The French CMA CGM Group said that its underlying profits fell by 82.5% in the fourth quarter of last year. The company recorded a loss of $93 million in the last three months of 2023, compared to net profits of $3.04 billion in the same period of 2022.
The group, like other shipping companies, has been affected by the disturbances in the Red Sea since last October. Trade rates between Asia and Europe declined as a result of attacks launched by the Houthi group on commercial ships.