CMA CGM’s revenue up 38.5% in Q3 2024

The CMA CGM Group today announced its financial results for the third quarter of 2024, reporting a significant rise in revenue driven primarily by its shipping business.

Financial highlights

Group revenue reached US$ 15.8b in Q3 2024, marking a 38.5% increase compared to the same period in 2023. EBITDA totalled US$ 5.0b, with a robust margin of 31.4%, up 14.0 points year-on-year.

Revenue from maritime shipping operations rose by 43.4% to US$ 10.9b, with an EBITDA of US$ 4.4b and a margin of 40.2%. Average revenue per TEU stood at US$ 1,798. Meanwhile, logistics operations contributed US$ 4.8b to the Group’s revenue, with EBITDA reaching US$ 459m, up 32.8% from Q3 2023.

Revenue from other activities, including port terminals, CMA CGM Air Cargo, and media, increased by 35.4% to US$ 749m, supported by perimeter effects. EBITDA for these activities totalled US$ 148m, representing a 70.5% growth.

Demand fuels growth

In total, CMA CGM handled 6.0m TEU during the third quarter, an increase of 5.5% from the previous year. “The rise in demand reflects a dynamic period for global trade. Shipping capacity was constrained due to the rerouting of vessels via the Cape of Good Hope and proactive planning amid a volatile global environment. This surge amplified the typical peak season and caused it to start earlier than usual,” the company explained.

Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, commented on the results:

“In a context of geopolitical and economic uncertainties, our Group has delivered solid performances in the third quarter, with a very dynamic maritime activity and a logistics pillar that continues its transformation. Thanks to the commitment of all our teams, we have successfully adapted our offering and made structural investments, particularly in terminals. This quarter also marked an important step in the deployment of artificial intelligence across our activities to continue enhancing the quality of service for our customers.”

Outlook

CMA CGM anticipates a challenging 2025, shaped by macroeconomic, regulatory, and geopolitical uncertainties that may impact the fluidity of maritime shipping and logistics. The Group noted that new container shipping capacity entering the market may disrupt the balance between supply and demand, potentially affecting freight rates, as seen in recent trends.

Looking ahead, the CMA CGM Group remains focused on cost control and operational discipline. It will continue to invest in its industrial capabilities, terminals, and digital solutions to enhance service quality and advance the decarbonisation of shipping and logistics.