CMA CGM’s financial results remain good. The French company, the third largest container ship owner in the world, announced on Friday, November 8, a net profit of 2.73 billion dollars (2.5 billion euros) in the third quarter, raising its profits to 4.1 billion. billion dollars since January, and probably almost $5 billion for the entire year.
The publication of these results comes two weeks after the first reading vote in the National Assembly on two measures – introduced through amendments to the finance bill (PLF) 2025 – that will reduce its benefits: limiting the great advantage of the “ tax tonnage”, and the extension beyond 2024-2025 of the “exceptional contribution” to the recovery of public accounts imposed by the government on 400 large companies, of which CMA CGM should pay close to 10%.
The good health of the Marseille giant is explained by the still high freight rates and the unexpected persistence of important commercial flows, such as Chinese exports, which reached a record of 95.7 billion dollars in October. Manufacturers and distributors have been restocking, especially in the United States, concerned about social tensions in American ports on the East Coast and planning ahead of the peak season (“peak season”) preceding the Chinese New Year, set for January 29, 2025, when China accelerates exports and imports before closing its factories.
“The turnover of maritime activities increased by 43% compared to the same period in 2023”specifies Ramón Fernández, financial director of CMA CGM. Logistics (+31.1%) and port terminals (+35.4%) also increased strongly. The group foresees a less prosperous year 2025 for the shipment, marked by lower volumes and prices, and the return of excess capacity in container ship fleets. With, in the background, geopolitical crises and a probable resurgence of protectionism once the American president-elect, Donald Trump, settles into the White House.
“Patriotic spirit”
These results will not encourage deputies to relax their decision to increase the fiscal pressure on CMA CGM during the second reading of the PLF in the Palacio Borbón. The government asked 400 large companies, therefore, for a “exceptional contribution” to the recovery of public accounts for 8,500 million euros during the fiscal years 2024 and 2025. “The effort will be 800 million for CMA CGM: 500 the first year and 300 the next”indicates its general director, Rodolphe Saadé, in The FigaroOctober 21. If you are ready to do it “out of patriotic spirit”refuses to go beyond 2025. Five days later, on October 26, deputies nevertheless voted in favor of a Green amendment regarding the perpetuation of this tax.
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