Due to the impact of the war in Iran, global shipping giant Daifeng Shipping's profits plunged in the first quarter.

The financial report released on Friday by the French CMA CGM Group showed that due to the weakness in the global shipping market eroding the growth dividend of its logistics business, the company's core profit in the first quarter saw a year-on-year decline. Given the continued spread of the Iran war and the escalating global trade uncertainty, the giant remains cautious about its future performance outlook. CMA CGM is currently the world's third largest container shipping company, following the Swiss-based Mediterranean Shipping Company and Denmark's Maersk. Profit before tax, depreciation, and amortization fell from $30.9 billion in the same period last year to $21.1 billion. Net profit attributable to the group experienced a steep decline, plummeting from $1.12 billion in the same period last year to $250 million. Total revenue in the first quarter was essentially flat compared to the same period last year, at $13.23 billion. Revenue from the shipping business fell by 8.5% year-on-year, to $80.2 billion. The logistics business showed strong resilience, growing against the market trend by 6.6%, to $45.6 billion.