Average operating margins for the leading container carriers (the nine largest companies reporting Earnings before Interest and Tax) fell to 1.5% in Q3, below pre-COVID levels.
China’s COSCO Group topped the rankings for a second consecutive quarter with a margin of 15.8%, assisted by a sweeping cost-cutting programme. In terms of earnings, the group was in line with other carriers, with revenue falling 60% and average rates per teu 64%.
US-listed ZIM again reported the lowest margin, of –16.7%, based on a quarterly adjusted EBIT of –$ 213m. The carrier continues to pay high rates on its chartered fleet, and has an elevated exposure to the spot market.
Source: Alphaliner
