All the experts said spot ocean rates would pull back in the second half. The second half has now begun. Not only are spot rates not falling, they’re still rising.
Much higher H2 spot rates than expected, combined with double-digit gains for contract rates, will equate to liner profits on an unprecedented scale.
On Monday, U.K. consultancy Drewry predicted that container shipping lines will post aggregate earnings before interest and taxes (EBIT) of $80 billion this year, and “if freight rates surpass expectations in the remainder of the year, we would not be surprised to see an annual profit line in the region of $100 billion.”
