Captain Maritime News announced Sept. 6, container shipping earned $63.7 billion in profits in the second quarter, according to industry veteran John McCown.
The second quarter of 2022 marks the seventh consecutive quarter record high net income for the industry. The $63.7 billion is up $35.1 billion, or a 123% improvement, from the same period last year, which was the highest quarterly net income ever for the industry at the time.
Compared to the first quarter of this year, net income was up 8.5%, or $5 billion.
In his report, McCown writes that the container shipping’s upturn over the last two years is “one of the most pronounced performance changes ever by an overall industry.”
This comes on the heels of 12 years of negative overall bottom lines following the 2008 financial crisis. McCown reported the container industry has gone from being at or near the bottom in terms of overall industry performance to at or near the top in terms of overall industry performance.
Additionally, container shipping’s second quarter net profit came in 145% above FANG profits — an acronym for Facebook, Amazon, Netflix and Google — and 76% higher than “earnings behemoths” Apple and Microsoft combined.
As to what’s causing these enormous profits, McCown points to further contract rate gains which far outweigh any decline in spot rates which only represent about 10% of the containers moved worldwide.
Details: https://tinyurl.com/mr22v8dn
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