CMA CGM Reports Mixed Q3 Results Amid Trade Tensions and Red Sea Disruptions

French shipping giant CMA CGM on Friday reported declining revenues and profitability for the third quarter of 2025, as the global container shipping industry grapples with persistent geopolitical tensions and ongoing disruptions from the Red Sea crisis. Despite the headwinds, the company continues to expand its international footprint with strategic investments across key markets.

The company’s third-quarter revenue reached $14.0 billion, an 11.3% decrease compared to the same period in 2024, while EBITDA fell 40.5% to $3.0 billion. The EBITDA margin stood at 21.0%, down 10.3 percentage points year-over-year.

Speaking about the results, CMA CGM Chairman and Chief Executive Officer Rodolphe Saadé acknowledged the challenging environment. “In a global environment that remains highly uncertain, our Group continues to demonstrate resilience and discipline,” Saadé said. “Shipping remains solid, our terminals are gaining momentum, and air freight continues to perform well, illustrating, together with logistics, the growing complementarity across our activities.”

CMA CGM’s shipping segment transported 6.2 million TEUs during the quarter, up 2.3% compared to Q3 2024 and 3.4% higher than the previous quarter. However, maritime revenue declined 17.4% to $9.0 billion, with average revenue per TEU falling 19.2% to $1,452, reflecting falling freight rates.

The volume increase came despite significant disruptions in China-U.S. trade, which experienced what the company described as “stop-and-go episodes” during the period. CMA CGM attributed its ability to maintain volume growth to the breadth and diversification of its maritime operations across global trade lanes.

The company’s logistics division faced headwinds from challenges in the automotive market, particularly affecting finished vehicle logistics and road transport in Europe. Logistics revenue reached $4.6 billion, with EBITDA of $428 million, down 6.8% compared to Q3 2024. The margin stood at 9.3%, down slightly by 0.2 points.

A bright spot in the results came from CMA CGM’s other activities, including terminals and air cargo operations. Revenue from these segments surged 55% to $1.2 billion, with EBITDA nearly doubling to $299 million. The strong performance was notably supported by the integration of Santos Brasil.

Despite the challenging quarter, CMA CGM has continued its strategic expansion. The company recently announced plans to register ten 24,000 TEU LNG-powered vessels under the French flag starting next year, describing the move as part of a long-term strategy based on stability and competitiveness.

The Group has also made significant commitments in India, announcing the construction of six 1,700 TEU LNG-powered container ships with delivery starting in 2029, marking the first step toward building a full fleet under the Indian flag. CMA CGM plans to recruit 1,000 Indian seafarers by the end of 2025, with an additional 500 in 2026.

In the Middle East, CMA CGM signed a memorandum of understanding with Red Sea Gateway Terminal to create a joint venture to construct and operate Terminal 4 at the port of Jeddah, targeting a capacity of 2.6 million TEU. The project aligns with Saudi Arabia’s Vision 2030 and will increase RSGT’s annual capacity to 8.8 million TEU.

The company has also strengthened its European presence with agreements to acquire a 20% stake in Eurogate Container Terminal Hamburg and the acquisition of Freightliner UK Intermodal Logistics, one of the main UK rail operators. The Freightliner deal is expected to close in early 2026, subject to regulatory approvals.

Looking ahead, Saadé offered a cautious outlook. “The months ahead will likely be marked by increasing capacity in our industry and softer demand across the market,” he said. “CMA CGM will continue to adapt, guided by our long-term vision and our constant commitment to serving our customers.”

The company emphasized that it will maintain “agile and efficient management of its operations and strict cost control to preserve its competitiveness” while continuing to adapt and anticipate market dynamics to seize growth opportunities.

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