For the third quarter (Q3) of 2021, French container shipping and logistics giant, CMA CGM attained $5.6 billion income, compared to $567 million recorded in Q3 2020.
Meanwhile, a total of ten new owned vessels and three new 15,000 TEU chartered vessels have joined the group’s fleet since the beginning of the year. The company also acquired 49 secondhand units since the beginning of this year.
It also added 800,000 containers over 15 months to reach 4.8 million units.
During the third quarter, the group’s consolidated revenue reached $15.3 billion, representing an 89.4% increase compared with the third quarter of 2020.
According to CMA CGM, the performance was mainly driven by the group’s shipping activities, adding that EBITDA came in at $7.1 billion, an increase of 317.9% compared to $1.7 billion posted in the corresponding quarter a year earlier.
During the third quarter of 2021, the group transported 5.5 million TEUs. this represented a 2.5% decrease compared with the third quarter of 2020 when global trade rebounded markedly following the end of Covid-related lockdowns in Western countries.
Growth in volumes is currently constrained by congestions affecting port terminals and inland infrastructures, leading to longer transit times for vessels, according to the carrier.
“We delivered very good financial results this quarter, enabling us to continue our development and accelerate our transformation,” Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, commented.
“In an unprecedented context of strong tensions in global supply chains, our priority remains to support our customers with a complete range of solutions addressing their increased needs for shipping and logistics.”
CMA CGM believes that the current context will allow it to achieve an even stronger financial performance during the fourth quarter.
In response to strong pressure on supply chains and to support the growth of the transport market in the coming years, the group has continued with its investments to strengthen its shipping, port and airfreight logistics network.
These investments will allow CMA CGM to provide comprehensive solutions and improve the quality of service in order to optimize its strategic development for the years to come while also pursuing its actions to promote the energy transition.
World Maritime new report that since 2017, CMA CGM has been investing in dual-fuel vessels that run on liquefied natural gas (LNG) and allow to almost fully reduce atmospheric pollutant emissions. This represents a first step in reducing greenhouse gas emissions.