Shipping industry predicted to rake in $208 billion in profits

Shipping industry predicted to rake in $208 billion in profits

The shipping industry has seen continued financial success in 2022, with 12 of the largest shipping lines reporting a combined EBIT figure of $95 billion for the fiscal year.

According to the latest analysis from Sea-Intelligence, the remaining carriers – including CMA CGM, COSCO, ONE, PIL, and privately-held MSC – are estimated to increase this figure to $208 billion.

However, a weakness in the market is apparent as transported volumes have sharply contracted, and freight rates, while higher year over year, have also slowed down, noted Alan Murphy, CEO of Sea-Intelligence.

© Sea-Intelligence

READ: 2022 carrier profits primed to hit $200 billion

The profitability of the carriers can be seen in the EBIT/TEU figures of reporting shipping lines, with larger shipping lines doubling their EBIT/TEU, while smaller ones only saw a relatively smaller increase.

Nevertheless, the EBIT/TEU across the board continues to dwarf that of previous years, reported Sea-Intelligence.

HMM recorded the largest EBIT/TEU, reporting over 2,000 EBIT/TEU in 2022 FY, followed by ZIM with 1,815 EBIT/TEU.

The remaining shipping lines reported EBIT/TEU within a range of 1,200 to 1,600.

The box shipping sector had a $58.9 billion net income for the third quarter of 2022.

The figure is an increase of $10.8 billion and 22.4 per cent from the $48.1 billion profit for 3Q 2021.

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