CMA CGM boosted by Terminal Link sale

The majority of the profit, $249m, relates to the reorganisation of the group's port operations and disposal of Terminal Link in June.

Revenues of $4bn were 2.4% down on the same quarter last year, a 6.9% increase in volume, to 2.9m teu, failing to offset an 8.6% drop in the company's average freight rate.

The fleet of the world's third-largest container line expanded from 412 to 429 vessels, with capacity increasing from 1.4m teu to 1.5m teu. The quarter also saw the joint announcement from Maersk, MSC and CMA CGM of their intention to form the P3 alliance in 2014, subject to approval from competition authorities.

The company's net debt was reduced to $3.8bn, a decrease of $385m in the quarter.

CMA CGM's outlook for 2013 remains one of profit as it foresees higher freight rates and continuing benefits from its cost cutting measures.

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