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CMA CGM Says Softer Q1 Result Shows Resilience

[ May 28, 2026   //   Gary Burrows ]

CMA CGM reported lower first-quarter earnings as softer freight rates and ongoing geopolitical disruptions weighed on profitability, though the French shipping and logistics group pointed to resilient cargo volumes and growth in logistics and terminal operations as signs of continued operational stability.

The Marseille-based carrier posted first-quarter 2026 revenue of US$13.2 billion, essentially flat year-over-year, while EBITDA fell 31.6 percent to US$2.1 billion. EBITDA margin declined to 16 percent from 23.3 percent in the first quarter of 2025.

CMA CGM Chairman and CEO Rodolphe Saadé said the group maintained operational flexibility despite “persistent geopolitical tensions” and ongoing disruptions across global supply chains, particularly in the Middle East.

Maritime operations remained under pressure despite modest volume growth. CMA CGM transported 5.9 million TEUs during the quarter, up 1.5 percent from a year earlier, but shipping revenue fell 8.5 percent to US$8 billion as average revenue per TEU declined nearly 10 percent to US$1,351. Maritime EBITDA dropped to US$1.5 billion from US$2.5 billion a year earlier, with margin falling to 18.6 percent.

The company said the quarter was shaped by continuing geopolitical instability, particularly in the Middle East, as well as ongoing macroeconomic and trade uncertainty. CMA CGM said it implemented alternative multimodal corridors to maintain supply chain continuity to and from Gulf countries amid disruption in the Strait of Hormuz.

Logistics subsidiary CEVA Logistics recorded revenue growth of 6.6 percent to US$4.6 billion, supported by acquisitions and expansion in automotive and aerospace logistics activities. EBITDA for the segment fell 17.2 percent to US$330 million as weaker freight-management markets and softness in the automotive sector pressured margins.

Other activities, including terminals and air cargo, delivered stronger results, with revenue rising 59.1 percent to US$1.3 billion and EBITDA climbing 90 percent to US$294 million.

The group continued to advance several strategic investments during the quarter, including a US$2.4 billion port joint venture with Stonepeak, expansion of LNG- and methanol-powered vessel programs, the acquisition of U.K. rail operator Freightliner UK and CEVA’s purchase of heavy-lift and project logistics specialist Fagioli.

CMA CGM also said it implemented alternative multimodal corridors to maintain Gulf supply chain continuity amid disruption in the Strait of Hormuz.

Looking ahead, CMA CGM said tensions in the Middle East, volatile oil prices and changing trade policies continue to cloud the outlook for global shipping markets, though the group said its diversified portfolio and strong financial position should help it navigate continued uncertainty.

Tags: CEVA Logistics, CMA CGM