FRENCH ocean carrier CMA CGM reported significant downturns in revenues, driven in large part by tumbling revenues from its shipping division.
The company said its shipping division brought in revenues of US$7.6 billion in the third quarter of 2023, a decrease of 51.8% on third-quarter 2022 revenues.
The shipping division also saw a fall in EBIDA over the period – down 81.6% to US$1.6 billion.
These decreases came despite an increase of volume carried of 1% to 5.72 million TEU for the quarter.
The company said the average revenue per TEU came to US$1322, down 52.3% year-on-year.
CMA CGM’s logistics division saw decreases, but not as drastic as its shipping division. The company’s logistics activities brought in revenues of US$3.7 billion, down 15.4% on the third quarter of last year.
CMA CGM chairman and chief executive officer Rodolphe Saadé said the industry continued to normalise in the third quarter, with a return to pre-pandemic market conditions.
“Our performance remained very solid however, confirming the relevance of our growth strategy in terminals and logistics. We are consequently more resilient as we enter this new cycle,” he said.
“The slowdown in the global economy is expected to continue weighing on our industry in the period ahead, but volumes carried are still robust. We remain committed to controlling our operating costs, and are continuing to focus on decarbonising and digitalising the supply chain to best meet our customers’ needs.”