News / Record container carrier profits on course to extend for a further two years

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After cumulative ocean carrier profits exceeded some $9bn for the final quarter of 2020, the returns for the liner industry could double that in Q1 this year.

Cosco Shipping told analysts last week it expected its Q1 net profit would reach a massive $2.3bn, compared with just $44m for the same period a year ago, after its average freight rate leapt 54% quarter on quarter.

“It will be another strong year for the container shipping industry,” said Shanghai-based Bank of Communications transport ...