Carriers’ average operating margin falls to 1.5%

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.

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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

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