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French shipping and logistics giant CMA CGM reported sharply higher second-quarter earnings on Tuesday, benefiting from resilient global trade, higher freight rates and strong cargo demand despite mounting geopolitical disruptions across the Middle East.
The world's third-largest container carrier posted second-quarter revenue of $15.7 billion, up 19.2% from a year earlier, while EBITDA climbed 31% to $3.0 billion, lifting its EBITDA margin to 19.0%. Net income attributable to the group rose to $770 million, up from $520 million a year ago.
Shipping remained the primary earnings driver. CMA CGM transported 6.33 million TEUs during the quarter, a 6% increase year-over-year, while shipping revenue jumped 22% to $10.0 billion. EBITDA for the shipping business surged 42.4% to $2.26 billion, with margins improving to 22.7%.
The company said strong consumer demand, inventory restocking, frontloading ahead of new tariffs, and resilient global trade flows offset the operational challenges created by conflict in the Middle East.
"Against a backdrop of continued geopolitical instability, the Group delivered solid results in the second quarter of 2026, driven by the performance of our shipping activities, the growth of our terminals and air cargo businesses, and the complementary strengths of our logistics operations," Chairman and CEO Rodolphe Saadé said.
"This performance reflects our strategy of expanding in key markets and investing in strategic assets. They once again demonstrate the strength of our model, our agility and our resilience, all in support of delivering reliable, high-quality service to our customers."
The company acknowledged that the conflict in the Middle East increased operating costs through higher insurance premiums, vessel immobilizations and reduced cargo volumes on services calling at the region. However, it said those headwinds were more than offset by higher freight rates and the flexibility of its global network. CMA CGM continued deploying alternative multimodal corridors to maintain supply chains serving Gulf countries.
Outside shipping, logistics subsidiary CEVA Logistics generated $5.0 billion in quarterly revenue, up 8.5%, although EBITDA fell 15.4% as freight forwarding margins remained under pressure and weakness persisted in the automotive sector. Meanwhile, the group's "Other Activities" segment—which includes terminals and air cargo—reported revenue growth of 47.6% to $1.48 billion, supported by strong terminal performance and recently acquired businesses.
The earnings release comes on the same day CMA CGM and infrastructure investment firm Stonepeak completed the formation of United Ports LLC, a new joint venture holding a portfolio of nine major container terminals across five countries following regulatory approval. Stonepeak acquired a 25% stake in the business through a $2.4 billion investment, while CMA CGM retained operational control. The partners also plan to invest in terminal expansions, electrification projects and logistics infrastructure, with Stonepeak committing up to an additional $3.6 billion for future opportunities.
Looking ahead, CMA CGM warned that uncertainty remains elevated.
"The geopolitical environment remains marked by significant uncertainties," the company said, pointing to ongoing Middle East tensions, shifting trade policies and new tariff measures that could influence global trade flows in the months ahead. Despite those risks, CMA CGM said its diversified logistics portfolio, flexible shipping network and strong balance sheet position it to adapt to changing market conditions.
