Container Shippers Lost Nearly $700 Million in Q4 2023 [Yahoo! Finance]
COSCO SHP HLDG UNSP/ADR (CICOY)
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Source: Yahoo! Finance
as cargo prices fell drastically throughout the year ahead of the recurring Houthi attacks in the Red Sea. According to analysis from container shipping expert John McCown , non-resident senior fellow at the Center for Maritime Strategy, the quarter marked the first deficit after 14 straight profitable quarters for the industry. More from Sourcing Journal Air Cargo Demand Sees Double-Digit Growth for Third Straight Month Alternate Shipping Route Prepped Near Baltimore Bridge Collapse Site Ocean Carrier Giants Invoke 'Force Majeure' Following Baltimore Bridge Collapse But this performance has been in the cards since the peak of pandemic-era supply chain congestion , with ocean carriers seeing six straight declines in earnings following a $63.1 billion windfall in the 2022 second quarter. McCown compiled the financial results of 11 global ocean carriers, including Maersk CMA CGM , Cosco Shipping, Hapag-Lloyd, Zim, Evergreen, HMM and Yang Ming, as well as Ocean Network Expr
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