- THE MAGAZINE
CMA CGM, the world’s third largest container line, reported increased revenues in the third quarter “reflecting a sharp acceleration in business growth.” The carrier reported carrying 2.7 million twenty-foot-equivalent units (TEUs) during the period, up 8 percent over second-quarter 2011.
“Following a first quarter that was challenging for the entire maritime container shipping industry, second-quarter 2012 saw a clear improvement in the market environment with a very substantial upturn in freight rates,” said CMA CGM.
In addition the Group continued to implement its action plan, which has delivered $294 million savings over the first six months of 2012, well ahead of the initial $400 million target for full-year cost savings, the company reported.
In this environment, CMA CGM reported:
- $460 million in EBITDA for the second quarter,
- Resulting in an EBITDA margin of 11 percent, the industry’s best performance.
- Net profit amounted to $178 million for the period.
The company stated, “The second quarter’s favourable trends have continued since July, and the Group expects that its operating and financial performance will still be highly positive in the third quarter. As a result, it has confirmed its forecast of reporting a profit for the full year.”