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Bond Market News
CMA CGM Cites Challenging Year Ahead Amid 40% Drop in Q3 EBITDA
November 17, 2025
CMA CGM, the world’s third-largest container line, expects a slowdown in the industry next year amid lower freight rates, higher capacity and a decrease in trade volumes. The company’s CFO Ramon Fernandez said, “2026 won’t be a great year for shipping” during their Q3 earnings release. He added that the firm will use cost discipline and operational efficiencies to prepare for the upcoming year. He cited forecasts of a contraction in global trade volume and noted that freight rates are expected to be lower in the coming quarters. This comes after CMA CGM reported a 73% YoY drop in its Q3 net profit to $749mn. Shipping EBITDA halved and its margins narrowed to 25% from 40%.
CMA CGM’s EUR-denominated bonds are trading with a negative bias, down by ~0.2 points, with its 4.875% 2032s trading at 99.6, yielding 4.9%.
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