SIMIC

"Freight market conditions remained firm despite some softening in supply and demand," the company said. While "steady cargo movements" continued in July, a "sudden decline" in transport demand occurred in August and September.

"On the supply side, port congestion improved in some areas, but supply chain disruptions continued across the world with port congestion in US east coast and Europe continuing," ONE's report said.

"Despite the ongoing deterioration in market conditions, freight rates remained higher throughout the second quarter (ending in September 2022) than the same period last year, supporting profit figures."

Looking at ONE's first half (April-September), profits have surged 63 per cent compared to 2021, to a little over $11 billion.

ONE's earnings report mirrors Hong Kong-based OOCL's third quarter results, confirming shipping lines have benefited from yet another "turbo-charged quarter despite a collapse in container shipping demand taking place later in the quarter", noted Ventura, California's gCaptain.