In 2025-Q1, despite market uncertainty and a volatile geopolitical climate, the major shipping lines recorded a combined EBIT of USD 5.89bn, which was only lower than the Q1 in the 2021-2023 pandemic period. Market disruptions continued in 2025-Q2, with shifting volumes and consistent downwards pressure on freight rate. As a result, the same major shipping lines recorded a combined EBIT of USD 2.73bn in Q2. This was lower than Q2 in not only 2021-2024, but only slightly higher than in 2020. This meant that, while still profitable, 2025-Q2 was relatively less profitable than most of the recent years. (....)