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CMA CGM delivering solid Q2 results

Despite a sharp fall in freight rates and industry overcapacity, the French liner shipping company, CMA CGM, reported that its share of the group's consolidated net profit amounted to USD 156 million, up 66.7% on Q2/2014. Volumes carried during in the period under review increased by 6.2% year-on-year, to 3.3 million teu. This rise overshoots the global market volume growth of 1% - 2%.

 

Average revenue per container carried decreased by 7.8%. Unit costs dropped by 10.9%, largely due to the sharp fall in oil prices. Core ebit surged to USD 325 million, 59.3% more than in Q2/2014, as the group’s lower unit costs outpaced the decline in average revenue per container carried.

 

In H1/2015, volumes carried were up 8.2% to 6.4 million teu, revenue was stable at USD 8.1 billion and net profit almost tripled to USD 562 million. In May 2015, Moody's upgraded the group's credit rating to B1 with a positive outlook.

www.cma-cgm.com