[231120.EN.SEA] CMA CGM Posts 68pc Q3 Profit Hike To US$1.7 Billion, Sales Up 6pc

 

FRENCH shipping giant CMA CGM posted a 68 per cent year-on-year third quarter operating profit increase to US$1.7 billion, drawn on revenues of $8.1 billion, up six per cent.

"Our shipping activity has seen a significant increase in volumes transported compared to the second quarter of 2020, and CEVA's transformation plan starts to bear fruit," said CMA CGM chairman and CEO Rodolphe Saade.

The world's third biggest container shipping company after Maersk and MSC, said the pick-up in global economic activity following the easing of various lockdown measures helped improve the Marseilles-based group's fortunes.

This provided strong momentum in consumer consumption, also helping along strong e-commerce growth as well as the usual seasonal variation in business activity in preparation for both back-to-school September and Christmas shopping.

Volumes carried during the third quarter continued to recover and were up 16.8 per cent compared with the second quarter of 2020. Volumes were also up year on year.

The average revenue per TEU was $1,120, up 5.2 per cent year on year, in particular on transpacific trades.

Source : HKSG.