Despite challenges caused by the coronavirus pandemic, French container shipping major CMA CGM closed the first quarter of this year with a positive net result.
The company saw a net income of $48 million in Q1 2020, an increase of $91 million when compared to a net loss of $43 million suffered in the corresponding period a year earlier.
As explained, the result includes a $185 million gain from the disposal of port terminals to Terminal Link.
During the first quarter of 2020, in the context of a slowdown in world trade and a decline in carried volumes, CMA CGM Group revenues amounted to $7.19 billion, slightly down compared to the $7.41 billion recorded in the same period last year.
Shipping revenue declined by 3.3 per cent compared to Q1 2019 to $5.52 billion. Volumes carried by CMA CGM decreased by 4.6 per cent compared to the first quarter of 2019 due to the impact of COVID-19 and more specifically the shutdown of factories, particularly in Asia in February and March. Nevertheless, revenue per carried container improved slightly, due mainly to the application of fuel surcharges.
The group’s operating performance improved significantly. Adjusted EBITDA for the group increased by 25 per cent to $973 million, equating to a margin of 13.5 per cent, up 3 percentage points relative to the first quarter of 2019.
During the quarter, CMA CGM strengthened its cash position with a syndicated loan of €1.05 billion ($1.1. billion). Signed with a consortium of three banks, the loan is 70 per cent guaranteed by the French State and is part of the scheme set up by the government in response to the COVID-19 crisis and validated by the European Commission.
儘管受到冠狀病毒大流行的挑戰，法國集裝箱運輸巨頭CMA CGM 今年第一季度仍取得了正的淨利。
Imformation source: World Maritime News Staff , Image Courtesy: CMA CGM