Brussels, 9 April 2021

On the 9th of April, Drewry Shipping Consultants published a report which shows that shipping lines’ profits are booming and that this trend would most probably continue for another two years, with port congestion and container equipment shortages persisting for most of 2021.

Since the beginning of the COVID-19 pandemic, many among the world’s biggest container shipping lines have seen their incomes skyrocket because of high freight rates and low bunkering prices.

The report predicts that, while freight rates will drop in 2022, carriers will continue to see revenues and earnings increase and that 2021 will set a new record for the industry’s profitability records. While carriers have enjoyed substantial revenue booms, ports around the world have struggled to cope with the ensuing congestion.

Drewry also forecasts a lingering timeline for a “return to normal”, while port congestion and container equipment shortages will remain an unwanted feature throughout most of 2021, further limiting the availability of capacity and leading to substantially higher average spot and contract freight rates.