Reuters: CMA CGM, one of the world’s largest container shipping lines, is benefiting from strong trade flows between China and the United States for now, the French group’s chief executive said.
Despite tit-for-tat tariffs imposed by Washington and Beijing, the traditional third-quarter ‘peak season’ of Chinese exports to the United States ahead of the year-end shopping period was particularly robust this year, CEO Rodolphe Saadé said.
“The third quarter is looking good for us, especially on transpacific routes,” Saadé told Reuters on the sidelines of a ship launch at the northern French port of Le Havre.
“We’re making the most of this during the third quarter but if an economic war between China and the US really sets in then we expect there will be an impact on volumes.”
Transpacific trade has grown in importance for CMA CGM since its takeover of Singapore-based APL two years ago, part of consolidation in a sector that has struggled with vessel overcapacity.