Ocean carriers had yet to hit rock bottom in Q1

   Ocean liner shipping companies posted mixed financial results in Q1 2020 as the COVID-19 coronavirus was just starting to wreak havoc on supply chains across the globe.
   BlueWater Reporting’s latest report, “Ocean carriers had yet to hit rock bottom in Q1,” shows how in terms of net income/loss, on a year-over-year basis for the quarter, A.P. Moller – Maersk, HMM and ZIM all saw improvements, while COSCO, Hapag-Lloyd, Evergreen, Yang Ming and Wan Hai all recorded weaker results.
   The report provides data on how carriers benefitted from higher freight rates, despite weaker box volumes during the quarter from a year prior.
   Additionally, the report looks at how carriers are in for a tough journey ahead for the remainder of 2020 with data from the IMF and the WTO suggesting the pandemic could be more damaging on the global economy this year than the 2008-09 financial crisis.
   The report can be found here.