Recently, a number of international shipping companies have successively released their third-quarter financial results.

Among the world's top five shipping companies, except for Mediterranean Shipping Company (MSC) which has not yet published its results, the other four shipping giants have all shown a trend of increasing cargo volume but decreasing profits. Based on their judgments on the current market, many shipping companies have adjusted their future performance expectations.

According to the third-quarter financial report recently released by Maersk, the company achieved a revenue of USD 14.2 billion in the third quarter, representing a 9.9% year-on-year (YoY) decrease; its earnings before interest and taxes (EBIT) stood at USD 1.3 billion, a significant 61.2% YoY drop.

On November 14th, CMA CGM Group announced its third-quarter 2025 results: revenue reached USD 14.042 billion, down 11.3% YoY; earnings before interest, taxes, depreciation, and amortization (EBITDA) totaled USD 2.955 billion, a 40.5% YoY decrease; and net profit was USD 749 million, plummeting 72.6% YoY.

COSCO Shipping Holdings recorded a core operating revenue of RMB 58.499 billion in the third quarter, a 20.42% YoY decline; its net profit attributable to shareholders of the parent company was RMB 9.533 billion, falling 55.14% YoY.

For the third quarter of 2025, Hapag-Lloyd reported a company revenue of USD 5.43 billion, a 11.3% YoY decrease; its EBITDA was USD 860 million, a 50.4% YoY drop; and net profit was only USD 160 million, a sharp 85.5% YoY decline. The average freight rate per container was USD 1,397/TEU, down 4.8% YoY.

Analyses indicate that the profit decline is not caused by insufficient demand. On the contrary, all shipping companies have seen an upward trend in cargo volume.

The industry believes that the core reasons for the profit "shrinkage" lie in falling freight rates and cost pressures. Costs related to geopolitical risks, such as fuel, labor, port fees, and rerouting expenses, all increased in the third quarter.

According to COSCO Shipping Holdings’ third-quarter report, during the period, it was mainly affected by changes in the supply-demand relationship in the container shipping market: market freight rates decreased year-on-year, the group’s revenue per container in its container shipping business declined year-on-year, and its operating efficiency dropped year-on-year.

Maersk stated that the third quarter of 2024 coincided with the outbreak of the Red Sea crisis, which led to abnormally high freight rates. The profit level in the same period last year was marked by significant geopolitical impacts and was a "high point outside the normal range."

Regarding the industry’s outlook, major shipping companies hold a cautious attitude and have proactively adjusted their expected targets.

Maersk recently revised its 2025 full-year financial performance guidance and expects the global container market to grow by approximately 4%. Hapag-Lloyd has lowered its 2025 full-year profit forecast.

Rodolphe Saadé, Chief Executive Officer of CMA CGM Group, stated in a public appearance that shipping capacity may increase in the coming months, while overall market demand will weaken.

CMA CGM also anticipates that the shipping industry will face a downturn next year due to falling freight rates, overcapacity, and reduced trade volume. Ramon Fernandez, CFO of CMA CGM, said, "2026 will not be a good year for shipping," and the company will "prepare for a more difficult 12 months" through cost discipline and operational efficiency.

The industry believes that as more new ships enter the market, the issue of overcapacity may further intensify profit pressures. Faced with cyclical fluctuations and uncertainties, shipping companies are shifting from a track where "revenue is determined by prices" to one where "revenue is determined by efficiency."

Sources | YUNQUNA, Xinhua Finance, TMTPost