CMA CGM has joined other container shipping lines in seeing a positive financial performance in Q3 of 2020 as its earnings before interest, depreciation and amortisation (EBITDA) increased by 68% year-on-year.
Additionally, it said volumes increased by 1% YoY and were up 16% on Q2; revenue for the quarter also increased by 6.3%. The company said it had demonstrated “strength and agility in an unprecedented global context”.
It attributed the increase to the recovery of the global economy following the easing of lockdown measures and the strong momentum in terms of the consumption of goods to the detriment of services activities.
Additionally, it said the rapid increase in ecommerce and replenishing of inventories had played a significant role, as had the seasonal variation in business activity in preparation for both the September and Christmas peak consumption periods.
Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, commented: “In a favourable market environment for our industry, the Group reported very strong financial and operating performances due to the full commitment of its teams.
“Our shipping activity has seen a significant increase in volumes transported compared to the second quarter of 2020, and CEVA’s transformation plan starts to bear fruit.
“This crisis has also demonstrated the solidity of our business model and demonstrated the relevance of our strategy, combining logistics solutions with transport offering. In a context of strong demand for the coming months, we will continue to respond with agility to the needs of our customers.”