In 2023-FY, all shipping lines saw sharp Y/Y decline in revenues, ranging between -46.6% and -62.6%. However, the annualised revenue growth rate in 2023-FY is in line with 2018-2019, which suggests that the sharp Y/Y revenue decline in 2023-FY is an artefact of the abnormal revenue growth of 2021-2022, rather than a fundamental revenue loss in 2023. ZIM, Yang Ming, and Wan Hai all recorded EBIT losses in 2023-FY. While four shipping lines had an EBIT of over USD 1bn, what is clear is that profitability levels are nowhere near those in 2021-2022. EBIT per TEU is one way to visualise profitability. Figure 1 shows EBIT for 2010-2023 and shows the unprecedented levels of the 2021-2022 pandemic period, whereas Figure 2 cuts off the y-axis at +/- 300 USD/TEU, to show the developments in 2023. (....)