CMA CGM’s 2Q 2024 earnings surprisingly dropped YoY with average freight rates
dropping by 7% YoY and 1% QoQ despite the 53% YoY increase in the CCFI. CMA
CGM’s higher contract rate exposure that were signed at substantially lower
levels than current spot rates contributed to the disappointing earnings.
CMA CGM’s liner revenue dropped 1% YoY in 2Q 2024, lagging behind all other
carriers that have reported revenue growth so far, with OOCL’s revenue rising by
14% YoY while the 3 main Taiwan carri