CMA CGM said it had a consolidated net profit in the first quarter of 2014 of $97 million compared to $96 million in the first quarter of 2013.
The French company, the third-largest container carrier in the world, had revenue of $3.94 billion in the first quarter of 2014, compared to $3.84 billion in the first quarter of last year.
Looking forward, the company said, "After a dip at the beginning of the second quarter 2014, freight rates are now back at supportive levels, but should nevertheless remain volatile."
CMA CGM said it handled 2.8 million TEUs in the first quarter of this year, 5.8 percent more than it did in the same 2013 period.
The company said it had succeeded in limiting the decrease in average revenue per TEU to 2.9 percent compared to the first quarter 2013, a smaller decrease than that of the average decrease as measured by the Shanghai Containerized Freight Index, which was minus 8.6 percent.
CMA CGM said the capacity of its fleet during the year increased 5 percent to 1.56 million TEUs.
In the press release announcing CMA CGM's first quarter results, Jacques Saadé, chairman and chief executive officer, said, "to reaffirm the family dimension" of CMA CGM he "reaffirms his full confidence in Farid T. Salem, as executive officer, in his essential position, and indicates the evolution of the governance of the group."
The company also said that Jacque's son, Rodolphe Saadé, was appointed vice chairman executive officer and Tanya Saadé Zeenny was appointed executive officer.
CMA CGM said that in the first quarter, "volumes on Asia- Europe lines, from and to the United States, as well as intra Asia lines, have been particularly sustained."
It also said it had further developed its network, including changes such as:
- A reorganized and improved coverage of Africa
- The reorganization of its lines between Asia and the Indian Subcontinent
- The upgrade of its services between North Europe and the Mediterranean
- The opening of fully owned agencies in Somalia, Mauritania, Botswana and Colombia
- The roll-out of CMA CGM Logistics services in Thailand, Brazil and India