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Wednesday, 09/09/2020, 04:19 (GMT +7)
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CMA CGM forecasts growth in container shipping, especially on the trans-Pacific
CMA CGM has made a positive forecast of the continued growth of container shipping routes, especially on the trans-Pacific, despite a slow start to the Corona virus epidemic (Covid-19).
The French carrier said recovery in container shipping from April will continue in the third quarter of 2020 for most shipping routes, especially on trans-Pacific routes, thanks to the recovery. fast consumption of goods compared to services, e-commerce growth and common seasonality.
Along with that, shipping company CMA CGM said it is confident to improve operating profit margin in Q3 compared to Q2.
Rodolphe Saade, President and Director of CMA CGM said: “Despite the Covid-19 pandemic, our group has reported excellent results in the second quarter, thereby strengthening our financial structure.” .
The group posted a net income of $ 136 million in the second quarter, reversing from a loss of $ 109 million in the same quarter of 2019. Revenue fell 9 percent year-on-year to $ 7 billion due to a decline. on output in relation to the effects of Covid-19.
“Thanks to our agile business model and the synergy of our logistics and shipping business, we have been able to tailor our services to meet the rapidly changing needs of our customers. We have also reduced our costs significantly and benefited from the drop in oil prices, "Saade commented.
Unit prices per TEU were down 4.6% from Q2 2019, as oil prices fell to $ 892, the group's cost-cutting initiatives and fleet and container reductions were launched.
CMA CGM said it will continue to monitor the development of the global situation is still uncertain. However, the group is confident in its business prospects in the third quarter thanks to increased cargo volumes and increased freight rates.
Phaata (Adapted from Seatrade-Maritime)
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