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Container freight rates oscillated dramatically between January 2023 and March 2024. Freight rates slumped to their lowest level on the 26th of October 2023, when the going rate for a 40-foot container was only 1,342 U.S. dollars. Since then, the global freight rate has gradually increased, hitting over 4,200 U.S. dollars in May 2024, the highest value on record.
The global supply chain is a fragile system consisting of numerous links. Disruption to one can send cascading effects down a chain that needs to function properly for the whole system to work. The COVID-19 pandemic turned out to be an event of such a magnitude to either bring to halt whole industries and supply chains, or severely reduce their efficiency. Due to its complexity and transcontinental nature, container shipping was hit especially hard by the COVID-19 pandemic. Since the start of the pandemic, the shipping industry has had to struggle with port closures and congestions, labor shortages, difficulties with capacity utilization, as well as a lack of new shipping containers. These challenges continue to have repercussions on the industry to this day.
While costs of operating a container fleet have increased, the surge in freight rates has not served just to cover rising expenses. Container ship operators had been reporting record-high operating profit margins since the beginning of the pandemic. However, despite these high profit margins, the freight rate increase has had some repercussions. In the second quarter of 2023, main container shipping companies had an average profit margin of 8.9 percent, a decrease of almost 50 percent compared to the peak EBIT in the first quarter of 2022. Despite this decrease, some of the carriers are combating this trend by using their previous profits to increase their carrying capacity by buying new containers and ordering new container ships. However, the delivery of these newly ordered ships is still years away.
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The Index consists of 8 route-specific indices representing individual shipping routes and a composite index. All indices are reported in U.S. dollars per 40ft Container. * Data for the 28th December 2023 was not provided by the source. EBIT stands for earnings before interest and taxes.
Leading container ship operators based on total TEUs 2024
Leading container ship operators - owned and chartered TEUs 2024
EBIT margins of main container shipping companies 2014-2023
A.P. Møller Maersk's container freight rates 2018-2023
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