Remember, when container prices soared, the share price of Germany's Hapag-Lloyd peaked at over 450 euros in 2022, compared with around 175 today. That of its compatriot DHL was flirting with 60 euros in 2021, to stand at 38 euros at the time of writing. And yet, despite an overall slowdown in consumption, the frenzy in the supply sector is not behind us, as evidenced by the determination of other smaller companies in the industry.

Most recently, Cainiao Smart Logistics Network, the logistics arm of Chinese giant Alibaba, has filed for an IPO in Hong Kong. It hopes to raise around $3 billion to finance its expansion, particularly in so-called "last-mile" delivery.

And it's not the only one eyeing marketplaces. Indonesian company J&T Express, active in South-East Asia, Latin America and the Middle East, expressed its desire to list on the Hong Kong marketplace at the beginning of the year, after suspending a first project in 2022 due to excessive market volatility. The company is aiming for a valuation of around $20 billion, based on the value achieved in its last private financing round in 2021. It plans to sell 5-10% of its shares.

In August, Shenzen-listed Chinese carrier SF Holding applied for a secondary listing on the Hong Kong stock exchange, with a view to improving its coverage of the Asian continent and making possible acquisitions.

Finally, a few days ago, Chinese sea freight specialist LC Logistics listed on the same exchange.

While the ambitions of these groups are considerable, some observers warn of market saturation. Artificial intelligence, the quest for efficiency, economies of scale and industry consolidation are all likely to play a part.