CMA CGM reports sharp earnings growth as container volumes and freight rates rise
CMA CGM reported a substantial increase in revenue and operating earnings for the third quarter of 2026, supported by higher container shipping volumes and stronger freight rates amid continued disruption to global trade routes.
The French shipping and logistics group generated revenue of $18.4 billion during the quarter, an increase of 31.1% compared with the corresponding period of 2025. EBITDA rose by 61.6% to $4.8 billion, while the EBITDA margin improved by 4.9 percentage points to 25.9%.
The improvement was primarily driven by the group’s maritime activities, as demand for container transportation remained strong despite geopolitical uncertainty and changes to international shipping networks.
CMA CGM attributed the increase in transported volumes partly to inventory restocking, investment in artificial intelligence infrastructure and data centres, and demand associated with clean technologies and electric vehicles, particularly in China.
Shipping earnings rise on stronger freight rates
CMA CGM transported 6.5 million TEUs during the third quarter, representing year-on-year growth of 5.5%. According to the company, the increase exceeded overall market growth during the period.
Revenue from shipping operations reached $12.3 billion, up 37.3% compared with the third quarter of 2025. Average revenue per TEU increased by 30% to $1,891, reflecting higher freight rates during the reporting period.
Shipping EBITDA rose to $4 billion from $2.2 billion a year earlier, while the segment’s EBITDA margin increased by 7.5 percentage points to 32.4%.
The company linked the stronger performance to sustained demand and elevated freight rates, alongside continued disruptions associated with tensions in the Middle East. Changes to shipping routes and transport networks have affected global supply chains, contributing to uncertainty over costs and service arrangements.
During the quarter, CMA CGM continued expanding its fleet with the introduction of new 24,000-TEU LNG-powered containerships, including CMA CGM Notre Dame, CMA CGM Pantheon and CMA CGM Orsay. The vessels have been deployed on the group’s FAL service connecting Asia and Europe.
The group also reported progress in alternative-fuel bunkering operations, including bioethanol in Brazil, bio-LNG in Rotterdam and biomethanol in Shanghai.
Logistics revenue grows despite lower profitability
CMA CGM’s logistics activities recorded revenue of $5.46 billion during the third quarter, an increase of 19.2% year-on-year, supported by organic growth and changes in the scope of consolidated operations.
However, logistics EBITDA declined by 14.4% to $366 million, with the EBITDA margin falling by 2.6 percentage points to 6.7%.
The group attributed the weaker profitability to challenging conditions in freight forwarding and continued difficulties in the automotive sector, highlighting a contrast between the earnings performance of its shipping and logistics divisions.
CEVA Logistics also expanded its international operations through the acquisition of FedEx Supply Chain. The company has begun simplifying its organisational structure under the leadership of Patrick Moebel, with the stated objective of improving efficiency and customer proximity.
CMA CGM continued developing its terminal portfolio, highlighting Terminal 4 at the Port of Jeddah in partnership with Red Sea Gateway Terminal and CMA Terminals’ acquisition of a 49% stake in Nador Container Terminal in Morocco.
Its air cargo operations also expanded, with eight aircraft operating under the CMA CGM AIR CARGO and Air Belgium brands, supported by hubs in France, Belgium and the United States.
Freight demand remains strong, but uncertainty persists
Looking ahead, CMA CGM expects the growth in maritime transport demand to continue over the coming months, supported by increasing volumes and freight rates that have strengthened since the second quarter of 2026.
Nevertheless, the group warned that the operating environment remains uncertain, particularly because of tensions in the Middle East, disruptions to shipping routes and changes in international trade policies.
Rodolphe Saadé, Chairman and Chief Executive Officer of CMA CGM Group, said the quarter’s results reflected the contribution of maritime transport alongside the group’s terminal, air freight and logistics operations.
The company is continuing investment in vessels, terminals and digital technologies, including the gradual deployment of MAIA, an artificial intelligence platform developed with Mistral AI.
CMA CGM’s latest results underline the significant contribution of higher container freight rates to group profitability, while the divergence between shipping and logistics margins illustrates the uneven conditions across different parts of the global supply chain.
