Strong demand for consumer goods improves the growth of the shipping market.

Due to port congestion and economic recovery, the freight rates have soared to a record high. According to FBX, the rate from China to the US has exceeded USD$ 2,000 per TEU, reaching a new high level in recent years.

FIGURE 1 | Freight Rates from China to the US

The total revenue of the biggest 6 companies has exceeded USD$100 billion.

FIGURE 2 | Top 9 Carriers

“Like the other shipping companies, both of the revenue and profit has increased dramatically this year”, said COSCO Shipping Lines. The company has reached USD$21.5 billion in operating revenue where container shipping accounts for above 90%. Besides, the net profit of the company also hits a new high, USD$5.7 billion, obtaining a 320% YoY.

Performance prospects continue to improve in the second half of 2021

“ Shipping companies are expected to grow because of the shortage of container ships and continuing port congestion”, said Alphaliner. According to Maersk Chief Executive Officer, the freight market will continue to improve in the third quarter, and the extreme freight rates will further facilitate the market in the last quarter of this year. 

Source: Sofreight