4.1 C
Hamburg
Thursday, February 6, 2025
Home News Container shortages fill CIMC’s order books

Container shortages fill CIMC’s order books

China International Marine Containers, the world’s largest container manufacturer, has stated that the shortage of containers has resulted in a slew of orders, keeping its factories busy until the end of the first quarter of 2021.

While the Covid-19 pandemic curtailed factory output early in the year, demand for textile and electronics exports from China is gradually recovering.

However, there is an acute shortage of containers in Asia, as empty containers have been slow to return to the ports of origin from North America. This was due to Transpacific rates hitting a 10-year high in September and lower backhaul volumes.

CIMC, a COSCO unit, stated on Shenzhen Stock Exchange’s interactive platform that the recovery in container shipping and demand has had a positive impact on its business. In order to rush out the container orders, workers in CIMC’s Shenzhen factory have been working double shifts.

At least 95% of containers are manufactured in China. Besides CIMC, other leading Chinese container makers are COSCO Shipping Development and the privately owned CXIC Group Containers. CIMC’s market share is estimated at 45%.

CIMC stated that so far, in the fourth quarter of 2020, container prices have surged, and its profit margin in Q3 2020 was back to pre-Covid-19 levels. The company booked a net profit of CNY880.36 million (US$129.08 million) during the quarter, rebounding from a CNY43.5 million (US$6.11 million) net loss in Q3 2019.Revenue totalled CNY24.16 billion (US$3.54 billion) in the third quarter, up from CNY18.94 billion (US$2.66 billion) in 2019, with CIMC’s net profit margin reaching 3.64%.

Martina Li
Asia Correspondent





Latest Posts

Intra-UK rail freight service launches operations

A new intra-UK rail freight link operating between Teesport and Manchester's Trafford Park has completed its inaugural service. This service could eliminate up to 40...

Recent Iranian military moves could reactivate Houthis?

The Houthis in Yemen have temporarily ceased their actions against commercial shipping, with no incidents recorded in 2025 so far. The pause in hostilities...

Transits through Panama Canal down 10%: BIMCO

In this week’s “Shipping Number of the Week” from BIMCO, Shipping Analysis Manager, Filipe Gouveia, examines Panama Canal transits which have declined in recent...

CMA CGM purchases new second-hand boxships

French shipping company CMA CGM was particularly active in sales and purchases in late January, buying four 1,900 TEU ice-class ships from Belgian owner...

Klaipėda Port kicks off infrastructure development for offshore wind energy

The Klaipėda Port Authority has commenced the construction of infrastructure to support offshore wind energy projects, signing a contract for the building of quays...
error: Content is protected !!