FRENCH shipping giant's cma CGM Air Cargo lost money in the third quarter, the company has indicated.
Revenue from port terminals and air cargo rose 5.3 per cent to US$526?million, operating profit fell 58.4 per cent to $56?million.
'The air freight market was affected by higher capacity in the face of weak demand,' the company said.
This was blamed on the 'normalisation' of volumes in port terminals and in particular a decrease in revenue from storage which was linked to congestion.
CMA CGM, which owns Ceva and is looking to integrate Bollore, is thought to be struggling to attract other forwarders to opt for its air carrier.
Ceva - or rather CMA CGM's logistics division - saw revenue fall 15 per cent to $3.67 billion in the third quarter, with operating profit down three per cent, to $348 million.
CMA CGM operates three A300-200Fs and two 777Fs, which ply their trade between Europe, the Middle East, China and Africa. It has a deal with AF-KLM on the commercial side for all operations excluding North America.
SeaNews Turkey
Revenue from port terminals and air cargo rose 5.3 per cent to US$526?million, operating profit fell 58.4 per cent to $56?million.
'The air freight market was affected by higher capacity in the face of weak demand,' the company said.
This was blamed on the 'normalisation' of volumes in port terminals and in particular a decrease in revenue from storage which was linked to congestion.
CMA CGM, which owns Ceva and is looking to integrate Bollore, is thought to be struggling to attract other forwarders to opt for its air carrier.
Ceva - or rather CMA CGM's logistics division - saw revenue fall 15 per cent to $3.67 billion in the third quarter, with operating profit down three per cent, to $348 million.
CMA CGM operates three A300-200Fs and two 777Fs, which ply their trade between Europe, the Middle East, China and Africa. It has a deal with AF-KLM on the commercial side for all operations excluding North America.
SeaNews Turkey
