CMA CGM’s Q3 finances followed the strong trend produced by shipping lines throughout the pandemic. Group revenues increased 6.1% year-on-year to $8.1bn, with EBITDA up 68% to $1.7bn.
In the Shipping business, revenues grew 6.3% on 1.0% volume growth. Revenue/TEU increased to $1,120, with particularly strong increases in rates on Transpacific lanes. The company increased EBITDA by 76.1%, with unit cost per TEU down 6.8%. This was due to declining oil prices and cost-cutting initiatives.
CEVA meanwhile produced $1bn in Net Income, up from a loss of $44bn in Q3 2019. Revenues grew 7.9%, with EBITDA up 18.4%. The performance was mainly supported by the turnaround in contract logistics activities following the reopening of sites closed in the second quarter. The company reported that air freight momentum was strong with favourable margins despite the significant reduction in air traffic.
Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, commented: “In a favourable market environment for our industry, the group reported very strong financial and operating performances due to the full commitment of its teams. Our shipping activity has seen a significant increase in volumes transported compared to the second quarter of 2020, and CEVA’s transformation plan starts to bear fruit. This crisis has also demonstrated the solidity of our business model and demonstrated the relevance of our strategy, combining logistics solutions with transport offering. In a context of strong demand for the coming months, we will continue to respond with agility to the needs of our customers.”
Source: CMA CGM