According to sources, CMA CGM reported a net profit of $2.7 billion for the third quarter of 2024, marking the shipping giant’s highest quarterly earnings in over 18 months. The group saw a 43% increase in revenue from its shipping sector, reaching $10.9 billion, largely driven by an uptick in volumes and higher shipping rates.
The company’s shipping EBITDA rose significantly to $4.4 billion, a 179% jump compared to the same period last year. A 5.6% increase in shipping volumes reflected proactive strategies by shippers, who sought to mitigate risks from potential port strikes, the U.S. presidential election, and instability in the Red Sea region.
CMA CGM’s average shipping rates per twenty-foot equivalent unit (teu) increased by 36% year-on-year to $1,798, compared to $1,340 in the second quarter. Shipping activities continue to be the main contributor to CMA CGM’s profitability, despite a notable rise in logistics revenue by 31%. Logistics operations generated one-third of group revenue but contributed a smaller share of EBITDA, approximately 9%, amounting to $459 million.
Looking ahead, CMA CGM noted a challenging outlook for 2025, citing concerns over macroeconomic conditions, regulatory adjustments, and geopolitical tensions. The carrier emphasized plans to maintain cost control, reinforce operational discipline, and continue investments in industrial assets and terminal capabilities as new container capacity could pressure future shipping rates.
