CMA CGM reported a 30 percent decline in revenue at $12.7 billion for the first quarter ended March 31, 2023 compared to $18.2 billion in Q12022 as freight demand continued to be slow "spurring a rapid normalisation of spot freight rates." While EBITDA dropped 61 percent to $3.4 billion, net income plunged 72 percent to $2 billion, says an official release. Logistics, shipping revenues divergeLogistics revenue increased 14 percent to $3.9 billion and EBITDA was up 37 percent at $343 million. "In the first-quarter of 2023, the CMA CGM Group also signed an agreement with La Poste group to establish a closer business relationship capitalising on their respective expertise in parcel delivery, transportation and storage." Shipping revenue dropped 40 percent to $8.9 billion and EBITDA dropped 64 percent to $3 billion.

Source: The North Africa Journal May 27, 2023 17:48 UTC