A 90% plunge in second-quarter profits at French liner giant CMA CGM is a reality check on hopes of a fast recovery in the container sector. Those results follow a near-60% slump in earnings and a profit warning at Danish rival AP Moller-Maersk.
The dismal financials — largely attributed to soaring bunker costs — arrive just as these operators have witnessed a growth in demand and a surge in peak-season freight rates.
