CMA CGM saw the upside and the downside of a global economic recovery in its first quarter results as the gain in revenue from increased box movements was entirely offset by higher fuel prices.

In response, the world's third largest boxship operator will increase shipping rates as much 7% through the implementation of "emergency bunker recovery measures."

“The shipping industry is experiencing sustained growth but was hit in the first quarter by the sharp increase in bunker prices," said Rodolphe Saade, chairman and chief executive.