French shipping giant CMA CGM Group has reported a drastic 50% decline in its second-quarter profit, with net income plummeting to $661 million in Q2 2024 from $1.33 billion in the same period last year.
However, the group’s revenue rose 6.8% year-on-year to $13.1 billion in the second quarter. EBITDA fell 4.3% to $2.48 billion, with a margin of 18.9%, down 2.2 points.
Chairman and CEO Rodolphe Saadé commented: “Despite operational challenges, our group delivered a solid performance in Q2, with a strong shipping business and growing logistics sector. We’ve made key investments in decarbonization and digital transformation.”
The company noted that spot freight rates continued to rise in Q2, amid sustained demand and shipping capacity constraints due to disruptions in the Red Sea and rerouting via the Cape of Good Hope.
CMA CGM handled 6 million TEUs in Q2, a 6.8% increase from the prior-year period, driven by strong global trade and cargo demand, particularly on Transpacific and Asia-Europe routes.
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