CMA CGM reported an 18% increase in revenue to $55.5 billion in 2024, driven by strong performance in container shipping and logistics, despite supply chain disruptions caused by geopolitical tensions in the Red Sea and Gulf of Aden. The French shipping giant also posted an EBITDA of $13.4 billion, with an improved margin of 24.2%, reflecting a 5.1 percentage-point increase compared to the previous year.
“Our Group has delivered strong results this year, driven by our shipping activities. Our logistics business has also performed well, supported by the strategic investments made in recent years. In 2025, in a context of heightened geopolitical tensions and unprecedented uncertainty, our Group will continue to strengthen its position with an expanding low-carbon fleet, state-of-the-art infrastructure, and a workforce trained to tackle the challenges ahead,” said Rodolphe Saadé, Chairman and CEO of CMA CGM.
Container shipping grows despite global turmoil
CMA CGM’s container shipping division recorded a 16.2% increase in revenue to $36.5 billion, supported by sustained demand and higher freight rates. The total volume transported rose by 7.8% year-on-year to 23.6 million TEUs (twenty-foot equivalent units). The average revenue per TEU increased by 7.7% to $1,549, helping the division’s EBITDA climb to $11.2 billion, up from $7.4 billion in 2023. The EBITDA margin also improved by 7.2 percentage points, reaching 30.8%.
However, global shipping operations faced severe disruptions due to escalating geopolitical tensions. Security risks in the Red Sea and Gulf of Aden forced many vessels to reroute via the Cape of Good Hope, affecting capacity and increasing transit times. Despite these challenges, CMA CGM optimised fleet deployment and adjusted shipping routes to maintain efficiency while mitigating cost pressures.
Strategic expansion in logistics and port infrastructure
CMA CGM continued its expansion in logistics, completing its largest-ever acquisition with the purchase of Bolloré Logistics. This deal strengthened its subsidiary, CEVA Logistics, which is now one of the world’s top five logistics operators. As a result, the Group’s logistics revenue surged by 20.9% to $18.4 billion, while EBITDA grew by 28.3% to $1.8 billion.
The Group also expanded its presence in the Middle East and Africa. CEVA Logistics formed a joint venture with Almajdouie Logistics in Saudi Arabia, reinforcing its position in the region. Meanwhile, CMA CGM invested in port infrastructure worldwide, acquiring a 48% stake in Santos Brasil, the largest container terminal operator in South America. The agreement, which is subject to regulatory approval, will further strengthen the company’s footprint in Latin America.
In Morocco, CMA CGM partnered with Marsa Maroc to operate part of the Nador West Med terminal, supporting trade flows in the Mediterranean. The Group also inaugurated the Khalifa Terminal in Abu Dhabi, enhancing its capabilities in the Middle East, a key hub for global shipping.
CMA CGM played a critical logistics role during the Paris 2024 Olympic and Paralympic Games. As the event’s official logistics partner, CEVA Logistics managed the reception, storage, and customs clearance of equipment and goods for the world’s largest sporting event.
Beyond maritime and logistics, CMA CGM expanded its air freight and media businesses. CMA CGM Air Cargo took delivery of its third Boeing 777-200F, adding capacity to its operations and launching a new transpacific route connecting Asia to North America.
In the media sector, the Group finalised the acquisition of RMC-BFM, making CMA Media the third-largest private media group in France in July 2024. The acquisition brings together a portfolio of brands, including La Tribune, La Provence, and Corse Matin, strengthening CMA CGM’s presence in broadcasting and publishing.
$20 billion investment in sustainability and low-carbon fleet
CMA CGM continued its transition towards sustainable shipping, taking delivery of 12 LNG-powered vessels in 2024 as part of a broader $20 billion investment in low-carbon shipping technologies. The Group remains committed to reaching Net Zero Carbon by 2050, with a plan to operate 153 ships capable of using low-carbon fuels, including biomethanol and synthetic fuels, by 2029.
Despite progress, the company acknowledged that scaling the availability of alternative fuels remains a major challenge for the industry. The future of decarbonisation will depend on technological advancements and the broader availability of sustainable fuel options.
2025 outlook: Market uncertainty and trade risks
CMA CGM expects global GDP to grow by 3% in 2025, with trade expansion broadly aligning with economic growth. However, the Group cautioned that higher tariffs in the United States could disrupt supply chains and lead to a reorganisation of global trade flows.
The company is also monitoring fleet capacity developments and ongoing security risks in the Red Sea, which will be key factors shaping market conditions in the coming year.
CMA CGM leads in container volume among major shipping competitors in 2024
CMA CGM’s 18% revenue growth to $55.5 billion in 2024 places it in a similar revenue bracket as Maersk, which reported $55.48 billion in revenue. However, the companies differed significantly in profitability. Maersk recorded a 65% surge in EBIT to $6.5 billion. CMA CGM, which reports EBITDA instead of EBIT, posted EBITDA of $13.4 billion, reflecting a 5.1 percentage-point margin improvement to 24.2%.
By contrast, Hapag-Lloyd’s revenue reached $20.7 billion, marking a more modest year-on-year increase from $19.4 billion in 2023. Its EBIT improved slightly to $2.8 billion, indicating slower profit growth compared to Maersk and CMA CGM.
In container volumes, CMA CGM led the three in absolute terms, transporting 23.6 million TEUs in 2024, a 7.8% increase from 2023. Hapag-Lloyd reported 12.5 million TEUs, growing by 5%, while Maersk did not provide full container volume figures but noted a 4% projected volume growth for 2025.
The companies all faced challenges due to Red Sea disruptions, which led to rerouting vessels via the Cape of Good Hope. Maersk capitalised on the freight rate surges, driving its record EBIT, whereas Hapag-Lloyd maintained stable pricing with only moderate profitability growth. CMA CGM balanced these factors, reporting higher average revenue per TEU at $1,549, exceeding Hapag-Lloyd’s $1,492 per TEU.
Strategically, Maersk highlighted its diversified business model, with growth across Logistics & Services ($14.92 billion revenue) and Terminals ($1.33 billion EBIT). CMA CGM also expanded across multiple sectors, including its largest-ever acquisition of Bolloré Logistics, a 48% stake in Santos Brasil, and new LNG-powered vessels as part of a $20 billion sustainability investment. Meanwhile, Hapag-Lloyd maintained a shipping-centric strategy, with modest gains in EBITDA to $5.0 billion.