HMM joins Maersk in flagging boxship glut risk
- HMM warned of looming container oversupply after a sharp drop in 2025 earnings
- The caution echoes Maersk as freight rates slide and profits come under pressure
- Orderbook is at a 15-year high, yet carriers have kept ordering
The warning from HMM adds to a growing consensus that the next downcycle will be supply-led
