CMA CGM reduces overall emissions of its fleet by 4% in 2020
CMA CGM, a French container shipping company, said in its annual report for 2020 that its fleet's total emissions decreased by 4% in 2020 compared to 2019.
Since 2008, the organization has cut CO2 emissions by 49% (TEU-km), meeting its target of achieving a -50 percent reduction by 2030. This decrease is in line with the business vision of being carbon neutral by 2050 and increasing the percentage of alternative fuels consumed to 10% by 2023.
CMA CGM attributes the result in part to its energy transition, which includes a move to LNG as a fuel. By the end of 2022, the company plans to have a fleet of 32 LNG-powered container ships.
To reach the mark, the French major expects to take delivery of 13 newbuild LNG-powered ships.
CMA CGM increased profitability in all of its business operations in fiscal year 2020, with revenues of $31.5 billion, up 3.9 percent from the previous year.
The organization made a net profit of $1.75 billion, compared to a loss of $229 million in 2019.The results show the strong momentum of foreign trade as well as the success of the cost-cutting strategy.
CMA CGM is optimistic about the outlook for 2021, citing rising demand for container shipping and logistics.
Maritime Business World