The world’s nine largest container carriers, including Maersk, the world’s largest, recorded a total operating profit in 2020 that is three times larger than the year before, writes Alphaliner in an analysis.
According to the analyst firm’s analysis, the container carriers’ total earnings came out to USD 15.1 billion in 2020 against USD 4.8 billion the year before.
More than anything, this result shows the effects of the coronavirus pandemic, which caused freight rates to skyrocket as a consequence of cargo volumes growing at such speed that no one could keep up.
But lower fuel costs also benefited operating earnings, shows the analysis from Alphaliner, which is corrected for extraordinary losses and gains from any ship sales and impairments.
Revenue for the nine largest carriers, which in addition to Maersk include competitor Hapag-Lloyd, amounted to a total of USD 128 billion in 2020, a 6.5 increase from the year before.
The final result of the major carriers is in other words far from the doomsday predictions that were put forth in the industry in the middle of the year, states the analyst firm.
The feared scenario was that the industry could face a total net loss of up to USD 10 billion.
Aplhaliner’s figures cover the 11 largest container carriers in the world, except privately owned MSC and ONE, which “did not define” operating earnings in 2019, the analyst firm writes.
Source: Shipping Watch
