Container Carrier Profits Soar on Record Volumes, Higher Rates.

The global container shipping industry experienced a significant increase in profits, surpassing $10 billion in the second quarter of 2024. This surge in profits can be attributed to record volumes and rising freight rates, which were influenced by Red Sea diversions. Major container carriers, such as A.P. Moller-Maersk A/S and Cosco Shipping Holdings Co., saw their net income nearly double compared to the previous quarter. Despite challenges such as Houthi attacks in the Red Sea and congestion at major ports, global container volumes reached an all-time high. The demand for shipping has been particularly strong in the US due to concerns about new tariffs on Chinese goods and a potential dockworkers strike. [Extracted from the article]