French firm CMA CGM Group has reported a massive $5.6 billion profit for the third quarter of 2021, up from $567 million in the same period last year.
During Q3 2021 the group’s revenue reached $15.3 billion, an 89.4% increase compared to the third quarter of 2020.
Driven mainly by the group’s shipping portfolio, EBITDA came in at $7.1 billion.
During the third quarter of 2021, the Group transported 5.5 million TEU.
This represented a 2.5% decrease compared with the third quarter of 2020 when global trade rebounded markedly following the end of COVID-related lockdowns in Western countries.
Growth in volumes is currently constrained by congestions affecting port terminals and inland infrastructures, leading to longer transit times for vessels.
The Group’s shipping revenue reached $12.5 billion, representing a 101% increase compared with the same period in 2020.
Forecasting the state of the sector for the coming months, CMA CGM wrote that the pressure on effective shipping capacity for consumer goods observed since summer 2020 is expected to persist until at least the first half of 2022.
The group outlined some of its investments as a port operator for the year to date, including the acquisition of further 90% of the Los Angeles Fenix Marine Service Terminal and the purchase of a 50% stake minus one share in Spain’s Total Terminal International Algeciras port terminal.
Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said, commented, “We delivered very good financial results this quarter, enabling us to continue our development and accelerate our transformation.
“In an unprecedented context of strong tensions in global supply chains, our priority remains to support our customers with a complete range of solutions addressing their increased needs for shipping and logistics.”
CMA CGM has also recently announced two new dedicated block-train service offerings, providing eco-friendly intermodal solutions to serve the Rhur region in Germany, particularly in the Duisburg area. The new services will launch in January 2022 and offer the group’s customers a short transit time through the South port corridors of Fos and Marseille in France.