It’s CMA CGM’s turn in the barrel.
The world’s third-largest container carrier saw core earnings (EBITDA) plunge to $1.5 billion in the first quarter, down 41.3% from $2.53 billion a year ago, as modest volume growth failed to offset a weak rate environment.
Marseilles-based CMA CGM said volumes improved 1.5% y/y to 5.9 million twenty foot equivalent units (TEUs), driven by growing demand in a volatile market environment. Maritime revenue reached $8 billion, off 8.5% from $8.76 billion, as average revenue per TEU fell 9.8% to $1,351.
EBITDA margin declined by 10.3 percentage points to 18.6%, “reflecting lower freight rates compared to the previous year, despite a rebound in spot rates at the end of the quarter.”
The largest multinational liners saw first-quarter profits decline as the industry slogged through shipper uncertainty and capacity imbalance. Rates on the benchmark trans-Pacific have recently ticked up on improving demand and the follow-on effects of the war in Iran.
“In an uncertain geopolitical context, the group delivered resilient performance in the first quarter of 2026, supported by the strength of our shipping activities and the diversification of our business model,” said Rodolphe Saade, chairman and chief executive, whose family controls CMA CGM, in a statement. “While tensions in the Middle East and disruptions across global supply chains continued to weigh on the industry, we adjusted our network, implemented alternative logistics corridors and maintained reliable service for our customers. Looking ahead, our priority remains clear: Protecting our people, managing risks with discipline and preserving the group’s agility as we continue to grow and develop.”
As the Saade family has Lebanese roots, the liner has been one of the few to operate scheduled services through the Red Sea since Yemen-based Houthi rebels in 2023 launched attacks against shipping in support of Gaza.
In January, CMA CGM signed a strategic partnership with private equity partner Stonepeak to set up a global port joint venture, United Ports LLC. This new entity will encompass 10 strategic terminals located across North America, Europe, Latin America and Asia. Stonepeak will invest $2.4 billion to acquire a 25% stake in the joint venture.
In India, CMA CGM ordered six LNG-powered container ships from Cochin Shipyard, and said it plans to recruit up to 1,500 Indian crew by the end of 2026.
The last comes after Saade appeared with President Donald Trump in the Oval Office in April 2025 to announce the administration’s shipping initiative.
Read more articles by Stuart Chirls here.
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