident its 2019 second half will be better than the first.

In a related announcement, the French Maritime Academy (ENSM) has named its Class of 2019 in honour of Jacques Saadé, founder of the CMA CGM Group.

The 150 students (pictured) have enrolled in the five and a half-year course to become maritime officers and engineers and attended ENSM’s opening day in Marseille, together with France’s minister of Ecological and Solidarity Transition Elisabeth Borne, Jean-Baptiste Djebarri, minister of State for Transport, Rodolphe Saadé, CMA CGM chairman and CEO, and Frédéric Moncany de Saint-Aignan, ENSM chairman.

Nearly 500 French officers and sailors serve on CMA CGM ships and this year 50 joined the group while a further 130 have been accepted as trainees.

"Celebrating the opening day of the French Maritime Academy here at CMA CGM is a strong symbol and I would like to welcome the young students who are embarking on a maritime career. We owe you the best training and we want ENSM to become an international reference,” said minister Borne.

“I also would like to highlight two major commitments made by the CMA CGM Group: the first when you began the transition of your fleet in 2017 with the order of nine LNG containerships. This is the way of the future. The second one, only a few days ago, when you decided not to use the Northern Sea Route,” she continued.

“By choosing LNG for its future containerships, the CMA CGM Group will provide France with the first commercial fleet engaged in the energy transition,” added Saadé. “Students of the ‘Jacques Saadé’ class will be tomorrow’s commanding officers of these ships and they will be main actors of the sector, always more respectful of the environment.”