Listed carriers have little to celebrate as freight rates deteriorate

Demand growth on the major trade lanes has failed to keep up with the influx of capacity, and trade wars may exacerbate the situation

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?