Maersk, CMA CGM dominate 2024 shipping revenues amid market uncertainty
New data reveals Maersk and CMA CGM each hit US$55.5 billion in revenue, holding steady despite rising costs and changing trade routes.
GLOBAL – The global shipping industry is still shaped by a few key players, with Maersk and CMA CGM leading the pack in 2024.
Each company reported US$55.5 billion in revenue, according to newly released figures highlighting their continued strength in the container shipping sector, even as global supply chains remain under pressure.
Maersk and CMA CGM held their top positions, followed by China’s COSCO, which earned US$32.3 billion. Hapag-Lloyd took fourth place with US$20.7 billion, while Ocean Network Express (ONE) came in fifth at US$18.8 billion.
Other major shipping lines also saw strong revenue. Evergreen posted US$14.1 billion, ZIM reported US$8.4 billion, and HMM followed closely at US$8 billion. Yang Ming and Wan Hai recorded US$6.9 billion and US$4.9 billion, respectively.
The world’s largest container carrier, MSC, was not included in the rankings. As a privately owned company, MSC does not publish its financial statements, making it difficult to compare with other players.
Despite the strong earnings, the industry continues to face serious problems. Geopolitical issues have added strain, and the ongoing Red Sea crisis has forced vessels to reroute around southern Africa. This detour has added both time and cost to many routes.
“Some ships are taking 10 to 14 days longer than before,” said a senior analyst from a Singapore-based shipping firm. “That’s affecting how quickly goods reach markets and pushing up fuel costs.”
Freight rates have been unpredictable, leaving many companies uncertain about profit margins. In response, shipping lines are trying to strengthen their operations through automation and data tools.
These include AI systems to manage routes, predictive maintenance software, and automated cargo handling at ports.
Green shifts and growth areas
To meet upcoming emissions rules set by the International Maritime Organization, several carriers have begun to shift towards cleaner fuels. Methanol-powered ships and vessels that use LNG are becoming more common in company fleets.
Maersk and CMA CGM, in particular, have placed large orders for such ships. “We are committed to reducing emissions across our operations,” a Maersk spokesperson said in a recent briefing.
At the same time, growth in regions such as Africa, Latin America, and South Asia is drawing more interest from global carriers. As trade increases in these areas, companies are setting up new routes and port facilities to tap into these expanding markets.
Recent developments
In another development, COSCO recently announced a joint logistics platform with Alibaba’s Cainiao. The deal aims to create faster and more reliable shipping options for Chinese exporters, especially small and mid-sized firms. The companies say it will reduce delivery times and improve end-to-end service for customers.
“The goal is to make cross-border shipping smoother and more affordable,” Cainiao said in a statement quoted by The Loadstar on March 28, 2024.
As the industry continues to shift, companies that adapt quickly while keeping costs in check are more likely to stay ahead. The next few years will test how well the sector can handle change without losing reliability.
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