CMA CGM Posts ‘Solid’ 2024 Results, But Sees Choppy Waters Ahead

By Alex Lennane (The Loadstar)

CMA CGM Group posted 2024 results broadly similar to those of AP Møller Maersk (APMM), but warned of a difficult year to come. 

As usual, however, the French shipping group, which has now integrated Bolloré Logistics into its Ceva subsidiary, did not provide full transparency into its numbers. 

CMA said the results were “solid”, with revenues up 18%, to $55.5bn – the same as rival APMM. Ebitda was up 49%, to $13.4bn, pipping Maersk’s $12.1bn. But while net profit rose some $2bn, to $5.71bn, APMM hit $6.09bn. 

“Our group has delivered strong results this year, driven by our shipping activities,” said CMA chairman and CEO Rodolphe Saadé. “Our logistics business has also performed well, supported by the strategic investments made in recent years.

“In 2025, in a context of heightened geopolitical tensions and unprecedented uncertainty, our group will continue to strengthen its position with an expanding low-carbon fleet, state-of-the-art infrastructure, and a workforce trained to tackle the challenges ahead. With these solid foundations, I am confident in our ability to adapt and continue delivering exemplary service to our customers.” 

CMA said 2024 had seen increased demand for shipping, but warned of the “troubled geopolitical environment”. 

“While buoyed by stronger-than-expected growth in world trade and inventory rebuilding, global capacity faced a negative shock from geopolitical tensions. Throughout 2024, global maritime shipping was disrupted by major tensions in the Red Sea and Gulf of Aden, forcing vessels to avoid the area and take an alternative route via the Cape of Good Hope. This impacted effective capacity, while the expected increase in tariffs impeded the fluidity of world trade.” 

CMA’s logistics business, which has grown significantly as it integrated Bolloré into Ceva, saw revenue grow nearly 21%, to $18.4bn, with ebitda up 28%, to $1.8bn, “reflecting the continued turnaround in contract logistics and a good performance in finished vehicle logistics, despite the difficulties impacting the automotive sector”. It had acquired Russian Railways’ stake in automotive logistics business Gefco in 2022. 

The addition of Bolloré has turned Ceva into one of the world’s top five logistics players. Ceva also grew in Saudi Arabia with its joint-venture agreement with Almajdouie Logistics to provide integrated end-to-end logistics services to Saudi companies. 

The logistics business’s fourth quarter reflected significant year-on-year growth, with revenue up 23.5% to $4.81bn, resulting in ebitda growth of 44%, to $495m. However, the group did not break that down further. 

In shipping, CMA carried 7.8% more volume in 2024, year on year, at 23.57m teu, seeing revenue increase 16.2%, to $36.49bn and ebitda up 52%, to $11.24bn. 

CMA said it ordered 12 new LNG vessels last year, part of a $20bn investment into low-carbon energies in its bid to hit net zero-carbon target by 2050. 

The group records its airline, terminals, and media businesses as ‘other activities’, concealing the health of its fledgling air cargo carrier. Revenues in the ‘other’ segment rose 43%, to $2.8bn, with ebitda up a whopping 87%, to $441m. 

All it said about its airline was: “In 2024, CMA CGM Air Cargo, now operating independently, continued its expansion by taking delivery of its third Boeing 777-200F, deployed on a new transpacific route connecting Asia to North America.” 

Its ports business now has 60 terminals in 30 countries. In September, it agreed to buy some 48% of Santos Brasil, owner of South America’s largest container terminal. It also signed an agreement with Marsa Maroc to operate part of the Nador West Med container terminal and inaugurated the Khalifa terminal in Abu Dhabi. 

It said this year should see economic growth of about 3%, with global trade for goods growing at the same pace. 

But it warned: “Nevertheless, the prospect of higher tariffs announced in the United States could have an impact on trade and lead to a reorganisation of global supply chains in the medium term.  

“In addition, deliveries of new vessels, combined with any developments in the Red Sea situation, will be decisive factors in shaping the market.  

“In this environment, the group remains prudent and is paying close attention to the changing economic and geopolitical situation, while remaining confident in its ability to weather the cycle, thanks to its business diversification and financial strength.” 

The Loadstar is known at the highest levels of logistics and supply chain management as one of the best sources of influential analysis and commentary.

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