Management at Singamas, the world’s fourth largest container maker, disclosed that the company had to close its factories, intermittently, as demand for new containers plunged in the first six months of 2023, reports Container News.
Sales of dry containers drop
Revenue at Singamas, a subsidiary of Singapore-based liner operator Pacific International Lines (PIL), declined 60% year-on-year to US$189.13 million in 1H 2023, while net profit fell 74% to US$11.59 million.
Sales of dry containers dropped by 65% year-on-year in the first six months of the year, with just 49,000 TEU sold, compared with 142,000 TEU in 1H 2022. Revenue for the container manufacturing business fell in tandem, recording a 62% year-on-year contraction to US$175.44 million.
During the first half of 2023, the average selling price of a 20-foot dry container dropped to US$2,078, from US$3,330…
