Rising freight rates drive global container shipping profits soar
The global container shipping industry posted a sharp rise in profits in the second quarter, with revenues exceeding $10 billion, helped by record cargo volumes and rising freight rates. The growth came after disruptions to Red Sea shipping, a recent analysis showed. Also read: CH Robinson: How shippers can prepare for potential ILA strikes amid growing disruption in North American shipping landscape Net revenues at major container shipping companies, including Denmark's AP Moller-Maersk A/S and China's COSCO Shipping Holdings Co., nearly doubled compared with the first quarter of this year. These profits even exceeded the $8.88 billion in the same period of 2023, as highlighted in a report published on Saturday by industry expert John McCown. McCown expects profits to continue to rise this quarter given the strong performance of international trade. The container shipping industry, which transports 80% of the world's goods, experienced a boom during the pandemic due to strong consumer demand and supply chain disruptions. However, the…
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