For the ports, however, such mergers meant that the shipping companies gained greater influence over where the goods went. This allowed the shipping companies to influence the prices at the terminals. A total of three alliances were formed at the time: 2M, "THE Alliance", which included Hapag-Lloyd, and the "Ocean Alliance" with CMA CGM, Cosco and others. The shipping companies had previously engaged in a ruinous price war, which led to several takeovers.
The container shipping companies have long since put the crisis behind them and are now earning handsomely. During the coronavirus crisis, profits skyrocketed because transport capacities were scarce and freight prices rose rapidly. Supply chains are now easing as the global economy slows down.
(Report by Jacob Gronholt-Pedersen, written by Jan C. Schwartz. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).)