CMA CGM’s latest quarter shows how quickly the ocean cycle has turned — and why it matters for trucks. The French carrier’s July–September results reveal healthy box volumes but sharply weaker pricing, a combination that crushed profitability and signals a softer finish to peak season across U.S. ports and inland networks.
By the numbers: the group booked $14.0 billion in Q3 revenue, down 11% year over year, while net income fell to $749 million (−73%). Liftings rose to a record 6.17 million TEUs (+2.3% Y/Y), yet average revenue per TEU slid 19% to $1,452 as spot markets cooled and capacity crept back in. Ocean EBITDA tumbled 49% to $2.23 billion; logistics and terminals helped cushion the blow but couldn’t offset ocean yield pressure.
Fresh rate and capacity signals point to more of the same near term. Xeneta’s latest weekly read shows Trans‑Pacific spot rates at $2,459/FEU to the U.S. West Coast and $3,042/FEU to the East Coast (as of November 13), while offered capacity out of the Far East to the West Coast jumped 9% week over week — an unhelpful mix for carrier margins.
On the U.S. import side, the slowdown is already peeking through the gates. Savannah reported October throughput of 452,934 TEUs, down 8.4% from a year ago, even as year‑to‑date totals remain slightly ahead — a pattern consistent with an early, tariff‑skewed peak followed by a quieter November–December. For drayage fleets and transload operators, that suggests shorter queues and fewer late‑quarter surges, especially on the Southeast corridor.
Why trucking should care: when ocean carriers chase volume into a soft spot market, inland moves change character. Expect:
- Port drayage: More predictable turn times and better chassis availability as box arrivals ease through December, reducing detention/demurrage risk and overtime runs.
- Transload and long‑haul TL: Fewer last‑minute pulls from West/East Coast gateways to inland DCs versus midsummer, which typically takes some heat out of spot truckload lanes tied to import flows.
- Intermodal: With ocean yields compressed and capacity ample, carriers and BCOs often lean harder on IPI to save linehaul costs. That can mean better equipment balance inland — but more pricing pressure in domestic intermodal spot and mini‑landbridge routings.
- Contracting leverage: Softer ocean benchmarks heading into 2026 RFPs can translate into tighter all‑in dray-bundle pricing and tougher negotiations on accessorials as BCOs push savings across the end‑to‑end move.
One bright spot in CMA CGM’s mix — and a tell for motor carriers that chase terminal and airport work — is diversification. “Other activities” (notably terminals and air cargo) surged: revenue up ~55% and EBITDA nearly doubled in Q3, helped by network investments that continued even as ocean rates cooled. That spending underpins steady gate/rail throughput projects at key hubs and can sustain drayage and yard demand even when the ocean P&L is under strain.
Bottom line for U.S. carriers: the container downturn showing up on CMA CGM’s ledger and in real‑time rate prints is already filtering into ports. Plan for a calmer end to Q4 on import‑driven lanes, keep an eye on West Coast capacity additions out of Asia that may whipsaw week‑to‑week volumes, and expect ocean‑linked customers to press for lower inland costs as they renegotiate their 2026 contracts. Watch Savannah and other gateways for confirmation in November counts, and keep your playbook flexible — tariff headlines and one‑off GRIs can still create short spikes, but the base case is a softer glide into the new year.
Sources: FreightWaves, gCaptain, inforMARE, Georgia Ports Authority, eeSea
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