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China container shipping leasing rates surge 88% in May

Posted on June 3, 2024 |

China's container market has tightened over the past two months, with an 88% increase in average prices from April to May.

Second-hand 40 ft high cube container prices have jumped to $3,200 this week, up from $1,700 in March-April 2024.

In May, the average price for 40 ft high cube containers in Shanghai rose 17% from April, reaching $2,530.

Container prices have been rising since November 2023, partly due to Red Sea diversions caused by Houthi attacks.

The EU, US, and other countries are planning tariffs and trade restrictions on China’s electric vehicle industry, which could impact Chinese EV exports.

Container traders expect higher demand in the second half of 2024, leading to increased prices.

Many sellers are holding onto their containers, anticipating higher demand and profitability in the latter half of the year.

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