Shipping, long blasted for its lack of appeal to millennials and millennials, has amassed an impressive statistic to give it some credibility with today’s college graduates. Line Shipping is now making more dollars than many of Big Tech’s better-known names.
Cruise ship veteran John McCown, who runs Blue Alpha Capital in the United States, counted the combined profits of liner shipping for the third quarter and put them into perspective by comparing them to internet stars such as Facebook, Amazon. , Netflix and Google which collectively are known by the acronym FANG.
It’s hard to remember an industry that drastically increased its net financial performance
The $ 48.1 billion in container shipping profits in the third quarter was almost 50% higher than FANG’s total profits, and the 42.7% net profit on the revenue margin was nearly three times higher. Compared to the combined profits of Apple and Microsoft, the profits of the container shipping industry were still nearly 15% higher with a profit margin nearly 30% higher, highlighting how much carriers have had a terrific record year with the industry on track to post combined earnings. in the region up to $ 200 billion.
“The hockey stick’s turn in recent results for the container shipping industry is unprecedented in its own history. Indeed, it’s hard to remember an industry that has so dramatically increased its net financial performance, ”McCown said in a new report released this weekend.
The extraordinary profits recorded by global carriers this year – combined with a severe decline in schedule reliability – has angered shippers, with regulators in major economies scrutinizing carrier operations and the alliances in which they find themselves.