Matthew Otoijagha
French shipping giant CMA CGM returned to profitability in 2017 as its consolidated net income group share for the year amounted to USD 701 million, a sharp increase compared to the loss of USD 452 million reported in 2016.
In 2017, CMA CGM carried nearly 19 million containers, a strong increase of 21.1% compared to 2016. This increase is driven by the contributions of all the shipping lines operated by the group in addition to APL’s full-year contribution.
Thanks to the increase in freight rates, confirmed throughout 2017, the average revenue per TEU rose by +9% compared to 2016.
Fourth quarter revenues were up 19.9% at USD 5.5 billion, compared to USD 4.6 billion in the same quarter of last year. The annual revenue for 2017 rose by 32.1% and surpassed the USD 20 billion mark for the first time, reaching USD 21.1 billion, compared to USD 16 billion reported in the previous year.
“The group has recorded an excellent performance in 2017, showing once again the relevance of its strategy and its operational discipline,” Rodolphe Saadé, Chairman and CEO of the CMA CGM Group, said.
Looking forward, the company said that the momentum of the volumes transported in 2017 is expected to continue in 2018. The group “should continue to benefit from this trend”.