Where Are All

the Containers?
Your monthly global container
logistics update

March edition
Letter from the CEO
The attacks on vessels in and around the Bab al-Mandab Strait have resulted in a
significant surge in ocean freight rates over the last two months. However, upward
pressure on shipping rates for crucial trade routes have started easing post-Chinese New
Year. This is in line with our anticipation discussed in the previous edition of this report—
where we mentioned that increased freight rates are not likely to be long-term due to the
structural supply-demand imbalance. Most importantly, this is not only true for freight
rates (which is always in high focus of industry participants and the press alike) but also
for container prices and leasing charges where rate levels have begun declining.
In this edition of Where Are All the Containers, we analyse the gradual alleviation of the
impact of the Red Sea Attacks on freight rates. Additionally, we discuss Chinese exporters’
inclination towards EU-bound rail freight as a viable alternative amidst the attacks; the UK
economy’s plunging recession with GDP contraction; and Mexico surpassing China as the
leading exporter of goods to the US for the first time in two decades.
Of course—as usual—you will also find detailed data and forecasts, average (container)
prices and pickup rates.
At Container xChange, we are a technology company striving to simplify the logistics of
global trade by making processes around the container as simple as the box itself. We do
that by providing a neutral infrastructure that connects all logistics companies to remove
friction and create economic opportunities. As part of this mission, we are also
continuously studying the industry, market, participants, strategies, trends, etc and
building reports around them to share these insights with you. We hope you enjoy yet
another update from our end.

Christian Roeloffs

2
Table of Contents
Asia 4
Chinese exporters seek rail freight as viable alternative

The US 7
US shifts trade tide: Mexico overtakes China as top exporter

Europe 10
UK economy plunges into recession with GDP contraction

The ISC and Middle East 12

Red Sea Attacks' grip on ocean freight rates loosens

Key findings 15

Top 5 container price spikes and plummets 17

What the X? 18

Top 10 container demand & supply locations 19

Methodology 20

About Container xChange 21

Contact us 23

3
Asia
Chinese exporters seek rail freight as
viable alternative

In response to disruptions caused by attacks on the Red Sea, shippers have urgently
sought alternative transportation routes for cargo from China to Europe. Consequently, air
cargo volumes along the primary apparel route from Vietnam to Europe surged by 62% in
the week ending 14th January, compared to the previous week.1 Rail routes through Russia
have also garnered attention from shippers.

The Red Sea disruption, coupled with the Lunar New Year, led to a significant rise in
demand for rail transport in February. Freight forwarders have reported a sharp uptick in
inquiries and bookings for the rail route. Data indicates that rail operators moved
approximately 28 million tonnes of goods between China and Europe via rail freight.2

Rail freight vs ocean freight

Shippers increasingly find rail transport appealing due to its cost-effectiveness compared
to air freight and faster transit times compared to ocean transportation. Ocean shipping
from China to the Dutch port of Rotterdam through the Red Sea typically takes around 27
days. However, rerouting via the Cape of Good Hope adds 10-12 days to the transit time.
On the other hand, the rail “journey takes between 14 and 25 days depending on its origin
and destination, a transit time that is significantly better than ocean times” according to
Julija Sciglaite, RailGate Europe’s chief business development officer.3

Recent data suggests that sending a forty-foot container (FEU) from China to Europe via
rail costs around $7,900, compared to $6,507 per FEU for ocean freight from the Far East
to the Mediterranean.4 Furthermore, while concerns persist regarding global trade
receding from China, it is noteworthy that vessel manufacturers in China are
demonstrating resilience, reporting a multiyear backlog for new orders.

[1] https://www.xeneta.com/news/red-sea-crisis-sees-businesses-take-to-the-skies-to-avoid-ocean-freight-disruption
[2] https://theloadstar.com/china-kazakhstan-rail-freight-on-the-up-while-other-routes-struggle/
[3] https://www.cnbc.com/2024/02/01/china-russia-rail-freight-demand-for-shipments-has-risen-since-red-sea-attacks.html
[4] https://www.xeneta.com/news/red-sea-crisis-latest-data-from-xeneta-forecasts-ocean-freight-shipping-rates-are-set-to-rise-
further-in-february

4
China’s shipbuilding industry records order surplus
In 2024, a total of 478 container ships with a combined capacity of 3.1 million TEU are
scheduled for delivery, surpassing the previous record set in 2023 by 41%. This surge is
expected to result in a 10% growth in the container fleet capacity for the year. Additionally,
83 ships, each exceeding 15,000 TEU, are set to be delivered in 2024, contributing 1.4
million TEU to this segment.

