CMA CGM’s earnings soar on shipping rush By Reuters

November 19, 2021 admin Stock News 0

© Reuters. FILE PHOTO: A fisherman travels on a boat in front of a CMA CGM container ship passing through the Suez Canal in Ismailia, Egypt July 7, 2021. REUTERS/Amr Abdallah Dalsh

PARIS (Reuters) – Shipping group CMA CGM on Friday reported a surge in third-quarter earnings and said it expected an even stronger performance for the end of the year as intense demand kept freight rates high and container capacity stretched.

French-based CMA CGM, one of the world’s largest container lines, said net profit rose to $5.6 billion in the third quarter from $567 million in the same period last year, while core EBITDA earnings rose to $7.1 billion from $1.7 billion.

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