Exceptional annual performance, despite a marked slowdown in business since the fourth quarter

  • Revenue and operating profit up year-on-year.
  • A year of accelerated development for the Group, driven by strategic acquisitions across the shipping and logistics value chain.
  • Investments aimed at accelerating the Group’s energy transition, strengthening its social engagement and supporting corporates assets in its strategic markets, particularly in France.
  • A marked slowdown in Q4 2022, that is expected to continue in 2023 as inflationary pressures weigh on consumption.

Commenting on the full-year 2022 results, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, said:

Our Group achieved exceptional, historic results in 2022 that have enabled us to invest significantly in operations across our business, step up our energy transition and share the created value with our employees.

As trade returns to normal and freight rates decline, our strategy and recent investments will prove all the more relevant and allow us to look forward to 2023 with confidence.

Leveraging our financial strength and entrepreneurial spirit, we will continue to develop our operations in transport and logistics to meet the needs of our customers, who expect a group like ours to deliver the best service at the lowest possible cost, with the smallest environmental footprint.

The Board of Directors met on March 3, 2023, and co-opted two new directorsPatricia Barbizet, President and founder of Témaris et Associés, and Jacques Ripoll, former Deputy Chief Executive Officer of the Crédit Agricole Group and currently Managing Partner of the Eren Group.

During this meeting, the Board of Directors approved the 2022 consolidated financial statements.


I.                    A historic performance driven by exceptional circumstances

With the start of 2022 already impacted by post-Covid 19 congestions, major geopolitical tensions, most notably the Russian-Ukrainian conflict, then drove a sharp spike in energy costs, which in turn led to widespread inflationary pressures on consumer purchasing power, primarily in Europe but also in the United States. Economic growth, which began the year in full post-COVID-19 rebound, slowed in the second half as the post-pandemic shift in consumer spending towards services gathered momentum. These factors triggered a slowdown in freight demand, helping to gradually ease port terminal congestions, especially in the fourth quarter.

To address these challenges and its customers’ expectations, the CMA CGM Group pursued its strategy of strengthening its shipping, port, logistics and air freight capabilities, while undertaking a massive commitment to the energy transition. To this end, the Group reinvested almost 90% of its 2022 net profits in its industrial assets and capabilities, while also strengthening its balance sheet and enhancing its financial flexibility.

  1. Shipping: an exceptional year despite a slowdown in global trade in the final quarter

For the maritime shipping industry, 2022 was a year of contrasting halves. Behind the relative stability in full-year volumes transported by the Group (down 1.3% YoY) lay major disparities between the first and second halves, as well as among the main shipping routes.

  • In the first half, while demand for consumer goods remained strong, shipping capacity was constrained by port congestions and other disruptions impacting local supply chains around the world.
  • The second half saw a demand shock accentuated in the fourth quarter by a wave of inventory destocking in the U.S. and the impact of persistent inflation on consumer spending. In addition, the situation was exacerbated by the energy crisis in Europe. As a result, volumes transported by the Group on East-West routes declined by 7.2% in the fourth quarter, while the North-South routes proved more resilient thanks in particular to the sustained growth of certain emerging economies. Lastly, intra-regional volumes suffered both from the Russian-Ukrainian conflict (with the termination of Russian services) and from the lack of capacity in Asia early in the year. The decline in demand spurred a quicker return to normal spot freight rates in the final quarter.
  1. Investments in our terminal portfolio

The Group owns equity stakes in more than 56 port terminals and projects around the world. In 2022, CMA CGM stepped up its investments in industry-leading infrastructure to continue supporting growth in its shipping lines and enhance the quality of its customer service.

The Group now owns 100% of the Fenix Marine Services (FMS) terminal in the Long Beach/Los Angeles port area, the US’s leading West Coast import gateway; has started its 10-year operation to manage, operate and maintain the Beirut container terminal; and has been awarded the concession for the Nhava Sheva terminal in India, with its partner JM Baxi.

Late in the year, CMA CGM announced the acquisition of two strategic terminals at the Port of New York, GCT Bayonne and GCT New York, which have a combined capacity of two million TEUs per year with potential for further expansion up to almost double the current capacity. The closing of this transaction remains subject to regulatory approvals.

