French shipper CMA CGM has reviewed its financial statements for the first half of 2010, revealing that the recovery in business that began to emerge in late 2009 has gained further momentum so far this year.
According to the board of directors, revenue for the period increased 41 per cent on 2009 to US$6.8bn (€5.3bn), with freight volumes climbing by nearly 22 per cent year-on-year to 4.4m TEU.
The lower fixed-cost base resulted in one of the shipping industry's highest operating margins, the group noted, with earnings before interest, taxation, depreciation and amortisation standing at 15.5 per cent for the first half.
'With its international presence through its own network of agencies, especially in China, CMA CGM Group is ideally positioned to strengthen its role as a leading global operator in its different markets,' the group said.
CMA CGM said that it had continued to keep pace with growing freight volumes by expanding its fleet, taking delivery of six newbuilds in July and August.
'Nevertheless, competition remains sustained in a still uneven global economy,' the group noted. 'In the second half, the group will continue to reduce costs, in order to optimise its business model and consolidate its growth on reinforced financial bases.
'In this regard, CMA CGM is pursuing its discussions with investors with the objective to reinforce its equity. Second-quarter performance is expected to continue over the third quarter and year-end trends remain positive.'
