Tank builders face up to post-boom market

The industry continues to be dominated on a global level by a relatively small number of major tank container operators and leasing companies.

The decline in revenue and average selling price was attributed to a slump in demand for dry freight containers in the wake of overproduction in 2021.

A sharp fall in orders for new containers has taken its toll on container manufacturers with H1 2023 revenues and profits at China International Marine Containers (CIMC), Dong Fang International Containers (DFIC) and Singamas well down on the corresponding period of 2022.

Singamas expects its H1 2023 profit to fall by approximately 74% year-on-year.

Box builder wants to use its healthy financial position to “actively seek new M&A opportunities” as it looks to further diversify into “non-shipping related containers.”

Container manufacturer downgrades its profit expectations for 2022 for the second time.