The Board of Directors of the world’s third largest shipping group CMA CGM have met with Jacques R. Saadé, Chairman and CEO of CMA CGM, to review the financial statements for Q2, 2015, where the company saw a massive increase in its quarterly net profits.
In Q2, CMA CGM demonstrated the strength of its business model by significantly outperforming the market, despite a sharp fall in freight rates and industry overcapacity.
Volumes carried during Q2 increased by 6.2% year-on-year to 3.3 million TEU, compared to global market volume growth of between 1% and 2%.
Consolidated net profit group share came to US$156 million, up 66.7% on Q2, 2014.
During the first half of 2015, volumes carried were up 8.2% to 6.4 million TEU, revenue was stable at $8.1 billion and net profit almost tripled to $562 million.
During Q2, 2015, the group continued to upgrade its services in fast-growing markets and to adapt its offering with the aim of unlocking growth potential and better meeting the needs of its customers.
CMA CGM recently won the 30-year concession to operate the Kingston Container Terminal in Jamaica, which will become the group’s regional hub for the Panama Canal expansion, scheduled for completion in 2016.
CMA CGM has announced the obtainment of the container terminal concession of Kribi in Cameroon for 25 years.
The company has won the concession as part of a French-Chinese consortium, composed of CMA CGM, African logistics operator Bolloré Africa Logistics, and Chinese civil engineering and building company CHECH.
Vessels from all companies of up to 8,000 TEU in capacity will be able to call at this 1.4 million TEU capacity container terminal.
CMA CGM said in a statement that the container terminal is ideally located in Cameroon – a growing market – and will become a regional hub for the African Atlantic coast, from Senegal to Gabon.
CMA CGM has been present in Africa since 2001 and in 2006, the group acquired the African maritime transport expert DELMAS and strengthens its African footprint.
Farid T.Salem, CEO of CMA CGM, said: “CMA CGM and its partners will make Kribi containers terminal an international terminal which will bring dynamism to the Cameroonian economy. With this new terminal, Cameroon will be at the heart of international trade.”