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Date: 09/09/2024

Global container lines’ profits surge in Q2

The global container shipping industry saw profits surge to more than $10 bn in the second quarter (April-June) on record volumes and rising freight rates after Red Sea diversions. Net income for some of the world’s major container carriers almost doubled from the first three months of the year, according to a report released by industry veteran John McCown. Profit for the current quarter may also be set to show another material increase given how well the market for international goods trade has been holding up. Fortunes in the industry, which transports 80% of global merchandise trade, boomed during the pandemic amid strong consumer demand and Covid-related disruptions to supply chains, before notching a collective loss again in the final quarter of 2023, according to Mr McCown’s tally, said a report.
 
Source: Exim News Service; Singapore, Sept. 8



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