Unprecedented $48.1 billion earnings for container shipping in Q3 saw the industry surpassing tech giants Facebook, Amazon, Netflix and Google, or FANG, in terms of profitability.
The McCown Container Results Observer estimated the profit of container shipping in Q3 at $48.1 billion taking the earnings of public listed lines, which stood at $31.03 billion, and extrapolating the number for lines where financials are not publicly available. Total revenues for the sector were estimated at $112.65 billion in Q3.
“The hockey stick turn in recent results in the container shipping industry is unparalleled in its own history. Indeed, it’s hard to recall any industry that has turned so sharply upward in its net financial performance,” the report commented.
The dramatic turnaround in performance of container shipping the sector outpacing the world’s largest tech giants in terms of Q3 profitability. According to McCown, container shipping’s Q3 $48.1 billion profitability was nearly 50% higher than Facebook, Amazon, Netflix and Google, known collectively as FANG.
In terms of net income to revenue container shipping was nearly three times higher than FANG in Q3 this year.
Even compared to Apple and Microsoft, combined container shipping’s third quarter profit was nearly 15% higher, and net margin 30% more.
