CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet

null By Paul BergerOct. 20, 2023 5:30 am ETShipping billionaire Rodolphe Saadé said carriers should accept that the industry is returning to normal cycles that include long periods when profits are tight. Photo: benoit tessier/ReutersRodolphe Saadé, the billionaire chief executive of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings.The head of the world’s third-largest liner company said in an interview that he expects the weak growth in global trade to continue through 2024. But Saadé said the tumbling profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8Sponsored OffersTurboTax: Save up to $15 with TurboTax coupon 2023The Motley Fool: Epic Bundle - 3x Expert Stock RecommendationsH&R Block Tax: 15% OFF DIY Online Tax Filing Services | H&R Block CouponTop Resume: Top Resume

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CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet

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Paul Berger

Oct. 20, 2023 5:30 am ET

Shipping billionaire Rodolphe Saadé said carriers should accept that the industry is returning to normal cycles that include long periods when profits are tight. Photo: benoit tessier/Reuters

Rodolphe Saadé, the billionaire chief executive of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings.

The head of the world’s third-largest liner company said in an interview that he expects the weak growth in global trade to continue through 2024. But Saadé said the tumbling profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels.