The first carriers to report 1Q 2024 financial results showed strong sequential improvements in earnings driven by higher average freight rates driven by the Red Sea crisis. However, earnings are down on a YoY basis, with carriers that have higher contract ratios reporting bigger YoY drop in earnings. Carriers’ top line revenue tracked below CCFI due in part to lagging revenue recognition with lower contracted rates from last year dragging down carriers’ average revenue gains. Liftings grew acr