Alphaliner’s report today (4 September) stated that margins for the nine largest liner operators topped 20% in Q2 2024, the highest since the Covid-19 pandemic, as the tonnage overhang was absorbed by the Red Sea crisis, reports container news.
East exports performance
As in the early days of the pandemic, carriers with strong spot exposure to Far East exports performed best in the latest quarter. Taiwanese operator Evergreen Marine Corporation (EMC) has the highest margin, at 30.7%, after operating profit of US$1 billion.
HMM and Yang Ming were jointly, the third best performer where margins were concerned, recording margins of 26.9% in the quarter.
ZIM Line and COSCO had margins of over 20%, while ONE’s margin was just 15.8%, reflecting its concentration on long-term shipping contracts.
COSCO, which achieved a US$1.6 billion operating profit in Q2 2024, had a margin of 24.9% and said that faster growth in emerging markets like South America and East Africa is another factor in earnings.
New service
This year, COSCO launched new services between the Far East and the South American West Coast, as well as between China’s Dalian port and Mexico. It also upgraded its China -Vietnam and China-East Africa services.
Did you Subscribe to our daily newsletter?
It’s Free Click here to Subscribe!
Source: Containernews
