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Container shipping industry hits $10 billion profit milestone in Q2 2024

Posted on September 9, 2024 |

Leading container carriers like Maersk and COSCO saw their net income nearly double in the second quarter of 2024, exceeding $8.88 billion, which was recorded in Q2 2023.

The shipping industry boomed during the pandemic due to high consumer demand and COVID-related disruptions but faced losses by the end of 2023.

Shipping companies are now seeing profits rise again thanks to favorable market conditions, although these profits are still below pandemic highs.

Houthi attacks in the Red Sea have led to longer shipping routes around southern Africa, reducing capacity, increasing container rates, and causing congestion at major ports.

Despite these issues, the industry handled a record 46.4 million TEU in the last quarter, breaking the previous high of 46.2 million TEU set in Q2 2021.

Despite ongoing challenges, the increased handled volumes show a strong recovery in global trade.

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