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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.

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