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Container orders soar fivefold for Chinese makers in early 2024 due to shortage

Container orders soar fivefold for Chinese makers in early 2024 due to shortage

Posted on June 7, 2024   |  

China International Marine Containers (CIMC) saw a five-fold increase in container orders in Q1 2024, reaching 494,400 TEU, due to a significant equipment shortage.

Reefer container orders fell by 23%, totaling 9,300 TEU, as inflation led to decreased demand for refrigerated goods.

Sales of specialized containers dropped nearly by half to 35,000 units, driven by lower demand for rail transport containers.

Despite the order surge, CIMC's Q1 2024 revenue increased by 22% to $4.5 billion, but higher costs caused net profit to drop by 54%, down to $30.18 million.

CIMC's Q1 2024 order rebound contrasts sharply with 2023, when industry-wide container production hit a 10-year low of 2.31 million TEU due to economic slowdown and fading Covid-related demand.

CIMC's Q1 2024 performance highlights a mixed market: a surge in orders and revenue, offset by high costs and reduced demand for specialized containers.



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