According to Alphaliner, the average operating margin for the nine largest container shipping companies dropped to 18.1% in Q1 2025—marking the lowest level in four quarters, despite earlier front-loading of cargo by U.S. shippers ahead of tariffs. This represents a notable dip from 25.8% in the previous quarter.
Global Carriers Face Profit Squeeze
The average operating margin of the nine largest container shipping companies fell to 18.1% in the first quarter of 2025, marking the lowest level in four quarters. This decline comes despite the front-loading of cargo by U.S. shippers ahead of tariff changes, which had initially boosted volumes. In comparison, the previous quarter recorded a stronger margin of 25.8%, highlighting the steep drop in profitability.
Among the major players, Evergreen Marine secured the top spot with an operating margin of 26.7%, regaining its lead in profitability. Wan Hai Lines followed closely with 24.9%, while HMM and ZIM also posted solid results at 23.4% and 23.1% respectively. Yang Ming registered a more modest 15.9%, showing the pressures felt across the market.
On the other end of the spectrum, Hapag-Lloyd and Maersk struggled with single-digit margins of 9.0% and 8.3% respectively. Most notably, ONE (Ocean Network Express) recorded the weakest result among the group at just 5.2%, an unexpected position given its scale.
The figures illustrate a widening gap in carrier performance, with some operators maintaining resilience while others grapple with cost pressures and weaker returns. As global trade patterns continue to shift, carriers are expected to face further challenges balancing capacity, demand, and profitability in the coming quarters.
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Source: Alphaliner
