After a challenging 2023, container shipping rebounded in 2024, driven by the Red Sea crisis, port congestion, and demand recovery. The Suez Canal closure forced vessels onto longer Cape of Good Hope routes, tightening capacity and keeping freight rates high. As a result, 2024 EBIT is expected to surge to an estimated USD 75bn, a sharp upward revision from our earlier projection. 

It is against this backdrop of market disruption and change, that we complete our latest annual assessment of the finances of the major container shipping companies. After a strong improvement in 2024, this year (2025) is expected to bring softer rates, rising debt, and increased volatility, as supply chain disruptions ease and economic uncertainties mount.    

Areas of analysis and key findings within this report:

• 2024 profits are set to exceed our start-of-the-year expectations: The prolonged Red Sea crisis kept freight rates elevated, benefiting spot-focused carriers over contract-heavy operators.

   

• 2025 outlook turns cautious: Freight rates are projected to decline, leading to a 14.7% YoY drop in the industry’s projected EBIT. Market uncertainty, shifting alliances, and regulatory pressures could further impact margins.

   

• Financial stability improves, but debt rises: Industry-wide returns strengthened, however, carriers increased debt to finance fleet expansion, signalling caution amid uncertain future earnings.

   

• Environmental regulations drive fleet changes: With the EU ETS expanding to 100% by 2026 and FuelEU Maritime (2025) mandating cleaner fuels, carriers are adopting mixed green strategies, with some investing in methanol while others favoring LNG.

   

• Vertical integration slows but continues: Majority of the 14 deals in 2024 focused on last-mile logistics rather than core container shipping assets.

   

• Stock market sentiment weakens: The Drewry Container Equity Index rose 17.6% in 2024 but dropped 8% YTD 2025 (ending 30 January), reflecting investor caution over an earlier-than-expected rate decline if Red Sea disruptions ease.