20 Biggest Shipping Companies In The World
In this article, we will look at the 20 biggest shipping companies in the world. If you wish to see the top 5, head straight to the 5 Biggest Shipping Companies In The World.
In today's globalized economy, the shipping industry plays a pivotal role in facilitating international trade and connecting businesses across continents. Within the vast array of shipping companies operating worldwide, a select few stand out as titans of the industry, spearheading the movement of goods on an unprecedented scale. These giants of maritime logistics command vast fleets, sprawling networks, and cutting-edge technologies, all working in unison to ensure the smooth flow of cargo across the world's oceans.
According to the International Chamber of Shipping, the global shipping industry is responsible for transporting around 90% of world trade, with an estimated 50,000 merchant ships currently operating. These shipping giants are crucial to the success and growth of countless businesses worldwide.
Market Outlook
The shipping industry is a vital component of global trade. According to Allied Market Research, the global cargo shipping market, valued at $2.2 trillion in 2021, is expected to witness significant growth in the coming years. It is projected to reach a market size of $4.2 trillion by 2031, exhibiting a compound annual growth rate (CAGR) of 7% from 2022 to 2031, indicating a positive trend and highlighting the industry's expanding nature.
Furthermore, the expansion of e-commerce is driving demand for faster and more cost-effective shipping solutions, with the global e-commerce logistics market expected to grow at a CAGR of more than 13% from 2020 to 2027. The adoption of digitalization and automation is also on the rise, with the global smart logistics market expected to reach $46.5 billion by 2025, according to Business Wire. These trends present opportunities and challenges for the biggest shipping companies in the world, highlighting the importance of innovation, agility, and strategic partnerships in maintaining a competitive edge.
Effective pricing strategies and competitive freight rates play a vital role in the success of the world's largest shipping companies. As per a report from Allied Market Research, the global freight forwarding market is anticipated to reach a size of $285.15 billion by 2031, with a projected growth rate of 4.1% from 2022 to 2031. This underscores the significance of implementing dynamic pricing strategies to stay competitive, optimize profitability, and capitalize on the industry's expansion.
Current Trends In The Global Shipping Industry
The shipping industry is witnessing several notable trends shaping its landscape and operations. Here are some key trends:
There is an increased demand for eco-friendly shipping options to reduce carbon emissions and meet sustainability goals.
Adopting new technologies such as blockchain, IoT, and automation to optimize supply chain management and increase efficiency.
Growing focus on last-mile delivery solutions to improve customer experience and reduce delivery times. Recent statistics reveal that 88% of consumers are willing to pay extra for same-day delivery, highlighting the importance of optimizing last-mile delivery.
Expansion of e-commerce, leading to a surge in parcel shipping, especially during peak shopping seasons.
Adoption of data analytics and predictive modeling to enhance decision-making and streamline operations.
Rising concerns over security and privacy leading to increased investment in cybersecurity measures.
These trends reflect the industry's ongoing transformation and the efforts of shipping companies to adapt to changing market dynamics, technological advancements, and sustainability imperatives.
Driving Global Trade: The Crucial Role of Shipping Companies in Economic Growth
The world's biggest shipping companies are responsible for moving most of the world's trade. The shipping industry employs about 1.8 million people globally and contributes to the GDP of many countries, including the United States, China, and Japan.
In 2019, the global shipping industry helped generate $14 trillion in trade, accounting for around 80% of world trade by volume and over 50% by value. These financial figures demonstrate the crucial role of shipping companies in driving international trade and economic development.
Copyright: khunaspix / 123RF Stock Photo
Our Methodology
For our methodology for the biggest shipping companies, we have ranked the 20 biggest shipping companies in the world by total revenue earned in 2022, in ascending order, for which the data is publicly available. To ensure the reliability of earnings figures for public companies, we have gathered the data from various credible sources, including Forbes.
It is worth highlighting that for privately held companies included in our list, we have estimated their revenues for the years 2021 and 2022 using reliable aggregators such as Zippia, among others.
Here is our list of the 20 biggest shipping companies in the world.
20. Pacific International Lines
2021 Revenue: $115 million
PIL, a Singapore-based container shipping company established in 1967, has become a prominent player in Asia's shipping industry. With around 95 vessels, PIL serves around 500 ports in almost 100 countries. The company's commitment to innovation and sustainability drives investments in advanced technologies, delivering efficient and eco-friendly shipping services. In 2021, PIL reported a revenue of $115 million.
19. KMTC Line
2021 Revenue: $3.02 billion
KMTC Lines is a notable shipping company with a strong presence in the maritime industry. In 2021, the company reported a revenue of $3.02 billion, showcasing its financial success and position as a key player in the global shipping market and making it one of the largest shipping corporations on the globe.
18. Matson, Inc. (NYSE:MATX)
2022 Revenue: $4.34 billion
Matson, Inc. (NYSE:MATX) is a leading transportation and logistics company with over 141 years of experience. They specialize in ocean transportation, serving Hawaii, Alaska, Guam, Micronesia, and other Pacific Island ports. Matson, Inc. (NYSE:MATX) also offers logistics services like warehousing and supply chain management.
