The double-digit declines keep piling up for container shipping.
The Port of Long Beach said Friday that April imports fell 22% from the year before. First-quarter profits reported by Taiwanese carriers Evergreen and Yang Ming crashed 95% and 94% year-on-year (y/y), respectively. First-quarter net income reported Monday by South Korean carrier HMM plunged 91% y/y.
The prior week, Maersk reported a 66% y/y slide in Q1 net income on a 37% decline in freight rates. Hapag-Lloyd reported a 57% y/y drop in net income as its rates sank 28%.
The container shipping industry is awash in double-digit declines because the numbers a year ago were historically high.
Big numbers make for eyeball-grabbing headlines, both on the way up and down. Market reporters scour their thesauri for exciting new ways to say “increase” and “decrease.” But what double-digit percentages actually mean depends on the starting point.
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