Amid disruptions to major maritime routes, CMA CGM has reported an increase in business volumes, driven by sustained demand in maritime shipping. The company has continued to invest across the maritime transport and logistics value chain and is enhancing strategic partnerships to further digitize and decarbonize its operations. The financial statements for the third quarter of 2024 were reviewed by the Board of Directors, chaired by Rodolphe Saadé, the Group's Chairman and CEO.
Rodolphe Saadé commented on the quarter's results, highlighting the Group's solid performance despite geopolitical and economic uncertainties. He noted the dynamic maritime activity and ongoing transformation of the logistics sector, underpinned by the Group's commitment to structural investments and the deployment of artificial intelligence to improve customer service quality.
The third quarter of 2024 saw CMA CGM seizing growth opportunities, with container shipping experiencing high volumes due to sustained demand. This demand was driven by global trade acceleration, anticipation, and inventory rebuilding amid geopolitical tensions. Disruptions, including vessel rerouting via the Cape of Good Hope, presented operational challenges, which the Group addressed with agility.
Strategic moves included acquiring a significant stake in Santos Brasil, a leading terminal operator, and forming a joint venture between CEVA Logistics and Almajdouie Logistics in Saudi Arabia. The Group's commitment to alternative fuels was evidenced by a USD 18 billion investment in 131 low-carbon energy vessels, with 12 LNG-powered vessels joining the fleet in the third quarter of 2024.
Partnerships to boost biomethane production in Europe and integrate artificial intelligence into operations were signed with SUEZ and Google, respectively. CMA CGM also played a key role as the official logistics partner for the Paris 2024 Olympic and Paralympic Games and proceeded with the integration of the newly acquired RMC BFM.
Financially, the Group's revenue reached USD 15.8 billion in the third quarter, a 38.5% increase year-on-year, with the shipping business being a primary driver. EBITDA stood at USD 5.0 billion, reflecting a 31.4% margin. The Group carried 6.0 million TEUs during the quarter, a 5.5% increase from the previous year, attributed to strong global trade demand.
Maritime shipping operations generated USD 10.9 billion in revenue, up 43.4% from the third quarter of 2023. Logistics activities saw continued growth, with revenue totaling USD 4.8 billion, a 32.8% increase from the previous year, partly due to the integration of Bolloré Logistics. Other activities, including port terminals and media, also saw revenue growth.
Looking ahead to 2025, CMA CGM anticipates continued uncertainties from macroeconomic trends, regulatory changes, and geopolitical challenges. New container shipping capacity may disrupt supply and demand balances and affect freight rates. The Group remains committed to cost control, operational discipline, and investments in industrial capabilities, digitization, and decarbonization efforts.
Source: CMA CGM