One of the most significant container lines in the world, CMA CGM, based in France, predicted that after a year of record-high earnings, the shipping markets would begin to contract in the fourth quarter due to high energy prices and slowing consumer spending.
Like its competitors, CMA CGM stated in a quarterly report that the COVID-19 pandemic's hot shipping market was being cooled by higher energy prices associated with the conflict in Ukraine and declining consumer demand. According to CMA CGM, spot freight rates have decreased since shipping demand has reduced. The annual net profit increased significantly last year, 2021, at $17944.9 million compared to the previous years, according to GlobalData.
The Saade family, who founded CMA CGM and privately controlled it, reported rising energy expenses. CMA CGM is situated in Marseille. The French government asked CMA CGM to reduce inflationary pressures because of its skyrocketing profits during the previous year. The business has used its considerable profits to finance an investment binge that includes logistical acquisitions and the purchase of a stake in Air France-KLM.
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