The average operating margin for the leading container carriers fell to its lowest point in a year and a half, with many individual lines returning to pre-COVID levels.
Collectively, the nine largest carriers reporting EBIT (earnings before interest and tax) logged a 9.9% operating margin for Q2 2025. It was the worst result since the fourth quarter of 2023.
In that period, a majority of lines posted operating losses in a fast declining post-COVID market, which was then abruptly reversed by the emergence of the Red Sea crisis. This time round, margins are falling while the Red Sea crisis continues.
Although the latest quarter saw a slump in the average margin, there was a significant shake-up in the rankings and a wide range of results between individual carriers.
Taiwan’s Wan Hai Lines took the top spot with a very strong margin of 24.9%, precisely matching its Q1 result.
All other major carriers saw a steep drop from the first to second quarter, and Wan Hai was appreciably ahead of the next carrier in line, Evergreen, with a margin of 16.7%.
Source: Alphaliner
