{"id":72414,"date":"2023-07-31T00:00:00","date_gmt":"2023-07-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/07\/31\/cma-cgm-posts-weak-2q-earnings-amid-declining-market\/"},"modified":"2023-07-31T00:00:00","modified_gmt":"2023-07-31T00:00:00","slug":"cma-cgm-posts-weak-2q-earnings-amid-declining-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/07\/31\/cma-cgm-posts-weak-2q-earnings-amid-declining-market\/","title":{"rendered":"CMA CGM posts weak 2Q earnings amid declining market"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">CMA CGM somber earnings for 2Q 2023 paint a bleak picture for transport + logistics: <\/span><span>French shipping giant CMA CGM\u2019s bottomline for the second quarter of 2023 fell 83% y-o-y to USD 1.3 bn, while revenues fell 36.9% to USD 12.3 bn, according to the company\u2019s most recent <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.cmacgm-group.com\/en\/news-media\/second-quarter-2023-financial-results\" style=\"\">earnings release<\/a><\/span><span style=\"font-weight:400;\">. \u201cThe transport and logistics market remains depressed,\u201d CMA CGM said in the earnings release. Revenues from the outfit\u2019s maritime freight operations declined 47.9% on a yearly basis to settle at USD 8.4 bn, while its logistics operations raked in USD 3.8 bn, remaining flat y-o-y.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Less-than-optimistic outlook: <\/span><span style=\"font-weight:400;\">An adverse global macroeconomic climate, shaky geopolitics, and a decline in transport markets underpin a gloomy outlook for the transport and logistics industry, the company said. Lukewarm economic growth and persistent inflation are expected to weigh on consumer demand, while new capacity is slated to drag down freight rates amid an uncertain market, particularly for East-West traffic, the company said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The news got ink<\/span><span> from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-07-28\/shipping-giant-cma-cgm-paints-gloomy-outlook-as-profit-plummets#xj4y7vzkg\" style=\"\">Bloomberg<\/a><\/span><span>, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/shipping-group-cma-cgm-braced-weaker-profit-before-demand-picks-up-2024-2023-07-28\/\" style=\"\">Reuters<\/a><\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/lloydslist.maritimeintelligence.informa.com\/LL1146064\/CMA-CGM-expects-sluggish-market-for-remainder-of-year\" style=\"\">Lloyd\u2019s List<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CMA CGM somber earnings for 2Q 2023 paint a bleak picture for transport + logistics: French shipping giant CMA CGM\u2019s bottomline for the second quarter of 2023 fell 83% y-o-y to USD 1.3 bn, while revenues fell 36.9% to USD 12.3 bn, according to the company\u2019s most recent earnings release. \u201cThe transport and logistics market [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[56],"tags":[17,55,123,51],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-72414","post","type-post","status-publish","format-standard","hentry","category-logistics-in-the-news","tag-enterprise-logistics","tag-logistics-in-the-news","tag-shipping-maritime","tag-transport","wpautop","entry"],"acf":{"mongo_id":"cb5c4035-24d8-468b-98d5-9f61d43c34c2","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/7\/1225.jpg,https:\/\/www.facebook.com\/cmacgm\/photos","photo_position":"above","homepage_title":"","full_issue_title":"CMA CGM posts weak 2Q earnings amid declining market","related_issue":[72398],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/7\/.0eafb770-2152-471a-8aa9-e5282de0638f.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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