‘Mind altering’ sum: Container shipping earnings more than double to $63.7bn, expert says

‘Mind altering’ sum: Container shipping earnings more than double to $63.7bn, expert says
Michael Juliano 6 September 2022 https://www.tradewindsnews.com/containerships/-mind-altering-sum-contain...

Containerised cargo sits at the Port of Los Angeles awaiting pick-up during the pandemic. Photo: Port of Los Angeles

Boxship freight rates should stay elevated for years to come as owners blank sailings to keep supply low, Alpha Blue Capital founder John McCown says

Profits for the booming container ship industry have more than doubled in the second quarter while posting seven consecutive quarters of record earnings, according to a financial advisor focused on the sector.

The industry posted a “mind-altering” $63.7bn in net income for the three-month period, versus $28.6bn recorded during the same period last year, according to estimates by Blue Alpha Capital founder and former liner industry executive John McCown.