New ship deliveries, the possible resumption of Suez Canal transits and the impact of US tariffs on trade are the three key issues that will define the container shipping sector this year, CMA CGM said Friday.

“Deliveries of new vessels, combined with any developments in the Red Sea situation, will be decisive factors in shaping the market,” the French carrier said while reporting its fourth-quarter and full-year 2024 results.

CMA CGM expects global container volumes to grow 3% this year, the same as global GDP.

“The prospect of higher tariffs announced in the United States could have an impact on trade and lead to a reorganization of global supply chains in the medium term,” the carrier said.

CMA CGM said its net profit rose 2% to $5.7 billion last year on an 18% rise in revenue to $55.5 billion. Its shipping division saw a 16% increase in revenue to $36.5 billion, while container volumes rose almost 8% to 23.6 million TEUs.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in 2024 climbed 52% year over year to $11 billion.

The contribution of shipping to total revenue was unchanged at about 66% despite the growth in the carrier’s logistics business following the full integration of Bolloré Logistics. Revenue at the logistics business climbed 21% to $18.4 billion.

CMA CGM’s other businesses, including terminals and air cargo, saw revenue surge 43% to almost $2.9 billion.

Keith Wallis, Special Correspondent | Feb 28, 2025, 2:19 PM EST