News / Party definitely over for ocean carriers, despite some strong numbers

© Igor Zakharevich

The outlook for ocean carriers is a sharp decline in earnings this year, as average freight rates fall and inflation drives cost increases hitting bottom lines.

Last week, both CMA CGM and Hapag-Lloyd posted record results for 2022 and warned that this year would be very different.

On Friday, CMA CGM reported a net profit of $24.9bn for last year, but said there had been a “marked slowdown” in the fourth quarter that was expected to continue in 2023.

The group saw a ...