COVID has hit the container market worldwide, and we anticipate it will continue to wreak havoc well into Q1.
New build container prices in China have increased approximately 40% in the last 5 months. This is causing shipping lines to hold on to their used containers longer than usual, the effects of which are trickling down to the prices of used shipper-owned containers purchased by exporters. The supply is much lower than the market needs.
That all said, today the largest shipper-owned container leasing line increased the cost of 40′ High Cube containers by another USD 800.- and our assumption is that the others will follow suit. The pricing we are seeing across the globe is quite unbelievable and we can only hope that they take a turn back to normal sooner rather than later.
As always, we feel it is important to keep you in the loop so there are no surprises, and this is no exception.