According to Container xChange’s monthly container logistics report, the global container shipping industry is set to experience the typical boom and bust cycle in October, with overall slowed-down demand and a corresponding oversupply of containers.

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According to Container xChange’s data, the price of a cargo-worthy 40 ft HC container in Ho Chi Minh City on September 22 was $3,643, the third highest on the platform.

This indicates a high demand for 40 ft HC containers at the port. Not just the prices, the average pick-up rate of a cargo-worthy 20 ft from the port of Ho Chi Minh to the US dropped from $321 to $117 as well.

The prices for cargo-worthy 40 DC boxes in the ports of China have seen a steady decline in 2022, nearly a 50% drop compared to the beginning of the year.

While the ports of India and Vietnam have seen a similar decline, the trading prices seem to have stabilised over the last two months showing an increase in demand for these boxes at the ports of Mundra, Nhava Sheva, and Ho Chi Minh City, according to the report.

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Europe, on the other hand, has experienced an oversupply of 40 ft HC containers, driving a significant drop in container prices.

“As of September 21, 2022, the general average pickup and delivery (PU) charge for a 40 ft HC cargo-worthy box in the ports of Europe fell from $2,996 in August to $2,773 in September. The prices for the same were $3,281 in July this year,” the report revealed.