CMA CGM Group’s Profit Hits $5.6 Billion For Q3 2021; Revenue Increases By 89.4% From Last Year

CMA CGM has recorded a whopping profit of $5.6 billion in 2021’s third quarter. This is an increase from $567 million recorded during the same phase last year.

In Q3 2021, CMA CGM’s revenue touched $15.3 billion, increasing by 89.4% compared to 2020’s third quarter. Driven primarily by its exclusive shipping portfolio, its EBITDA was $7.1 billion.

In 2021’s third quarter, the Group managed to transport 5.5 million TEU. It is a decrease of 2.5% to 2020’s third quarter when worldwide trade rebounded with COVID lockdowns coming to a halt in Western nations.

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The Group’s growth in volumes is presently constrained owing to congestions that are impacting inland infrastructure and port terminals, resulting in prolonged transit time for all vessels.

CMA CGM’s shipping revenue skyrocketed to $12.5 billion, representing an increase of 101% increase when compared to what was observed in the same period in 2020.

Forecasting the situation in the sector over the next few months, CMA CGM mentioned that the pressure levied on effective shipping capacity, particularly for consumer products that have been observed since last year summer may continue to persist at least until the first six months of next year.

The group as a port operator also threw light on some of CMA CGM investments for 2021 to date, such as its acquisition of 90% of the Los Angeles Fenix Marine Service Terminal along with its purchase of a 50% stake excluding a share in Total Terminal International Algeciras, Spain.

Rodolphe Saadé, Chair, and CEO of the Group said that in this quarter, they had delivered substantial financial outcomes. This empowers them to keep developing and accelerating their transformation goals.

The CMA CGM has recently also announced the introduction of two new block-train services that will extend eco-friendly and sustainable intermodal offerings to Germany’s Ruhr region, specifically in Duisburg. The latest state-of-the-art services are expected to be launched in the next year in January. It will aid the company’s customers with a reduced transit time via the corridors of South port in Marseille and Fos-sur-Mer, France.

Reference: itln.in

CMA CGM Group’s Profit Hits $5.6 Billion For Q3 2021; Revenue Increases By 89.4% From Last Year appeared first on Marine Insight – The Maritime Industry Guide

Source: Maritime Shipping News