The world’s third largest container line, the French carrier CMA CGM, didn’t enjoy the third quarter.
Its net profit plunged 76% year-on-year, from US$201 million to US$51m as revenue slumped 9% from US$4.4 billion to US$3.97bn, marked by a sharp fall in freight rates and overcapacity in certain markets.
However, volume shipped by the carrier rose 3.4% to 3.3m TEUs in the same period.
And, compensating for the poor 3rd quarter results, in the first nine months of the year net profit rose 56% to US$613m - even as revenue slipped 3.3% to US$12.1bn on lower freight rates.
CMA CGM handled 6.5% more volume, at 9.7 million TEU, in the first three quarters compared to the same period in 2014.
