CMA CGM posts Q1 net loss of US$248m

CMA CGM had recorded a gain of US10m in Q1 2012, comprising mainly of US$10.4m from the disposal of containers and US$1.3m from vessel sales. Excluding these gains, its operating loss would have reached US$114m.

CMA CGM joins the other main carriers who have all reported Q1 operating losses this year. Its operating margin of –3% places it amongst the best performers in the industry, with only two intra-Asia carriers (SITC and Wan Hai) recording better results.

At the end of March 2012, CMA CGM’s total debt stood at US$6.1bn of which US$4.5bn is classified as current debt. The company has called on a US$250m facility from its minority shareholder Yildirim, for bonds redeemable in the company’s shares. Payment terms are currently under discussions with Yildirim.