News / CMA CGM gives thanks for low oil price as profits soar in Q2, despite tumbling rates

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CMA CGM’s net profit in the second quarter of the year soared 67%, compared with the same period of 2014, to $156m, boosted by a sharp decline in fuel prices and currency gains that helped mitigate a 7.8% fall in its average freight rate.

The carrier said the result “demonstrated the strength of its business plan”, in that despite the sharp fall in rates and industry overcapacity it was able to “significantly outperform the market”.

Year-on-year volumes increased by 6.2% to 3.3m ...