France's CMA CGM posted lower first-quarter core profit on Friday as weaker shipping markets offset growth in logistics, while maintaining a cautious outlook due to the Iran war and trade uncertainty.
CMA CGM is the world's third-largest container shipping line behind Switzerland-based Mediterranean Shipping Company (MSC) and Denmark's Maersk.
The group said its earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to $2.11 billion from $3.09 billion a year earlier, while net income attributable to the group plunged to $250 million, from $1.12 billion.
Total first-quarter revenue was flat at $13.23 billion, from $13.26 billion. Shipping revenue dropped 8.5 per cent to $8.02 billion, while logistics revenue rose 6.6 per cent to $4.56 billion.
The Iran war has stranded hundreds of vessels, raised fuel and insurance costs, and forced carriers to adjust networks and use alternative routes, disrupting a key oil trade corridor.
"The group delivered resilient performance in the first quarter of 2026, supported by the strength of our shipping activities and the diversification of our business model," CMA CGM Chairman and CEO Rodolphe Saade said in a statement.
A CMA CGM container ship was attacked while transiting the Strait of Hormuz this month, injuring crew members and damaging the vessel, while another vessel exited the Persian Gulf.
CMA CGM said it had set up alternative links to keep cargo moving to and from gulf countries despite the constraints.
But it remained cautious as the Iran war, oil prices, freight rates and trade uncertainty weighed on visibility.
(Reporting by Sybille de La Hamaide and Zakarya Meliani, Editing by Louise Heavens and Alexander Smith)
