Containers In Short Supply As Chinese Exports Surge

-- China's latest index of export container transport hit a record high, reflecting a supply shortage of containers, mainly due to the nation's fast-growing exports.

-- In early November, the eight major shipping hubs, including Shanghai and Ningbo, saw container throughput rising by 13.1 percent year on year. Specifically, container throughput for foreign trade increased by 11.5 percent from a year earlier.

-- As a result, container manufacturers have been working 24 hours a day and seven days a week to meet the demand.

-- Taking the lead in economic recovery globally, China saw its exports jumping by 21.1 percent year on year in November in U.S. dollar terms, the fastest growth since February 2018.

China's latest index of export container transport hit a record high, reflecting a supply shortage of containers, mainly due to the nation's fast-growing exports.

Tracking spot and contractual freight rates from Chinese container ports for 12 shipping routes across the globe, the average China Containerized Freight Index (CCFI) stood at 1,411.98 in the week ending last Friday, up by 6.7 percent from a week earlier, the Shanghai Shipping Exchange said.

The CCFI rose nearly 70 percent since late May this year, roughly the same period when major Chinese ports saw a turnaround of container throughput.

Containers have never been so sought-after, said Li Xiaohui, deputy manager of the technology department at a container company in Tianjin Port.

Affected by the COVID-19 outbreak, container throughput at the port decreased at the beginning of the year, hitting a low of fewer than 1 million 20-foot equivalent units (TEUs) in February.

This large shipping hub in north China saw its container throughput increase for the first time this year in May, standing at 1.65 million TEUs. For the first 11 months, its container throughput rose by 6.1 percent year on year to more than 17.1 million TEUs, data showed.