2023-11-13 19:49:10
A « normalisation » expected. This is how Rodolphe Saadé, CEO of CMA CGM, commented on Friday November 10 on the collapse of his company’s net profit in the third quarter. This amounts “only” to 388 million dollars (362 million euros), while the counter showed, a year earlier, over the same period, more than 7 billion dollars (6.55 billion euros). ‘euros).
Over the whole of 2022, this same net result had even jumped to nearly 25 billion dollars (23.3 billion euros). Superprofits, a source of controversy, which allowed the Marseille company to get ahead of the CAC 40 groups.
The explosion of online commerce
It must be said that the Covid pandemic placed maritime freight in an abnormally favorable position for two years. Transporters, including this company owned by a Franco-Lebanese family, ensured the delivery of medical equipment and everyday consumer products at great expense.
“No longer spending money in cinemas, restaurants or amusement parks, consumers, confined, have caused online commerce to explode, particularly in the United States. And the giants of mass distribution, the wholesalers, their intermediaries were then ready to pay enormously to bring their goods from China and elsewhere. recalls Paul Tourret, director of the Higher Institute of Maritime Economics. Then, when health restrictions were lifted, carriers also took advantage of the economic recovery.
Global growth at half mast
This parenthesis closed, maritime freight is seeing a significant slowdown and returning to levels comparable to those before Covid. Especially since the Chinese engine, in full deceleration, is pulling down global growth (the World Bank expects a rate of 2.1%, compared to 3.1% last year, and 6% in 2021 ).
In this context, Rodolphe Saadé judge ” robust “ the performance of CMA CGM. The volume transported has, it is true, continued to grow, albeit timidly (+0.9%). But prices collapsed, contributing to a 42% drop in the Marseille company’s turnover. Because, slips Paul Tourret, “transporting a small container from Asia to Europe today costs around €1,200, four times less than in 2021”.
Maersk cuts 10,000 jobs
This turnaround penalizes another major player, Maersk, which saw its net profit divided by 17 in the third quarter, to $521 million (488 million euros). The Dane, who has cut 6,500 jobs since the start of the year, plans 3,500 additional job cuts.
Rodolphe Saadé, for his part, says he is confident in CMA CGM’s strategy, with the recent acquisition of terminals, particularly in New York, and a strengthening of logistics activity, with the upcoming takeover from Bolloré, for 5 billion euros. , of its dedicated branch (1). CMA CGM should also be able to weather the surf by refusing to charter certain boats that it does not own and which currently constitute half of its fleet.
“The bubble of the Covid years will have given the sector the means to green its fleet”
Some people are nevertheless concerned about excess capacity among the half-dozen players who dominate the sector, with additional boats ordered during the boom but delivered at the trough of the wave in the years to come.
Paul Tourret believes that these purchases will accelerate the necessary renewal of their fleet. “New container ships offer productivity gains and better efficiency to meet increasingly stringent environmental standards. Basically, the bubble of the Covid years will have given the sector the means to go green. »
#prosperous #years