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


Cash Management A Bigger Challenge for Singamas

Singamas reported its full year results during lunch break today (15 Mar). The bottom line results of $46mn for FY and $8mn for 22H2, down 75% YoY and 93% YoY respectively was not a surprise since it was well discussed earlier in 2023 about the surplus of containers in the market and profit alerts were given in November last year and again 2 weeks ago. The negative surprise though come from probably the lower than expected final dividend payout of $6.11m declared for 2022. This came on top of


Singamas may turnaround on the record demand, we estimate

Singamas may deliver over $90m in 2021, equivalent to half of its current market capitalization.

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