Shipping Giant CMA CGM Posts a Loss as Red Sea Conflict Rages [BNN Bloomberg (Canada)]
A.P MOLLER-MRS UNS/ADR (AMKBY)
NASDAQ:AMEX Investor Relations:
investor.maersk.com/investor-relations
Company Research
Source: BNN Bloomberg
The French company, controlled by billionaire Rodolphe Saade and his family, reported a loss of $93 million in the final three months of 2023 compared with profit of $3.04 billion a year earlier. A statement released Friday painted a subdued outlook “shaped by sluggish global economic growth.” Much of the global merchant fleet has avoided the Red Sea and Suez Canal since mid-December, after a series of attacks on vessels by Yemen-based Houthis. The area has grown even more volatile after the US and UK responded with air strikes on the militants' positions on land. CMA CGM was one of the last major carriers to suspend passage in the conflict zone, where a cargo ship caught fire this week after a missile attack. Read More: Blazing Ship Veers Across the Gulf of Aden After Houthi Attack “When it becomes possible — when security conditions allow it, and notably with an escort from the French navy, we'll determine on a case-by-case basis whether it's possible to navigate a vessel”
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