Singamas, the fourth largest container manufacturer, announced on 15 March that 2022 net profit fell 73% year-on-year to US$56.57 million as container trade slowed in 2H 2022 and there was an oversupply of containers.
Revenue fell 33% to US$775.98 million. Turnover from Singamas’ core business of manufacturing dry containers, was down 40% to US$610.09 million, as 242,000 dry boxes were sold in 2022, a drop from 347,000 TEUs sold in 2021.
The average selling price of Singamas’ containers was...
https://container-news.com/singamas-earnings-plunge-as-box-trade-slips/