Alphaliner: CMA CGM increases profit but loses ground to Maersk

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French carrier CMA CGM, the third largest container line globally, reported consolidated net profits of USD 7.6 bn for the latest quarter, more than double a year earlier and 5% higher than the previous quarter.

Group revenue reached USD 19.5 bn, of which container shipping contributed USD 16.0 bn.

CMA CGM saw strong volumes during the quarter at 5.62 Mteu – little changed on the 5.69 Mteu reported a year earlier and higher than the first three months of the year.

Average earnings per teu also rose from the start of the year, to USD2,850 per teu versus USD 2,800 for January to March.
But the carrier was overtaken by Maersk in operating earnings from container activities.

After enjoying four consecutive quarters of higher EBIT than its (much larger) Danish competitor, CMA CGM reported shipping EBIT of USD 8.01 bn for the quarter versus USD 8.52 bn for Maersk’s container
division (Ocean).

Unveiling results, CMA CGM once again warned of rising costs and falling consumer demand.
It cautioned the global decline in consumer spending, already apparent in the summer, would lead to a downturn in shipping demand in the second half of the year.

Meanwhile the geopolitical situation is putting pressure on expenses, particularly bunker, vessel chartering and port handling costs.
Overall, CMA CGM’s operating costs increased by more than 22% year-on-year in the last quarter, with unit bunker costs in particular surging almost 75% over the period.

As a result, CMA CGM paid USD 1.1 bn more for its bunkers in the first half of 2022 on a like-for-like consumption basis than the equivalent period in 2021.

The French carrier continues on its path of expansion around its two chosen pillars of shipping and logistics. It has now re-invested 90% of consolidated profits in new projects.
These include the acquisitions of Ingram Micro CLS, Colis Privé, GEFCO, and its strategic partnership with Air France-KLM.

Source: Alphaliner

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