After China joined the WTO in 2001 and their exports and exploded, steamship lines extrapolated that growth indefinitely and ordered as many new ships as they could finance. Since it takes about 5 years from order to delivery, a glut of capacity hit at about the same time as the 2008 global financial crisis. So in 2009 all the major steamship lines lost upwards of a billion dollars each. I doubt any of them have made that money back since, and many have been dependent on a series of emergency equity sales and government bailouts.