News / CMA CGM looks to save $1 billion in costs after losses in a 'difficult' second quarter

After posting a second-quarter net loss of $128m, French shipping line CMA CGM has drawn up a $1bn cost saving plan and announced delayed delivery of vessels under construction .

The “Agility” plan targets $1bn of cost savings over 18 months, which will see its network reorganised and renegotiation of its bunker, vessel charter, port, logistics and other operating expenses, as well as increasing revenue per teu through “expanding in such high value-added segments as reefer carriage”.

The company also said: “In support of the Agility ...