4.0 20%

3.0 15%

2.0 10%

1.0 5%

0.0 0%

-0.1 -5%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Newbuilding Recycling Fleet growth (rhs)

Source: BIMCO, Clarksons Research

“Chinese shipyards have benefitted most from the record high orders, delivering nearly
55% of all ship capacity during 2023 and 2024 and solidifying China as the premier
location for building container ships,” as reported by BIMCO.5 In fact, China’ shipyards are
experiencing a surplus of orders due to robust demand, with production schedules fully
booked through 2026.

What did the Container xChange data find?

Our data indicates that container leasing rates from China to the US were higher than the
rates from China to Europe in February 2024. The average leasing rates from Shanghai to
ports in the US were $1,540, whereas the rates from Shanghai to ports in Europe averaged
$1,045.

[5] https://www.bimco.org/news-and-trends/market-reports/shipping-number-of-the-week/20240110-snow

5
 Container Leasing Price

Average 40ft HC leasing rates from China to the US and Europe in February

6
The US
US shifts trade tide: Mexico overtakes
China as top exporter

In February 2024, recent data by the US Bureau of Economic Analysis (BEA) unveiled a
significant shift: Mexico has surpassed China as the primary source of official imports for
the United States, marking the first time in two decades.

As recently as 2018, China commanded 47% of the inbound container volumes to the US.
“But rising geopolitical tensions between Beijing and Washington, new tariffs, and a post-
Covid shift in manufacturing momentum to Southeast Asia have cut into China’s
dominance,” reports the Journal of Commerce.6 Consequently, there has been a
noticeable uptick in imports from Mexico, Europe, South Korea, India, Canada, and
Vietnam.

Imports from China fell last year

U.S. imports of goods by origin

500

400

300 China
$ billion

Mexico
Canada
200

100

0
2000 2005 2010 2015 2022

Source: U.S. Census Bureau; U.S. Bureau of Economic Analysis; The New York Times

[6] https://www.joc.com/article/share-china-imports-us-dipped-below-40-last-year-amid-sourcing-shift_20240129.html

7
Between 2022 and 2023, the value of goods imported to the US from Mexico increased by
almost 5%, reaching over $475 billion, according to the Commerce Department. In
contrast, Chinese imports fell 20% at the same time, totaling $427.2 billion, just marginally
above Canada’s imports.7

Containers continue to flow from China to the US

Despite contracting industrial activity and declining consumer confidence, China has sent
the highest ocean container freight volume to the US since May 2022.8 Several factors
contribute to this:

Chinese New Year: The surge in shipments from China to the US is partially attributed
to the traditional pre-Chinese New Year rush, a period when coastal Chinese factories
expedite the movement of goods to ports before the extended holiday break.

Robust retail sales: Another contributing factor for the continued container flow is the
heightened demand from US importers to meet unexpectedly high retail sales.
Anticipating increased shipments, February and March are expected to be robust
months for US ports, particularly those along the West Coast.

Disparities in data: Some economists caution that the apparent reduction in US-China
trade might not be as sharp as bilateral data suggests. Notably, multinational
companies such as Hisun, a Chinese vehicle producer, have relocated portions of their
manufacturing to other countries while still sourcing raw materials and parts from
China. In some instances, companies may reroute goods produced in China through
other countries to avoid US tariffs.

What did Container xChange data find?

In partnership with Econdb, a leading data service specializing in economic indicators and
the shipping industry, we found that in February 2024, 522,782 TEUs were imported to the
US, while 331,085 TEUs were exported, indicating a container surplus.

[7] https://www.nytimes.com/2024/02/07/business/economy/united-states-china-mexico-trade.html
[8] https://www.maersk.com/news/articles/2024/01/12/changes-to-the-oc1-service

8
 Imports and exports (TEUs) in the US

700,000

600,000

500,000

400,000
TEUs

Imports
300,000 Exports

200,000

100,000

April July October 2023 April July October 2024

Source: Econdb

A surplus of shipping containers in a location indicates a reduction in container prices—

making it a suitable time to invest in buying containers. Check out container deals in the
US and buy units at the best prices.

Containers at low prices

9
Europe
UK economy plunges into recession with
GDP contraction

Britain's economy entered a recession in the second half of 2023, as official data reveal a
0.3% contraction in GDP during the three months ending in December. This followed a 0.1%
shrinkage from July to September.9

The British economy has only seen a marginal 1% growth since late 2019, prior to the
Covid-19 pandemic. Notably, among the G7 countries, only Germany is facing a more
challenging economic situation. Excluding the Covid years, the annual growth figure
represents the weakest performance since 2009. Furthermore, data also indicates a
slowdown in all main sectors including construction and manufacturing during the final
three months of 2023.10

Amidst the economic challenges faced by Europe, there is a glimmer of relief as

congestion concerns at Europe's ports show signs of easing.

