Singamas issues second profit warning

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.

The Australian government is funding research to investigate if the structure of shipping containers can be modified to reduce the possibility of hitchhiker pests being carried.

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

US-based GenFlat has launched a new folding container design. Folding container concepts are well-known in the market, but the GenFlat design introduces a new concept that has not been presented before, as far as WorldCargo News is aware.

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.”