Volumes up, profit down at CMA CGM

CMA CGM has reported a $94 million profit in the second quarter, down from a $268 million profit in the second quarter of 2013, where the company recorded $248 million of one-off gains from the sale of Terminal Link.

Volumes carried by the French container shipping company rose 8% to 3.1 million TEU, compensating for a 3.9% drop in revenue per TEU in the second quarter.

Cost per TEU were reduced by 4.8%, with a 9.8% drop in fuel cost per TEU owing to a softened bunker price and increased efficiency.

CMA CGM’s volume growth was mainly attributed to its Asia-Europe and Africa lines, as well as Asia Pacific lines under subsidiary ANL.

During the quarter CMA CGM said it signed a partnership agreement to develop a new terminal in Mundra, India with local company Adani.

“Negotiations have also begun for a terminal in Kingston, Jamaica, which could become the company’s Caribbean transhipment hub,” the company said in a statement it issued on Friday.

CMA CGM, founded and led by Jacques R. Saadé is the world’s third largest container shipping company and had a turnover of 15.9 billion USD in 2013.

Operating a fleet of 428 vessels, it serves more than 400 ports around the world. In 2013, it carried 11.4 million TEU.