Europe’s ports successfully navigate delayed vessel arrivals

from Asia
Container hub ports in Northern Europe are effectively managing the arrival of a cluster of
ships from Asia, which experienced delays due to rerouting around the South African
coast. Contrary to initial concerns regarding a potential recurrence of port congestion
similar to the aftermath of Ever Given’s blockage of the Suez Canal in 2021, recent reports
indicate that such fears are unfounded.

Hapag-Lloyd's recent terminal operations update for Northern Europe reveals that hub
ports, including Rotterdam, Hamburg, and Southampton, experienced a spike in yard
utilization levels, reaching between 85% and 90% in the second week of February.
Previous weeks recorded as low as 55%, indicating successful handling of delayed vessel
arrivals.11

[9] https://www.investopedia.com/uk-and-japan-fell-into-recession-at-the-end-of-last-year-8582164
[10] https://www.bbc.com/news/business-68285833
[11] https://theloadstar.com/congestion-fears-ease-as-europes-ports-cope-with-arrival-of-delayed-vessels/

10
What did Container xChange data find?

The average price of a 20ft cargo-worthy container in ports of North Europe was $1,120 in

September 2023. The prices have decreased to $972 in February 2024, marking a 19.37%

decrease.

Container Market Price Trend

Average price of a 20ft cargo-worthy container in Europe in February

11
ISC & Middle East
Red Sea Attacks' grip on ocean freight

rates loosens

The Red Sea crisis led to a significant surge in ocean freight rates over the last two
months. However, there are indications that the upward pressure on shipping rates for
crucial trade routes may be easing. Ocean freight rates for shipping from Europe and the
Mediterranean began declining towards the end of January.

As of February’s General Rate Increases (GRIs), the cost for a forty-foot container from the
Far East to the Mediterranean is projected to be $5,950, down from the recent peak of
$6,050 on January 16. Similarly, on the trade route from the Far East to North Europe,
rates for 40-foot containers are expected to start at $4,820, slightly below the January 16
peak of $4,850.12

Interestingly, this reversal in ocean freight pricing is occurring despite the ongoing threats
to global maritime shipping. The timing of these rate decreases could impact upcoming
negotiations between ocean freight carriers and shippers as new contracts are discussed
at the beginning of March.

The decline in shipping rates coincides with a recent reduction in demand for Asian
manufacturing. Additionally, the Lunar New Year period, characterized by lower freight
volumes as Chinese manufacturing slows down for the holiday, contributed to the
decrease.

In the previous version of the Where Are All the Containers report, we mentioned how our
analysis indicates that increased freight rates are not likely to be long-term and rate
reductions can be anticipated post-Chinese New Year.

India’s exports rise 3.12% despite the Red Sea crisis

Despite challenges in the Red Sea, India experienced modest growth in exports in January
2024, recording a 3.12% year-on-year increase to $36.92 billion. The positive trend was
supported by sectors such as electronics, engineering goods, and pharmaceuticals.
Imports also saw a 2.99% rise, reaching $54.41 billion in January 2024, driven by

[12] https://www.cnbc.com/2024/01/31/red-sea-freight-rate-inflation-may-be-peaking-already.html

12
significant contributions from crude oil, electronics, coal, and gold shipments.13

Imports and exports of India in January 2024 (USD Billions)

52.83 54.41

35.80 36.92

January 2023 January 2024

Exports Imports

Source: Ministry of Commerce & Industry

However, Indian exporters remain cautious about the potential impact of continued Houthi
attacks in the Red Sea. The exports have not declined yet, as exporters have been
compelled to fulfill old orders despite the high shipping costs. “Much will depend on the
new agreement to be signed with buyers during the new fiscal as exporters have been
absorbing the burden of increased freight cost as per the old agreement,” according to
exporters’ body FIEO.14

[13] https://pib.gov.in/PressReleaseIframePage.aspx?
PRID=2006282#:~:text=Merchandise%20exports%20in%20January%202024,52.83%20Billion%20in%20January%202023.
[14] https://www.thehindubusinessline.com/economy/indias-exports-rise-312-in-jan-despite-red-sea-crisis-global-slowdown/
article67849941.ece

13
What did Container xChange data find?
In partnership with Freightos Baltic Index by Freightos, a global freight marketplace, we
found that the freight rates from China/East Asia to North Europe and the Mediterranean
saw a slight decrease from $5,654 to $5,194. However, freight rates from China/East Asia
to the US East and West Coasts continue to rise, albeit at a slow rate.

