THE maritime industry faced significant headwinds in the fourth quarter of 2023 as major shipping lines grappled with substantial financial losses amid shifting demand dynamics, reports Johannesburg's Southern Africa's Freight News.

According to maritime consultancy Sea-Maritime, leading carriers including Maersk, Hapag-Lloyd, ONE, Yang Ming, Zim, and Wan Hai collectively reported a combined EBIT (earnings before interest and taxes) loss amounting to US$1.44 billion.

This downturn marked the highest Q4 loss recorded between 2012 and 2023, reflecting the industry's struggle to adapt to normalised demand patterns following the Covid crisis-induced boom.

CEO Alan Murphy highlighted the impact on profitability per TEU shipped, with several shipping lines reporting unprecedented negative EBIT/TEU figures.

 https://shippingazette.com/