The Eccles-based business - created with an investment of just £5,000 a decade ago - has hit record sales after establishing offices in South Africa, Ireland and Holland over the past year.
The company specialises in moving freight around the world via container ships, and operates an online booking system which allows customers to hire as much space as they require.
Turnover has risen from £23m in 2006 and £34m in 2007.
Chief executive Mr Hay said he intends to invest £1.5m in another logistics company in the second or third quarter of 2009.
Mr Hay said: "One of the main reasons for our success is because we allow our customers to hire as much freight space as they need, to destinations around the world, rather than having to pay for the entire container.
"We've noticed that this is the major trend in our market at the moment, as companies increasingly watch how much money they spend.
"Our turnover has also increased dramatically as a result of the new offices we've opened in South Africa, Ireland and Holland.
"We have never had to borrow any money since the company was established 10 years ago, and we've created a business which we can bolt on to.
"Given our strong financial position, we believe that we would be negligent not to buy another logistics company later this year - especially as there are likely to be some bargains during the current economic climate."
The business is run by Mr Hay and co-founder Rob Cross. It employs 93 staff in Manchester and a further 47 in its other offices.
Over the past decade, its freight delivery services to the eastern Mediterranean, north Africa and the Arabian Gulf have proved most popular.
Today, 75 per cent of its business is commissioned by exporters based in Britain, moving goods ranging from foodstuffs to building products.
Mr Hay added: "We've got a very strong business model which we believe can be successfully replicated around the world, and that's what we intend to do. At the moment, we are not restricted by opportunities, but we are restricted by our capacity, and that's why we are expanding."
Cardinal Maritime won the M.E.N. Business of the Year award in the under £10m turnover category in 2002.
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