CMA CGM Credit Research - Container Shipping

Container Shipping - Can CMA CGMs Bonds Withstand the Selling Pressure from the Broader Bond Market?

Lead Analyst, Credit Research, Drewry Maritime Financial Research

Konstantinos Oikonomopoulos

Lead Analyst, Credit Research

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Credit

<p style="text-align: left;"><strong>Profitability shot up in 2Q17, thanks to a better freight market and benefits from NOL acquisition:</strong> CMA CGM posted higher revenues by 57% y/y at the end of the second quarter at USD 5.5bn, which translates into USD 19bn annualised (USD  15.9bn at end FY16). The group benefitted from a 33% surge y/y (4.7 mteu) in transported volumes  (NOL's contribution, along with launch of Ocean Alliance) and improved freight rates. CMA CGM achieved a price of USD 1,134 per teu (container shipping revenues only…</p>

Profitability shot up in 2Q17, thanks to a better freight market and benefits from NOL acquisition: CMA CGM posted higher revenues by 57% y/y at the end of the second quarter at USD 5.5bn, which translates into USD 19bn annualised (USD  15.9bn at end FY16). The group benefitted from a 33% surge y/y (4.7 mteu) in transported volumes  (NOL's contribution, along with launch of Ocean Alliance) and improved freight rates. CMA CGM achieved a price of USD 1,134 per teu (container shipping revenues only…

CMA CGM Credit Research 2Q17 Results Update - Credit Outlook Stable - Bond Valuation Neutral

CMA CGM SA

CMA CGM Credit Research 2Q17 Results Update - Credit Outlook Stable - Bond Valuation Neutral