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CMA CGM records $3.5 billion profit in Q2 earnings

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CMA CGM Group (CMA CGM) has increased its net profit to $3.5 billion for the second quarter of 2021.

Second quarter revenue reached $12.4 billion, a rise of 77.2% compared to the same period of 2020.

In the second quarter of 2021, the Group transported 5.7 million TEU, an increase of 19.1% over the second quarter of 2020, which had been heavily impacted by the downturn in global trade because of the COVID-19 pandemic, and an increase of 4.4% over the first quarter of 2021. 

Container shipping activity was particularly dynamic on the Transpacific, Latin America and Intra-Regional routes, the French shipping line said.

Container shipping revenue increased 89.4% year-on-year to $10 billion, driven by the increase in volumes and unit revenue. 

Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, commented, “The strong rebound of global economy has resulted in unprecedented demand for transportation and logistics services.

“In this context, the Group achieved excellent results this quarter thanks to the mobilisation of its teams. Container shipping performance was driven by higher volumes and freight rates. Our logistics subsidiary CEVA has continued to improve its operational and financial performance and posted a sharp revenue increase.

“While pressure on global supply chains are likely to persist, the Group’s strong performance enables us to accelerate our logistics transformation and our investments in industrial assets.”

Constraints on effective container shipping capacity for the transport of consumer goods, experienced since the summer of 2020, are expected to continue until the first half of 2022, the liner wrote.

By the end of 2021, CMA CGM will expand its fleet through the acquisition of six new 15,000 TEU owned vessels; 17 second-hand vessels; and three new chartered 15,000 TEU vessels, including the first of two of an order of six intended for the China-US West Coast routes.

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