05MAR2019 - NEWS - French container shipping group CMA CGM books record revenue during 2018 but soaring oil prices affected earnings

French container shipping group CMA CGM booked record revenue in 2018 as trans-Pacific goods traffic remained buoyant despite U.S.-Chinese trade tensions, but soaring oil prices cut deep into its profits. The firm’s 2018 volumes rose by 9.3 percent and for the first time exceeded 20 million TEUs (Twenty-foot Equivalent Units) due to a strong performance of most of the shipping lines operated by the group, in particular the Transpacific, India/Oceania and Africa lines. Full-year revenue grew 11.2 percent to a record $23.48 billion, with fourth-quarter revenue up 14.9 percent to $6.3 billion. But fuel prices rose 33 percent in 2018, cutting deeply into the firm’s core earnings before interest and taxes, which plunged to $610 million from $1.57 billion in 2017. Net profit was just $34 million from $697 million.

Published by Editor - www.Livebunkers.com at 05-Mar-2019 06:05:34 [UTC] , contact editor at editor@livebunkers.com