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CMA CGM says transpacific revival boosts profit
['Tara Patel']
Transport Topics
(Claude Paris/Associated Press)Key Takeaways: CMA CGM said July 28 that rebounding Chinese exports to the U.S. boosted second-quarter revenue and profit as companies rebuilt inventories.
Revenue rose 19%, EBITDA increased 31% and container volumes grew 6% as transpacific demand offset added shipping capacity and higher Middle East-related costs.
CMA CGM said restocking could continue for months while carriers still divert many vessels around Africa and limit Red Sea transits when security permits.
Red Sea worriesWhile CMA CGM said it now has four remaining vessels blocked in the Persian Gulf due to hostilities between the US, Israel and Iran, the company is still only transiting the Red Sea “when security permits.”
CMA CGM operates a fleet of more than 700 vessels and has expanded into logistics, air cargo and media businesses.