French shipping group CMA CGM has announced a (near) 60 percent increase in the company's second-quarter profits (2013). The world's third-biggest container shipping firm, which like many of its competitors is recovering from financial problems, said it was very pleased to have recorded a net profit of $268 million (200 million euros); in the previous three-month period of 2013. With regards to the first half of the year, the company was able to bounce back into the black by reporting a profit of 364 million euros, up from a previous loss of 79 million euros; in the same six month period last year (2012). Moreover, the company's transport volumes soared 6.9 percent to 2.9 billion standard-sized containers (TEU).
In CMA CGM's outlook for the third quarter, the shipping container company said it fully expects to continue delivering improved operating performance and profits, by maintaining a firm control of its operating costs as well as; applying strategies to accommodate fluctuating freight rates. Both these issues have been problematic for the company in the past and must be appropriately addressed to ensure prosperity in the future.
In June of 2013, CMA CGM, Maersk Line of Denmark and the Swiss Mediterranean Shipping Company (MSC) announced the formation of the P3 alliance on three important shipping routes: Asia-Europe, Trans-Pacific and Trans-Atlantic, in a strategy that is intended to deal with past issues of over-capacity and to swiftly address any possible decline in the worldwide demand for maritime transportation services. CMA CGM indicated that it expects the new shipping alliance will take effect in the spring of 2014.