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CMA CGM logs USD 100 million loss

French container giant CMA CGM booked a big deficit in the first three months of 2016, and the carrier is now rolling out a cost reduction plan totaling USD one billion, according to the first quarter interim report. 

French carrier CMA CGM, the world's third largest container carrier, suffered a net loss of USD 100 million in the first quarter of 2016. The carrier's total freight volumes rose in the quarter by 2.9 percent to a total 3.2 million teu while the market grew by 1.2 percent in the first three months of the year. In comparison, Maersk Line increased its freight rates by seven percent during the same period.

CMA CGM, who will enter the new container alliance Ocean Alliance, attributed its growth in the interim report to the growth on the Atlantic and Pacific to and from the US, which compensated for declining freight volumes on the large routes between Asia and Europe.

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