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CMA CGM profits fall 82pc after last year's Covid boom
来源：shippingazette 编辑：编辑部 发布：2023/08/02 09:02:42
FRENCH shipping giant CMA CGM posted an 82 per cent year-on-year decline in second quarter net profit to US$1.33 billion, drawn on $12.3 billion in quarterly revenue, down 37 per cent.
The precipitous drop was cushioned by knowledge that the declines were a product of last year's one-off Covid boom.
However, the latest results were substantially better than pre-pandemic performance. CMA CGM posted a net loss of $109 million in Q2 2019 and net income of $22.7 million in Q2 2018.
Second quarter results were in line with company expectations. CMA CGM said in late May that it expected the first quarter to be its best quarter of the year.
And as of Friday, its bearish outlook on the second half hadn't changed. A combination of "uncertain demand" and newbuilding deliveries "is likely to weigh on freight rates in shipping, particularly on east-west lines," it said.
Despite multiple company acquisitions and a very large newbuilding programme, CMA CGM still has plenty left in the coffers, affording it a runway to "weather the cycle." As of June 30, CMA CGM had $3.8 billion in liquidity, down $1.85 billion from the end of last year.
The precipitous drop was cushioned by knowledge that the declines were a product of last year's one-off Covid boom.
However, the latest results were substantially better than pre-pandemic performance. CMA CGM posted a net loss of $109 million in Q2 2019 and net income of $22.7 million in Q2 2018.
Second quarter results were in line with company expectations. CMA CGM said in late May that it expected the first quarter to be its best quarter of the year.
And as of Friday, its bearish outlook on the second half hadn't changed. A combination of "uncertain demand" and newbuilding deliveries "is likely to weigh on freight rates in shipping, particularly on east-west lines," it said.
Despite multiple company acquisitions and a very large newbuilding programme, CMA CGM still has plenty left in the coffers, affording it a runway to "weather the cycle." As of June 30, CMA CGM had $3.8 billion in liquidity, down $1.85 billion from the end of last year.