Rising freight rates and brisk global trade, buoyed by AI-related investment, boosted CMA CGM's third-quarter profit, the French shipping group said on Friday, adding that it expects the trends to continue in the coming months.
Major container shipping lines have reported stronger profits and raised full-year targets, as solid demand and elevated freight rates helped offset disruption in the Middle East and higher fuel costs.
Alongside AI-related investments, trade has been supported by restocking as companies hedge against geopolitical uncertainty, as well as demand for renewable energy and electric vehicles amid higher hydrocarbon prices, CMA CGM said.
CMA CGM said container volumes rose 5.5 per cent year-on-year in the third quarter, outpacing the broader market and following six per cent growth in the second quarter.
The group has been expanding its fleet with ultra-large vessels and expects to overtake Danish rival Maersk as the world's second-largest container shipping line by the end of 2027.
Third-quarter earnings before interest, taxes, depreciation and amortisation rose 62 per cent to $4.78 billion, while net profit doubled to $2.32 billion.
CMA CGM said favourable demand trends and freight rates were expected to persist, though tensions in the Middle East and uncertainty over global trade relations continued to cloud the outlook. The company did not provide financial guidance.
CMA CGM could face an additional tax under France's 2027 budget plans, with the cash-strapped government proposing to revive a shipping levy the group paid two years ago.
(Reporting by Gus Trompiz. Editing by Mark Potter)