CMA CGM’s profits took a noteworthy hit in the first quarter, following the trend of ocean carriers feeling the bottom-line pressure from lower year-over-year freight rates.
Net income declined 77.7 percent to roughly $250 million, from $1.1 billion, while earnings before interest, taxes, depreciation and amortization (EBITDA) fell 31.6 percent to $2.1 billion.
The decline is mainly attributable to the container shipping company’s maritime segment, due to a high comparison base in the first quarter of 2025 and a less favorable market environment in the first quarter of 2026.
Revenue in the maritime unit sank 8.5 percent to $8 billion in the quarter. This was mainly due to an average revenue of $1,351 per 20-foot equivalent unit (TEU), a decrease of 9.8 percent year-on-year. Given the increase in freight rates in recent months amid the oil supply shocks stemming from the war in Iran, revenue should see a bounce back in the second quarter.
Total revenue across CMA CGM Group amounted to $13.3 billion, down 0.2 percent from the 2025 first quarter.
In the first quarter, the carrier transported volumes amounting to 5.9 million 20-foot equivalent units (TEUs), a 1.5 percent increase from year-ago totals, driven by what the liner called growing demand in a volatile market environment.
But the carrier’s volume growth paled in comparison to the 4.4 percent growth rate of container volumes worldwide in the first quarter, as calculated by Container Trades Statistics (CTS). The CTS numbers indicate that CMA CGM lost market share in the period, like fellow container shipping company Hapag-Lloyd, which saw a 0.7 percent dip in volumes.
Conversely, Maersk’s container volumes buoyed the industry figures, increasing 9.3 percent in the first quarter led by exports out of Asian countries. Other competitors like Ocean Network Express (ONE) and Orient Overseas Container Line (OOCL) had respective volume increases of 4.1 percent and 1.7 percent increases in volumes, respectively.
Revenue performed better at its third-party logistics provider (3PL) subsidiary Ceva Logistics, alongside its terminals and air cargo units. Ceva’s revenue increased 6.6 percent to $4.6 billion, with EBITDA falling 17.2 percent to $330 million.
Terminal activities and air cargo helped boost the “other” category’s revenue 59.1 percent in the quarter to $1.3 billion, on a 90 percent EBITDA increase to $294 million.
CMA CGM Group chairman and CEO Rodolphe Saadé called the performance “resilient” due to the uncertain geopolitical context provided by the war in Iran. The conflict resulted in the restriction of shipping navigation through the Strait of Hormuz by Iranian forces, which has largely prevented ships from exiting the Persian Gulf since the start of the war and choked off roughly 20 percent of the world’s oil supply.
Two CMA CGM vessels have been hit by projectiles since the start of the crisis, with another having safely passed through in early April.
“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,” said Saadé in a statement. “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.”
As the Hormuz situation unfolds, CMA CGM appears to be further testing the waters of the Red Sea by bring one of the world’s largest vessels on the Suez Canal route. The liquefied natural gas (LNG)-powered CMA CGM Notre Dame, a 24,212-TEU vessel, left the Port of Shanghai on May 24 for its maiden voyage and is expected to take a 37-day journey to France’s Port of Le Havre.
Sailing on the weekly Asia-to-North Europe French Asia Line (FAL3) service, the CMA CGM Notre Dame is expected to pass through the canal on June 13.
According to container shipping expert Lars Jensen, this is the first time a “headhaul” sailing—where ships travel to drop off cargo to a destination port—has used the FAL3 service through the Suez instead of the Cape of Good Hope. Previously, the focus had been on “backhaul” routes, which are those returning from the destination to the origin port.
“For now, this is the only vessel on the FAL3 service designated for the shorter route,” Jensen said in a Monday update on LinkedIn. “On the Asia-N. Europe network, this is in addition to their Ocean Rise Express service which operates regularly via Suez in both directions.”
