According to the latest Sea-Intelligence analysis, major ocean carriers reporting their financial figures have experienced a significant year-over-year revenue decline in the third quarter of 2023, bringing their figures back to pre-pandemic levels.
Although the smallest contraction reached -51.8%, it is important to note that the year-over-year comparison involves a period of high rates. To address this volatility, Sea-Intelligence compares the third quarter of 2023 to 2019 on an annualized basis. The results show that the revenue decline in the third quarter of 2023 is a result of abnormal growth in 2021-2022, and revenues have now returned to pre-pandemic levels.
Based on Sea-Intelligence data, after reaching peak levels in 2021-2022, EBIT/TEU (earnings before interest, taxes, depreciation, and amortization per twenty-foot equivalent unit) in the third quarter of 2023 has decreased in line with the pre-pandemic years.
COSCO performed well with the highest EBIT/TEU of US$289/TEU, followed by Hapag-Lloyd with US$64/TEU, and HMM with US$52/TEU. Maersk recorded the smallest negative EBIT/TEU of -US$4/TEU, while ZIM recorded a significant negative EBIT/TEU of -US$2,625/TEU (with an EBIT loss of US$2.28 billion).
Highlights:
- Major ocean carriers experience a substantial revenue decline in the third quarter of 2023.
- The decline effectively brings revenues back to pre-pandemic levels.
- COSCO records the highest EBIT/TEU, followed by Hapag-Lloyd and HMM.
- Maersk records the smallest negative EBIT/TEU, while ZIM records a significant negative EBIT/TEU.
- Sea-Intelligence analysis highlights that the revenue decline is a result of abnormal growth in 2021-2022, and revenues have now returned to pre-pandemic levels.
