CMA CGM-carried volume grew by 13.4% year-on-year to 2.6-million TEUs in the first quarter of 2012, while consolidated revenue increased by 2.6% to US$3.6-billion during the period. The first quarter was particularly difficult for the maritime container shipping industry, said the line. In a market shaped by persistent overcapacity, freight rates fell to new lows during the period, while oil prices climbed sharply until mid-March, with Rotterdam bunker prices rising to nearly US$720 per ton. The line’s cost reduction plan delivered US$96.5-m in savings, and it also successfully deployed the operational agreements in partnership with MSC on the Asia/Northern Europe trades and with Maersk on the Asia/Mediterranean lines. Despite these efforts, CMA CGM reported a negative EBITDA of -US$31-m and a net loss of US$248-m for the period. Strong improvement is expected in the second quarter, with rates on the up-and-up and a significant reduction in fuel prices since the end of the first quarter. The CMA CGM group also expects to return to the black in 2012.
Line records growth in volumes in first quarter
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