Due to the pandemic-induced reduced export demand following a product demand boom, the world's shipping container output has decreased by 71%, from 1.06 million to 306,000 units. With up to 95% of the world's containers produced in China, the country is severely impacted as the primary producer of these units. The production of dry containers will cease until at least 2024; however, AP Mller-Maersk may resume production of 20-foot containers sooner due to more stable demand. - China International Marine Containers and Cosco Shipping Development have seen significant profitability declines due to the decrease in container commerce.
- The World Trade Organization's experts anticipate lackluster container demand and a slight 1.7% increase in goods trade this year.
- Stockpiles of empty containers in Asia-Pacific ports are at record highs, and this trend is expected to continue throughout the year, especially for 40-foot-high cube containers utilized in Asia-European and Asia-U.S. markets.
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