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Surge in container production sparks "Liner Panic" in the shipping industry

Surge in container production sparks "Liner Panic" in the shipping industry

Posted on May 20, 2024   |  

Container production reached a post-COVID peak of 521,000 TEU last month.

Manufacturing slots in container factories are fully booked until the end of July, with expectations of over 4 million TEU of new containers to be delivered this year, more than double the production in 2023.

Container production set a record high in 2021, with over 6 million TEUs built to address the demand stemming from the slow return of empty containers during the pandemic.

Among mainline operators this year, MSC leads in container orders, with nearly 400,000 TEU ordered, followed by ONE and Evergreen.

Cosco Shipping Development (CSD), the parent company of Dong Fang Container and equipment lessor Florens, anticipates container demand to stabilize this year after a significant drop in 2023.

In Q1 2024, CSD's net profit increased by 12% compared to Q1 2023, reflecting a recovery in demand. 

In contrast, net profit in the previous year saw a 64% year-on-year decline.