CMA CGM Group’s profit for the third quarter of 2024 hit USD 2.730 billion, an astounding USD 2.342 billion more than the equivalent quarter in 2023.
Group revenue stood at USD 15.8 billion in 3Q 2024, up 38.5% compared with the third quarter of 2023, driven mainly by the shipping business. EBITDA totalled USD 5.0 billion and the margin came in at 31.4%, up 14.0 points.
Revenue from maritime shipping operations amounted to USD 10.9 billion over the quarter, up 43.4% from 3Q 2023. EBITDA came to USD 4.4 billion and the EBITDA margin came in at 40.2%. Average revenue per TEU amounted to USD 1,798. In all, 6.0 million TEU were carried in the third quarter of 2024, up 5.5% from the prior-year period.
CMA CGM said the increase can be explained by strong demand over a period that proved dynamic for global trade. “Shipping capacity continued to be limited by the rerouting of vessels via the Cape of Good Hope and a degree of anticipation in an uncertain global context. The strong demand amplified the usual peak season, and also caused it to begin earlier than usual,” the Group said.
In the third quarter, the Group’s logistics activities continued to grow, boosted in particular by Contract Logistics and perimeter effects related to the integration of Bolloré Logistics in the scope of consolidation since February 2024. Revenue from logistics operations totalled USD 4.8 billion in the third quarter. EBITDA stood at USD 459 million, a 32.8% increase on third-quarter 2023.
Revenue from other activities (port terminals, CMA CGM Air Cargo, media etc.) increased by 35.4% to USD 749 million, boosted by perimeter effects. EBITDA came to USD 148 million, representing a 70.5% increase.
Turning to the outlook, CMA CGM noted that after a very volatile 2024, “2025 will be shaped by many sources of uncertainty as macroeconomic trends, regulatory changes and geopolitical challenges may continue to weigh on the fluidity of maritime shipping and logistics.
“At the same time, new container shipping capacity will come into service. This may disrupt the balance between supply and demand and continue to hamper freight rates, in line with the recent trend.
The CMA CGM Group remains focused on cost control and operational discipline and will continue to invest in its industrial capabilities and terminals. The Group will also continue to invest in digitization in order to offer customers the highest level of service and continue to decarbonize shipping and logistics.”
