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French container shipping line CMA CGM was the latest carrier to report reduced first-quarter profits today, on the back of weak freight rates and a loss of market share.
Defining its results as “resilient”, CMA CGM reported first-quarter volumes of 5.93m teu, a 1.5% year-on-year increase on the 5.85m teu it handled in the first three months of 2025.
This implied the carrier lost market share in the period, with Container Trades Statistics data for the first three months of the year showing a global growth rate of 4.4% in terms of volumes.
Meanwhile, the weak freight rates that characterised the period weighed on CMA GCM’s earnings, with revenues down 8.5% year on year, to $8.02bn, and EBITDA down 41.3%, to $1.39bn – all of which was driven by a 9.8% decline in the average freight rate, to $1,351 per teu.
However, with the group‘s expansion into logistics and another sectors in recent years, the weak liner results were partially offset by a growth in revenues at its logistics subsidiary, Ceva.
“In an uncertain geopolitical context, 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,” reported chief executive Rodolphe Saade.
As a result, Q1 group revenue of $13.2bn was down just 0.2%, compared with the first quarter of 2025.
However, group EBITDA was down 31.6% year on year, to $2.1bn, representing an EBITDA margin of 16%, “mainly attributable to the maritime activity, due to a high comparison base in the first quarter of 2025 and a less favourable market environment in the first quarter of 2026”.
Ceva posted revenue of $4.6bn in the first quarter, up 6.6% year on year, which the group attributed to “perimeter effects and foreign exchange impacts”, while EBITDA of $330m was down 17.2% on Q1 25, “reflecting pressure on freight management activities in a deteriorated market environment, as well as ongoing challenges affecting the automotive sector”.
And, as with other carriers that also have port operating arms, CMA CGM’s terminal businesses – CMA Terminals and Terminal Link – pushed its ‘other activities’ segment to record a 59.1% growth in revenue, to $1.3bn, while EBITDA was up 90%, to $294m, “mainly reflecting improved profitability in the terminal business, air cargo activities, and the contribution of recently consolidated operations”.
Mr Saade added: “While tensions in the Middle East and disruptions across global supply chains continued to weigh on the industry, we adjusted our network, implemented alternative logistics corridors and maintained reliable service for our customers.
“Looking ahead, our priority remains clear: protecting our people, managing risks with discipline and preserving the group’s agility as we continue to grow and develop,” he said.