Carriers' Operating Margins Fall Below 10%, Lowest in 18 Months

9 October 2025 AXSMarine 

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.

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