Insight Focus
Container shipping recalibrated as profits declined in 2025. Profitability fell sharply from 2024 peaks but remained above pre-pandemic levels, despite a severe fourth-quarter earnings collapse across most major carriers. Regional specialists outperformed global lines, while a growing supply-demand imbalance points to a significant margin squeeze and near break-even conditions in 2026.
The global container shipping industry underwent a period of significant recalibration in 2025. Following the historic highs of the post-pandemic era and a robust 2024, the fiscal year 2025 data indicate that the sector achieved a “soft landing” in the previous year.
While the industry saw a combined Earnings Before Interest and Taxes (EBIT) of USD 15.4 billion—down from USD 35.4 billion recorded in 2024—overall profitability remained comfortably above pre-pandemic levels.
Source: Sea-Intelligence
However, the year ended on a precarious note, as Q4 2025 saw a staggering collapse in operating profit to just USD 392 million, compared to USD 7.6 billion in the final quarter of 2024.
Source: Sea-Intelligence
Across the reporting carriers, combined net profits reached USD 17.9 billion for the year, down from USD 40.6 billion in 2024. This downturn was driven by market uncertainty, dampened demand, and trade disruptions, according to DynaLiners.
While the immediate year-on-year drop is stark, a broader historical context reveals a more resilient environment. Current financial metrics have effectively reverted to levels seen in the early 2010s, successfully avoiding the deep market depressions that characterised the end of the previous decade.
Carrier-by-Carrier Performance Review
COSCO led the industry in absolute terms for the full year with an EBIT of USD 4.93 billion, maintaining a solid EBIT/TEU of USD 180. However, the Chinese carrier faced a difficult fourth quarter, recording the largest EBIT loss in the industry at USD -343 million, translating to a unit loss of -47 USD/TEU. Its subsidiary, OOCL, posted a full-year EBIT of USD 1.54 billion with an EBIT/TEU of USD 195—a figure higher than any year it reported between 2010 and 2019.
Maersk recorded a full-year EBIT of USD 1.39 billion. While its annual EBIT/TEU of USD 54 mirrors its historical 2010–2019 average, the Danish carrier struggled toward the end of the year. In Q4 2025, Maersk posted an EBIT loss of USD -153 million, resulting in a negative unit profitability of -23 USD/TEU.
Evergreen emerged as one of the most resilient performers, recording a full-year EBIT of USD 2.36 billion. Despite a 23% reduction in revenue, it maintained the largest positive EBIT in the fourth quarter at USD 265 million, even as most competitors slipped into the red.
HMM demonstrated strong unit profitability throughout the year, recording a 2025 EBIT/TEU of USD 257, which is higher than any year it reported during the 2010–2019 decade. This momentum carried into the final quarter, where HMM led the pack with an EBIT/TEU of USD 216 and a quarterly EBIT of USD 220 million.
ZIM recorded the highest annual EBIT/TEU in the industry at USD 277, staying well above its pre-pandemic performance. However, the Israeli company faced significant revenue pressure, earning USD 362 (16%) less per TEU than the previous year—the largest such reduction in the group. Despite this, it remained profitable in Q4, with an EBIT/TEU of USD 159.
Hapag-Lloyd was one of only three carriers to grow its revenue in 2025. Its annual EBIT/TEU stood at USD 83, aligning with its 2010–2019 historical average. It also managed to remain profitable in Q4, recording a unit EBIT of USD 50/TEU.
In absolute terms, CMA CGM was highlighted as one of the best performers of the year. Along with other major players, the French powerhouse contributed to the combined net profit of USD 17.9 billion, maintaining a strong position despite general market cooling compared to 2024 results.
Ocean Network Express (ONE) recorded one of the smallest annual operating profits at USD 459 million. The carrier experienced the sharpest annual drop in unit profitability, falling to just USD 36/TEU. This downward trend continued into the fourth quarter, where ONE recorded an EBIT loss of -26 USD/TEU.
Yang Ming faced a significant revenue reduction of 31% in 2025, ending the year with an EBIT of USD 472 million. While its annual EBIT/TEU of USD 107 remains higher than any year reported between 2010 and 2019, it struggled in Q4, with negative unit profitability of -21 USD/TEU.
Regional Outperformers Defying the Industry Downturn
In a year where the industry average was defined by double-digit revenue declines, RCL and SITC emerged as notable outliers. Alongside Hapag-Lloyd, they were the only reporting carriers to achieve genuine revenue growth in 2025.
This was particularly impressive for SITC, which leveraged its position as a quality service provider in the stable Asian market to grow its shipping volumes by around 8% and increase its net profit to over USD 1.2 billion. Both carriers managed to sidestep the severe unit revenue erosion that plagued the larger global lines, demonstrating the resilience of carriers with a strong regional focus.
Source: SITC
While the industry’s absolute profit leaders were predictably the “mega container carriers,” Wan Hai proved to be one of the year’s most efficient performers relative to its size. Despite a 13.2% decrease in annual revenue to NTD 140.4 billion (USD 4.44 billion), the Taiwan-based operator maintained a remarkably high net profit margin of 22.4%. Wan Hai recorded a net income of approximately USD 980 million, a figure that Sea-Intelligence analysts described as “very respectable” for its capacity.
The performances of SITC, RCL, and Wan Hai serve as prime examples of how niche, regional carriers can achieve greater success by targeting specific markets. Unlike mega-carriers, which must navigate the immense complexities and geopolitical crises of every global trade lane, these regional specialists may benefit from a more focused and agile operational model.
2026 Outlook Signals a Shift Toward Structural Pressure
As the industry moves through 2026, the sector is transitioning from a “soft landing” into a more structurally challenging period. Analysts from Drewry and AlixPartners suggest that the combined global industry EBIT could plummet to roughly USD 1 billion for the full year. This represents a near-total erosion of the recent surplus, pushing the industry toward a break-even point.
The primary catalyst for this shift is a widening supply-demand imbalance. The global fleet is currently absorbing a wave of newbuild deliveries, with capacity growth expected to remain at roughly 3–4% in 2026. However, Drewry forecasts container demand growth at a more sluggish 1.8% to 3.3%. This surplus is already manifesting in freight rate normalisation; long-term contract rates for 2026 are trending 17% to 25% lower than 2025 levels.
The Gemini Cooperation’s carrier guidance for the year reflects this cautious reality. Hapag-Lloyd has issued a wide EBIT guidance range for 2026, spanning from a potential loss of USD 1.5 billion to a profit of USD 1.5 billion, citing high volatility and geopolitical uncertainty. Similarly, Maersk has projected an underlying EBITDA of between USD 4.5 billion and USD 7.0 billion—a significant step down from the USD 9.5 billion it generated in 2025—warning that declining freight rates remain the primary risk to its 2026 bottom line.
Source: Drewry
A critical “wild card” is the potential reopening of the Suez Canal. Diversions around the Cape of Good Hope currently absorb approximately 6% of global fleet capacity, while a full return to the Suez route would release this capacity back into the market, putting further downward pressure on rates.
