CMA CGM Reports Excellent Performance in 2010

Friday, February 25, 2011

The Board of Directors of France-based CMA CGM, the world’s third largest container shipping group, met under the chairmanship of Jacques R. Saadé to review the financial statements for the year ended 31 December 2010.

 
The Group reported revenue of $14.3b for the year, a 36% increase on 2009 that was led by the combined impact of higher volumes carried and improved freight rates. In all, more than nine million TEUs* were carried during the year, up 15% on 2009. With capacity increased by 17.7% and representing 8.6% of worldwide capacity at year-end, CMA CGM has consolidated its leadership in the global container shipping industry.
 
The strong growth in business was accompanied by the sustained deployment of the cost control programmes initiated in 2009, which helped to limit growth in operating expenses to 4% in 2010.
 
EBITDA stood at $2,516m for the year, yielding an EBITDA margin of 17.6%, one of the industry’s highest.
 
Consolidated net profit ended the year at $1,627m.
 
All of the markets saw strong growth during the year. The Asia-Europe and intra-Asia lines enjoyed record business, while the Asia-USA lines have now returned to pre-recession levels after having been severely impacted by the fall-off in world trade.
 
In 2010, the Group further enhanced its fleet capabilities by taking delivery of 20 new containerships, of which 12 are owned (including eight with over 11,000-TEU capacity). With 396 vessels, of which 91 owned, CMA CGM is today one of the leading global shipping companies with an ultra-modern fleet, enabling it to achieve extensive economies of scale and optimise customer service.
 
Rodolphe Saadé, Executive Officer of CMA CGM Group, said: “The excellent results reported by the Group were driven by the strategy introduced in 2009 and pursued in 2010. They effectively demonstrate the strength of our business model, as the Group successfully capitalised on the upturn in world trade during the year.”
 
Outlook for 2011
 
After reporting record results in 2010, CMA CGM expects to return to normalised profitability levels in 2011.
 
Rodolphe Saadé added “The Group will continue to expand during 2011. The issue of $500m in redeemable bonds to the Yildirim Group, being now finalised, CMA CGM enjoys a stronger financial position that it intends to consolidate, in particular by diversifying its sources of financing”.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Areva-Siemens Raises Claim Over Finnish Reactor Delays

The French-German consortium Areva-Siemens , the supplier of Finland's much-delayed Olkiluoto-3 nuclear reactor, has increased its claim against Finnish utility Teollisuuden Voima (TVO),

Ezra Bags $70m in Offshore Contracts

Ezra Holdings Limited, a leading contractor and provider of integrated offshore solutions to the oil and gas industry, today announced that the Group’s Subsea Services division,

WFW Advises ING Bank on $340m Loan Facility for Euronav

Watson, Farley & Williams (WFW) has advised ING Bank N.V. (ING) as sole bookrunner and facility agent for a syndicate of banks on a $340 million loan facility made available to Euronav NV.

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1209 sec (8 req/sec)