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CMA CGM wins Cameroon concession as profit rises

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MARSEILLE: The CMA-CGM Group has reported first-half 2015 revenue of US$8.1 billion, a TEU volume increase of 8.2 percent to 6.4 million and an "almost tripled" net profit of US$562 million compared to 2014.

Second quarter volumes rose 6.2 percent year-on-year to 3.3 million TEUs, but average revenue per container carried fell by 7.8 percent. The company said unit costs fell 10.9 percent due to the fall in oil prices and led to a 59.3 percent rise in EBIT of US$325 million compared to the same period last year.

Consolidated net profit was US$156 million, up 66.7 percent over 2014 Q2 and TEU capacity increased 12.2 percent to 1.8 million.

CMA CGM reported "vigorous growth" in its services to and from the U.S., citing reefer traffic and the weakness in the euro, which boosted European exports.

Since July 01, CMA CGM has taken delivery of two 2,100-TEU vessels deployed on lines to Guyana, along with a 9,300-TEU and 18,000-TEU vessel. In the next few weeks, it will take delivery of one 2,100-TEU vessel, one 9,300-TEU vessel, and two 18,000-TEU vessels, including CMA CGM Bougainville, set to become the largest container ship sailing under the French flag.

In a related move a consortium of CMA CGM, Bolloré and the China Harbour Engineering Company has won a 25-year concession to construct and operate the new Kribi Container Terminal in Cameroon.

When finished, the facility will be able to handle 8,000-TEU vessels and have a capacity of 1.4 million TEU. CMA CGM said an initial 350-meter wharf would be operational before the end of the year.

Farid Salem, CMA CGM group executive officer commented: "We would like to thank the government of Cameroon for the transparent selection of our offer, which provided the best financial and technical guarantees. With this new terminal, Cameroon will be at the heart of international trade,"

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