Container market price trend

Source: Freightos Baltic Index (FBX) from Freightos Data

14
Key Findings
Chinese exporters seek rail freight as viable alternative
The Red Sea disruption, coupled with the Lunar New Year, led to a significant rise in
demand for rail transport in February. Data indicates that rail operators moved
approximately 28 million tonnes of goods between China and Europe via rail freight.

Sending a forty-foot container (FEU) from China to Europe via rail costs around $7,900,
compared to $6,507 per FEU for ocean freight from the Far East to the Mediterranean.

Container leasing rates from China to the US were higher than those to Europe. The
average leasing rates from Shanghai to ports in the US were $1,540, whereas the rates
from Shanghai to ports in Europe were $1,045.

US shifts trade tide: Mexico overtakes China as top exporter

Recent data released in February 2024 by the US Bureau of Economic Analysis reveals
that Mexico has surpassed China as the US' primary source of official imports for the
first time in two decades.

Between 2022 and 2023, the value of goods imported to the US from Mexico increased
by almost 5%, reaching over $475 billion, according to the Commerce Department.
Chinese imports fell 20% during the same time, totaling $427.2 billion, just slightly
above imports from Canada.

In February 2024, 522,782 TEUs were imported to the US, while 331,085 TEUs were
exported, indicating a container surplus.

UK economy plunges into recession with GDP contraction

Britain's economy entered a recession in the second half of 2023, official data reveals a
0.3% contraction in GDP during the three months ending in December. This followed a
0.1% shrinkage from July to September.

European hub ports, including Rotterdam, Hamburg, and Southampton, experienced a

spike in yard utilization levels, reaching between 85% and 90% in the second week of
February. Previous weeks recorded just 55%, indicating successful handling of delayed
vessel arrivals.

15
 The average price of a 20ft cargo-worthy container in ports of North Europe was
$1,120 in September 2023. The prices have decreased to $972 in February 2024,
marking a 19.37% decrease in six months.

Red Sea Attacks' grip on ocean freight rates loosens

As of February's General Rate Increases (GRIs), the cost for a forty-foot container from
the Far East to the Mediterranean is projected to be $5,950, down from the recent peak
of $6,050 on January 16. Similarly, on the trade route from the Far East to North
Europe, rates for 40-foot containers are expected to start at $4,820, slightly below the
January 16 peak of $4,850.

Freight rates from China/East Asia to North Europe and the Mediterranean saw a slight
decrease from $6,357 to $5,654. However, freight rates from China/East Asia to the US
East and West Coasts continue to rise.

16
Top 5 container price
spikes and plummets
Below are the top 5 locations with the largest week-on-week container price growth and
decline of 40ft containers, as per our container trading platform.

Find more insights

17
What the X?
What is container throughput?
Container throughput is a measure of the number of containers that pass through a port
within a given period. Throughput provides insights into the volume of goods being
transported and traded through a particular port. It looks at the overall container traffic—
encompassing both inbound and outbound containers, including full and empty units.

What is the China Europe Railway Express?

The China-Europe Railway Express, or China Railway Express (CRE), is a network of
international multimodal container rail services that connects cities in China with cities in
Europe. It provides overland transportation for cargo, bypassing the traditional maritime
routes that typically connect these two regions. The CRE is a key component of China’s
Belt and Road initiative.

What are port delays?

Port delays occur when the loading and unloading of containers at ports takes longer than
expected. These delays are common and can result in the shipping industry losing
valuable time. Delays at ports can lower cash flow, increase the risk of damage, and lead
to delayed manufacturing and sales.

Do you have a question that you want us to answer? Please write to us at:
communications@container-xchange.com and we’ll answer it in our next edition.

18
Top 10 container
demand & supply
locations
Here are the top 10 container demand locations on the xChange platform.

Here are the top 10 container supply locations on the xChange platform.

Find more insights

19
Methodology
Container xChange’s monthly report – Where are all the containers? – offers a commentary
on the main events in the global logistics and supply chain industries. With the unique and
cutting-edge data that the company has, this report explains how they affect the global
economy and consequently, our mundane lives.

We also bring forward valuable insights for users and suppliers of shipping containers as
well as update them about the average prices of the 20ft, 40ft and 40 ft HC containers,
pick-up charges for one-way moves, and the Container Availability Index (CAx) of key
ports. Our analysis is based on global news, industry research material and insights
directly from established professionals in logistics and supply chain.

