Vessel Volume

After seeing volumes and profits surge during Covid, containership operators ordered new vessels totaling 26% of global container capacity just in time to see shipping volume sink. Old ships are suddenly being scrapped and overcapacity will persist for years. Maersk, a global shipping bellweather, has seen Y-o-Y 23Q3 profit collapse from $8.88 billion to $521 million. Retailers are cheering as container rentals are down 95% since peaking in 2021.