The combined earnings before interest and taxes (EBIT) of some of the world’s biggest shipping lines fell by 90% from Q2 2022 to Q2 2023. This comes as the market begins to shift back to post-pandemic normality following two years of major profitability, according to an August 23 report from Sea-Intelligence.
Major shippers like ZIM and Wan Hai both recorded operating losses during the second quarter of 2023. This was the first time that Wan Hai had experienced profitability issues during a second quarter since the 2011-12 fiscal year.
Orient Overseas Container Line (OOCL) had the largest EBIT per TEU during Q2 2023 at $305, a massive drop-off from Q2 2022, which was over $1,500 per TEU. Maersk recorded an EBIT of $207 per TEU. Hapag-Lloyd’s EBIT per TEU was $298. ONE’s EBIT came in at $137 per TEU.
ZIM had a particularly difficult Q2 2023, with the company recording a negative EBIT of $195 per TEU, meaning the organization essentially lost $195 for every TEU they moved during the quarter.
