CMA CGM reported a one-off gain of $187.3 M from the sale of its portfolio of eight terminals to China Merchants Ports that was completed in the first quarter of 2020. The gains helped to push up the group¡¯s net profit to $47.9 M in the first quarter of the year, of which $91.2 M was attributed to its container shipping operations. CEVA Logistics continued to its loss making streak with a net loss of -$43.3 M in the quarter.
CMA CGM¡¯s container liftings ped by -3.9% to 4.93 Mteu, but average revenue per teu increased marginally by 0.7% to $1,120 per teu. It attributed the smaller increase in average revenue compared to the market average due to lower rates on its backhaul and intraregional trades.
The company expects a sharper fall in volumes in the second quarter, with capacity reduced by 16.2% in April and 25.7% in May due to blanked sailings. Bunker price per ton increased by 25.4% to $516 from $411 in the first quarter of 2019 but this was partly offset by lower overall consumption which ped by 10% to 1.78 M tons due mainly to an increase in blanked sailings. CORPORATE
