CMA CGM slumps to loss on weak volumes

CMA CGM has reported an 18.6% fall in revenues in the second quarter on static throughput that saw it record a net loss of $109m.

News ID: 68634

Date: 04 September 2016 - 14:28

According to MANA ,freight carried by CMA CGM rose by 0.2% year-on-year in the second quarter, to 3.3m teu.
But average revenue per teu fell by 18.8% from the second quarter of last year and by 6% from the first quarter.
“As a result, consolidated revenue contracted by 18.6% like-for-like over the period, to $3.3bn ($3.5bn including NOL),” CMA CGM said.
Volumes rose slightly on the north-south trades, but declined on the east-west routes, CMA CGM said. Including NOL, which was consolidated from June 14, total volumes carried for the period were 3.5m teu.
"We are experiencing a market environment that remains difficult, with excessively low freight rates weighing on our revenue and margins. In an environment shaped by a lack of visibility, CMA CGM has the advantage of a strong liquidity position.