CMA CGM OPERATING PROFITS DOUBLED IN 2000

CMA CGM OPERATING PROFITS DOUBLED IN 2000    France's CMA CGM reported an operating profit of 795 million French francs ($114 million) for 2000, twice the result of the previous year. Consolidated revenue for Holding CMA CGM rose by 39 percent last year, to FFr13.2 billion ($1.9 billion), as the volume of containers carried increased by 20 percent, to 1.6 million TEUs.
   Net profit soared from FFr312 million in 1999 to FFr702 million last year.
   The French shipping group is the latest container shipping line to have announced record profits for last year, when virtually all carriers benefited from strong volumes, improved ship utilization and better rates.
   CMA CGM said that its growth last year happened alongside “a policy of rationalization of services and strategic agreements with other shipowners.”
   The return to the black of all the north/south services it operates contributed significantly to the higher profit result, CMA CGM said.
   The French carrier said that it expects to continue to grow rapidly this year, as it opens new services, strengthens existing ones and adds new ships. The carrier will phase in the first of a series of new 6,600-TEU ships next month. CMA CGM is also diversifying into logistics services and port activities.