June 5, 2020 / 2:57 PM / a month ago

CMA CGM sees shipping bottom out in Q2 after demand plunge

PARIS, June 5 (Reuters) - CMA CGM expects activity in the shipping sector to bottom out during the second quarter as countries emerge from lockdowns to curb a coronavirus epidemic and ship operators adjust capacity, the group’s finance chief said.

French-based CMA CGM, the world’s fourth-largest container shipping line, was anticipating a 15% year-on-year drop in its volumes in the second quarter, after a 4.6% decline in the first quarter, Chief Financial Officer Michel Sirat said. (Reporting by Gus Trompiz, editing by Louise Heavens)

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