01 September 2014

[010914.EN.SEA] CMA CGM Profit Falls 185pc to US$94 Million On Record Revenues Up 3.7pc

MARSEILLES container carrier CMA CGM, the world's third biggest, has posted a 185 per cent second quarter net profit decline to US$94 million, drawn on record revenues of $4.2 billion, an increase of 3.7 per cent.

But this did not include last year's one-off $248 million gain from the sale of the 49 per cent of port operator Terminal Link. 

Volumes carried by the French shipping line increased eight per cent to 3.1 million TEU, compensating for a 3.9 per cent quarterly drop in per box revenue.

Cost per TEU was reduced 4.8 per cent with a 9.8 per cent drop in fuel cost per box owing to lower bunker prices and increased efficiency.

CMA CGM's volume growth was mainly attributed to its Asia-Europe and Africa lines, as well as Asia Pacific lines under its subsidiary, ANL.

During the quarter CMA CGM signed a partnership agreement to develop a new terminal in Mundra, India with local company Adani.

Negotiations have also begun for a terminal in Kingston, Jamaica, which could become the company's Caribbean transshipment hub.

The company's fleet size grew by one to 430 ships, while the fleet capacity increased three per cent to 1,589 TEU.

"Freight rates remained volatile overall, with the usual high level of volumes at this time of the year helping drive current rate increases. On this basis, CMA CGM expects its third-quarter operating performance to be sustained, said the company statement.

Source : HKSG.

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