After two very profitable years for the shipping lines, the market is shifting into a post-pandemic normality. While 2022-Q4 gave us a first glimpse into what this might look like, 2023-Q1 was the first quarter where the carriers’ operating profits took a real hit. This continued into 2023-Q2, with the combined EBIT dropping by -90% Y/Y to a little over USD 3bn. Further to that, both ZIM and Wan Hai once again recorded an operating loss. While ZIM has had profitability issues in past Q2’s, this was a first for Wan Hai in 2012-2023. (....)