© Michela Canalis

Q1 sales +499%

Business is booming for CIMC

by Port News Editorial Staff

Business is booming for the world’s largest container manufacturer the Chinese conglomerate China International Marine Containers (CIMC).

The Red Sea crisis, longer East-West sailings, the temporary shortage of capacity and the associated congestion problems which have hit some of the most important Asian and European hub ports are boosting the container market.

CIMC has announced that it sold 494,000 twenty-foot boxes (TEU) between January and March, i.e.  +499.27% year-on-year.

On the other hand, reefer container sales were down: 9,300 TEUs were sold compared to 12,100 TEUs in Q1 2023. CIMC attributed this mainly to the fall in demand for refrigerated products, which have become more expensive due to soaring inflation.

Translation by Giles Foster

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