CMA CGM: Q3 24 financial results

The Board of Directors of the CMA CGM Group met today under the chairmanship of Rodolphe Saadé, Chairman and Chief Executive Officer, to review the financial statements for the third quarter of 2024.

Commenting on the results for the period, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said:

“In a context of geopolitical and economic uncertainties, our Group has delivered solid performances in the third quarter, with a very dynamic maritime activity and a logistics pillar that continues its transformation. Thanks to the commitment of all our teams, we have successfully adapted our offering and made structural investments, particularly in terminals. This quarter also marked an important step in the deployment of artificial intelligence across our activities to continue enhancing the quality of service for our customers.”

Third-quarter 2024 highlights

During third-quarter 2024, the CMA CGM Group delivered a robust performance. The Group seized growth opportunities during the period in a supportive market environment, while responding to ongoing operational challenges.

An increase in volumes driven by sustained demand

Container shipping continued to enjoy steady momentum, with sustained demand giving rise to an early peak season characterized by high volumes. This reflected signs of accelerating global trade, which rebounded from the prior-year period as  inflation slowed over the third quarter.

Volumes carried on the main shipping routes remained very high over the third quarter as a result. The strong demand was mainly attributable to anticipation and inventory rebuilding in an environment still roiled by geopolitical tension, the prospect of port strikes on the US East Coast and the US presidential election on 5 November.

Disruption to major routes

The rerouting of vessels via the Cape of Good Hope to bypass the Red Sea has continued to impede the fluidity of global trade, resulting in longer transit times and reduced available shipping capacity.

These disruptions brought operational challenges to which the Group responded with agility in order to meet the needs of its customers and alleviate pressure on supply chains.

The CMA CGM Group continues to invest and strengthen its strategic partnerships

The CMA CGM Group continued to strengthen its end-to-end logistics operations with the signing of an agreement to acquire a stake of around 48% in Santos Brasil, the leading terminal operator in Brazil and the owner of South America’s largest container terminal.

The Group also concluded an agreement to create a joint venture between CEVA Logistics and Almajdouie Logistics in Saudi Arabia. These two major agreements were part of a particularly transformative year for the Group, with Bolloré Logistics entering in the scope of consolidation since February 2024.

As pioneer in the use of alternative fuels in shipping, the Group has committed USD 18 billion to order 131 vessels capable of running on low-carbon energy (biomethane, biomethanol and synthetic fuels). The vessels will be operational by 2028. Twelve of these new vessels, powered by liquefied gas (LNG, biomethane, e-methane), joined the fleet in the third quarter of 2024.

The CMA CGM Group has signed a memorandum of understanding with SUEZ to step up biomethane production in Europe and the low-carbon transition of maritime shipping. The MOU provides for the production of up to 100,000 tons of biomethane per year by 2030.

The Group has also signed a strategic partnership with Google to put artificial intelligence at the center of all its maritime, logistics and media operations. By drawing on Google’s AI solutions and experts, CMA CGM will be able to equip its employees with decision-making tools.

As the official logistics partner of the Paris 2024 Olympic and Paralympic Games, the CMA CGM Group, through its subsidiary CEVA Logistics, played a crucial role in the seamless delivery of goods and services for the biggest sporting event in the world, which happened between July and September.

Lastly, having completed the acquisition of RMC BFM in July, the Group is now proceeding with the integration of this new subsidiary, building on its existing press activities…

The full release can be read here