CMA CGM’s 2005 profits up 13%
Fast growing CMA CGM’s net profit increased 13 percent in 2005 to 467 million euros ($575 million) from 415 million euros in 2004.
CMA CGM’s revenues increased 26 percent last year to 5.06 billion euros ($6.22 billion) from 4.01 billion euros in 2004, as the Marseilles-based carrier’s traffic improved 20 percent to 4.67 million TEUs from 3.89 million TEUs.
In January, CMA CGM bought French industrial group Bollore’s shipping interests for $600 million, which included specialist Europe/West Africa carriers Delmas, OT Africa Line and Setramar. Also part of the deal with Bollore was a 50 percent stake in Sudcargos, which CMA CGM later gained full ownership of by purchasing French state-owned ferry operator SNCM’s share.
CMA CGM’s said that including Delmas’ pro forma results, it would have posted revenue of 5.95 billion euros ($7.32 billion) and moved 5.19 million TEUs.
The acquisitions helped move CMA CGM past Evergreen as the world’s third-largest ocean carrier, with a combined containership fleet capacity approaching 550,000 TEUs.
The French shipping line stressed the importance of its activities in Asia, and particularly in China. “The strong growth in Asian exports to Europe continued unabated in 2005, increasing once again by more than 10 percent and marking the fourth straight year of double-digit growth. This has had a direct impact on the group’s business, with volumes transported from Asia to Europe increasing by 16 percent over the year,” CMA CGM said.
CMA CGM has been active in China since 1992, where it now employs 860 people in 58 offices. The carrier provides 22 weekly services from and to 13 Chinese ports, including Hong Kong.
The French carrier has a total of 75 ships — 40 of which will be owned — totaling 370,000 TEUs scheduled for delivery by the end of 2009.