CMA CGM on track in Q2/2020
The Marseille (France)-headquartered CMA CGM reported a noticeable decline in volumes in Q2/2020. Boxes carried during the second quarter of 2020 were down to 4.8 million teu (Q2/2019: 5.5 million teu) or 13.3% compared to the second quarter of 2019.
Yet the carrier said in a press release: "Losses were more limited than initially expected". While revenues in the quarter were down to 5.32 billion USD (5.96 billion USD) or 10.9% compared to the same period in 2019.
Since to average revenue per teu of USD 1,112 surged by 2.8% year-on-year and the unit cost by teu was down 4.6%, shipping ebitda grew by 30% in Q2/2020 at USD 1.05 billion (vs. USD 808). Operating margin increased significantly by 86% to USD 497 million, i.e., 9.3%.
The affiliate Ceva Logistics showed "initial signs of recovery", as the press release said. Logistics net loss reached USD -1 million, compared with a net loss of USD 32 million during the second quarter of 2019.
The group expressed its confidence in its business outlook for the third quarter of 2020, speaking of "current strong momentum of the shipping market, driven by both volumes and freight rates." (mw)