CMA CGM’s profit jumps on buoyant shipping demand
Live MintBy Gus Trompiz PARIS, Nov 8 - Strong global demand pushed up CMA CGM's third-quarter profit while the current quarter was seeing a rush to ship goods from China, the shipping group said on Friday as it played down the risk to trade from possible U.S. tariffs. Like other shipping firms, CMA CGM has benefited from restocking by U.S. companies this year, amplified by concerns that geopolitical tensions and a recent labour dispute at U.S. East Coast ports would hurt trade. "We observe that demand remains strong and also that there seems to be earlier than usual anticipation of the Lunar New Year in China," CMA CGM's Chief Financial Officer Ramon Fernandez told reporters on a call. While it was too early to predict the impact on trade flows from the upcoming Trump presidency, the global economy appeared robust and previous experience showed adjustments to tariffs can be made, with Mexico and southeast Asia taking share from China in U.S. imports, he said.
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