CMA CGM in Sydney
The world’s third largest shipping company, CMA CGM, Friday reported it swung to a net profit of $1.63 billion last year from a loss of $1.43 billion a year earlier, with revenue surging 36% as the global economy recovers from its 2008-2009 recession.
The company also said it expects more normalized profitability in 2011, though it wasn’t more specific.
“The Asia-USA lines have now returned to pre-recession levels after having been severely impacted by the fall off in world,” the Marseilles-based shipper said.