CMA CGM sees profit plummet by 94% as market conditions return to pre-pandemic levels

CMA CGM has suffered a 94% decline in net income to US$388m in the third quarter of the year as market levels returned to pre-pandemic conditions, with freight rates down by more than 50%.

Continuing the negative trend, revenue dropped by 43% to US$11.4bn and EBITDA fell by 78% to US$2.0bn reflecting the weaker supply and demand dynamics in the shipping industry.

Shipping revenue has been more than halved to US$7.6bn, due to the normalisation of freight rates, and EBITDA decreased by 82% to US$1.6bn.