CMA CGM Stays in red

the world's third-largest container shipping company, posted on Friday another net loss in the third quarter

News ID: 70451

Date: 21 November 2016 - 11:09

According to MANA, Nov 18 CMA CGM, the world's third-largest container shipping company, posted on Friday another net loss in the third quarter as freight rates remained weak and it integrated Singapore-based NOL, its biggest-ever acquisition.
The French-based company's net loss including NOL was $268 million, compared with a $51 million net profit in the third quarter of 2015.
The shipping industry has been struggling with a prolonged downturn linked to vessel overcapacity and faltering economic growth, which contributed earlier this year to the collapse of South Korea's Hanjin Shipping Co Ltd.
Denmark's A.P. Moller-Maersk reported earlier this month a third-quarter net loss for Maersk Line, the global leader in container shipping.