CMA CGM, one of the world’s largest container lines, reported a net profit of $7.6 billion for the second quarter

From next 29 September the French shipping company CMA CGM will activate, with the departure of the ship CMA CGM Navegantes, a new regular service (with weekly frequency) between Italy and Central America. Medgulf, this is the name with which the new line was renamed, will be a connection that from the port of Genoa (terminal Psa Genova Pra ‘) will climb Valencia to Spain, and to follow Miami, Veracruz, Altamira, Houston before returning to the Mediterranean with a touched in Tangier and Genoa again to resume the rotation towards the west.

6 ships with a capacity of up to approximately 2,800 Teu will be employed and, through the port of Valencia, other origins / destinations will be ensured with transshipment in Turkey, the Adriatic, the Black Sea, and North Africa.

However, for the port of Genoa it will not be a question of new volumes of traffic conquered but a transfer of containers from one quay to another because the Italy – Central America route was so far already served by CMA CGM with a joint service together with Hapag Lloyd called Mgx – Mediterranean Gulf Express which climbs the Genoa Port Terminal of the Spinelli group as well as Livorno (Terminal Darsena Toscana) and overseas touches Veracruz, Altamira, Houston and Norfolk.

The other interesting novelty of the port of the Ligurian capital is the port entered in the direction of Westbound by the newborn shipping company Allseas Shipping which, like Kalypso of Rif Line, has activated a direct China – Europe service without intermediate stops in the Middle East and called not to China Xpress case.

The rotation, as revealed by Alphaliner, will be served by both container ships and multipurpose vessels with a capacity of approximately 1,600 Teĺu and with a fortnightly frequency. So far the rotation of this brand new shipping link (activated last August) has been Ningbo, Dongguan, Chittagong, Liverpool, Greenock and Rotterdam before returning to Ningbo. In the Ligurian capital this line will climb the Genoa Port Terminal of the Spinelli Group.

MEDGULF features are the following:

Rotation: Tanger, Genoa, Valencia, Miami, Veracruz, Altamira, Houston, Tanger
Fleet: A service operated with 6 vessels
First departure with m/v CMA CGM NAVEGANTES, ETA Genoa on September 29th, 2022
Competitive transit time from Turkey, Adriatic, Black Sea & North Africa via Valencia
Improved transit time from Indian Subcontinent via Tanger: 29 days to Miami
Direct service from US Gulf & Mexico to Italy & Spain
Fast connections to Africa & East Med via Tanger

On the other hand Weakening consumer spending is curbing shipping demand and freight rates, transport giant CMA CGM said on Friday as it reported another jump in quarterly profits.

Where French-based CMA CGM, one of the world’s largest container lines, reported a net profit of $7.6 billion for the second quarter, up from $3.5 billion in the year-earlier period and also surpassing $7.2 billion in the first quarter. Rueters reported

Higher container revenues helped offset rising operating costs in the past quarter, including a near 75% year-on-year jump in ship fuelling costs, it said.