According to a spokesperson from China International Marine Containers, the world’s largest container manufacturer, the shortage of containers has resulted in a slew of orders. 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, has stated 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%.