French carrier CMA CGM published its financial results Saturday, in which it described the year 2022 as having an “exceptional annual performance, despite a marked slowdown in business since the fourth quarter.” The carrier, however, expects the slowdown “to continue in 2023 as inflationary pressures weigh on consumption.”

According to the press release, revenues for the full-year 2022 reached USD 74.5 billion, marking a 33% increase year-on-year. EBITDA grew by 44% compared to the year earlier, reaching USD 33.3 billion in 2022.

“Our Group achieved exceptional, historic results in 2022 that have enabled us to invest significantly in operations across our business, step up our energy transition and share the created value with our employees,” commented Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group.

CMA CGM’s ocean shipping business witnessed stability in terms of full-year volumes. However, volumes transported on East-West routes during the fourth quarter of the year declined 7.2%, said the group.

While Q4 shipping revenues decreased by nearly USD 2 billion compared to Q4-2021, full-year revenues grew from USD 45.3 billion in 2021 to USD 58.9 billion in 2022, marking an increase of 30.1%. EBITDA stood at USD 31.6 billion, versus USD 22.1 billion in 2021, added the press release.

Looking ahead, the group anticipates the challenges of last year’s fourth quarter to remain this year. Nevertheless, the company highlighted that certain macroeconomic signals are stabilizing.

“In the U.S., consumer spending and the labour market remain resilient despite the very aggressive tightening pursued by the Federal Reserve in recent months,” said the carrier. “In the European Union, recession has been avoided for the moment. Some emerging markets in Latin America and Southeast Asia remain strong.”

To address last year’s challenges, the company revealed that it “reinvested almost 90% of its 2022 net profits in its industrial assets and capabilities, while also strengthening its balance sheet and enhancing its financial flexibility.”

CMA CGM CEO Saadé believes, “As trade returns to normal and freight rates decline, our strategy and recent investments will prove all the more relevant and allow us to look forward to 2023 with confidence.”