French shipping line CMA CGM has released its operating and financial results showing strong growth for the second quarter of 2017.
The ocean carrier noted that the strong growth was attributed to the integration of American President Lines (APL), the launch of the OCEAN ALLIANCE, and an increase in freight rates.
Volumes carried and average revenues per container grew by 33.3% and 12.5% respectively in comparison to the second quarter last year.
The group also registered a consolidated net income of US$219 million, while consolidated revenues increased by 56.8% to reach US$5.55 billion.
A statement by the shipping line highlighted that unit costs had remained stable despite an almost 60% increase in the fuel price during this period. This was due to the implementation of CMA CGM’s operational efficiency improvement plan.
“The group is also preparing for the future with an order for nine container ships of 22 000 TEUs which will enable us to continue our development and maintain our competitiveness,” added CEO of CMA CGM, Rodolphe Saadé.