  1. Logistics: expanding CEVA’s logistics capabilities with new acquisitions

In 2022, the CMA CGM Group continued developing an integrated suite of logistics solutions to support its customers’ supply chains. Following the acquisition of CEVA Logistics in 2019, CMA CGM accelerated its transformation in 2022 with the completion of three strategic acquisitions:

  • Ingram Micro’s Commerce & Lifecycle Services business, which provides end-to-end e-commerce logistics solutions, including warehousing, inventory management, shipping and returns. The acquired assets represent annual revenue of an estimated USD 1.8 billion in 2021 and 11,500 employees in 59 warehouses around the world, with a strong presence in the United States and Europe.
  • Colis Privé, a specialist in home delivery and parcel pick-up in France, Belgium and Luxembourg.
  • GEFCO, a European leader in automotive logistics, with a focus on finished vehicles as well as other contract logistics and ground transport services.
  1. Air freight: sustained expansion at CMA CGM AIR CARGO

In line with its commitment to making CMA CGM AIR CARGO French air freight carrier with a fleet of 12 aircraft by 2026, the Group obtained its Air Operator Certificate (AOC) from the French Civil Aviation Authority (DGAC) on June 1, 2022.

  • Following the delivery of two Boeing 777Fs, CMA CGM AIR CARGO began operating in early June from its new base at Paris Charles de Gaulle airport.
  • Regular service is now offered from Paris-CDG to Hong Kong, Chicago, Miami and Shanghai.

To drive quicker growth in the business, a long-term strategic air freight partnership was signed with Air France-KLM.

  • The exclusive commercial partnership[1], which would start operations in April, will enable the parties to jointly market their air cargo networks, full-freighter capacity and dedicated services to build an increasingly competitive array of solutions, thanks to the expertise and global footprint of Air France-KLM and CMA CGM.
  • As part of the agreement, the Group acquired a 9% stake in Air France-KLM, becoming its largest private shareholder, and Rodolphe Saadé became a member of the Air France-KLM Board of Directors.
  1. Preparing for the development of tomorrow’s transport and logistics

The Group invests to develop innovative, integrated solutions for tomorrow’s transport and logistics, with a primary focus on connectivity.

  • In 2022, CMA CGM acquired a stake in Eutelsat in order to continue developing innovative and efficient logistics solutions using satellite and space-based resources.
  • CMA CGM is also working with industry leaders such as France’s National Centre for Space Studies (CNES) and Thales Alenia Space.
  • The Group has also formed a partnership with French startup GAMA to deploy a solar sail, a more affordable means of space propulsion that promises new opportunities for the mobility of tomorrow.

Furthermore, the Group has laid the foundation stone for TANGRAM, a new center of excellence dedicated to creating the sustainable transport and logistics of tomorrow. Located at the gateway to the Calanques National Park, TANGRAM aims to transform the transport and logistics sector to meet the major challenges of performance, energy transition and the development of tomorrow’s global trade.

II.                  A Group committed to sustainable growth

The CMA CGM Group had an outstanding year in 2022, creating value for the economy, the environment and society. The commitment of its 155,000 employees in 160 countries enabled the Group to step up the pace of growth and offer its customers innovative transport and logistics solutions.

Almost 90% of the year’s profits are being reinvested to share the created value with our employees, support French companies and to accelerate the energy transition.

  • €23 billion invested to grow the Group’s business, including €2 billion in France.
  • 726 million paid out to employees for the year.
  • 35,131 new employees around the world, of whom 5,176 are located in France.
  1. Tangible commitments to the energy transition and the environment

The CMA CGM Group is committed to achieving Net Zero-Carbon by 2050 and intends to accelerate the energy transition in shipping and logistics. The Group has reduced carbon emissions per container carried by 50% since 2008.


  • €1.5 billion over five years dedicated to the Fund for Energies, to step up the energy transition across the Group’s worldwide maritime, onshore and air freight shipping and logistics business base. In particular, the Fund for Energies will support the development and industrial-scale production of renewable energies (biofuels, biomethane, e-methane, carbon-free methanol, etc.) and accelerate the decarbonization of port terminals, warehouses and land vehicle fleets.

CMA CGM is dedicating €200 million to companies in the French shipping industry to step up the pace of their decarbonization. This allocation of funds will be managed by Bpifrance, a public investment bank. With this initiative, CMA CGM intends to drive the emergence of innovation-led projects to achieve a carbon-free French shipping industry.

