The container shipping industry witnessed rising overcapacity in 2025 due to a continued flow of newbuild deliveries and muted demolitions. Steeply falling spot rates lead us to project a 2025 EBIT of USD 32bn, a sharp downward revision from our earlier prediction.

It is against this backdrop of a weak market and heightened geopolitical uncertainty that we complete our latest annual assessment of the finances of major container shipping companies. Continued weakness in spot freight rates, rising debt to finance a large orderbook and softening demand growth are expected to weigh on container shipping’s financial health in 2026.

Areas of analysis and key findings within this report:

• 2025 profits lower than earlier expectations: Overcapacity in the market, compounded by continuous newbuild deliveries and limited demolition, led to a severe decline in spot rates across major east–west routes, while spot rate strength in Intra Asia trade led to regional carriers reporting higher profit margins.
• 2026 outlook remains negative: Spot rates are forecast to decline further as overcapacity worsens, with EBIT expected to decline sharply by 96.7% YoY. The possibility of a full resumption of Suez transits and a rapidly evolving geopolitical situation could place additional pressure on freight rates.
• Rising borrowings from fleet expansion pressures financial stability: Carriers increased their borrowings along with liquidating investments to finance fleet expansion, resulting in a reduced balance sheet strength. 
• Environmental regulations set to tighten in 2026: With the EU ETS expanding to 100% coverage in 2026, European carriers have concentrated their orderbooks on LNG-fuelled vessels, while regional Asian carriers maintain a conventional orderbook.
• Stock market sentiment weakens: In 2025, the Drewry Container Equity Index (DCEI) rose 6.3%, driven by gains in share prices of regional intra-Asia carriers and diversified operators such as Maersk, while large pure-play carriers’ share prices remained under pressure amid weak freight-rate fundamentals.