CMA CGM's sound start of the year
In his most recent outlook on the carrier's current situation, Rodolphe Saadé, chairman and CEO of the CMA CGM Group, commented: “Despite the uncertainty around global economy, we anticipate an improvement during the second quarter.”
CMA CGM Group, member of the Ocean Alliance, has reported its results for the first quarter of 2020. During the first quarter, CMA CGM saw a minor decline in volumes of 4.6%. In shipping, CMA CGM carried 4.93 million teu compared to 5.17 million teu in Q1/2019.
Revenues amounted to USD 7.2 billion, 3% less than in the same period the year before. Adjusted ebitda surged by almost 25% to USD 973 million. Net income turned from USD 43 million in the red to USD 48 million in the black.
As far as Ceva Logistics is concerned, the French group said laconically in a press release that "the turnaround and transformation plan continues to make progress."
Eight out of ten port terminals of the JV Terminal Link have now been sold to China Merchants Port (CMP) for a cash amount of USD 815 million. The sale of two additional terminals is expected to be closed by summer 2020, bringing the whole sum of the sale to USD 968 million. In May, the carrier received a state-backed billion dollar loan from the French government to mitigate the effects of the corona pandemic. (mw)