ShippingWatch

CMA CGM books billion-dollar profit in the fourth quarter

French container line CMA CGM exited the fourth quarter of 2020 with a USD 1 billion net profit, shows annual report. The strong container market is expected to continue into the first part of 2021, says CEO Rodolphe Saadé. The carrier expects to own 32 LNG-powered vessels before the end of 2022.

CMA CGM's CEO Rodolphe Saadé. | Photo: PR / CMA CGM

With a profit of close to USD 1.8 billion, USD 1 billion of which was booked in the last three months of the year alone, CMA CGM is the latest container carrier in the line to confirm that 2020 ended up being a seriously profitable year for container liners.

Friday evening, the French container line presented its fiscal report for the fourth quarter and 2020 as a whole. A year CEO Rodolphe Saadé describes as "a year of contrasts" that saw a weak first half-year be replaced by strong demand and sky-high rates in the second.

Read the whole article

Get 14 days free access.
No credit card required.

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

Employee at Bunker Holding subsidiary charged for alleged corruption

A trader at KPI Oceanconnect, a subsidiary of Bunker Holding, has been charged with alleged corruption totaling at least USD 191,250 as rewards for nominating Straits for the supply of bunker fuel to KPI's customers. The employee has been suspended and his contract terminated, the company informs ShippingWatch.

Freight rates for furniture eat up almost entire profit

The price of shipping a 40-foot container with assembled furniture from Asia to the US West Coast is currently so high that freight rates make up almost 100 percent of the furniture's retail value, according to Sea-Intelligence.

Wallem Group appoints new CEO

Wallem Group appoints interim CEO since January 2021 as the new chief executive officer of the ship management company.

Further reading

Related articles

Trial banner

Latest news

See all jobs