CMA CGM reports marginal increase in Q1 profits

The world’s third largest container line CMA CGM remained the black in the first quarter with a marginal increase in profit to $97m.

The French line reported a 1.2 per cent increase in first quarter net profit to $97 million compared to $96 million in the same period a year earlier. Revenues for the first quarter grew 2.7 per cent to $3.94 billion.

CMA CGM said it had succeeded in limiting the fall in average freight rates to 2.9 per cent compared the first quarter of 2013, compared to average drop on the Shanghai Containerised Freight Index (SCFI) of 8.6 per cent.

Volumes of the line grew 5.8 per cent in the first quarter to 2.8 million TEU.

Looking ahead CMA CGM said: “Thanks to the efficiency of its agency network and the quality of its service, CMA CGM continues to record a sustained increase of its volume.”

In terms of freight rates the company said: “After a dip at the beginning of the second quarter 2014, freight rates are now back at supportive levels but should nevertheless remain volatile.”

Meanwhile Rodolphe Saadé was named as the successor to chairman Jacques R. Saadé when the time comes, and has been appointed to the second top position in the company as vice-chairman executive officer.