Sábado 22 de Septiembre del 2018

CMA CGM posts higher volume, lower profit for 2015

Other carriers, including Maersk Line, OOCL and APL, also have reported declines in per-container revenue for 2015, as capacity growth continues to outpace shipper demand.

CMA CGM’s revenue and profit slipped last year despite a 6.3 percent volume increase, but the French carrier said it’s counting on cost cuts and the pending acquisition of Singapore’s NOL to overcome a “tough” start to 2016.

“Growth in the container shipping market will continue to be dependent on global macroeconomic trends. The beginning of 2016 is tough and marked by freight rates under pressure, which will impact industry profitability,” CMA CGM said in announcing its results.

Global weakness in container rates caused CMA CGM’s consolidated revenue to fall 6.4 percent last year, to $15.7 billion, despite an increase in volume to 13 million 20-foot-equivalent units from 12.2 million TEUs in 2014.

Other carriers, including Maersk Line, OOCL and APL, also have reported declines in per-container revenue for 2015, as capacity growth continues to outpace shipper demand.

CMA CGM’s core earnings before interest and taxes, which excludes vessel disposals and impairment charges, fell 6.4 percent, to $911 million, but the company’s core EBIT margin was flat at 5.8 percent. Consolidated net profit declined 2.9 percent, to $567 million. As in 2014, CMA CGM benefited from currency exchange rates.

Rodolphe Saade, the company’s group vice chairman, said the company’s volume growth outpaced the market and is expected to continue doing so. He said CMA CGM’s operating performance “illustrates the strength of our business model and our capacity to adapt.”

Saade said CMA CGM will continue to cut costs, and that the planned acquisition of NOL and its APL container shipping unit “is progressing in line with expectations. Combined with our intrinsic capacity to deliver solid operating results, this project will make us more competitive going forward.”

CMA CGM said its volume growth last year was led by expansion of the carrier’s Ocean Three Alliance with China Shipping and United Arab Shipping Co., and expansion in the U.S. market, where CMA CGM plans to deploy six 18,000-TEU ships on the trans-Pacific trade.

CMA CGM and Maersk were tied as the third-largest carriers of full containers from Asia to the U.S. between August and January, according to PIERS, a sister product of JOC.com within IHS.

The future lineup of global vessel-sharing alliances is in flux, with reports that Cosco and China Shipping, which officially merged their fleets on Feb. 18, are in talks with Evergreen Line and OOCL about forming a new VSA.

Fuente: Journal of Commerce

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