French shipping giant CMA CGM Group has reported a 50% decline in its second quarter profit. The company’s net income fell to $661 million in Q2 2024, down from $1.33 billion in the same period of 2023.
Despite this, revenue rose 6.8% year-on-year to $13.1 billion in Q2. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) fell 4.3% to $2.48 billion, with a margin of 18.9%, down 2.2 points.
Chairman Rodolphe Saadé highlighted that the group delivered a solid performance in Q2, thanks to a strong shipping business and growing logistics sector. Key investments were made in decarbonisation and digital transformation.
Spot freight rates continued to rise amid sustained demand and shipping capacity constraints, due to disruptions in the Red Sea and rerouting via the Cape of Good Hope.
CMA CGM handled six million TEUs in Q2, a 6.8% increase from the prior-year period, driven by strong global trade and cargo demand, particularly on Transpacific and Asia-Europe routes.
