There’s no shortage of schadenfreude toward shipping lines these days. After making hundreds of billions in profits during the pandemic, there is gleeful talk of their looming comeuppance — of plummeting spot rates and carriers begging for business.
But anyone expecting shipping lines to book losses anytime soon will be disappointed. They’re still pocketing billions of dollars in profits each quarter. Spot rate declines and volume reductions are still being easily offset by higher contract rates.