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CMA CGM posts brisk Q3 volumes, sees no trade war hit for now

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CMA CGM posts brisk Q3 volumes, sees no trade war hit for now
FILE PHOTO: The CMA CGM Antoine de Saint Exupery container ship sits docked during its official inauguration in Le Havre, France September 6, 2018. REUTERS/File Photo   -   Copyright  Benoit Tessier(Reuters)
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PARIS (Reuters) – French container shipping group CMACGM [CMACG.UL] said its third-quarter volumes had outperformed the industry, supported by brisk transpacific activity that suggested no negative impact so far from U.S.-Chinese trade tensions.

CMACGM’s quarterly volumes reached 5.26 million twenty-foot equivalent (TEU) containers, up 5.5 percent from the same period last year and compared with overall sector growth of 2.5-3 percent, the company said in a statement on Friday.

That contributed to a 6.3 percent rise in third-quarter sales to $6.06 billion (4.72 billion pounds).

Activity remained strong in the fourth quarter, particularly on transpacific routes, a CMACGM spokesman said, adding this was contrary to the usual market trend in which volumes ease after a peak period of third-quarter shipments to the United States ahead of the Thanksgiving holiday.

The group, the world’s fourth-largest container shipping line, said its operating margin was 4.0 percent in the third quarter, down from 10.4 percent a year earlier but up from 1.2 percent in the previous quarter.

Net profit reached $103.1 million, down from $323.3 million in the year-earlier period but above the $22.7 million in the prior quarter.

(Reporting by Gus Trompiz; Editing by Bate Felix)

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