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            october 18, 2019

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CMA CGM profit up 22.8pc


Marseilles shipping giant CMA CGM, the world's third biggest container shipping company, has posted a year-on-year 22.8 per cent increase in consolidated net profit in 2013 to US$408 million, drawn on revenues of $15.9 billion, down 0.1 per cent, according to Shipping Gazette.
The spectacular increase in net profit was "partly as the result of the sale of 49 per cent of Terminal Link, our terminal activities subsidiary in June", said the statement accompanying the annual results.
"In a difficult market, we successfully reduced our costs while increasing our volumes carried much faster than the market, enabling us to report one of the industry's best financial performances," said CMA CGM group executive officer Rodolphe Saade.
Company ships carried 10.6 million TEU in 2013, a 7.5 per cent year-on-year increase. The container fleet capacity increased 7.6 per cent on 1.55 billion TEU over the same period.
The decrease in average revenue per TEU was held to 7.1 per cent, which was less than the decline in the corresponding Shanghai Containerised Freight Index (SCFI), said a company statement.
"CMA CGM maintained its cost discipline in response to the persistently difficult market conditions. This helped to drive a 5.3 per cent reduction in costs per TEU and deliver an operating margin of 4.8 per cent, one of the industry's highest," the CMA CGM statement said.
Equity was increased following the subscription of mandatory convertible bonds by France's sovereign fund FSI (now Bpifrance) and by Yildirim in an amount of respectively $150 million and $100 million, said the company.
Looking ahead, volumes are expected to increase four to five per cent in 2014, but freight rates are likely to remain under pressure throughout given the supply and demand imbalance, said the company.
"In response, CMA CGM is continuing to deploy a strategy combining financial discipline and assertive marketing, which should enable it once again to deliver a significantly better operating performance than its peers," said the statement.

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