CMA CGM – stable despite weak freight rates

In a year of variable freight rates, the French shipping line CMA CGM has reported stable consolidated revenue at US$15.9bn for 2013, a drop of just 0.1% against the previous year.

In spite of this, profits grew by 22.8% to US$408m, driven partially by the 49% sale to China Merchants Holdings International (CMHI) in June of its port terminal subsidiary, Terminal Link, with its 15 facilities worldwide handling 8.1m teu annually.

While volumes in the market increased by 3%, the line’s container volumes more than doubled at 7.5% to 11.4m teu (10.6m teu – 2012).  However, the market increase impacted on the average revenue per teu, which was held to 7.1%, although less than the decline in the corresponding Shanghai Containerised Freight Indices (SCFI).