As the shipping and logistics industry returned to pre-pandemic conditions, the French shipping company CMA CGM reported a 94 percent drop in its net profit in the third quarter
With the return to pre-pandemic market conditions in container shipping, CMA CGM joined its competitors in the falling trend of net profits. The company announced its net profit as 388 million dollars, which was 7.04 billion dollars same period last year.
CMA CGM CEO, Rodolphe Saadé, said:
We are more resilient as we enter this new cycle
The industry continued to normalize 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.
A recovery is expected in 2024
Despite, the expected rebound in the world trade, the company said that macroeconomic forecasts are expecting a recovery in the decrease trend in 2024, as new capacity is coming into market.
The global economy is weighing on the industry
Saadé continued, “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.”
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