CMA CGM suffers US$6.3bn drop in profit as transport and logistics market remains depressed

CMA CGM saw its net income plummet by 82% to US$1.3bn in Q2 2023, because of a much weaker market environment in transport and logistics compared to highs during the pandemic.

The French company noted that the market remained depressed despite a rebound in demand for transport in the second quarter of 2023 compared with the previous quarter, driven by a degree of macroeconomic resilience and lower energy prices.

Across its business, revenue fell by 37% to US$12.3bn and EBITDA was down by 73% to US$2.6bn.