French carrier CMA CGM on Friday reported substantial gains in group revenues and profits in 2007 as container volume increased by 29 percent from the previous year.
Net income increased 58 percent to $966 million from $611 million in 2006 on revenues of $11.8 billion, up 40 percent from $8.42 billion.
Chairman Jacques Saade in an earnings statement said, "We are very satisfied with our 2007 results. CMA CGM will continue its development strategy. We are getting ready for the arrival of a new generation of large vessels in our fleet which will represent a new era for the maritime shipping industry and for CMA CGM."
The company launched 42 new independent or joint services in 2007, including 11 connecting Asia to the Mediterranean, the Persian Gulf, the United States, Latin America, Africa and Australia, and 21 targeting the intra-Asian market.
The carrier added 98 vessels to its fleet, for a total of 384 group-operated vessels. Carrying capacity increased from 698,000 TEUs to 913,000 TEUs, and the container fleet expanded to 1.535 million TEUs from 1.2 million TEUs.
The company completed three acquisitions: intra-Asia specialist Cheng Lie Navigation; Morocco's Comanav, and U.S. Lines, strengthening its presence between the United States, Australia and New Zealand.
Door-to-door volume in 2007 grew 41 percent, mainly through its CMA RAIL subsidiary, and following investments in Europe, Algeria, China and India.
The company said it continued to pursue its terminal investment plan to ensure better support for its vessels in increasingly congested ports. It acquired stakes in terminals in Houston, Casablanca, Tangier, Rotterdam, Xiamen, Cai Mep (Vietnam), Damietta (Egypt), and Busan.