Suddenly there is a glut of empty containers. And prices for empty containers have fallen, in some cases by almost 50%. That’s because the containers are jammed up and not going back to China, due to Chinese COVID shutdowns and the Ukraine crisis.
Now the cost of a container in the US is below what it costs to buy a new one in China. I’m afraid it isn’t low enough for ocean carriers to be motivated to spend a voyage on relocating them. I think they will continue to build up in the US.
Gary Howard | Apr 19, 2022US container prices tumble as yards overflow with empties