French container shipping major CMA CGM reduced the overall emissions of its fleet by 4% in 2020 compared to 2019, the company said in its annual report for 2020.
Since 2008, the group has reduced its CO 2 emissions by 49% (TEU-km), in line with its objective of reaching -50% emissions by 2030.
This reduction is aligned with the group’s target of becoming carbon neutral by 2050 and increasing the share of alternative fuels consumed to 10% by 2023.
CMA CGM has ascribed the result in part to its switch to LNG as fuel as part of its energy transition. Namely, the company has set a target of owning a fleet of 32 LNG-powered container ships by the end of 2022.
The French major expects to take delivery of 13 newbuild LNG-powered ships to meet the target.
During the fiscal year 2020, CMA CGM improved the profitability in all its business activities, posting an increase of 3.9% compared with 2019 at $31.5 billion.
The group posted $1.75 billion in net profit, group share, compared to a loss of $229 million in 2019.
The performance reflects the robust momentum of international trade and the effectiveness of the cost control plan.
CMA CGM is bullish on the outlook for 2021 amid a continued increase in demand for both container shipping and logistics.