Box Manufacturing Volume and Earnings Dropped Over 50% YoY in 2022

CIMC reported FY2022 results over night (28 March) that its net profit dropped 52% YoY driven mainly by the decline in the sales volume of dry containers. COSCO Development also reported FY2022 before market open on 31 March where its earnings dropped 36% YoY. Combined dry container output dropped 50% for these three manufacturers during 2022 after the industry has reached a record high in output during 2021. 2022 output was higher than the level in 2019 and 2020 but on par with the historical