Expensive bunker oil held CMA CGM back in third quarter

Higher fuel prices dragged down CMA CGM's earnings in the third quarter, when the French liner company was otherwise able to grow its revenue and volumes.

Photo: Ritzau Scanpix

French container carrier CMA CGM improved its core business but still had to face a large slide in earnings, which were weighed down by higher bunker fuel costs, according to the third quarter interim report, published Friday, from the Marseilles-based shipping group, which is owned by the Saadé family.

Revenue in the third quarter grew 6.3 percent to around USD 6 billion, and the number of transported containers grew 5.5 percent to 5.3 million teu. However, in the same period the higher oil price made bunker costs soar.

Read the whole article

Get 14 days free access.
No credit card required.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Alphaliner: HMM set to go private in 2022

The South Korean state is reportedly prepared to divest container line HMM after having rescued the company from bankruptcy in 2016. According to Alphaliner, South Korea's central administration has confirmed a plan to privatize the carrier in 2022.

Further reading

Related articles

Latest news

See all jobs