Monday, November 23, 2020

Shipping: Container Industry Swings From Forecasted $23bn loss to a $14bn profit

Speaking of doomsday dodged.

From Splash 24/7, November 23:

Container shipping has gone from doomsday to payday in the space of a few months. Sea-Intelligence has revised for the fourth time this year its EBIT profit forecast for the liner industry as carrier results for Q3 trickle in.

Having initially predicted significant red ink for the container shipping pack at the start of the pandemic in April, the Danish consultancy is now forecasting the liner industry will chalk up a $14bn profit this year, marking one of the greatest turnaround in fortunes in the 64-year history of containerisation.

Back in April, when many countries entered lockdown Sea-Intelligence’s worst case scenario was for liners to register a combined $23bn loss.

In fairness to the consultancy, most business sectors – not just shipping – have failed to get profit projections correct during the pandemic....MORE