CMA CGM maintains revenue in the first quarter, but declining freight rates pressure maritime results

CMA CGM ended the first quarter of 2026 with stable revenue, but reported lower profitability in its maritime operations amid declining revenue per TEU and ongoing geopolitical tensions in the Middle East, according to results released by the group. The company posted revenue of US$13.2 billion between January and March, virtually unchanged from the same period in 2025, with a slight 0.2% decline.

Consolidated EBITDA totaled US$2.1 billion, down 31.6% year-on-year, with a margin of 16%, 7.3 percentage points below the level recorded in the first quarter of last year. According to the company, the weaker performance mainly reflected the results of its maritime activities, pressured by a high comparison base and a less favorable market environment.

In the shipping division, transported volumes reached 5.9 million TEUs during the quarter, up 1.5% compared to the same period in 2025. Even so, maritime revenue fell 8.5% to US$8 billion, impacted by a 9.8% decline in average revenue per TEU to US$1,351.

EBITDA from maritime operations declined to US$1.5 billion, compared to US$2.5 billion a year earlier. The segment’s EBITDA margin dropped 10.3 percentage points to 18.6%, reflecting lower freight rates year-on-year, despite a recovery in spot rates toward the end of the quarter.

From an operational standpoint, the company continued adjusting its service network and launched new routes within the OCEAN Alliance. Among the highlights of the quarter was the “DAY 10” product, featuring 41 services on the main East-West routes and total capacity of 5.3 million TEUs. CMA CGM also launched the Ocean Rise Express service, linking Japan, southern China, and northern Europe, and strengthened the Eagle Express 1 service between Japan and the U.S. West Coast.

In March, the group launched the PCRF XL service, a weekly connection between northern Europe, the French Caribbean, and Central America, operated with seven 6,000-TEU vessels. The company stated that the route is part of its “Caribbean Hub” strategy and aims to transship 300,000 containers annually by 2027.

The company also said it adopted alternative multimodal corridors to maintain logistics chain continuity with Gulf countries in response to navigation restrictions in the Strait of Hormuz. The issue remains central to the group’s concerns, which identified escalating tensions in the Middle East as one of the main factors pressuring operating costs and the balance of the maritime transport market.

In logistics, CEVA Logistics posted revenue of US$4.6 billion during the quarter, up 6.6% year-on-year, supported by scope and currency effects. However, the division’s EBITDA fell 17.2% to US$330 million, with a 7.2% margin, amid pressure on freight management and persistent challenges in the automotive sector.

Among the quarter’s developments in this segment, CEVA signed a global contract with HAECO to manage aircraft component flows and reached an agreement with Airbus Helicopters to operate a regional distribution center in Singapore. The company also expanded its automotive logistics operations with a €9 million investment at the Port of Tarragona, adding 94,000 square meters of space and capacity to handle 4,500 vehicles.

In the so-called “other activities” segment, revenue grew 59.1% to US$1.3 billion, driven by scope effects and growth in terminal operations. EBITDA for the segment increased 90% to US$294 million, with a margin of 22.9%, reflecting improved profitability in port operations, air cargo, and recently consolidated businesses.

On the investment front, the group announced during the quarter an order for six LNG-powered container ships at an Indian shipyard, in addition to the creation of a research and development center with Capgemini focused on digital and artificial intelligence solutions. It also partnered with Stonepeak to form the global joint venture United Ports LLC, which will bring together ten strategic terminals across North America, Europe, Latin America, and Asia. Under the deal, Stonepeak will invest US$2.4 billion to acquire a 25% stake in the business.

CMA CGM also completed the acquisition of Freightliner UK, a rail transport operator in the United Kingdom, and, through CEVA, acquired the Italian group Fagioli, specialized in project logistics and heavy cargo transportation.

Looking ahead, the company said it remains attentive to the impacts of Middle East tensions, oil price volatility, changes in freight rates, and country trade and tariff policy decisions. According to the group, its strategy for navigating this environment will continue to rely on business diversification, network flexibility, and financial strength.

Source: CMA CGM

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