News / Box manufacturers issue profit warnings as soft demand forces prices down

Prices of new containers dropped dramatically last year, forcing major box manufacturers to issue recent profit warnings to investors.

In separate announcements to the Hong Kong Stock Exchange, the two largest manufacturers, China International Marine Containers (CIMC) and Singamas, warned investors that low demand for new boxes, combined with oversupply of equipment, had forced then to reassess their financial performance for the past year.

Singamas now expects a US$95m loss for 2019, compared with a $72m profit in 2018.

“With a soft demand ...