Announcing its first-quarter results last week – which saw Ebitda down 30% – the CMA CGM Group described its performance as “robust” in the face of the macroeconomic and geopolitical environment that could continue to cause fluctuations in the transport and logistics market.
The French shipping major recorded revenue of $11.8 billion, driven largely by its maritime shipping business.
Ebitda totalled $2.4 billion, 30.3% lower than in the first-quarter of 2023. The Ebitda margin came in at 20.2%, down 6.8 points.
Commenting on the results for the period, Rodolphe Saadé, the Group’s chairman and chief executive officer, said against a backdrop of industry normalisation, the shipping division had turned in a solid performance, buoyed by restocking in China and the United States.
“As for our logistics business, the acquisition of Bolloré Logistics gives us the critical mass we need to better withstand cyclical changes. In 2024, a year that remains uncertain due to the crisis in the Red Sea, CMA CGM will continue to meet its customers' needs as effectively as possible. We will stay on course with our strategic investments, whether in decarbonisation or artificial intelligence."
He said uncertainties in the macroeconomic and geopolitical environment could continue to cause fluctuations in the market, and weigh on its fluidity and seasonality.
In addition, the commissioning of newbuild deliveries is expected to continue in excess of forecast demand, ultimately affecting the supply-demand equilibrium and, by extension, freight rates.
