Issue 742 of the Sea-Intelligence Sunday Spotlight reveals a significant shift in the financial landscape of major global shipping lines. After the disruption-driven highs of 2024, carriers reported a substantial drop in profitability in 2025-Q3, even as operational performance remained resilient. The data indicates the industry has moved into a more stable “new normal,” with earnings resetting but still comfortably above pre-pandemic levels.
Financial Performance Shows Major Correction from 2024 Highs
The combined EBIT of reporting carriers fell to USD 5.12 billion in 2025-Q3, down from USD 17.06 billion in the same quarter last year. This steep decline reflects the cooling of freight rates, which saw double-digit drops across key trades.
Despite this correction, the industry has not returned to the low-profit era of 2019. Instead, carriers are operating on a more sustainable financial baseline, suggesting that the extraordinary gains of 2024 were an outlier rather than a long-term trend.
Unit profitability data reinforces this shift. COSCO led the market with 350 USD/TEU, followed by ZIM at 280 USD/TEU the only two lines exceeding 200 USD/TEU. Major rivals such as ONE (85 USD/TEU), Maersk (83 USD/TEU), and Hapag-Lloyd (65 USD/TEU) saw sharp margin compression. In contrast, the lowest EBIT/TEU among this group in 2024-Q3 was 335 USD/TEU, underscoring the scale of the correction.
Operational Metrics Highlight Resilience Despite Market Pressure
Even as earnings softened, operational data paints a more stable picture. Six of the seven reporting carriers recorded year-on-year growth in transported volumes. This indicates that despite longer transit times driven by Red Sea route disruptions, carriers have effectively absorbed the impact by deploying newly delivered vessels and adjusting service networks.
Notably, unlike last year, carriers avoided panic-driven rate spikes. This stabilisation suggests stronger network planning and better capacity management, supporting the notion of a more mature and balanced market environment.
The 2025-Q3 results show a clear market correction, but not a collapse. Profitability is down sharply from 2024’s exceptional highs, yet remains well above pre-pandemic norms. Meanwhile, steady volume growth and operational adjustments demonstrate the industry’s resilience. Together, these dynamics signal that global container shipping has transitioned into a steadier, sustainable “new normal,” marked by moderated earnings and improved network stability.
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Source: SEA INTELLIGENCE
