Marseilles' CMA CGM, the world's second biggest container shipping line, posted a 430 per cent fall in third quarter net profit to US$70 million year on year, drawn on revenues of US$4.1 billion, up 1.4 per cent, according to the Shipping Gazette.
But operating profit (EBIT) was up 127 per cent to $238 million. Excluding non-recurring items, core EBIT stood at $271 million for the quarter, said the company, adding that its operating margin improved 6.6 per cent.
Record container volumes were carried in the quarter, up 11 per cent year on year to three million TEU. But revenue per box fell 11.8 per cent when Asia-Europe freight rates contracted 45 per cent over the period.
"As part of their future P3 operational alliance, CMA CGM, Maersk Line and MSC Mediterranean Shipping Company finalised their operating agreements on the Asia-Europe, transatlantic and transpacific trades. As announced, subject to the approval by the various regulatory authorities, these services will be deployed in second-quarter 2014," said the company statement.
CMA CGM has signed a contract with SAP, a German software company, to implement a new information system dedicated to container shipping that will be deployed in late 2015. "This investment will enable the group to improve its operating performance," said the CMA CGM statement.
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