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 June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

US Coast Guard Travelling Inspectors' Centenary

July 2014 marked the 100th anniversary of the traveling inspection staff, originally created under the Steamboat Inspection Service. These travelers are highly

Pumps Reach Sinking Shrimper Just in Time

A commercial fishing vessel from Brownsville is slowly making its way back to port, thanks to some quick actions by its crew and Coast Guard units, informs the US Coastguard,

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

Finance

Orica Fined Heavily for Australian Pollution Incidents

Orica Australia Pty Ltd has been convicted and penalised $768,250 in relation to charges brought by the NSW Environment Protection Authority (EPA) for pollution

DMR Publish Latest Container Census Report

Drewry Maritime Research (DMR) says it has just published it's latest Container Census report, providing a wealth of information on the container equipment market.

Höegh LNG Partners Launch IPO

Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,

Container Ships

DMR Publish Latest Container Census Report

Drewry Maritime Research (DMR) says it has just published it's latest Container Census report, providing a wealth of information on the container equipment market.

Höegh LNG Partners Launch IPO

Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,

XtendFRESH Now Available from Carrier Transicold

The XtendFRESH atmosphere control system, which preserves quality and extends shipping distances for perishables shipped in refrigerated containers, is now available from Carrier Transicold.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar Winch
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: 0.1833 sec (5 req/sec)