Ocean Network Express (ONE) is the latest liner company to report record full year net profits, in its case for the year to March 2022. Its net profit increased near four-fold to $16.8bn as it put the last of its restructuring costs behind it and focused on wringing every dollar it could from the booming freight market.

The big liner companies have been spending their profits on massive quantities of newbuildings which now are approaching nearly 30% of the fleet’s capacity, a number which th...