EMEA News
Costlier Bunkers hit CMA CGM Profits
Monday November 26, 2018
French box ship operator CMA CGM posted weaker profits in its third quarter results on the back of higher fuel costs.
Profit in the third quarter was $103 million compared to $323 million in the same period a year ago.
The company said that its unit cost has risen "mainly due to the market price of fuel".
The higher unit cost, from $55 per twenty foot equivalent (teu) to $77 teu over the period, was only "partially offset" by bunker surcharges.
However, revenue over the period was up by 6% on a greater number of boxes shipped, according to the company.
