CMA-CGM has rounded out the containerlines’ first quarter results with a 36% rise in revenues on a year earlier. However, the growth included the benefit from last year’s acquisition of Neptune Orient. Without it, revenues actually fell 2%. It therefore underperformed the industry more broadly, which saw revenues expand 6% overall. That made CMA-CGM the third worst performer ahead of Seaspan and COSCO. The best performing shippers were Evergreen, Yang Ming and Hapag-Lloyd. The outlook isn’t for plain sailing though. CMA-CGM management flag “insufficient freight rates” and believe the ...