The UK-based maritime research consultancy Drewry says that 2024 will be the second-highest year ever for the manufacturing of dry freight containers. This is due to the record-breaking production of dry freight and reefer (refrigerated) containers in the second quarter (Q2), as well as the output of dry freight and reefer containers exceeding 850,000 TEU from Chinese factories in July.
According to an announcement from Drewry, manufacturers are reporting full order books until mid-October.
Strong exports from Asia, traffic at major hubs for container transhipment, and decreasing container productivity as a result of the longer voyage brought on by the Red Sea crisis have made it difficult to provide enough containers where they are needed.
The industry mainstays, 40-foot high-cube containers, are becoming harder to find in particular since more boxes are required to convey the same amount of cargo.
During the first seven months of this year, 1.4 million units were supplied, a ten-fold increase year over year (YoY) from just 125,000 units during the same period previous year.
In Q2 2024, reefer box production also grew, although it was still within the range of the previous few quarters. Prior to the onset of the current supply chain problems, in 2023, the volume of reefer cargo on routes that would typically pass through the Red Sea decreased by more than 5% YoY.
Following a 1.5% YoY decline in 2022, a 0.7% YoY decline in worldwide seaborne reefer trade was observed in the broader market, indicating the relative weakness of the industry.
