CMA CGM Financial Director, Jean-Yves Shapiro has said that the container shipping sector is still facing a downward trend.
He said that the company had been wrong in underestimating the impact of the global financial crisis. While many container lines had been wary of the glut of newbuildings to be delivered, the French shipping line had shown optimism and confidence, which Mr Shaprio said had been wrong.
CMA CGM had even signed new orders and said that the global container sector recovery would happen in 2011.
The company now has a staggering debt of over US$5 billion and faces on-going debt restructuring.