Container lines saw their profits fall in the last quarter due to a global slump in rates, as executives warned of a year ahead filled | |||||||||
with uncertainty. Average pricing, as measured by Container Trade Statistics’ Global Container Index, fell 6 % from August and nearly | |||||||||
28 % year over year in September. Maersk A. P. Moller saw its net profit drop 67 % to $ 1 billion in the third quarter, while revenue fell | |||||||||
10 % to $ 14.2 billion. The slump in freight rates led to an 18 % decline in revenue for Maersk’ s ocean division, despite higher loaded | |||||||||
volumes. Its Gemini Cooperation partner Hapag-Lloyd recorded an 86 % plunge in group net profit to $ 161 million for the quarter, | |||||||||
down from $ 1.1 billion in the prior year. CMA CGM Group reported a 73 % drop in third-quarter net income to $ 749 million, down | |||||||||
from $ 2.7 billion in the prior year, on revenue | |||||||||
that fell 11 % to $ 14 billion. CMA CGM’ s shipping | |||||||||
unit saw a 17 % drop in third-quarter revenue.“ We see uncertainty for the coming quarters,” Ramon Fernandez, CMA CGM Group’ s chief financial officer, said during an online briefing.“ We anticipate a slowdown in global trade and freight rates may continue to normalize.” HMM’ s |
Global container freight rates fall to new 2025 low in September
Global monthly containerized freight rate index
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third-quarter net profit slumped to $ 208 million | |||||||||
from $ 1.2 billion in the year-prior period due to significantly lower freight rates in what HMM described as a volatile market; revenue fell |
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24 % from a year earlier to $ 1.8 billion. Ocean | |||||||||
Network Express( ONE) reported a fiscal second-quarter net profit of $ 285 million, an 86 % drop from $ 2 billion in the second quarter of last year.“ The overall market environment may |
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not prove as robust as initially projected,” ONE said in its earnings statement. |
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