Author Topic: CMA CGM bumps up profits and confirms mega ship order  (Read 1513 times)

Offline Hannes van Rijn

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CMA CGM bumps up profits and confirms mega ship order
« on: September 19, 2017, 04:23:19 AM »
Leading container shipping group CMA CGM has confirmed plans to order nine 22,000 teu container ships after returning a sparkling set of second-quarter (Q2) 2017 financial results.

The Marseilles-based group had been widely reported to be planning to order the new giant vessels and last month two Chinese shipyards announced that they had signed letters of intent for the vessels, which would be the biggest ordered to date if approved by the CMA CGM board.

The group has now announced that its board has approved the order, which it says is intended to enable it to keep up with market growth and its own transport needs. It said that the first of the new vessels would come into service in late 2019.

It confirmed the order as part of its announcement of its second-quarter financial results, which showed a USD216 million net profit after its USD129 million loss in the second quarter last year.

Revenues soared 57% year on year to USD5.55 billion and container carryings jumped 33% to 4.74 million teu.

Integration of the APL group was a major factor in the strong growth in cargo volumes but the group said that it had also benefited from the launch of Ocean Alliance on April 1 this year and greater industry dynamism.

The increase in volumes, coupled with rising freight rates, was reflected in the group

 

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