CMA CGM’s Saadé Urges Calm as Ocean Carrier Profits Plummet
Rodolphe Saadé, the billionaire chief executive of French container line CMA CGM, says the shipping industry shouldn’t panic over a sharp retreat in earnings.The head of the world’s third-largest liner company said in an interview that he expects the weak growth in global trade to continue through 2024. But Saadé said the tumbling profits from record highs during the Covid-19 pandemic essentially bring the business back to prepandemic levels. Copyright ©2023 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8