MARSEILLE container shipping giant CMA CGM posted a 4.2 per cent second quarter year-on-year operating profit (EBIT) increase to US$172 million, drawn on revenues of $4 billion, down 2.4 per cent.

But quarterly net profit was much higher at $268 million - against a $169 profit last year - but that year-on-year gain came mostly from the one-off sale of CMA CGM's stake in port operator Terminal Link for $249 million.

Second quarter revenue was up 5.6 per cent over the first. "The year-on-year decline reflected a 6.9 per cent increase in volumes carried to 2.9 million TEU, even as the group's average freight rate shrank 8.6 per cent over the period, amid an even sharper contraction in the industry as a whole," said a company statement.

CMA CGM, the world's third largest container carrier, said it continued to strengthen its balance sheet by reducing net debt to $3.8 billion on June 30, a debt load reduction of $385 million since March 31.

The company also increased its equity to $4.8 billion, by $363 million over the quarter.

CMA CGM closed the purchase of $150 million in mandatory convertible bonds by Fonds Strategique d'Investissement (FSI) and completed the sale of a 49 per cent stake in Terminal Link to Hong Kong's China Merchants.

"CMA CGM, Maersk and MSC decided to create the P3 Network, an operational alliance on east-west trades designed to optimise fleet use. The agreement, which remains subject to the approval of various competition authorities, is expected to come into effect in Q2 2014," said the company statement.

The company expects it will benefit from an improved operating performance in the third quarter "resulting from on-going cost discipline" and higher freight rates.

"In today's still volatile operating environment, the group confirms that, thanks to its strong fundamentals and strategy, it expects to report for 2013 a profit commensurate with its 2012 performance," said the company statement.

CMA CGM reported revenue of $16 billion in 2012. Operating a fleet of 429 vessels, the group serves more than 400 ports around the world and carried 10.6 million TEU in 2012. With a presence on every continent and in 150 countries through its network of 650 agencies, CMA CGM employs 18,000 worldwide, of whom 2,400 are in Marseille where its head office is located.