Amidst a volatile geopolitical landscape, the global container shipping industry has seen its profits soar to over $10 billion in the second quarter, driven by unprecedented volumes and increased freight rates following a route adjustment in the Red Sea.

Net profits for leading container carriers, such as Denmark’s AP Moller-Maersk A/S and China’s Cosco Shipping Holdings Co., nearly doubled from the first quarter, reaching $8.88 billion by the close of Q2 2023.

Preliminary projections indicate that the current quarter could also experience “substantial growth” due to the resilience of the international commodities trading market.

In spite of geopolitical challenges, global shipment volumes reached an all-time high of 46.4 million 20-foot containers in the recent quarter, surpassing the previous record of 46.2 million units set in Q2 2021.