International shipping giant CMA CGM's net profit evaporates by nearly 80%

Glonhui, May 24th — According to CCTV Finance, the world's renowned maritime logistics group, CMA CGM Group, released its financial report on May 22nd. The report shows that, affected by falling market freight rates and disturbances in the global shipping supply chain, the group's net profit in the first quarter of this year plummeted from $1.12 billion in the same period last year to about $250 million, a decrease of 77.7%. Despite a year-on-year growth of 1.5% in container shipping volume, due to factors such as a drop in freight rates, the core shipping business revenue decreased by 8.5% year-on-year to $8.02 billion. CMA CGM Group stated that escalating tensions in the Middle East have become a key factor disrupting market balance and driving up operating costs such as oil prices. In response, the group has established alternative logistics channels integrating road, sea, and rail transport, continuously providing delivery services to Gulf countries such as Saudi Arabia and Kuwait.