CMA CGM’s Terminal Acquisition Spree (Hamburg & Abu Dhabi) & Q3 Financials

The French carrier secures critical infrastructure in Germany and the UAE while navigating a sharp correction in earnings.

MARSEILLE, France, November 14, 2025, CMA CGM Group reported a 72.6% year-over-year decline in third-quarter net income to $749 million on Friday, reflecting the normalization of freight rates and the high costs of geopolitical disruptions. 

Despite the earnings contraction, the world’s third-largest ocean carrier continued its aggressive vertical integration strategy, signing a term sheet to acquire a 20% stake in Eurogate Container Terminal Hamburg (CTH) and announcing a capacity expansion at its Khalifa Port hub in Abu Dhabi.

Inside CMA CGM’s Turbulent Quarter

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In a statement accompanying the financial release, the Group described the quarter as "impacted by a highly volatile environment marked by geopolitical tensions." 

Chairman and CEO Rodolphe Saadé emphasized that while the industry faces increasing capacity and softer demand, CMA CGM is maintaining its investment pace. 

The company confirmed the Hamburg acquisition, which is expected to close in the first half of 2026, and detailed the "fast-tracking" of phase two expansion at CMA Terminals Khalifa Port, a move designed to support trade flows to the Upper Gulf and Indian Subcontinent.

Trading Through Headwinds: The Market Backdrop

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CMA CGM’s results highlight the sector's transition from the pandemic-era profit boom to a more challenging operational reality. 

While volumes remained relatively solid due to "tariff frontloading", where importers ordered early to beat potential trade restrictions, revenue slid 11.3% as average freight rates fell from 2024 highs. 

Simultaneously, operational costs have remained elevated due to the ongoing security crisis in the Red Sea, which forces vessels to take longer, more expensive routes around Africa, burning more fuel and tying up capacity.

By the Numbers: Earnings, Costs & Capacity

Financial Performance (Q3 2025):

• Net Income: $749 million (down 72.6% from $2.73 billion in Q3 2024).
• Revenue: Declined 11.3% year-over-year.
• EBITDA: Reported at approximately $2.96 billion.

Infrastructure Investments:

• Hamburg (Germany): Acquiring a 20% stake in Eurogate Container Terminal Hamburg (capacity 4 million TEU, expanding to 6 million).
• Abu Dhabi (UAE): Expanding CMA Terminals Khalifa Port capacity by 50%, from 1.8 million TEUs to 2.7 million TEUs.

How New Terminals Shift the Map

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CMA CGM’s strategy of plowing profits into physical assets is reshaping port dynamics in Northern Europe and the Middle East. 

By securing equity stakes in key gateways like Hamburg, the carrier guarantees berthing priority for its ultra-large vessels, a critical competitive advantage during periods of congestion or labor strife. 

For shippers, the expansion at Khalifa Port signals improved connectivity for transshipment cargo moving between Asia, the Middle East, and Africa, potentially offering more reliable transit times in a region currently plagued by instability.

Analysts Decode the Carrier’s “Fortress Strategy”

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CMA CGM is executing a "fortress" strategy. While earnings are compressing, the Group is using its accumulated capital to buy long-term resilience. 

Owning terminals acts as a hedge against freight rate volatility; even if shipping margins thin, the carrier captures value on the quayside. 

This differentiates CMA CGM from competitors who rely more heavily on leasing or third-party stevedores, positioning the French giant to maintain better schedule control and lower unit costs over the next decade.

Approvals, Risks & the 2026 Horizon

The acquisition of the Eurogate Hamburg stake is subject to regulatory approvals and is targeted for completion in the first half of 2026. 

The Group warned that the coming months will likely be marked by "increasing capacity in our industry and softer demand," suggesting further pressure on freight rates heading into the new year.

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