CMA CGM, the world’s third largest container shipping group, said it had a profit of $102 million in the first quarter compared to a loss of $240 million in the same period a year earlier.
Revenue for the quarter was $3.8 billion, six percent more than the $3.6 billion recorded in the first three months of 2012.
The company said the increase resulted from a 3-percent growth in volumes carried (2.7 million TEUs in first-quarter 2013 compared with 2.6 million TEUs in the prior-year period) as well as a 3-percent rise in freight rates.
EBITDA in the first quarter was $258 million, compared with a loss of $31 million in first-quarter 2012.
"Since the Chinese New Year, freight rates have declined considerably, especially in the Asia/Europe market," the company said. "In today’s still volatile market conditions, CMA CGM should produce better-than-average results thanks to the diversity of its geographic exposure and its ability to effectively manage its cost structure." - Chris Dupin