Billionaire Rodolphe Saade, boss of the world’s third-largest container line CMA CGM, warned that the industry was entering difficult times.
Rodolphe Saade, the billionaire chairman of the world’s third largest container line, warned that the industry will enter a volatile period when the new ships ordered during the pandemic period enter service in 2024.
“The challenge in our industry is that we have a number of container ships coming into the market from next year and this risks creating an imbalance between supply and demand,” Saade, CEO of Marseille-based shipping giant CMA CGM SA, said in an interview.
“We expect a growth of 2 percent to 3 percent in trade next year,” Saade said, adding that CMA CGM has a significant market share in the countries where it operates, which will help it overcome difficulties.
“The maritime industry is used to these ups and downs. We achieved excellent results in 2021 and 2022, now we are entering more normal times and we are equipped for this,” Saade said.
Earlier this year, the world’s largest container lines, Maersk and Mediterranean Shipping Co. As their competition in global logistics intensifies, they announced that they will end their ship sharing partnership after ten years.
The opinions expressed herein are the author’s and not necessarily those of News2Sea.
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