Container shipping has proven popular in recent weeks with investors on the back of surging, trade war-related freight rates, with Alphaliner reporting that as of last month, there are now six listed carriers officially deemed large cap with market valuations of more than $10bn. Wan Hai of Taiwan is the latest to join the large-cap ranks.
“The top three container carriers by market capitalisation – COSCO, Maersk, and Hapag-Lloyd – each now have a similar value to well-known consumer brands such as Delta Airlines, Kraft Heinz and Kellogg’s,” Alphaliner noted in its latest weekly report.
In aggregate, the 11 listed largest global carriers today – minus privately held MSC – have a combined market capitalisation of just over $165bn, up from around $60bn at the start of the decade, according to Alphaliner data.
COSCO, Maersk, and Hapag-Lloyd each now have a similar value to well-known consumer brands such as Delta Airlines, Kraft Heinz and Kellogg’s
John McCown, a veteran shipping analyst and head of Blue Alpha Capital, reported that the container sector achieved a net profit of $9.9bn in the first quarter of 2025, with HSBC forecasting sector-wide profitability at least for Q2 and Q3.
In a recent report, McCown highlighted the industry’s remarkable profitability compared to the pre-pandemic era. Between 2016 and 2019, the sector incurred cumulative losses of $8.5bn on revenues of $681.2 billion, resulting in a negative profit margin of 1.3%. In contrast, from 2020 through 2024, the industry saw significant improvements, with net income margins of 8.1%, 36.8%, 42.7%, 9.6%, and 18.3%, respectively.
Drewry’s Container Forecaster, meanwhile, expects the supply-demand balance to weaken again in the second half, which will cause spot rates to decline again in the second half of this year.
“The volatility and timing of rate changes will depend on the outcome of legal challenges to Trump’s tariffs and on capacity changes related to the introduction of the US penalties on Chinese ships, which are uncertain,” Drewry maintained.
Liner bosses will be watching closely for details out of London, where US and China trade officials reached some form of trade truce, which will still need to be approved by the leaders of both countries.
