Market is Normalizing, CMA CGA Reports 94% drop in Q3

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In Q3 2023, the CMA CGM Group, a French shipping and logistics company, reported a substantial 94% decline in net profit, reaching $388 million compared to $7.04 billion a year earlier. This downturn, reflective of industry trends, followed the post-pandemic normalization of container shipping, compounded by a surge in newbuildings. Despite a 42.6% YoY decrease in revenues to $11.43 billion, the company's Chairman, Rodolphe Saadé, expressed confidence in their solid performance and growth strategy. Revenues from the logistics business accounted for 32% of the total. While macroeconomic forecasts predict a 2024 recovery, CMA CGM anticipates ongoing challenges, including new capacity affecting freight rates, emphasizing cost control and commitment to decarbonization and digitalization in the supply chain.

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