Box drama

摘要

The year 2004 is certainly proving dramatic for the container rental sector. Utilisation rates, after climbing to almost 90% in 2003, have continued their rise into 2004, and today stand close to 95% for many companies. This ultra-high level is viewed by most lessors to be almost unsustainable, and it has not been achieved at any time since the late 1980s. Also paralleling the earlier ebullient market of 15 years ago is the rapid upward march of dry freight box prices and per diem rental rates, both of which increased by over 50% during the six months to May 2004. By that month, no 20ft production was available ex-works from China for a unit price less than USD2,000, with many buyers obliged to pay rather more. By comparison, the average 20ft container price was USD1,350 back in October 2003, and USD1,500 at the start of 2004. The rental rate attracted for a newbuild standard 20ft container fixed on five-year term also rose from below USD 0.55 per day, to more than USD0.85, during the same period. Per diem rates have not been so high at any time since 1998, while the average 20ft price last stood above USD2,000 in 1996.