All but four container carriers have reported negative earnings before interest and tax in the January-March period

Operating results are improving, but scale is proving to be an important factor in profitability

Excess capacity remains on most trade lanes as carriers hope for demand growth to continue

Fourth quarter continues to grow but will it continue to meet capacity growth?

Operational returns underperform carrier expectations, despite healthy demand growth

Expected blankings to reduce capacity after the peak season have yet to materialise