The world’s major container carriers saw their profitability slip sharply in the second quarter of 2025. According to Alphaliner, the average operating margin (EBIT) among the nine largest carriers dropped to 9.9%, marking the lowest level since late 2023.
While margins have previously dipped during downturns, this latest decline is striking because it comes despite the ongoing Red Sea crisis, which continues to distort global shipping routes. Unlike in late 2023, when the Red Sea disruptions initially helped lift freight rates, the current fall suggests that the market’s resilience has weakened.
There was, however, notable variation among individual carriers. Taiwan’s Wan Hai Lines maintained its strong position with an impressive 24.9% margin, mirroring its Q1 results and comfortably ahead of Evergreen in second place at 16.7%. Most other lines saw steep quarter-to-quarter declines, signaling a tightening margin environment across the board.
Intra-Asia Trade: Maersk, Hapag-Lloyd, and PIL Expand Rapidly
Alphaliner’s deep dive into the intra-Asia trade (excluding domestic services) showed significant growth and reshuffling among leading players. The region remains one of the most dynamic and competitive shipping markets, with 69 active carriers and a strong 13% year-on-year capacity increase, bringing total deployed tonnage to 2.4 million TEU.
Danish giant Maersk stood out as the biggest winner, adding 100,000 TEU of operated capacity to reach 298,134 TEU, nearly closing the gap with market leader COSCO (300,491 TEU). Hapag-Lloyd and Pacific International Lines (PIL) also expanded their presence, reflecting renewed focus on regional connectivity amid global trade volatility.
The intra-Asia corridor continues to be dominated by the top 20 carriers, which control roughly 87% of all deployed capacity. This growing consolidation is shaping how regional trade networks evolve in the face of shifting global logistics patterns.
Far East–Europe Freight Rates Under Pressure Despite Vessel Shortages
Two years into the rerouting of Asia–Europe services via the Cape of Good Hope, the Red Sea crisis still has ripple effects across long-haul trades, but not necessarily in the way carriers hoped.
As of mid-September, Alphaliner’s fleet count revealed that the nine largest liner operators collectively deployed 425 vessels on 31 Far East–Europe loops — 36 ships short of the number needed to maintain consistent weekly services. Despite this persistent shortage of tonnage and an extremely small idle fleet, freight rates have tumbled.
Spot ocean freight rates from Shanghai to North Europe have plunged 45% in just ten weeks, with double-digit declines recorded in the last three weeks of September. Analysts interpret this as a clear sign of a rate war among major carriers, even as the supply of available ships remains tight and geopolitical risks persist.
Bangkokmax Ships Gain Momentum in Regional Trades
Amid shifting global dynamics, one vessel type continues to rise in prominence: the ‘Bangkokmax’ ships of around 1,800 TEU capacity. These vessels have become a standard size for intra-regional and feeder services, offering optimal flexibility for operations across Southeast Asia.
Originally designed to maximize dimensions allowed on Thailand’s Chao Phraya River, modern Bangkokmax vessels are now widely deployed on routes connecting Bangkok, Ho Chi Minh City, Haiphong, Keelung, and Manila, among others.
The popularity of this class has also translated into strong charter demand. While similar-sized ‘non-Bangkokmax’ vessels (e.g., the Wenchong 1700) fetch around $26,000 per day, the Bangkokmax commands up to $31,000 per day, underlining its strategic importance in regional trade networks.
Source: AXSMarine
