Independent maritime research consultancy Drewry has revised its projections of profits by container lines. Profits are projected to reach an unheard-of high of US $150 billion in 2021.
Drewry, which, earlier in July, forecasted the combined profit for the year to reach the US $100 billion benchmark, claims: "Stronger than expected spot rate movement in 3Q21 and a longer supply chain recovery timeline are behind the upgrade of the outlook."
The new estimation is in line with upped earnings forecasts by all major shipping companies based on the extremely positive performance of the second quarter.
Container-news.com reports on Drewry estimating that earnings before interest and tax (EBIT) for container lines in Q2 reached US $39.2 billion, witnessing an 11-fold increase in comparison to figures of the same quarter last year. At the same time, many shipping companies witnessed EBIT sum surpassing expectations in an unprecedented manner.