SIMIC

"There is just not enough depot space to accommodate all the containers. With the further release of container inventory into the market from the disposal of leasing fleets, there will be added pressure on depots in the coming months," said the report.

"This will be a key challenge for some and a competitive advantage for others in the business, especially in China because of the empty container repositioning there," said Container xChange CEO Christian Roeloffs.

"The declining rates and container prices indicate a weakening demand and surplus of containers. The wider this gap, the lower the container rates and prices. The logistic companies have already moved onto the planning for Chinese New Year because of the weak peak season this year," said Mr Roeloffs, during the recent Digital Container Summit.

A most of those polled by Container xChange in the month echoed that the freefall of container prices is NOT an indicator of global economic normalisation well into 2023. Clearly, the industry is not upbeat about the supply chain getting back on track, he said.

Said Andrea Monti, CEO at Sogese which owns container depots in different locations in Europe: "Container volume at the depots is increasing to an extent that we are returning some requests for depot service agreements. We are in a situation where we are not able to accept new clients for some locations."

This peak season, which has technically not happened this year, retailers and companies are more cautious in their stock management strategy as they adjust to the shorter cargo delivery cycle.