AS MORE THIRD QUARTER results trickle in it is becoming clear container lines’ early 2024 gloom has completely reversed.

AP Moller-Maersk has confirmed its preliminary results (DCN 23 October), unveiling a year-on-year jump in third quarter revenue for its Ocean activities from USD 7,897 million to USD 11,107 million. EBITDA soared from USD 1,133 Million to 4,002 million; and EBIT rose from a loss of USD 27 million in 3Q 2023 to USD 2,384 million this year

“Ocean’s profitability improvement was driven by the higher freight rates as well as positive volume growth, culminating in a 41% increase in revenue,” Maersk said. “The network re-routing south of the Cape of Good Hope remained a significant driver of our cost base, impacting bunker consumption and overall operating costs. These cost pressures were largely offset by efficient operational execution, resulting in an EBIT increase of USD 2.9 billion and margin of 25.5%.”

COSCO SHIPPING Holdings reported for the first three quarters of 2024, registering revenue from container shipping business of CNY 168.84 billion (USD 23.70 billion), representing an increase of 30.57% year on year. Volumes were up 9.07% for the first nine months of 2024 compared to the same period last year.

Digital supply chain has evolved to be a new growth area for the company, while the supply chain revenue other than ocean shipping amounted to CNY 30.71 billion, representing a 19.66% year-on-year increase.

“In the face of complex and volatile global economic and trade environment, COSCO Shipping Holdings actively promoted the development of full-chain services, digital intelligence and green development, accelerated the development of new quality productive forces with certainty for the sustainable development of their own to deal with external uncertainties, and created new growth drivers,” said the company.

As of the end of the third quarter, COSCO Shipping Holdings operated 436 shipping routes with a capacity of 3.28 million TEU and operates and manages 371 berths in 39 ports around the world and operated 589 sea-rail domestic and foreign trade routes.

Hapag-Lloyd has joined Maersk in upgrading its full-year profit expectations. Based on preliminary and unaudited figures, the company achieved a Group EBITDA of approximately USD 3.6 billion (EUR 3.3 billion) and Group EBIT of approximately USD 1.9 billion (EUR 1.8 billion) in the first nine months of 2024.

“Given the current course of business, characterised by stronger than expected demand and improved freight rates, and despite increased expenses related to the necessary diversion of vessels around the Cape of Good Hope, the Executive Board of Hapag-Lloyd AG is raising its earnings outlook for the financial year 2024,” the company said. “Group EBITDA is now expected to be in the range of USD 4.6 to 5.0 billion (previously: USD 3.5 to 4.6 billion) and Group EBIT of USD 2.4 to 2.8 billion (previously: USD 1.3 to 2.4 billion). Hapag-Lloyd’s final 3Q figures are due to be published 14 November.

Japan’s Ocean Network Express, which operates on an April-March financial year, has also reported glowing results for what is its 2Q 2024 (July-September).

The revenue for FY2024 2nd quarter was USD 5,864 million, up 65% from the same quarter of the last year, with net profit of USD 1,999million (YoY +USD 1,812million).  Comparing ONE’s first halves, 2024 revenue was up 38%, EBITDA up 199%, EBIT and astounding 509% and profit up 297%.


“The Asia-North America and Asia-Europe trades have experienced strong demand, driven by consistent consumer demand and an early peak season in July and August. In addition, early shipments in the North America trade are in response to potential supply chain disruptions,” ONE said.

For the full year forecast for FY2024, net profit guidance is revised to USD 3,095 million from USD 2,745 million which was announced on 31 July.