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Big rise in net income for CMA CGM

CMA CGM containersMARSEILLE: CMA CGM has reported Q3 revenues of US$4.36 billion, an increase of 6.4 percent over the same period last year.

The company said that despite volumes reaching a record level with an increase of 8.3 percent to 3.2 million, average revenue per TEU fell 1.8 percent during the quarter. EBIT fell 8.6 percent to US$248 million as net income rose from US$70 million in Q3 2013 to US$201 million this year.

For the first nine months 2014, the company reported revenue of US$12.5 billion, a 4.3 percent increase over 2013, as TEU volumes rose 7.4 percent.

Commenting on the fourth quarter, the company said the operating environment is likely to be "characterized by the usual seasonal volumes slowdown, freight rates volatility and lower bunker price".

CMA CGM took delivery of the 'CMA CGM Elbe' in October, the second of 20 9,400 TEU vessels on order designed for the enlarged Panama Canal. Four other vessels will be delivered by the end of this year. Next year the company will take delivery of six ships with a capacity of 18,000 TEUs each.

The operational agreement between CMA CGM, CSCL and UASC, announced in early September, will be launched in early 2015. Dubbed 'Ocean Three', 162 vessels will be pooled on the following routes: Asia/Europe, Asia/Mediterranean, Transpacific and Asia/US East Coast.

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