Liners have as much cash as the value of the vessels on their balance sheet,
after the last 3 years of excess super normal earnings. As at the end of 2Q
2023, the 8 major liners that published their balance sheet data have $93bn cash
against $106bn PP&E and RoU (Right-of-Use) assets owned and leased, which
consists mainly of ships and containers. Cosco, Evergreen, HMM and Yang Ming has
higher cash holdings than their PP&E and RoU asset values.