We use cookies to provide you with a better experience. By continuing to browse the site you are agreeing to our use of cookies in accordance with our Cookie Policy.
  • INDUSTRY PRESS ROOM
  • SUBMISSIONS
  • MEDIA FILE
  • Create Account
  • Sign In
  • Sign Out
  • My Account
Free Newsletters
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
  • MAGAZINE
    • Current Issue
    • Archives
    • Digital Edition
    • Subscribe
    • Newsletters
  • STRATEGY
  • GLOBAL
  • LOGISTICS
  • MANUFACTURING
  • PROCUREMENT
  • VIDEO
    • News & Exclusives
    • Viewer Contributed
    • CSCMP EDGE 2022 Startup Alley
    • Upload your video
  • PODCAST ETC
    • Podcast
    • White Papers
    • Webcasts
    • Events
    • Blogs
      • Reflections
      • SCQ Forum
    • Mobile Apps
Home » Shortage of ocean containers shows no sign of easing

Shortage of ocean containers shows no sign of easing

Ripple effect of Suez Canal jam could tighten markets further in coming weeks, Container xChange says.

April 19, 2021
Supply Chain Quarterly Staff
No Comments

As stacks of global inventory continue to be stuck in congested seaports, shippers searching for scarce containers are driving up prices for the steel boxes, a new report shows.

The international shortage of shipping containers shows no sign of stopping, months after it was triggered by supply chain wrinkles like the U.S. trade war with China, demand pulses during the pandemic, and the Suez Canal traffic jam caused by Evergreen Line Corp.’s “Ever Given” containership.

As is true for most commodities, that shortage has caused prices to rise, according to Container xChange, the Hamburg, Germany-based platform for the leasing and trading of shipping containers. 

In China, average prices for used twenty-foot containers increased 94% between November 2020 and March 2021, jumping from $1,299 per box in November last year to $2,521 in March, the firm said. Prices have also jumped in India, where average prices for used twenty-foot containers rose 58% between June 2020 and March 2021, increasing from $1,106 to $1,755.

“The relentless pace of container shipping trade since the summer of 2020 is not easing and this is reflected in equipment shortages in Asia, and elsewhere. We expect markets will tighten even further in the coming weeks as the ripple effect of the Suez Canal closure at the end of March further disrupts container shipping services and equipment availability,” Container xChange CEO & Founder Johannes Schlingmeier said in a release.

The situation has even pushed the cost of procuring a used ocean container beyond what was previously considered a “normal” price for a newbuild container, the firm said. “It always depends on the exact equipment type, but before shortages became critical, a standard used container which was a few years old would cost around $1,000 in China, while a brand-new container would be about double the price,” Schlingmeier said.

Ocean
KEYWORDS Container xChange
    • Related Articles

      No sign of slowing down

      Logistics real estate market shows no signs of slowing

      Transportation survey shows Covid-19 impact easing

    Recent Articles by Supply Chain Quarterly Staff

    More women join trucking industry as technicians

    GE Appliances unveils $450 million upgrade to manufacturing plant in KY

    Freight technology provider Loadsmart acquires computer vision platform provider

    You must login or register in order to post a comment.

    Report Abusive Comment

    Most Popular Articles

    • Wabash opens trailer manufacturing facility in Indiana

    • Six defining challenges of omnichannel fulfillment

    • Postal advocacy group says “excessive” July 9 stamp price hike will hurt consumers

    • California bill would require large corporations to disclose their greenhouse gas emissions

    • Panorays extends risk management throughout the digital supply chain

    Featured Video

    8757b894 244c 4429 b5d8 e6df7b479d82

    Penalties for Wood Packaging Material Violations

    Viewer Contributed
    Our Services Include: Customs Broker Denver Freight Forwarder Denver Global Logistics Denver Cargo Insurance Denver Customs Bond Denver Customs Clearance Denver Customs Duty Denver Isf Filing Denver More details: Phone : 281-445-9779 Email: info@gallaghertransport.com Website: gallaghertransport.com

    FEATURED WHITE PAPERS

    • Five questions to ask before electrifying your indoor forklift fleet

    • Operator assist system myths busted

    • Three layers of forklift safety: Promoting operating best practices

    • The Complete Guide to Automated Packaging

    View More

    Subscribe to Supply Chain Quarterly

    Get Your Subscription
    • SUBSCRIBE
    • E-NEWSLETTERS
    • ADVERTISING
    • CUSTOMER CARE
    • CONTACT
    • ABOUT
    • STAFF
    • PRIVACY POLICY

    Copyright ©2023. All Rights ReservedDesign, CMS, Hosting & Web Development :: ePublishing