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CMA CGM Q3 volumes up 5.5pc to 5.26m TEU, but net profit down 68pc

FRENCH container shipping group CMA CGM said its third-quarter volumes had outperformed the industry, supported by brisk transpacific activity that suggested no negative impact so far from US-Chinese trade tensions.

CMA CGM's quarterly volumes reached 5.26 TEU, up 5.5 per cent from the same period last year and compared with overall sector growth of 2.5-3 per cent, the company said in a statement. That contributed to a 6.3 per cent rise in third-quarter sales to US$6.06 billion, reports Reuters.

Net profit reached $103.1 million, down 68.1 per cent from $323.3 million in the year-earlier period but above the $22.7 million in the prior quarter.

Activity remained strong in the fourth quarter, particularly on transpacific routes, a CMA CGM spokesman said, adding this was contrary to the usual market trend in which volumes ease after a peak period of third-quarter shipments to the United States ahead of the Thanksgiving holiday.

The group, the world's fourth-largest container shipping line, said its operating margin was 4.0 per cent in the third quarter, down from 10.4 per cent a year earlier but up from 1.2 per cent in the previous quarter.

"In a context of sharply rising fuel prices, CMA CGM core EBIT margin recorded a significant increase compared to the second quarter of 2018, at 4.0 per cent. In a market growing by 2.5 per cent to 3 per cent, the increase in volumes shipped by CMA CGM demonstrates our commercial drive and the quality of service offered to our customers," said Rodolphe Saade, chairman and Chief Executive Officer of the CMA CGM Group.

Source: Schednet

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