Unprecedented profits continue
The Copenhagen-based maritime consultancy Sea-Intelligence reported that the eleven largest shipping lines generated combined operating profits of USD 13.3 billion in H2/2020. Results for the large shipping companies remained equally strong in Q1/2021.
While the first quarter is usually considered a lame period for container shipping, revenues in 2021 saw record levels. Out of eleven carriers, only the revenues of three carriers surged by less than 50%, with three carriers more than doubling their revenues compared to Q1/2020.
In terms of profitability from operations, for the first time in ten years, all major carriers recorded a positive Q1 ebit, with seven carriers recording an ebit of over USD 1 billion, and three carriers recording an wbit of over USD 2 billion. This is an all-time record: in Q1/2021, the combined ebit of all reporting carriers amounted to USD 16.2 billion. (cd)