CMA CGM's Q3 earnings dip
CMA CGM Group, a global provider of sea, land, air, and logistics services, reported revenues of USD 11.4 billion in Q3/2023, with maritime shipping and logistics sectors adjusting contributions amid market downturns. Ebitda plummeted to USD 2.0 billion, a 78.2% drop from Q3/2022, and net income was USD 388 million.
Noteworthy investments included a USD 2.8 billion acquisition of the GCT Bayonne and New York container terminals and a USD 17 billion investment in a low-emission fleet aiming for net zero carbon by 2050.
Shipping revenues fell by 51.8% to USD 7.6 billion due to declining freight rates, while logistics held steady at USD 3.7 billion. The company maintains a focus on cost control, decarbonisation, and digitalisation. (pb)