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FRENCH shipping giant CMA CGM posted a 33.1 per cent increase in third quarter operating profit year on year to US$359 million, drawn on revenues of US$4.34 billion, up 14.9 per cent.
Despite soaring profits and revenues, CMA CGM warned of tough times ahead in line with similar predictions made by Denmark's Maersk and Germany's Hapag-Lloyd.
"The group expects energy costs to remain high, weighing directly on its operating expenses and consumer spending," said CMA CGM in an earnings statement. "This inflationary environment, combined with monetary policies, is clouding the outlook for economic growth."
CMA CGM is increasing fleet sustainability, with two new 15,000-TEU, e-methane ready, dual-fuel containerships during the third quarter. The company is committed to achieving Net Zero Carbon by 2050 and intends to accelerate the energy transition in shipping and logistics, led by an enhanced energy mix.
CMA CGM Air Cargo is continuing to expand with the recent launch of a new Paris-Hong Kong service, following delivery of its first two Boeing 777 freighters, said the company. Currently composed of six aircraft, the CMA CGM Air Cargo fleet will consist of 12 freighters by 2026.
As part of the Fund for Energies, a EUR200 million (US$207 million) budget will be dedicated in early 2023 through a call for projects capable of supporting decarbonisation across the entire French shipping and port industry.
"With this initiative, CMA CGM intends to drive the emergence of innovation-led projects to support the emergence of a carbon-free French shipping.
Energy costs are expected to remain high, weighing directly on its operating expenses and, more generally, on consumer spending, particularly in Europe. This inflationary environment, combined with monetary policies, is clouding the outlook for economic growth, despite measures to support consumer spending, again notably in Europe, said CMA CGM.
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