CMA CGM reported revenue growth of 2.6% in Q1 12 (13.4% increase in volume with a 9.5% decrease from freight rates). EBITDA declined slightly due to high fuel prices and increases in freight rates not yet in effect in Q1.
Encouragingly, freight rates on some lines are now up 3-4x 12/31/11 levels. Fuel costs have also declined (from $721/ton on 3/13/12 to $563/ton on 6/1/12). CMA is also implementing various actions to improve profitability (strategic partnerships with MSC and Maersk on some lines, more slow steaming, renegotiation of some charter rates). They are still in renegotiation with their banks to smooth out principal repayment (expect to freeze about $100mm on principal repayment). Cash stands at $600mm with debt of about $6bn.
From a chart they presented, they expect positive EBITDA in Q2-Q4 12.
Overall, charter rates and results appear to be headed in the right direction.