Carriers reported a mixed 2nd quarter 2023 performance, with 3 carriers able to
reverse their earnings decline despite the weak market conditions.
OOCL and COSCO jumped to the top of the carriers earnings table with their
outsized 2Q earnings despite weaker revenue and freight rates. OOCL and COSCO’s
EBIT margins at 31.8% and 24.8% are more than 3 times higher than the average of
the next 8 carriers which stands at just 6.7%.
COSCO reported at the group level a $5.7 Bn improvement in its equ