The CMA CGM Group reported a 57 percent increase in revenue to $19.5 billion for the second quarter ended June 30, 2022, mainly driven by the Group's shipping business.

Both EBITDA and net income more than doubled to $9.6 billion and $7.6 billion, respectively. EBITDA margin was up 12 percentage points at 49.2 percent.

Container shipping revenue increased 60 percent to $16 billion and EBITDA doubled to $9 billion on marginal decline in volumes carried at 5.62 million TEUs. "Volume growth is currently being dampened by the congestion in ports and overland supply chains, which has led to longer vessel transit times."

While operating costs increased by more than 22 percent year-on-year, unit bunker costs surged almost 75 percent YoY.

Revenue from logistics operations totaled $3.8 billion while EBITDA was 62 percent higher at $340 million.

Rodolphe Saadé, Chairman and Chief Executive Officer, CMA CGM Group

"During the second quarter, we continued to accelerate our strategy and our transformation around our two pillars: shipping and logistics," says Rodolphe Saadé, Chairman and Chief Executive Officer, CMA CGM Group. "With the acquisitions of Ingram Micro CLS, Colis Privé and GEFCO and the strategic partnership with Air France-KLM, we have reached a new milestone in offering our customers a service that spans the entire supply chain."

The global decline in consumer spending, which was already perceptible this summer, will lead to more normal international trade conditions in the second half as well as to a downturn in shipping demand, Saadé added. "We will continue to invest both in our development and in the energy transition, which is more important than ever."

CMA CGM Air Cargo
The Group obtained its Air Operator Certificate (AOC) from the French Civil Aviation Authority on June 1, 2022, the statement said. "Following the delivery of two Boeing 777Fs and the hiring of around 50 pilots, CMA CGM Air Cargo began operating in early June from its new base at Paris Charles-de-Gaulle airport."

The Group is supporting the growth of CMA CGM Air Cargo by investing in its fleet, which will include 12 aircraft by 2026. Of these, 10 will be operated by the CMA CGM Group and two by Air France-KLM, the statement said.

"In May 2022, CMA CGM signed a long-term strategic air freight partnership with Air France-KLM. The exclusive partnership will enable the parties to jointly market their air cargo networks, full-freighter capacity and dedicated services to build an increasingly competitive array of solutions, backed by the expertise and global footprint of Air France-KLM and CMA CGM."

CMA CGM had acquired a 9 percent stake in Air France-KLM for €396 million ($396 million), making it the airline's largest private shareholder.

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