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The latest figures on the profitability of the global shipping industry show an increase in the profits of leading shipping companies: According to the report „Global Shipping 2024: Mega Profits, Micro Taxes“ by the climate NGO Opportunity Green, ten of the largest publicly traded shipping companies achieved profits totaling 42.9 billion US dollars in 2024. This represents a doubling compared to the previous year. The German shipping company Hapag-Lloyd reported a profit of 2.9 billion US dollars for the year 2024, according to the report.
Tax burden of major shipping companies low
Despite these high profits, the tax burden for shipping companies remains relatively low, according to Opportunity Green. The ten mentioned companies paid 5.1 billion US dollars in taxes in 2024, which corresponds to an effective tax rate of 11.9%. This figure is significantly below the global average of 21.1% and also below the global minimum tax rate of 15% set by the Organisation for Economic Co-operation and Development (OECD), from which international shipping is exempt. In Germany, the average corporate tax rate in 2024 was 27%, while Hapag-Lloyd paid 9.9%, as reported by the NGO. It points out that the loss for the public sector in Germany due to Hapag-Lloyd’s tax system amounts to nearly 500 million US dollars, compared to the average corporate tax rate of companies in the country.
