Maersk's liner business turned around in 2Q 2024 after three quarters of
negative EBIT but barely got much benefits from the soaring spot freight rates
during the 2Q 2024. Average freight rates earned by Maersk up only 1% YoY and 7%
QoQ against CCFI's 53% YoY and 12% QoQ. Maersk's liner EBITDA margin at 16.8%,
much lower than CMA CGM's 23.9% and ONE's 28.9% in 2Q 2024. So despite of the
Maersk's larger fleet, Maersk's EBITDA is 35% below that of CMA CGM's in 2Q
2024. All these three liners that