The Lebanese-owned and France-based container-shipping firm CMA CGM declared consolidated net income of $5.7bn in 2024, constituting a rise of 18% from net profits of $3.6bn in 2023, while its revenues totaled $55.5bn last year and increased by 18% from $47bn in 2023. It attributed the surge in profits to the robust performance of the firm's container shipping activities. Further, the company's earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $13.5bn in 2024, constituting a rise of 49.3% from $9bn in the preceding year.  The distribution of the company's revenues show that, first, its consolidated revenues from maritime shipping operations stood at $36.5bn in 2024 and increased by 16.2% from $31.4bn in 2023, while the EBITDA of shipping activity reached $11.2bn last year and jumped by 52% from $7.4bn in 2023. The firm indicated that it transported 23.6 million twenty-foot equivalent units (TEUs) in 2024, constituting an increase of 7.8% from 21.85 million TEUs in 2023, which led to average receipts of $1,549 per TEU last year. It said that demand for maritime container shipping increased in 2024, despite the negative shock from geopolitical tensions. It noted that major tensions in the Red Sea and the Gulf of Aden forced vessels to avoid the area and take an alternative route via the Cape of Good Hope. It added that the expected increase in U.S. tariffs impeded the fluidity of world trade in 2024.  Second, it pointed out that revenues from logistics operations stood at $18.4bn in 2024, representing an increase of 21% from $15.2bn in the preceding year; while the corresponding EBITDA reached $1.77bn in 2024 and grew by 28.3% from $1.38bn in 2023. According to the firm, the results reflect the contribution of Bolloré Logistics since its consolidation with the company's logistics operations last February. It added that it has signed a definitive agreement last September to acquire an initial stake of 47.6% in Santos Brasil Participações S.A. for $1.1bn, a leading multi-terminal operator based in Brazil and the owner of South America's largest container terminal.  Also, it said that it has reached an agreement to form a joint venture between CEVA Logistics and Almajdouie Logistics in Saudi Arabia to provide integrated end-to-end logistics services to Saudi companies.  Third, it indicated that revenues from other activities, which include port terminals, CMA CGM Air Cargo and the media, reached $2.9bn in 2024, constituting a rise of 43.3% from $2bn in the preceding year. It noted that the EBITDA of other activities stood at $441m and surged by 87.2% from $236m in 2023. It pointed out that CMA CGM Air Cargo, which is operating independently, continued its expansion by taking delivery of its third Boeing 777-200F that it deployed on a new transpacific route connecting Asia to North America.  Also, it stated that the firm completed the acquisition of RMC-BFM, a French media company, in July 2024.  Further, the firm stated that it has invested $20bn to order 153 vessels capable of running on low-carbon energy, and that they will become operational by 2029.  CMA CGM is one of the largest container shipping companies in the world and operates a fleet with more than 650 vessels, with a capacity of 5 million TEUs that serves over 420 commercial ports and utilizes more than 250 shipping lines.  In parallel, Moody's Investors Service affirmed in June 2024 the corporate family rating of CMA CGM at 'Ba1', as well as its probability of default rating at 'Ba1-PD'. Also, it maintained the 'stable' outlook on the ratings. In addition, it revised the company's business profile sub-score from 'Ba' to 'Baa' due to its diversification strategy. It attributed the ratings' affirmation to the firm's improved business profile as a result of the acquisition of Bolloré Logistics, which will lead to third-party-logistics generating almost 30% of the group's EBITDA.  (ICE BEIRUT)

Fonte notizia: Byblos Bank, March 3 - 8, 2025