3Q17 Results - Unsurprisingly strong
CMA CGM, the third-largest shipping carrier, held a conference call today to present its 3Q17 results. In line with its peer Hapag-Lloyd, they were strong and underlined the company’s ability to take advantage of the sector’s current favourable conditions, namely higher freight rates and sustained demand.
With like-for-like volumes growing 11.6% year-on-year to 4,984k TEU, CMA benefited from high demand in the US, Latam and African regions to outperform the market. Added to a 10.6% increase in the average freight rate during the quarter, this resulted in a 22% revenue growth to $5,464m. The benefits for EBITDA are even stronger, with it reaching $703m, slightly more than 8x last year’s figure of $87m.
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