CMA CGM Release First Quarter 2013 Results

MarineLink.com
Friday, May 31, 2013
Photo: CMA CGM

The Board of Directors of France’s CMA CGM, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer, to review the financial statements for the three months ended March 31, 2013.

Consolidated revenue rose by six percent in the period, to $3.8 billion from $3.6 billion in the first three months of 2012. The increase resulted from three percent growth in volumes carried (2.7 million TEUs in first-quarter 2013 compared with 2.6 million TEUs in the prior-year period) as well as a three percent rise in freight rates.

Profitability rose sharply in the first three months of 2013 with EBITDA amounting to $258 million, compared with a loss of $31 million in first-quarter 2012, for an EBIT margin of 5.1 percent, one of the industry’s highest. Consolidated net profit stood at $102 million for the period.

CMA CGM also continued to strengthen its balance sheet by:
-Sharply reducing net debt to $4.2 billion at March 32, 2013. This was $1.1 billion less than one year earlier and $0.4 billion less than at December 31, 2012.
-Significantly improving equity to $4.2 billion, an increase of $640 million compared with one year earlier and an increase of $112 million since December 31, 2012.

Outlook
Since the Chinese New Year, freight rates have declined considerably, especially in the Asia/Europe market. In today’s still volatile market conditions, CMA CGM should produce better-than-average results thanks to the diversity of its geographic exposure and its ability to effectively manage its cost structure.

www.cma-cgm.com

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Nabors Posts Quarterly Loss as Drilling Activity Slows

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.   The company posted a net loss of $891.

Crowley Ships Massive Electrical Equipment

Crowley Maritime Corporation’s liner services group recently transported two massive electrical equipment enclosures with a combined weight of 196,000 pounds to San Juan, Puerto Rico.

Maersk Drilling Secures Contract for Newest Drillship

Maersk Drilling was awarded a contract from eni Ghana Exploration and Production Ltd. for employment of the newbuild drillship Maersk Voyager.   The contract

Finance

Nabors Posts Quarterly Loss as Drilling Activity Slows

Offshore driller Nabors Industries Ltd reported a quarterly loss, hurt by lower drilling activity amid a slump in global crude prices.   The company posted a net loss of $891.

Cheap Oil Threatens Debt Squeeze for Smaller North Sea Producers

Small and mid-sized independent oil producers in the British North Sea could face a financing squeeze this year as banks cut lending linked to the value of oil reserves,

Royal Caribbean to Sell Splendour of the Seas

Royal Caribbean Cruises Ltd. announced that it has entered into an agreement to sell its cruise ship Splendour of the Seas to TUI Cruises in the second quarter of 2016.

Container Ships

Lomar Adds Seven Container Ships to its Fleet

Lomar Corporation, a Libra Group company, has again added to its fleet of container ships with the purchase of three vessels plus an order for up to four new buildings from the Yangzijiang Shipyard,

25,000-TEU Ships Possible, Not Practical

Maersk Line CEO Soren Skou said ships with capacities of 25,000 twenty-foot-equivalent units are possible but not practical today, and that he expects 18,000-19,

'K' Line to Shrink Container Fleet

Japan's third-biggest shipping company Kawasaki Kisen Kaisha ('K' Line) plans to beef up its LNG and bulker vessels over the next four years, while downsizing its container shipping fleet.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction 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: 0.2416 sec (4 req/sec)