CMA CGM Quadruples Quarterly Net Profit

CMA CGM Quadruples Quarterly Net Profit

French CMA CGM, the world’s third largest container line, recorded a 419 percent increase in net profit and a 10.5 percent increase in volumes handled in the first quarter of 2015.

The line ended the first quarter of 2015 with USD 406 million of consolidated net profit, a sharp increase compared to a USD 97 million net profit recorded for the same period a year earlier.

CMA CGM handled 3.1 million TEUs during the given period, and the rise was attributed to the increase in volumes on the East-West lines, particularly to and from the US, where volumes enjoyed sustained growth, and also from the launch of the Ocean Three Alliance.

The container line also opened five new routes in the US during the period,  as well as extended its agency network to up to 655 agencies in over 160 countries.

The company’s consolidated revenue was up 1.8 percent, reaching USD 4.013 billion, due to increased operating efficiency, as well as a sharp drop in bunker prices, which fell 36.5 percent per TEU.

Adjusted net debt fell by 10.3%, chiefly due to the favourable impact of the USD/EUR exchange rate and to the increase in the company’s cash available. Consolidated adjusted net debt now represents less than half consolidated adjusted equity.

This balanced financial strategy was recently recognized by Moody’s, which raised the line’s credit rating to B1 with a stable outlook.

The company’s fleet capacity increased by 13.4 percent to 1,769,000 TEUs, with further five 17,722 TEU, six 9,400 TEU and three 2,100 TEU boxships expected to be delivered this year.

Share this article

Follow World Maritime News

Posted on May 18, 2015 with tags .

In Depth>

Events>

<< Sep 2019 >>
MTWTFSS
26 27 28 29 30 31 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 1 2 3 4 5 6

Defence Safety Conference 2019

The Defence Safety Conference returns to London this October as the only event solely dedicated to enhancing safety across all aspects of defence.

read more >

Shipping Transformation Asia

Shipping Transformation Asia will provide a platform for future-focused discussion in the shipping,…

read more >

3rd MarSat Workshop

The MARSAT project wants to operationalise and standardise EO products and aims to develop…

read more >

Global Sustainable Shipping Forum 2019

The event will provide valuable insights from conference sessions, great networking opportunities and will offer…

read more >