Container production is waning in China, where empty containers collect in ports amid weakening exports. All these are indicators that China’s shipping industry is in a state of decline.
Data shows that the global production of new containers in the first quarter of 2023 has fallen to the lowest since 2010.
According to data released in May by Drewry, a U.K.-based shipping consultancy, global container production shrank to 306,000 TEUs (Twenty-foot Equivalent Unit) in the first quarter of 2023, down 71 percent year-on-year.
Drewry expects continued weakness in shipping trade in 2023, with the global container fleet contracting by 2 percent, which would be the first capacity decline in 14 years….