French container ship giant CMA CGM has confirmed the addition of 62 ships to its fleet as it capitalises on exceptional markets.
The group said shipping capacity has grown 5.9% year on year to 30 September.
The shipowner has taken delivery of 10 new owned vessels and three new 15,000-teu chartered units so far this year.
But it has also been extremely active in red-hot secondhand markets, buying 49 ships of a total capacity of 800,000 teu over the past 15 months as it sought to meet demand.
CMA CGM will have 44 e-methane-ready vessels by the end of 2024, with 20 already operational.
Chief executive and chairman Rodolphe Saade said: "We delivered very good financial results this quarter, enabling us to continue our development and accelerate our transformation."
"In an unprecedented context of strong tensions in global supply chains, our priority remains to support our customers with a complete range of solutions addressing their increased needs for shipping and logistics," he added.
Net profit soared to $5.6bn from $567m in the same period last year. Total revenue was $15.3bn, up 89.4%.
Debt slashed this year
The company continued to strengthen its financial structure, cutting net debt to $11.9bn at 30 September, down $4.9bn from the end of last year.
The shipowner also said it had redeemed its 2025 bonds for €750m ($845m).
In response to strong pressure on supply chains, the owner continued with its investments to strengthen its shipping, port and air freight network.
"With this ambitious investment programme, the group aims to build supply chains to serve the global economy," CMA CGM said.
This year the group launched an air freight division with four Airbus A330-200Fs, and has ordered four A350F planes.
The shipowner will be the launch airline for this new aircraft, which has a carrying capacity of more than 100 tonnes and an operating range of 9,000 km (5,592 miles).
About 50 pilots are joining the group.
Volumes fall as congestion hits
During the third quarter, the line's ships transported 5.5m teu of cargo, down 2.5% from a year ago, when global trade rebounded following the end of Covid-related lockdowns in western countries.
"Growth in volumes is currently constrained by congestion affecting port terminals and inland infrastructures, leading to longer transit times for vessels," the group said.
Shipping revenue reached $12.5bn, doubling from 2020.
Ebitda from shipping was $6.8bn, with a margin of 54.4%, up 30 points from last year.
Average revenue per teu was $2,293 per day, despite higher operating expenses notably from bunkers, vessel chartering and port handling.
"The pressure on effective shipping capacity for consumer goods observed since the summer of 2020 is expected to persist until at least the first half of 2022," CMA CGM said.
The company is expecting an even stronger financial performance during the fourth quarter.
