The Lebanese-owned and France-based container-shipping firm CMA CGM declared consolidated net income of $661m in the second  quarter of 2024, constituting a drop of 50.3% from profits of $1.3bn in the second quarter of 2023, while its revenues totaled $13.1bn in  the second quarter of 2024 and increased by 6.8% from $12.3bn in the same quarter of 2023. It attributed the decline in profits to the  company's contribution to the endowment fund that it launched with Bpifrance for the decarbonization of the French shipping industry,  its contribution to the major port hub project in the West Indies, and to the funding of the KYUTAI foundation, the first independent European research laboratory dedicated to open science in artificial intelligence. Further, the company's earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $2.48bn in the second quarter of 2024, constituting a decline of 4.3% from $2.6bn in the  second quarter of the preceding year. It said that the increase in spot freight rates that began in the first quarter continued in the second  quarter of the year. It added that the situation in the Red Sea and the rerouting of vessels via the Cape of Good Hope continued to weigh  on available shipping capacity.   The distribution of the company's revenues show that, first, the consolidated revenues from maritime shipping operations stood at $8.29bn  in the second quarter of 2024 and regressed by 0.8% from $8.35bn in the second quarter of 2023, while the EBITDA of shipping activity  reached $1.98bn in the covered quarter and decreased by 1% from $2.17bn in the second quarter of 2023. Further, the average receipts  per twenty-foot equivalent unit (TEU) were $1,385, down by 7.1% from $1,491 in the second quarter of 2023. The firm said that it  transported 6 million TEUs in the second quarter of 2024, constituting an increase of 6.8% from 5.6 million TEUs in the same quarter  of 2023.   Second, it pointed out that revenues from logistics operations stood at $4.79bn in the second quarter of 2024, representing a surge of  26.8% from $3.78bn in the second quarter of 2023; while the corresponding EBITDA reached $450m in the covered quarter and increased  28.8% from $350m in the second quarter of 2023. According to the firm, the results reflect its logistics activities that are supported in  particular by the contribution of Bolloré Logistics since its consolidation last February, and by good momentum in contract logistics,finished vehicle logistics and road transport, mainly in Europe.   Third, it indicated that revenues from other activities, which include port terminals, CMA CGM Air Cargo and the media, reached $601m  in the second quarter of 2024, constituting a rise of 23.8% from $486m in the second quarter of 2023. It noted that the EBITDA of other  activities stood at $48m and declined by 25.5% from $65m in the second quarter of 2023.   CMA CGM considered that the regional volatile macroeconomic and geopolitical environment could continue to affect the fluidity of  maritime shipping and logistics.   CMA CGM is one of the largest container shipping companies in the world and operates a fleet with 620 vessels, with a capacity of 5  million TEUs that serves over 420 commercial ports and utilizes more than 257 shipping lines. (ICE BEIRUT)

Fonte notizia: Byblos Bank, July 22 - 27, 2024