The French shipping group CMA CGM generated significantly lower profits in the first quarter of 2026. The decline is mainly attributable to the maritime division, while other segments grew.
According to the Group, the start of the year took place in a “still volatile market environment” for shipping and logistics. Geopolitical tensions and trade-related uncertainties shaped the result.
“In an uncertain geopolitical context, the Group delivered resilient performance in the first quarter of 2026, supported by the strength of our shipping activities and the diversification of our business model,” said Rodolphe Saadé, Chairman and CEO of CMA CGM. “While tensions in the Middle East and disruptions across global supply chains continued to weigh on the industry, we adjusted our network, implemented alternative logistics corridors and maintained reliable service for our customers. Looking ahead, our priority remains clear: protecting our people, managing risks with discipline and preserving the Group’s agility as we continue to grow and develop.”
In recent months, CMA CGM has launched several new services to improve connections between Northern Europe and East Asia and between Europe, the French Antilles and Central America, among others. In response to the situation in the Strait of Hormuz, the shipping company is also increasingly focusing on multimodal corridors in order to maintain supply chains in the Gulf States.
Maritime division weighs on overall result
In the first quarter of 2026, revenue amounted to USD 13.2 billion, which represents a stable level compared to the previous year – the decline is 0.2%. However, EBITDA only reached USD 2.1 billion, which corresponds to a decline of 31.6%. This was mainly attributable to the maritime business segment, due to a high comparative basis in the first quarter of 2025 and a less favorable market environment in the first quarter of 2026.
The transport volume amounted to 5.9 million TEU – a slight increase of 1.5% compared to the first quarter of 2025 – driven by growing demand. Maritime revenue reached USD 8 billion, a decrease of 8.5% compared to the first quarter of 2025, mainly due to average revenue of USD 1,351/TEU – a year-on-year decrease of 9.8%.
EBITDA was $1.5 billion, compared to $2.5 billion in the first quarter of 2025. The EBITDA margin decreased by 10.3 percentage points to 18.6%, reflecting lower freight rates compared to the previous year – despite a recovery in spot rates towards the end of the quarter.
Growth in logistics
Revenue in the Logistics division amounted to USD 4.6 billion in the first quarter of 2026, an increase of 6.6% compared to the first quarter of 2025, mainly due to consolidation effects and currency effects. EBITDA reached USD 330 million, a decrease of 17.2% compared to the first quarter of 2025.
Revenue from other activities rose by 59.1% to USD 1.3 billion in the first quarter of 2026; this increase was mainly due to consolidation effects and strong momentum in the terminal business, the Group announced. EBITDA reached USD 294 million – a strong increase of 90% compared to the previous year.
“The escalation of tensions in the Middle East continues to impact shipping patterns and remains a key factor in the evolution of market balance and operating costs, particularly amid rising oil prices and changes in freight rates,” a company statement reads. “Countries’ decisions related to trade policies and tariffs also continue to affect the organization of global trade flows.”
