Dong Fang, a container maker, reports a 35% decline in net profit for 2022

Dong Fang International Container, the world’s second-largest container maker, saw its net profit fall 35% to $568.57 million in 2022. Container sales plummeted 42% to 958,900 TEU, while container leasing revenue fell 9% to $787.93 million. COSCO Shipping Development (CSD), Dong Fang’s holding business, expects that container demand would fluctuate in 2023 as the market normalizes, hurting shipping companies’ rental demand. CSD remains confident that container leasing demand will eventually stabilize, while noting that global economic uncertainty may impair demand for new containers. According to Linerlytica, the dry container output of the three listed container manufacturers, CIMC, CSD, and Singamas, will be cut in half year on year in 2022.

Source of information – Container news