Reefers not yet frozen out

Hong Kong-headquartered IQAX Ltd, an innovative developer of technology solutions for the shipping and logistics industries, has bought shares in Shanghai-based BoxPlus Information Technology Company Ltd. BoxPlus develops sensors and Internet of Things (IoT) devices for containers.

A sharp fall in orders for new containers has taken its toll on container manufacturers with H1 2023 revenues and profits at China International Marine Containers (CIMC), Dong Fang International Containers (DFIC) and Singamas well down on the corresponding period of 2022.

Carrier Transicold has designed and is now manufacturing a new reefer machine that is specifically aimed at the North American domestic intermodal market

Reefer container production has slowed further this year, with 2023 forecast to be 20% down on 2022, but from 2025, output is expected to increase, with the global fleet projected to total 4.2M TEU in 2027.

The volume of refrigerated cargo moved by ship hit a record level in 2022 and, despite considerable uncertainties in the short term, the sector’s growth prospects in the medium to long term seem assured, as does the ongoing shift to using reefer containers.

CIMC issues profit warning as container output and consolidated results show a steep decline.