News / CMA CGM and Zim blame rising fuel costs as they join the list reporting Q1 losses

The CMA CGM AMERIGO VESPUCCI in the port of Rotterdam

CMA CGM and Zim each posted first-quarter losses last week.

Both pinned the blame on escalating fuel costs, joining their container shipping peers in what has been a dismal first quarter.

CMA CGM chairman and chief executive Rudolphe Saade said of the line’s net loss of $77m: “The shipping industry is experiencing sustained growth but was hit in the first quarter by the sharp increase in bunker prices.”

Most carriers last week announced they were imposing emergency bunker surcharges (EBSs), on top of their FAK and contract ...