17. American President Lines
2022 Revenue: $4.6 billion
American President Lines (APL) is a leading global shipping company headquartered in the United States. With a history dating back to 1848, APL operates an extensive network connecting important ports worldwide. The company offers various shipping services and employs approximately 5,000 professionals.
The company's impressive revenue per-employee ratio of $920,000 reflects its efficiency and profitability and is dedicated to sustainability, focusing on fuel efficiency and emission reduction.
16. Dampskibsselskabet NORDEN A/S
2022 Revenue: $5.34 billion
Dampskibsselskabet NORDEN A/S, a Danish shipping company, achieved remarkable financial success in FY 2022. With a net income of $743.5 million, the company experienced a substantial growth of 264% in 2022, compared to the previous fiscal year. This significant increase in net income highlights NORDEN's effective business strategies and successful execution.
15. Hamburg Sud Group
2021 Revenue: $6.41 billion
Hamburg Sud Group is a reputable container shipping company with a 152-year old history, known for reliability and customer service. Their extensive global network covers over 100 countries, facilitating access to diverse destinations. Sustainability is a priority, with initiatives focused on reducing environmental impact through fuel efficiency and green technologies.
14. Kawasaki Kisen Kaisha
2022 Revenue: $6.5 billion
Kawasaki Kisen Kaisha, also known as "K" Line, is a prominent Japanese shipping company founded in 1919. With a diverse fleet and a global presence, K Line provides comprehensive shipping services across various sectors, including container shipping, bulk carriers, car carriers, and more.
13. Mitsui O.S.K. Lines Ltd
2022 Revenue: $11.6 billion
Mitsui O.S.K. Lines (MOL) is a leading Japanese shipping company with a solid global presence. With over 135 years of experience, MOL offers various shipping services and operates a fleet of container ships, bulk carriers, tankers, and LNG carriers. The company has demonstrated notable revenue growth, with current revenue (2022) standing at $11.96 billion. MOL is committed to sustainability, implementing initiatives to reduce emissions and improve fuel efficiency.
12. Wan Hai Lines Ltd
2022 Revenue: $8.66 billion
Wan Hai Lines is a well-established container shipping company based in Taiwan. With a strong presence in the Asia-Pacific region, Wan Hai offers reliable and efficient shipping services to various destinations worldwide.
11. ZIM Integrated Shipping Services Ltd. (NYSE:ZIM)
2022 Revenue: $10.7 billion
ZIM Integrated Shipping Services Ltd (NYSE:ZIM), a prominent player in the shipping industry, achieved remarkable financial success in 2022. The company's revenue reached an impressive $10.7 billion, reflecting its strong market position and ability to deliver exceptional shipping solutions. ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) continues to lead the way in providing efficient and reliable shipping services worldwide.
10. Yang Ming Marine Transport Corporation
2022 Revenue: $12.61 billion
Yang Ming Marine Transport Corporation, a Taiwanese shipping company, achieved a remarkable revenue of $12.61 billion in 2022. The company's impressive revenue demonstrates its success and ability to meet the shipping needs of businesses worldwide.
9. Hyundai Merchant Marine
2022 Revenue: $14.54 billion
Hyundai Merchant, a South Korean shipping company established in 1976, prioritizes technology and innovation to enhance operational efficiency. It aims for global expansion through strategic partnerships, solidifying its position in the industry. In 2022, the company achieved remarkable financial growth, with revenue rising by 34.7% to $14.54 billion. Operating profit also saw a significant increase of 34.8% to $7.78 billion, resulting in a net profit of $7.8 billion.
8. Nippon Yusen KK
2022 Revenue: $19.5 billion
Nippon Yūsen Kabushiki Kaisha (NYK Line), a prominent Japanese shipping company and member of the Mitsubishi keiretsu, achieved remarkable financial success in 2022. The company reported a robust revenue of $19.5 billion, showcasing its strong market position and successful operations with a diverse fleet of approximately 800 ships. NYK Line remains a key player in the industry and is also a member of the Ocean Network Express.
7. Evergreen Marine Corporation Taiwan Ltd
2022 Revenue: $20.89
Evergreen Marine, a Taiwanese shipping company, is a leader in the container shipping industry with a global presence. With a revenue of $20.89 billion, it experienced significant growth in 2022 compared to 2021 and 2020. Evergreen Line's extensive fleet and comprehensive services contribute to its success in facilitating global trade. The company's commitment to innovation, operational excellence, and customer satisfaction solidifies its position as a critical player in the shipping industry.
6. Mediterranean Shipping Company
2022 Revenue: $28.2 billion
Mediterranean Shipping Company (MSC) is a global shipping and logistics leader with 30,000 employees. With an impressive revenue-per-employee ratio of $939,666, MSC demonstrates efficiency and profitability. Their extensive fleet offers comprehensive transportation solutions to diverse industries.
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Disclosure. None: The 20 Biggest Shipping Companies in the World is originally published on Insider Monkey.