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CMA CGM third quarter profit and volumes rise

CMA CGM third quarter profit and volumes rise
Growth in Asia-Europe, intra-Asia and African trades has helped CMA CGM to a near-trebling of profit to $201m for the third quarter.

An 8.3% increase in transported volumes to 3.2m teu and 1.8% drop in revenue per teu brought consolidated revenues of $4.4bn, 6.4% up on Q3 2013.

The group identified Asia-Europe, Intra-Asia and oceania and Africa as areas of growth, with a continuing expansion in reefer cargo. A falling oil price eased bunker consumption per teu by 3.4%, boosted by a continued focus on energy efficiency.

For the first nine months of 2014, the Group’s turnover totalled $12.5bn, a 4.3 % increase over the first three quarters of 2013. Carried volumes rose 7.$% between the two periods to 9.1m teu.

The Ocean Three agreement between CMA CGM, China Shipping Container Lines (CSCL) and United Arab Shipping Company (UASC) is expected launch in the first quarter 2015 after it gained the approval of the US Federal Maritime Commission.