French shipping company CMA CGM says that it has completed its recovery with an end year operating profit of US$ 2.5 billion, compared with a loss of $667 million in 2009.
The company was badly affected by the global economic downturn of 2009 as was the acswe with most container shipping companies.
The company follows the recovery profile that had already been declared by Danish giant and competitor Maersk Line. CMA CGM is the world’s third largest container carrier after MSC and Maersk Line.
French shipping company CMA CGM says that it has completed its recovery with an end year operating profit of US$ 2.5 billion, compared with a loss of $667 million in 2009.
The company was badly affected by the global economic downturn of 2009 as was the acswe with most container shipping companies.
The company follows the recovery profile that had already been declared by Danish giant and competitor Maersk Line. CMA CGM is the world’s third largest container carrier after MSC and Maersk Line.
According to the French line its 2010 revenue of $ 14.3 billion was 36.2% higher than 2009, while volume rose 14.7% to 9 million TEUs carried, up 15% on the previous year.
“All of the markets saw strong growth during the year. The Asia-Europe and intra-Asia lines enjoyed record business, while the Asia-USA lines have now returned to pre- recession levels after having been severely impacted by the fall-off in world trade,” the company said in a statement.
“The excellent results reported by the Group were driven by the strategy introduced in 2009 and pursued in 2010. They effectively demonstrate the strength of our business model, as the Group successfully capitalised on the upturn in world trade during the year,” said Rodolphe Saadé, Executive Officer of CMA CGM Group.
Discussion about this post