In recent years, CMA CGM has been steadily expanding its fleet size and its financial performance has been catching up with Maersk, positioning itself to become the world's second-largest liner company.
According to the latest financial data, Maersk slightly outperformed CMA CGM in the third quarter of this year with a total revenue of USD 14.2 billion, compared to CMA CGM's revenue of USD 14 billion, reflecting a minimal gap. Looking back to the same period last year (the third quarter of 2024), both companies reported revenues of USD 15.8 billion.
Despite the narrow gap in revenue, CMA CGM demonstrated a clear advantage in profitability. A comparative analysis of the third-quarter financial reports of Europe's three major container shipping companies (CMA CGM, Maersk, and Germany's Hapag-Lloyd) by the shipping media outlet ShippingWatch revealed that CMA CGM topped the list with earnings before interest, taxes, depreciation, and amortization (EBITDA) of USD 3 billion, while Maersk reported USD 2.7 billion. This difference in profitability was directly reflected in the margins: CMA CGM's EBITDA margin stood at 21.0%, compared to Maersk's 18.9%, and Hapag-Lloyd, Maersk's partner in the "Gemini Cooperation," reported a margin of 15.8%.
This year, the container shipping market has been characterized by declining freight rates and overcapacity, significantly impacting the core shipping operations of the three major carriers. Both Maersk and CMA CGM saw a 17.4% year-on-year decline in their shipping revenues, although there were differences in their performance: CMA CGM's shipping revenue approached USD 9 billion, with a 2.3% increase in cargo volume, while Maersk's shipping revenue was USD 7.8 billion, with a 7% increase in cargo volume. In terms of shipping profitability, CMA CGM continued to lead with an EBITDA of USD 2.2 billion, compared to Maersk's USD 1.8 billion. Meanwhile, Hapag-Lloyd's shipping operations reported an EBITDA of USD 710 million, with a margin of 15.5%. The company's management noted that one-time significant expenses related to forming an alliance with Maersk had a certain impact on third-quarter earnings.
Lars Jensen, a container shipping analyst at Vespucci Maritime, commented in an interview, "CMA CGM's goal is clearly to overtake Maersk and become the world's second-largest shipping company. From the current situation, they are likely to achieve this." He speculated that CMA CGM's expansion strategy may have been inspired by Mediterranean Shipping Company (MSC), which grew rapidly in just a few years and now operates independently without relying on partnerships with competitors, securing the top position in the global shipping industry. "It cannot be ruled out that CMA CGM is also moving toward independent operations," Jensen added.
In contrast, Maersk has chosen a different path. Since losing its position as the world's largest container shipping company to MSC in early 2022, Maersk's management has repeatedly emphasized that it will not expand its fleet on a large scale. To secure sufficient global coverage in the container market, Maersk opted to deepen its cooperation with Hapag-Lloyd. "This is a strategic choice by Maersk, and the partnership with Hapag-Lloyd is progressing smoothly so far," Jensen noted.
Today, four of the world's top five container shipping companies are European, and competition among these industry giants is no longer confined to maritime transportation. Logistics and port terminal operations have become new battlegrounds. Both Maersk and CMA CGM have invested heavily in logistics and port terminal businesses. In contrast, Hapag-Lloyd had long refrained from entering the logistics sector and only began investing in port terminals a few years ago to strengthen control over its container shipping processes.
Specifically, Maersk's logistics business performed strongly in the third quarter, with revenue increasing by 2.3% year-on-year to USD 4 billion, and its EBITDA margin rising from 11.1% in the same period last year to 11.7%. The growth in logistics is particularly important for Maersk, as the company aims to transform into an integrated logistics enterprise. CMA CGM's logistics business, with revenue of USD 4.6 billion, is larger in scale but experienced a noticeable decline in the third quarter, with its EBITDA margin dropping from 9.5% in the same period last year to 9.3%.
In the port terminal sector, Maersk's APM Terminals delivered a solid performance in the third quarter, with both revenue and EBIT (earnings before interest and taxes) growing, despite a slight decline in EBIT margin from 35.8% to 34.6%. CMA CGM's terminal business, on the other hand, showed rapid growth. However, due to its smaller base and inclusion of diversified operations such as air cargo, its data is not entirely comparable to Maersk's terminal business. As a key player in terminal operations, CMA CGM's terminal revenue increased from USD 786 million in the same period last year to USD 1.2 billion in the third quarter, with its EBIT margin rising from 19.2% to 24.6%. In contrast, Hapag-Lloyd's port operations are still in their early stages, with third-quarter revenue of USD 112 million and an EBIT of USD 26 million.
Industry insiders point out that as competition in the shipping market expands into new dimensions, differences in profitability, business structure, and strategic positioning between CMA CGM and Maersk will further influence the evolution of the global shipping landscape. Additionally, the development strategies of other shipping companies, such as Hapag-Lloyd, will introduce more variables into the market.
