Less demand for traditional containers this year, says CSD as profits tumble
After peak sales in the past two years, container demand is under pressure this year, ...
Photo: Dong Fang International Container
Cosco Shipping Development (CSD), parent of the world’s second-largest container manufacturer, Dong Fang International, says it is seeing a decline in demand and daily rental rates.
Demand for containers surged during the past 18 months, seeing 2021 net profits nearly triple on 2020, to $956m, as pre-tax profits from box sales surged 21-fold year on year, to $1.04bn, as CSD received orders for 1,645,000 teu, nearly double the 866,000 teu ordered in 2020.
Cai Lei, board secretary at CSD, said: “Due to the ...
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