Container shipping fortunes changed rapidly in 2023 after a robust 2022 and 2021, mainly driven by rapidly falling freight rates. Record capacity additions, changing consumer behaviour and tightening monetary policy were some of the key factors driving the rates down. Moving into 2024, we expect overcapacity to remain a dominant factor despite the recent rise in freight rates caused by the disruption to trade through the Red Sea and Suez.
In this latest ’Financial Health Check’, we assess the current state of each of the key players in the sector and assess their balance sheet strength against the backdrop of falling freight rates. Our Maritime Financial Research team have also extended the scope of their analysis to include both liquidity and leverage estimates for the next three years, based on a sample of carriers.
We use a simple traffic light system to rank each company’s risk profile using the following weighted parameters: balance sheet strength (45%), income growth (15%), diversification (10%), transparency (15%) and management/ control (15%).
AP Moller Maersk
Hapag-Lloyd
Samudera Shipping Line Ltd
SITC International Holdings
Wan Hai Lines Ltd
Orient Overseas (International) Ltd
Yang Ming Marine Transport Corp
ZIM Integrated Shipping Services Ltd
Evergreen Marine Corp Taiwan Ltd
COSCO Shipping Holdings Co Ltd
HMM Co Ltd
Ocean Network Express Pvt Ltd
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