  • $10,2 billion (USD) already committed for a fleet of 77 LNG-powered and “e-methane ready” vessels of which 32 are already in operation and six biomethanol-powered, e-methanol ready ships will be available by the end of 2026. Nine new e-methane ready dual-fuel container ships joined the fleet in 2022.

Awards and labels

  • In 2022, the CMA CGM Group received the EcoVadis Platinum award for the third straight year as a result of its commitment to sustainable development. The rating, reserved for the top 1% of the 85,000 companies assessed, was a recognition of CMA CGM’s commitment to protecting the environment, upholding human rights and practicing good business ethics.
  • In June 2022, the Group’s fleet was certified with the Green Marine Europe label, an environmental certification program that provides a detailed framework for shipping companies to measure and reduce their environmental footprint.

Operational initiatives

  • Plastic waste transport banned aboard CMA CGM vessels as from June 1, 2022. The Group also partnered with Plastic Odyssey to take action to reduce plastic pollution in the oceans.


  • Woods Hole Oceanographic Institution: improving protection of the North Atlantic right whale by deploying two near real-time passive acoustic monitoring buoys off the East Coast of the US.
  • National Forests Office (ONF): helping to restore French forests burned by wildfires, particularly in the Var region.
  1. A socially responsible Group that supports education and responds to global crises

The CMA CGM Foundation responds to humanitarian crises requiring urgent action by deploying the Group’s shipping and logistics expertise to deliver humanitarian aid to countries hardest hit by crises. It is also active in supporting education around the world.

In 2022, the CMA CGM Foundation pursued and expanded its on-the-ground initiatives:

Emergency humanitarian aid

  • Ukraine: the CMA CGM Foundation organized three large-scale humanitarian aid shipments by air, land and sea, in partnership with the French Ministry of Foreign Affairs’ Crisis and Support Centre and the French Red Cross. By leveraging the full force of the CMA CGM Group’s logistics capabilities, more than 2,000 tonnes of emergency aid were carried to Ukraine to meet the needs of people impacted by the conflict, with medical equipment, hygiene kits, food aid, electrical generators, telecommunications equipment, and civil defense equipment.
  • In all, 8,000 tonnes of humanitarian aid were carried by the Foundation to 34 countries in 2022.
  • Exceptional initiatives to address food insecurity:
    • Partnership with the French Federation of Food Banks and the Restos du Cœur charity to finance the distribution of two million meals in France (mainland and overseas).
    • A new partnership with the Secours Populaire charity in the Bouches-du-Rhône department to support the distribution of afternoon snacks and fresh produce to 15,000 families as part of the Green Santa campaign.
    • In Lebanon, 140,000 hot meals were distributed during the year-end holidays in partnership with six local associations and community kitchens.


  • Partnership with the Magic System Foundation to build a primary school in Côte d’Ivoire for 200 children. A second school will be built in Bouaké.
  • In Lebanon, distribution of school supplies for 9,500 students from disadvantaged backgrounds and installation of solar panels in schools.
  • In Marseille, support for the creation of NRSud, a vocational school that trains young people for jobs in solar energy.
  • Induction of the second graduating class of Phare, a program to support social entrepreneurs in education, with seven new incubated projects in Marseille and three in Martinique and Guadeloupe.

III.                Other activities

Creation of a new special shipping department

In 2023, the Group will pursue its expansion into transport using roll-on/roll-off (ro-ro) ships and expand its offering in finished vehicle logistics, by capitalizing on the expertise of Gefco, now a part of our CEVA Logistics subsidiary.

As part of this commitment, the Group has formed a new department dedicated to specialty maritime shipping that will comprise:

  • vehicle transport on car carriers.
  • La Méridionale, a maritime shipping company operating ro-ro cargo and passenger ships (Ro-Pax), which is currently being acquired by CMA CGM (subject to the approval by regulatory authorities).
  • our investment in Brittany Ferries, in which CMA CGM invested €25 million in 2021 to support its recovery.
  • the future capacity of Neoline, the first wind-powered ro-ro vessel, which the Group is helping to finance.


In 2022, the CMA CGM Group decided to diversify its business base, both to sustain its growth dynamic and to anchor its relationships with local and national communities in France.

  • CMA CGM acquired the La Provence media group, publishers of the leading newspaper in Marseille and its region and a benchmark in the French regional press. With this acquisition, the Group hopes to support the development of the La Provence and Corse Matin newspapers.
  • The Group also acquired a minority stake in the M6 television group.