The bad news for France’s CMA CGM, the world’s third-largest ocean carrier: Profits continue to slide. The good news: The company is still raking in over a billion a quarter, net profits and revenue per container are still well above pre-COVID levels, and it still has a huge cash cushion courtesy of its boomtime windfall.
CEO Rodolphe Saade said Friday that “performance remains robust” despite “difficult market conditions” amid “further normalization” of shipping rates.
Liquidity still high at...