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French shipping liner CMA CGM saw its bottomline fall to USD 785 mn in 1Q 2024, down 60.9% y-o-y from USD 2 bn in 1Q 2023, according to its earnings release. The firm’s revenues also decreased 7% y-o-y to USD 11.8 bn. Despite poor market conditions in 4Q 2023 amid disruptions to Red Sea shipping, CMA CGM saw a rebound in spot freight rates in 1Q 2024, according to the release. Longer journey times around the Cape of Good Hope weighed down available shipping capacity amid the rebound in demand. The macro-economic and geopolitical environment could potentially continue to cause fluctuations in the transport and logistics market and impact its fluidity and seasonality, the company said.
China hits back at US trade tariffs: China’s Commerce Ministry has moved to restrict US-based General Atomic Aeronautical Systems and General Dynamic Land Systems from import, export, and investment activities in China, Reuters reports, citing a ministry statement. General Atomic Aeronautical Systems was also added to China’s list of unreliable entities, due to it selling arms to Taiwan, the ministry also said. Boeing’s defense contracting-arm Boeing Defense, Space and Security was also added to the same list, state media said. Work permits, as well as visitor and residential status for all senior executives from the three companies will be revoked, prohibiting their entry into China.
Background: The move comes as the latest escalation in a US-China trade war, with the White House announcing last week a raft of tariff increases on USD 18 bn worth of Chinese imports that will each begin taking effect between 2024 and 2026.
IN OTHER NEWS FROM CHINA- The country’s fuel imports increased 10% y-o-y in April to 2.93 mn tons, the highest level since 2020, Reuters reports, citing data from the General Administration of Customs. The imports in April amounted to 620k barrels per day, a 48% increase from the previous month, as traders brought shipments from Venezuela and Iran. “Higher supplies from Venezuela due to the relaxation of sanctions contributed to the higher volumes. Refiners’ margins processing the heavier materials were also supportive,” a Chinese trading executive noted. Fuel exports were also on the rise in April, recording a 10% y-o-y increase to 1.64 mn tons.
Workers in Baltimore are preparing to clear crashed cargo vessel Dali that downed the Francis Scott Key bridge in March, Reuters reported on Sunday. The vessel — which is about as long as the Eiffel Tower — continues to block entry and exit along the port’s main channel, the newswire says. Salvage operations are on track to clear the channel and restore full access to the port this month, Maryland Governor Wes Moore told NBC’s Meet the Press. Baltimore Port stands as the US’ busiest port for car shipments, Reuters added.
