The global container industry has seen strong earnings growth in the second quarter of 2024. This was reported by Bloomberg cites new industry analysis.
Net profit at the world’s largest container carriers, including Denmark’s AP Moller-Maersk A/S and China’s Cosco Shipping Holdings Co., nearly doubled from the first quarter to more than $10.2 billion, according to the publication.
That’s up from $8.88 billion in profits in the second quarter of 2023. Industry expert John McCown predicts further “significant growth” in profits in the current quarter, given the strength of the international trade market.
According to the agency, the profit growth was driven by record traffic volumes and rising freight rates following route changes in the Red Sea. Global container traffic reached 46.4 million 20-foot equivalent units in the second quarter of 2021, beating the previous record of 46.2 million set by Container Trades Statistics Ltd.
Before this, it was known that cargo transportation between Russia and China had increased.
Previously China started A tourist train passing through Russia.
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Source: Gazeta
Ben Stock is a business analyst and writer for “Social Bites”. He offers insightful articles on the latest business news and developments, providing readers with a comprehensive understanding of the business world.