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MARSEILLE: French asset-based logistics group CMA CGM reported a net profit of US1.3 billion for the second quarter of 2023 – down from a pandemic-influenced net profit of US$7.6 billion in the same period a year earlier.

Group revenue was US$12.3 billion in the second quarter, a 37 percent drop from US$19.5 billion in Q2 2022.

“As expected, our industry continued to normalize in the second quarter and, despite difficult market conditions, our performance remains robust,” said group CEO Rodolphe Saadé. “In recent years, we have significantly strengthened our two strategic pillars: transport and logistics. On that basis, our group will pursue its transformation, as it continues to expand and to integrate recently acquired subsidiaries, while stepping up investments to decarbonize its activities,” he added.

In June CMA CGM announced a 49 percent stake in COSCO container terminals in Valencia and 38 percent in Bilbao – adding to existing facilities in Algeciras and Seville and a global network of 56 terminals worldwide.

A month earlier, the group acquired short-sea passenger and freight line La Méridionale, based in Marseille since 1931 and a principal operator to Corsica.

CMA CGM has added the short-sea ferry operator to a new specialized shipping division that also includes a new car carrier operation, a stake in Brittany Ferries, and investment in NEOLINE, a Nantes-based company developing the first sail-powered RO-RO vessel. The company says the goal is to carry cargo and passengers more sustainably through decarbonisation.

As part of a “green corridor” strategy - specific trade routes between major port hubs where zero-emission solutions are supported – La Méridionale will order two LNG-powered vessels able to run on methanol with zero CO2 emissions during port calls between Marseille, and Corsica’s Porto Vecchio and Ajaccio.
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