Rodolphe Saade to take charge as CMA CGM chairman, founder retires

Rodolphe Saade to take charge as CMA CGM chairman, founder retires

November 25, 2017: CMA CGM has reported a growth of 11.6 percent in the volumes carried in the third quarter as compared to the same period in 2016. During the period, CMA CGM carried close to 5 million containers, a record figure. The increase can be explained by the strong growth in volumes carried through OCEAN Alliance, on the Asia-USA and Asia-Europe routes, as well as on most of the North-South and Intraregional routes, said the France-based shipping company.

The increase in freight rates seen at the beginning of the year has continued through this quarter, enabling an increase of 14.4 percent in average revenue per container carried. As a result, revenues in the third quarter of 2017 rose by 27.7 percent to $5.7 billion.

CMA CGM reported a core EBIT margin of 10.0 percent to $568 million in the third quarter of 2017. The consolidated net income Group share reached $323 million in the third quarter, up from $219 million in the prior quarter, for a net income Group share of $629 million since the beginning of the year.

Meanwhile, the company also announced that its Board of Directors has appointed Rodolphe Saade as chairman in addition to his chief executive role. Jacques Saade, who established the firm in 1978, will have the honorary title of founder-chairman.