MARSEILLE, June 7 (GCTL) - CMA CGM carried volume grew by 13.4% year-on-year to 2.6 million teus in the first quarter of 2012, while consolidated revenue increased by 2.6% to $3.6 billion during the period.
The first quarter was particularly difficult for the maritime container shipping industry. In a market shaped by persistent overcapacity, freight rates fell to new lows during the period, while oil prices climbed sharply until mid-March, with Rotterdam bunker prices rising to nearly $720 per ton.
In response to these challenging market conditions, CMA CGM continued to implement its cost reduction plan, which delivered $96.5 million in savings over the quarter, above initial target.
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