Global Shipping Container Surplus 2024: Drewry Report and Industry Forecast
According to Drewry’s Container Census and Leasing Annual Review & Forecast 2022/23, the global pool of shipping containers increased by an astonishing 13% in 2021 — nearly three times higher than in previous years. This surge marks a record number of containers in circulation worldwide and has set the stage for a complex market balance heading into 2024.
📦 The Global Container Surplus
Drewry estimates that as many as 6 million TEU of surplus containers currently exist in the global equipment pool. Despite this excess, analysts forecast that the additional slot capacity from new ships scheduled for delivery will help absorb the surplus by late 2024.
Industry data suggests carriers are intentionally increasing their buffer stocks, holding extra inventory in their equipment pools to prevent shortages like those seen during the pandemic. As a result, fewer new containers are expected to be produced over the next two years.
⚙️ Container Production and Price Outlook
Drewry forecasts global container output to slow significantly in the near term:
- 📉 2022: 3.9 million TEU produced
- 📉 2023: 2.4 million TEU expected
Most new builds will be for replacement rather than expansion. While container prices are projected to decline, Drewry does not expect a return to the very low pre-pandemic levels of 2019. Manufacturers are expected to carefully manage both capacity and pricing to maintain balance in the market.
🏗️ Secondary Market and Reuse Trends
The secondary market for used containers remains strong. Repurposing and recycling decommissioned shipping containers into homes, offices, and storage facilities is increasingly popular. This trend not only supports sustainability goals but also provides a consistent outlet for ex-trading containers, helping stabilize overall market conditions.
Curious about container repurposing projects? Read our post on how to build a shipping container shed for inspiration.
🚢 Carrier and Leasing Market Shifts
Looking ahead, ocean carriers will continue to dominate container purchasing for the next two years, with leasing companies regaining ground afterward. Drewry predicts lessors will control 54% of the global container pool by 2026, signaling a long-term rebalancing of ownership and capacity control.
🌍 Global Market Outlook for 2024 and Beyond
With production slowing and demand gradually stabilizing, container prices are expected to remain steady through 2024. However, volatility could return if new global events — such as conflicts, pandemics, or fuel market disruptions — impact logistics again.
While prices won’t likely return to pre-2020 levels, a moderate correction and normalization are expected as the industry continues to balance supply, demand, and sustainability goals.
🔍 Key Takeaways
- Global container surplus currently at 6M TEU
- Production slowing in 2022–2023 to stabilize market
- Secondary market and container reuse remain strong
- Leasing companies to control 54% of the pool by 2026
- Prices expected to stay stable through 2024
The global shipping container surplus in 2024 marks a turning point for the industry. As supply and demand continue to rebalance, stakeholders from carriers to leasing firms and construction innovators are rethinking how containers are built, used, and recycled. The future looks steady — if not yet back to pre-pandemic simplicity.
For more updates on market trends, pricing, and container availability across the U.S., visit YES Containers or contact us at (800) 223-4755.
