The Board of Directors of the world’s third largest shipping line, CMA CGM Group recently met under the chairmanship of Jacques R. Saadé, Chairman and CEO of CMA CGM to review the financial statements for Q3, 2015.
The company outperformed the market average in an industry shaped by a sharp fall in freight rates and overcapacity in certain markets.
Volumes carried jumped 3.4% to 3.3 million TEU, helping to stem the 9% decline in the group's revenue to US$4 billion.
Consolidated revenue of $4.0 billion was recorded in Q3, 2015 and $12.1 billion in the first nine months of the year, down a slight 3.3% year-on-year.
The group delivered a net profit of $51 million as a result of its global footprint, commercial dynamism, constant ability to adapt and strict operating discipline.
In the first nine months of 2015, CMA CGM was able to handle 9.7 million TEU, which was in increase of 6.5% on the first nine months of 2014.
Despite the sharp fall in freight rates, consolidated revenue came in at $12.1 billion, which is a reduction of 3.3% on the same period in 2014.
CMA CGM recently took delivery of two 18,000 TEU vessels – the CMA CGM Bougainville and CMA CGM Zheng He – bringing its 18,000 TEU fleet to a total of five.
A sixth such vessel will join the fleet in Q4, 2015.
Freight rates are expected to remain weak in Q4, 2015, with the market expected to rebalance during 2016.
Fact File: CMA CGM, founded and led by Jacques R. Saadé is a leading worldwide shipping group. Its 470 vessels call more than 400 ports in the world, on all 5 continents. In 2014, they carried 12.2 million TEU. With a presence in 160 countries, through its 655 agencies network, the group employs 22,000 people worldwide, including 2,400 in its headquarter in Marseilles.