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Thursday, 20/02/2025, 18:55 (GMT +7)
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CIMC receives full container order book until end of March
CIMC, the world's largest container maker, has announced that it is fully booked through March 2024 due to surging demand from the Red Sea crisis, with profits expected to increase 6-8 times year-on-year.
China International Marine Containers (CIMC) headquarters (Source: CIMC)
China International Marine Containers (CIMC), the world's largest container maker, said its factories are fully booked until at least the end of March, as the Red Sea crisis has caused demand for containers to surge.
In a filing to the Shenzhen Stock Exchange, the state-owned Chinese company revealed that its 2024 net profit is expected to increase 6-8 times from 2023, reaching between $340 million and $480 million.
According to market estimates, CIMC will achieve a net profit of between USD 92 million and USD 229 million in the final quarter of 2024, reversing a loss of USD 104.5 million in the same period in 2023.
Explaining the strong growth, CIMC said:
"The container shipping market rebounded cyclically in 2024, and due to factors such as the Red Sea crisis that lengthened sailing distances, there was higher demand for new containers. The production and sales of standard dry containers hit a record high, and thus, our revenue and net profit grew a lot."
CIMC also said: "Our current orderbook is significantly better than the same period last year, and the orders on hand have been scheduled into the first quarter of 2025."
The company will not disclose its 2024 container volume until its full-year financial report in late March, but in the first three quarters of 2024, dry container volume increased fivefold year-on-year to nearly 2.49 million TEUs.
Although the 2025 container shipping market is still subject to many uncertainties, CIMC management remains optimistic.
They commented:
"With growing international trade, global container holdings are also expected to rise. Diversification of supply chains, and increased TEU-mile will generate demand. At the same time, the imbalance of container trade flows and the replacement of aged containers will support demand."
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Source: Phaata.com (According to ContainerNews)
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