Posted on February 19, 2024

A French shipping Group has announced a significant decline in net income, falling by 85% to $3.64 billion for the fiscal year 2023 compared to $24.88 billion in the preceding year.
A press release said that it was mainly cause by the challenging conditions prevailing in maritime shipping markets.

Revenue generated from shipping operations witnessed a drop of 47%, reaching $31.4 billion, despite a marginal increase in the volume carried.
Revenue from the logistics business experienced a slight decline of 5.5%, totaling $15.2 billion, primarily attributed to the normalisation of operating conditions in freight management activities.

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