During 2024 Q1~ 2024 Q3, global container consumption picked up, driving the reefer containers production to achieve double-digit y-o-y growth in FY2024. Container consumption is closely linked to global trade volume. The global container trade volume is projected to increase significantly, from 0.7% in FY2023 to 5.2% in FY2024, and it is expected that such trade will continue grow by 2.8% in FY2025, according to Clarkson’s forecast.

Against the backdrop of the continuous rise in global container trade and to address the risks of container shortages stemming from uncertainties like the prolonged crisis in the Red Sea and port strikes, customers have shown a high willingness to order new containers since 2024.

China International Marine Containers (CIMC), the world’s largest container manufacturer, has recently reported earnings results for the third quarter and nine months ended September 30, 2024. In the first three quarters of 2024, CIMC’s revenue increased 35.6% year-on-year to CNY 128.97 billion; net profit attributable to shareholders was CNY 1.83 billion, a year-on-year increase of 268.9%. In the container manufacturing sector, the company saw a significant year-on-year increase in container output and sales volume. The cumulative sales volume of reefer containers reached 93,400 TEU, marking a 16.6% year-on-year increase. Its output and sales of reefer containers in 2024 Q4 are expected to keep growing. Till now, the CIMC’s container orders have been scheduled to 2025 Q1. The better-than-expected performance of CIMC’s container business this year is mainly attributed to strong shipping demand.

Source: Drewry

Container Market Outlook

With the steady increase in global trade volume, it is expected that the global container fleet will continue to grow in size. Looking ahead, as the global economy gradually stabilizes, it’s expected that overall trade conditions will improve, and thus the ongoing uptrend in global trade volume should be unchanged. Moreover, factors such as supply chain diversification and longer mileages will contribute to the necessary additional demand for containers. Imbalanced container flows and the replacement of aging containers will also boost demand.