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Financial results for 1st quarter published

CMA CGM’s profits up +246%

by Port News Editorial Staff

CMA CGM has reported record profits in the first quarter of 2022, highlighting the continued positive post-pandemic outlook for global container lines.

Indeed, the French shipping line  recorded a net profit of $7.2 billion on revenues of $18.2 billion in the first three months of 2022. Profits were up 246% on the same period last year  and compared to $6.7 billion in the last three months of 2021.

Revenues from shipments skyrocketed  73% to $14.8 billion compared to the first quarter of 2020, although cargo volumes fell 2.8 % to 5.3 million TEUS.

CMA CGM operates a fleet of over 550 vessels and has a stake in 50 container terminals. It currently has 69 boxships on order and has purchased 26 more second-hand ships since January 1st.

Translation by Giles Foster

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