CMA CGM reported a sharp increase in third-quarter earnings today as higher freight rates and growing container volumes strengthened its ocean container business.
The third-largest liner operator said weaker profitability in logistics highlighted uneven conditions across the group. Net profit reached $2.32 billion, compared with about $760 million a year earlier.
The Marseilles-based company said revenue rose 31.1% to $18.4 billion, while earnings before interest, taxes, depreciation and amortization climbed 61.6% to approximately $4.8 billion. The group’s EBITDA margin widened to 25.9%, an improvement of 4.9 percentage points from the third quarter of 2025.
“In an uncertain geopolitical environment, the Group has delivered a strong performance in the third quarter, driven by the momentum and the increasing volumes of our maritime activities,” Chairman and Chief Executive Rodolphe Saade said in the earnings announcement.
CMA CGM carried 6.5 million twenty-foot equivalent units (TEUs) during the quarter, up 5.5% from a year earlier. The company said that growth outpaced the broader market and ranked among its strongest volume increases in recent years.
Shipping revenue increased 37.3% to $12.3 billion, substantially faster than cargo volumes, as average revenue per TEU rose 30% to $1,891. The division’s EBITDA reached $4 billion, compared with $2.2 billion a year earlier, while EBITDA margin expanded by 7.5 percentage points to 32.4%. That was ahead of Maersk’s (OTC: AMKBY) 29.4% and Hapag-Lloyd’s (HLAG.DE) 24.9%.
The group attributed resilient demand to companies rebuilding inventories in the face of geopolitical uncertainty; investment in artificial intelligence infrastructure and data centers, and growth in clean technologies and electric vehicles, particularly in China.
Persistent tensions in the Middle East continued to disrupt shipping routes and global supply chains, bolstering rates. CMA CGM was one of the few global lines over the past several years that maintained some services through the Red Sea. It and other carriers have recently expanded the return of scheduled rotations through the full Suez Canal route.
Logistics growth fails to translate into stronger margins
The logistics business delivered higher sales but lower earnings. Revenue increased 19.2% to $5.46 billion, supported by organic growth and changes in the scope of the business. EBITDA, however, fell 14.4% to $366 million.
The division’s EBITDA margin narrowed to 6.7%, down 2.6 percentage points. CMA CGM cited difficult conditions in freight forwarding and persistent weakness in the automotive sector, contrasting with the stronger profitability of its maritime operations.
The CEVA Logistics unit expanded its international presence through the acquisition of FedEx Supply Chain and began simplifying its organizational structure.
CMA CGM continued investing in ships, terminals and air freight capacity, including three new 24,000-TEU LNG-powered containerships on its flagship Asia–Europe FAL service.
Demand outlook positive, but risks remain
CMA CGM said strong shipping demand was expected to continue over the coming months, with freight rates that have risen since the second quarter also supporting business growth. It nevertheless cautioned that Middle East tensions continued to disrupt routes and increase operating costs, while changing trade policies could reshape international cargo flows.
Why it matters: Higher freight rates and resilient demand are boosting shipping profits, but those forces are not necessarily translating into stronger profitability across the supply chain.
Read more articles by Stuart Chirls here.
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