French liner CMA CGM has reported a significant decline in its financial results for this year’s second quarter. The company's revenue dropped by nearly 37% to $12.3 billion compared to $19.5 billion during the same period in 2022. The company's EBITA experienced a substantial decline of 73%, reaching $2.6 billion, while the net income plunged by 83%, settling at $1.3 billion, as stated in the company’s press release.

Despite facing challenging market conditions, Rodolphe Saadé, the Chairman and Chief Executive Officer of CMA CGM Group, expressed satisfaction with the company's performance.

“As expected, our industry continued to normalize in the second quarter, and, despite difficult market conditions, our performance remains robust,” said Saadé.

The shipping revenue of the company experienced a significant decline of 48%, with consolidated revenue from shipping operations amounting to $8.4 billion, and EBITDA at $2.2 billion, down 76% year-on-year.

In terms of container volumes, the company carrier carried 5.60 million TEUs during the second quarter, down 0.3% compared to the same period last year. However, the company revealed, it witnessed an 11.5% rebound in volume carried compared with the first quarter of the year, which reflects “the seasonal nature of the business but also an upturn in demand,” according to the press release.

CMA CGM also highlighted that it remains committed to supporting the energy transition in the transport and logistics sectors. The company aims to achieve net-zero carbon emissions by 2050 by investing over $14 billion in a fleet of more than 100 LNG- and methanol-powered ships.

Moreover, CMA CGM has created the Fund for Energies, allocating a budget of €1.5 billion over five years to accelerate the energy transition across its activities. Already, €430 million has been committed for this purpose.