The data in this report as well as the pictorial representation are powered by Container xChange’s
product, Insights.

Additional notes for the reader

All the data that represents average prices refers to different types of containers. Their details
are mentioned in the text and the graph headings.

The prices of buying and selling and PU (pickup) charges for one-why leasing are always the
average numbers (in USD) over the month we are reporting on.

Data representing average prices and average PU charges for one-way leasing of
various types and conditions of containers, are based on the containers transacted on
Container xChange’s trading and leasing platforms.

A metric created by Container xChange, CAx is the tool or index which we use to
measure the import and export of full containers around the major ports of the world. A
CAx score of 0.5 means that the same number of containers leave and enter a port in
the same week.

© All rights reserved by Container xChange. No portion of this report may be reproduced
for commercial purposes without explicit written permission from the company.

20
About Container
xChange
The online platform for container
logistics and operations
TRUSTED BY 1,500+ LEADING HYSUN

INDUSTRY PARTNERS CONTAINER

Buy, sell and lease containers in just a few clicks

with Container xChange Marketplace

Use containers Supply containers Pick-up location Drop-off location Search

Container Leasing
900
$ Pick-up charge
40HC, Cargo Worthy 44 Containers Container supplier Supplier pays

Lease one-way containers and grow Pick-up Tianjin

5.0 (4k) Online
60 Freedays $5 Per diem
Drop-off Melzo 2 more

your business. Choose among 2,500+

View details

global locations, connect with only

0
$ Pick-up charge
45HC RF, IICL-6
certified companies, and negotiate
13 Containers Container supplier Supplier pays

Pick-up Hamburg 30 Freedays $21 Per diem

the best terms. Drop-off Antwerp 2 more
5.0 (4k) Online
View details

Buy containers Sell containers Search locations All container types Search

$
2,250
Container Trading
40HC, Cargo Worthy 25 In stock Container seller Per container
Year of manufacture: 2019-2023 Negotiable price
Location Hamburg
5.0 Online

Pick-up
View details
Buy containers at the best prices with
INSTANT SALES OFFER Bu y these containers instantly without waiting for seller confirmation 100,000+ containers up for sale
globally. Or quickly sell your stock to
$
2,250
40HC, Cargo Worthy 25 In stock Container seller Per container
Year of

Location
manufacture: 2019-2023
Hamburg
5.0 Online
Negotiable price
1,000+ certified companies.
View details
Pick-up

Payment
Customer support Certified
protection on all deals companies only

21
 Find the best locations to buy, sell or lease containers

Container type Container condition e ion

R g

40 High cube (HC) Brand New Europe North

Insights Market Price - Avg. last 7 days by City Area Most popular leasing stretches on xChange – last 2 mo.

Gdansk $3,735
Hamburg

With Insights, learn and compare the Bremen

Lyon
$3,512

$3,495
5.3%

32.0%
Budapest

Moscow

live container prices and one-way

10.1%

Fos Sur Mer $3,275 Antwerp

Budapest $3,136 uisburg

leasing terms in 180+ global locations.

D

Le Havre $3,119
19.5% Gothenburg

Minsk
London $3,049 24.3%

London
Gliwice $2,967

Various data
Daily data updates Global coverage
sources

H wo container providers, freight forwarders,

NVOCCs win with xChange

Scaled up their Made 130 online deals Found 54 new partners

business 5 times in just a year
u
“xChange s pported us to
“Finding reliable partners is u u
improve o r rep tation on an “xChange has been a massive

just one click away with international level” help in helping me find

xChange” containers all over the world”

Andrea Monti

Mr Supal Shah
CEO S g , o ese a es Grunsky,

J m

CEO, ARCON CEO, GRUNSKY

Boost your container

operations with xChange
Learn more www.container-xchange.com

28
Contact us
Established in 2017, Container xChange is a technology company headquartered in

Hamburg, Germany. It is the world’s first online marketplace for buying, selling and leasing

shipper owned containers (SOCs). At present, we have more than 1,500 international

companies on our platform.

We offer our members efficient digital processes and market transparency to enhance

their operational flexibility. We cover the entire transaction process, from finding new

partners to do business with to tracking containers and managing payments.

We are working towards a mission to simplify the logistics of global trade. And we are creating

an ecosystem of products and services for container logistics companies to empower them with

digitalization and help them reduce their manual workload.

For questions about this report, our products and to request a demo, please write to:

Vatsala Singh

vsn@container-xchange.com

For press inquiries, please write to:

Ritika Kapoor

rka@container-xchange.com

© All rights reserved by Container xChange. No portion of this report may be reproduced

for commercial purposes without explicit written permission from the company.