In the third quarter of 2024, the CMA CGM Group delivered strong results, capitalizing on a favourable market environment and addressing operational challenges.
Driven by steady demand and early peak season activity, container shipping saw high volumes, reflecting a rebound in global trade amid easing inflation. The uptick in shipments, particularly on key routes, was fueled by inventory restocking and anticipation of potential disruptions, including geopolitical tensions, possible port strikes on the US East Coast, and the US presidential election.
The French ocean carrier moved 6 million TEUs in the third quarter of the year, marking a 5.5% increase compared to the same period last year. According to the company, this growth was driven by strong demand during a dynamic period for global trade.
Shipping capacity remained constrained due to the rerouting of vessels around the Cape of Good Hope and the prevailing uncertainty in the global environment. The high demand not only intensified the usual peak season but also led to it starting earlier than usual.
CMA CGM’s revenue from shipping operations reached US$10.9 billion for the quarter, reflecting a 43.4% rise from Q3 2023, EBITDA stood at US$4.4 billion, with an EBITDA margin of 40.2%, while the average revenue per TEU was US$1,798.
Furthermore, the table presents CMA CGM Group’s financial performance for the third quarter of 2024 compared to the same period in 2023. The company’s revenue increased significantly, reaching almost US$16 billion, up 38.5% from Q3 2023. EBITDA saw substantial growth, rising by 149% to US$5 billion from US$2 billion in the prior year’s quarter.
In addition, EBITDA margin improved markedly by 14% points, from 17.4% in Q3 2023 to 31.4% in Q3 2024, reflecting enhanced profitability. Moreover, the net income for the Group skyrocketed to US$2.7 billion.
In the third quarter, the Group’s logistics operations continued to expand, driven particularly by growth in Contract Logistics and the impact of integrating Bolloré Logistics into the consolidation scope since February 2024.
Logistics revenue for the quarter amounted to US$4.8 billion, while EBITDA reached US$459 million, reflecting a 32.8% increase compared to the same period in 2023.
Commenting on the results, Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, said: “In a context of geopolitical and economic uncertainties, our Group has delivered solid performances in the third quarter, with a very dynamic maritime activity and a logistics pillar that continues its transformation. Thanks to the commitment of all our teams, we have successfully adapted our offering and made structural investments, particularly in terminals. This quarter also marked an important step in the deployment of artificial intelligence across our activities to continue enhancing the quality of service for our customers.”
