CMA CGM profit up, despite drop in revenue per teu

Overall revenue for the group was unchanged at $15.9bn, as a 7.5% increase in volumes carried to 11.4m teu and 5.3% drop in costs per teu helped offset the drop in per-box revenue.

Before gains on disposal, depreciation and amortisation, the group's operating profit was down from $1.3bn in 2012 to $1bn in 2013.

The group's bottom line was boosted by the sale of its 49% stake in Terminal Link in June for around $531m.

Rodolphe Saadé, CMA CGM group executive officer, commented: "In 2013, in a difficult market, we successfully reduced our costs while increasing our volumes carried much faster than the market, enabling us to report one of the industry's best financial performances. In this way, year after year, we are reinforcing our position as the world's third largest container shipping company. With these solid fundamentals and the pioneering spirit that has always been our strength, we are committed in 2014 to maintaining our profitability and driving faster growth."

CMA CGM foresees a continued "mismatch" between supply and demand, which will see a continued downward pressure on rates, although the clearing of the P3 alliance by the US Federal Maritime Commission in March bodes well for increasing efficiency. P3 is due to begin operations in the middle of this year, pending approval from Asian and European regulators.