French liner and logistics giant CMA CGM saw profit decline sharply last year amid a freight rate slowdown after two extremely profitable years in 2021 and 2022.

Net income at the Rodolphe Saade-led company took an 85% dive in 2023 to $3.64bn from $24.88bn in the previous year.

In the fourth quarter of 2023, the company even slid to a slight loss of $90m, compared with a $3.04bn