The following release was published by CMA CGM:
- An increase in business volumes driven by sustained demand in maritime shipping amid disruption to major routes.
- Operating profit for the second quarter down 4% year-on-year.
- CMA CGM is continuing to invest in order to upgrade its vessels fleet and support the industry's decarbonization.
- The Group is forging strategic partnerships to step up the deployment of artificial intelligence across all its businesses.
The Board of Directors of the CMA CGM Group, a global player in sea, land, air and logistics solutions, met today under the chairmanship of Rodolphe Saadé, Chairman and Chief Executive Officer, to review the financial statements for the second quarter of 2024.
Commenting on the results for the period, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said:
"Amid sustained demand, our Group delivered a solid performance in the second quarter, with a dynamic shipping business and a growing logistics pillar. We were able to adapt by redeploying capacity in response to the operational challenges caused by major disruptions on the main shipping routes. The Group has made key investments to accelerate the industry's decarbonization by renewing and upgrading its fleet, and to pursue its digital transformation by leveraging artificial intelligence."
Second-quarter 2024 highlights During second-quarter 2024, the CMA CGM Group delivered a robust performance. The period proved dynamic for global trade and demand for cargo shipping, supported by persistent geopolitical tensions, particularly in the Red Sea region.
These tensions continued to impede the fluidity of global trade in the second quarter, creating congestion in certain regions. At the same time, volumes carried rose sharply compared with the same period in 2023, when US distributors began to draw down their inventories, but also compared with the first quarter of 2024. This is because growth in Western countries held firm, as did household consumption, while inflation slowed due to the impact of monetary policies.
These disruptions brought operational challenges to which the Group responded with agility, thanks to investments in its fleet over the last few years. To support its customers and help alleviate pressure on supply chains, CMA CGM has launched the French Peak Service, an exceptional seasonal shipping line to meet the high demand for shipping between Asia and Europe.
The CMA CGM Group has continued to invest in its industrial capabilities with an order for twelve 15,000 TEU liquefied natural gas (LNG) vessels from Hyundai Heavy Industries. This order is part of CMA CGM's fleet renewal program, in line with the Group's target of achieving Net Zero Carbon by 2050, from the vessels' entry to service in late 2027.
The CMA CGM Group is continuing to integrate Bolloré Logistics, following its acquisition which was completed in late February 2024. From now on, CEVA Logistics and Bolloré Logistics will operate under a single brand – CEVA Logistics – one of the world's top five in the industry.
Lastly, the Group recently strengthened its media activities with the completion of the acquisition of RMC BFM on July 2, adding to its existing press activities.
Source: CMA CGM