Carrier Financials Q3/2025: The Post-Peak 'Landing' and a 'New Normal'

In issue 742 of the Sea-Intelligence Sunday Spotlight report, experts provided an in-depth analysis of the Q3 2025 financial performance of major global carriers. These results mark a distinct correction from the highs driven by the disruptions of 2024.

Specifically, the combined Earnings Before Interest and Taxes (EBIT) of the reporting carriers plummeted to USD 5.12 billion – a sharp decline from the staggering USD 17.06 billion recorded in Q3 2024.

Nevertheless, despite double-digit declines in freight rates, the market bottom has not been breached. Current profitability remains well above pre-pandemic 2019 levels, indicating that the market has stabilized and entered a sustainable "new normal."

Operational Data: Supply Chain Resilience

While financial results have softened, operational data reveals significant resilience. Global transported volumes grew for 6 out of the 7 reporting carriers.

This suggests that the wave of new vessel deliveries and restructured service networks has allowed carriers to absorb longer transit times via the Red Sea without triggering the "panic-pricing" scenarios seen last year.

Unit Profitability Analysis (EBIT/TEU)

The development of profitability per unit (EBIT/TEU) highlights a clear divergence in Q3/2025:

•    COSCO recorded the highest EBIT/TEU at USD 350/TEU.

•    ZIM followed with USD 280/TEU.

These were the only two carriers to maintain unit profitability above the USD 200/TEU threshold.

Conversely, the remaining major carriers saw profit margins narrow significantly, dropping below the USD 100/TEU mark:

•    ONE: USD 85/TEU.

•    Maersk: USD 83/TEU.

•    Hapag-Lloyd: USD 65/TEU.

This decline creates a stark contrast to the same period last year, when the lowest EBIT/TEU in this group still reached USD 335/TEU. These figures underscore the extent of the market's deep correction in the post-peak phase.

Source: Sea-Intelligence

See more:

• Sea-Intelligence: Global Schedule Reliability Drops Sharply in October 2025
• International Shipping and Logistics Market Update Week 47/2025 | Phaata
• Maersk Prepares to Resume Red Sea Route: A Signal of 'Normalization' for the Asia-Europe Lifeline?
• MSC’s Massive 100-Feeder Vessel Order: An Economic Paradox or an Ambitious Strategic Gambit?
• Fire and Explosion on ONE Henry Hudson: Port of Los Angeles Triggers Emergency Response
• WorldACD: Air Cargo Demand from Southeast Asia to the US Explodes
• MSC’s secondhand acquisition spree hits 461 vessels
• Suez Canal Sees First Signs of Recovery
• Hapag-Lloyd Plans Investment in 22 New Vessels as Part of Fleet Renewal Strategy
• New Shipping Alliance Launched to Tackle Ocean Plastic Pollution
• Air Freight Rates Extend Gains Amid Capacity Supply Concerns
• Prologis: U.S. Strategic Gateway Logistics Markets Set for Strong Rebound by 2026
• Electrifying Road Freight: Maersk and Kimberly-Clark Move from Pilot to Practice in Europe

Source: Phaata.com (According to Sea-Intelligence)

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