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Zero charter rates confirmed today as dry-cargo pain intensifies.
CMA CGM sheds the red
French containership player CMA CGM has posted a profit for the first-half of 2010 as rising rates and cost-cutting helped boost the bottom line.
The Jacques Saade-led owner banked $864m in the six months to 30 June, reversing a loss of $518m logged a year ago.
Revenue rang-in at $6.8bn, a 41% gain compared to $4.8bn generated in the same period of 2009.
CMA CGM says it moved 4.4 million teu in the first-half, a 22% surge against the 3.6 million teu transported in the comparable semester last year.
Commenting on the fresh figures, the company said: "In the second half, the group [CMA CGM] will continue to reduce costs, in order to optimise its business model and consolidate its growth on reinforced financial bases.
"In this regard, CMA CGM is pursuing its discussions with investors with the objective to reinforce its equity."
As TradeWinds has reported, CGM is attempting to reorganise EUR 5.bn ($7bn) of debt and is under the pressure of an imminent deadline set by a French court overseeing the restructuring of the Marseilles-based company.
Much of the debt relates to an extensive newbuilding programme.
CMA CGM says it currently controls 394 vessels, 93 of which are owned.
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