“Our shipping activity has seen a significant increase in volumes transported compared to the second quarter of 2020," Rodolphe Saadé, CMA CGM Group chief executive officer said in a statement on November 20.
CMA CGM Group reported shipping earnings before interest, taxes, depreciation, and amortization (Ebitda) grew by 76% during the third quarter of 2020 to $1.5 billion from $870 million in the same period of 2019.
“This momentum is particularly marked in the United States and Latin America and allows the fleet to continue operating at full capacity as during the third quarter. As a result, freight rates remain high… […] the Group should see a further improvement in the Ebitda margin in the fourth quarter,” Saadé added.
Maersk, the world’s largest shipping firm, also released positive results and upgraded its guidance due to a “stronger than expected” recovery in demand.