FRENCH shipping giant CMA CGM posted a 187.1 per cent year-on-year third quarter net profit increase to US$201 million, drawn on revenues of US$4.4 billion, which went up 6.4 per cent.
But the Marseilles-based shipping line posted a 9.2 per cent decline in third quarter operating profit to US$248 million.
Alphaliner attributed the net profit surge to lower interest expenses and to $65 million of foreign currency exchange gains, whereby CMA CGM benefitted from the dollar's appreciation against the shipping line's euro debt.
Quarterly container volumes carried increased by 8.3 per cent to 3.2 million TEU, but per box revenue decreased 1.8 per cent over the period.
Year-to-date operating profit over the nine months was flat at $638 million with revenues rising 4.3 per cent to $12.5 billion year on year.
CMA CGM shipped 9.1 million TEU in the first three quarters, a 7.4 per cent year on year increase.
Volumes reached their highest level in company history thanks to the lines deployed in high-growth areas and to the strength of the services offered on the main markets, said the company.
Intra-Asia and Oceania, the company operates through subsidiaries such as ANL or CNC, complementary to CMA CGM.
In Africa, CMA CGM has continued the development of its maritime and intermodal activities on this continent, expanding its service offering and has opened new land corridors, under the CMA CGM or Delmas.
CMA CGM recently purchased 7,000 new reefer containers and expects to carry one million reefers in 2015.
The company continued cost cutting resulting in a reduction of 0.4 per cent in per container expenses. Quarterly bunker consumption per TEU fell 3.4 per cent year on year.
Bunker savings were attributed to bulbous bow modification. This change, implemented in dry dock, optimises the vessel design to the speeds operated under slow steaming.
During the third quarter, the 9,400-TEU CMA CGM Elbe was delivered in October. Along with the same size CMA CGM Danube, which joined the fleet during the second quarter.
These vessels are built for the widened Panama Canal, and have an unequalled number of reefer plugs for ships of their size, said the company
Four other vessels of this size are expected to be delivered by the end of this year. The group will also take delivery of six vessels with a capacity of 18,000 TEU in 2015.
In July, the company signed an agreement with Adani Ports, related to a fourth container terminal in Mundra.
WORLD SHIPPING
25 November 2014 - 21:07
CMA CGM net profit up 187pc on one-off gains as EBIT slips 9pc
FRENCH shipping giant CMA CGM posted a 187.1 per cent year-on-year third quarter net profit increase to US$201 million, drawn on revenues of US$4.4 billion, which went up 6.4 per cent.
WORLD SHIPPING
25 November 2014 - 21:07
CMA CGM net profit up 187pc on one-off gains as EBIT slips 9pc
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