Container shipping "fragile"; third largest firm reports loss in first quarter, plans US$ 1bn in cost cuts

Container shipping “fragile”; third largest firm reports loss in first quarter, plans US$ 1bn in cost cuts

Wednesday, May 25th 2016 - 06:38 UTC

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France's CMA CGM, the world's third-largest container shipping firm, reported a first-quarter net loss and targeted US$1 billion in cost cuts to keep operating margins positive during the current market downturn. Weak freight rates in the past year have left many lines operating at a loss. Read full article

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ChrisR
”Volumes(SIC) growth in the first quarter was mainly due to routes to and from the United States, which outweighed a decline in volumes between Asia and Europe, the company said.”

At least it appears the Europeans have learnt the lesson regarding cheap Chinese junk.

The redneck yanks of course continue to buy this rubbish whilst bemoaning the loss of US industry.
May 25th, 2016 - 01:18 pm - Link - Report abuse 0
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