Looking specifically at profitability per TEU, the figures have plummeted compared to the previous year. For shipping lines reporting on both EBIT and global volumes, only COSCO (169 USD/TEU) and ONE (23 USD/TEU) recorded positive EBIT per TEU figures in 2026‑Q1. Conversely, major shipping lines fell into negative territory; Maersk recorded ‑30 USD/TEU, Hapag‑Lloyd ‑54 USD/TEU, and ZIM dropped to ‑21 USD/TEU. (note: The y-axis of Figure 1 has been cut off at 1,000 USD/TEU, so 2021 does not hide the developments of other years)
This financial slump is not primarily driven by a lack of demand. Global transported volumes remained relatively resilient, with most shipping lines recording slight to moderate Y/Y growth. Instead, the primary driver of the reduced profitability is a significant drop in average freight rates, which fell between ‑9% and ‑26% Y/Y for all reporting shipping lines.
This drop in unit revenue, combined with higher operating costs, has pushed several lines into negative EBIT territory for the quarter.
