- An increase in business volumes driven by sustained demand in maritime shipping amid disruption to major routes.
- CMA CGM has continued to invest in the entire maritime transport and logistics value chain.
- The Group is strengthening strategic partnerships to step up the digitization and decarbonization of maritime shipping and logistics.
CMA CGM reported a 38.5% year-on-year revenue increase to US$ 15.8b in Q3 2024, driven by strong shipping results, with EBITDA reaching US$ 5b.
Strong demand attributed to anticipation and inventory rebuilding
The CMA CGM Group handled 6 million TEUs in Q3 2024, a 5.5 per cent increase from the same period last year, and recorded a total revenue of $15.8 billion, reflecting an increase of 35 per cent.
EBITDA totalled $5 billion and the margin came in at 31.4 per cent, up 14.0 points.
The strong demand was mainly attributable to anticipation and inventory rebuilding in an environment still roiled by geopolitical tension.
Revenue from maritime shipping operations amounted to $10.9 billion over the quarter, up 43.4 per cent from third-quarter 2023. EBITDA came to $4.4 billion and the EBITDA margin came in at 40.2 per cent. Average revenue per TEU amounted to $1,798.
The increase can be explained by strong demand over a period that proved dynamic for global trade. Shipping capacity continued to be limited by the rerouting of vessels via the Cape of Good Hope and a degree of anticipation in an uncertain global context.
The rerouting of vessels via the Cape of Good Hope to bypass the Red Sea has continued to impede the fluidity of global trade, resulting in longer transit times and reduced available shipping capacity.
The strong demand amplified the usual peak season and also caused it to begin earlier than usual.
The CMA CGM Group continues to invest and strengthen its strategic partnerships
In the third quarter, the Group’s logistics activities continued to grow, boosted in particular by Contract Logistics and perimeter effects related to the integration of Bolloré Logistics in the scope of consolidation since February 2024.
Revenue from logistics operations totalled $4.8 billion in Q3. EBITDA stood at $459 million, a 32.8 per cent increase on Q3 2023. Revenue from other activities (port terminals, CMA CGM Air Cargo, media etc.) increased by 35.4 per cent to $749 million, boosted by perimeter effects. EBITDA came to $148 million, representing a 70.5 per cent increase.
The Group has committed $18 billion to order 131 vessels capable of running on low-carbon energy (biomethane, biomethanol, and synthetic fuels). The vessels will be operational by 2028. 12 of these new vessels, powered by liquefied gas (LNG, biomethane, e-methane), joined the fleet in the third quarter of 2024.
The CMA CGM Group has undergone some significant developments this past year. Earlier this September it strengthened its end-to-end logistics operations with the signing of an agreement to acquire a stake of around 48 per cent in Santos Brasil.
The Group also concluded an agreement to create a joint venture between CEVA Logistics and Almajdouie Logistics in Saudi Arabia. These two major agreements were part of a particularly transformative year for the Group, with Bolloré Logistics entering the scope of consolidation in February 2024.
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Source: CMA CGM
