Global Freight Market: Steady Profits Amid Unstable Seas

Over the past twelve months, the international shipping market has faced strong fluctuations in freight rates and growing pressure on carrier margins. The Drewry World Container Index (WCI) recently averaged around USD 2,368 per 40ft container, down about 7% in recent weeks and settling well below post-pandemic peaks. In mid-2025, the index hovered between USD 1,650 and 1,700, marking 17 consecutive weeks of decline (FreightWaves, HortiDaily).

This downward trend reflects lower global demand and excess capacity. Drewry forecasts a 1% fall in container volumes for 2025, mainly due to trade protectionism and tariff policies (Reuters).

However, major carriers have managed to maintain strong earnings thanks to extraordinary circumstances. The ongoing Red Sea crisis forced ship rerouting, creating “war-risk premiums” that temporarily boosted revenue per unit transported (ITF-OECD).

Maersk, one of the global leaders, reported a +2.5% rise in average freight rates despite flat volumes. In 2024, its Ocean segment grew from USD 33.7 bn to 37.4 bn, while Logistics & Services rose from USD 13.9 bn to 14.9 bn (FreightWaves). For 2025, Maersk expects an underlying EBITDA between USD 6–9 bn (Maersk.com).

Meanwhile, the freight forwarding industry continues its long-term expansion, with annual growth projected at 3–4% CAGR. Companies investing in digitalization and integrated logistics are best positioned to capture stable profits in an increasingly volatile global market.

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