Global shipping profits have corrected sharply, with major carriers’ combined EBIT falling from $17 billion in 2024-Q3 to just over $5 billion in 2025-Q3, yet the market remains above pre-pandemic levels, signalling a sustainable new normal.
In issue 742 of Sea-Intelligence Sunday Spotlight, the 2025-Q3 financial performance of major global shipping lines revealed a clear post-peak correction.
Combined EBIT fell to $5.12 billion, down sharply from $17.06 billion in 2024-Q3.
Despite double-digit freight rate declines, profitability remains well above pre-pandemic 2019 levels, suggesting the market is settling into a sustainable “new normal.”
Operational data shows resilience: six of seven carriers grew global transported volumes, reflecting the impact of new vessel deliveries and reworked service networks that have absorbed longer Red Sea transit times without the panic-pricing of 2024.
Unit profitability (EBIT per TEU) varied widely. COSCO led with 350 $/TEU, followed by ZIM at 280 $/TEU— the only carriers above 200 $/TEU.
Other major players saw margins compress below 100 $/TEU: ONE (85 USD/TEU), Maersk (83 USD/TEU), and Hapag-Lloyd (65 USD/TEU).
By comparison, the lowest EBIT/TEU in this group in 2024-Q3 was 335 $/TEU, underscoring the magnitude of the market correction.
In October, global schedule reliability fell sharply in October after three steady months, underscoring the ongoing volatility that had affected major carriers.
