The global tank container fleet reached 848,400 units by January 1, 2024, marking a significant milestone in the industry’s growth trajectory. This expansion has been propelled by rising global demand for bulk liquid and liquefied gas transport, coupled with the tank container’s recognition as a safe, flexible, and efficient mode of transportation.

Despite experiencing a slowdown in growth in 2023, attributed to the normalisation of supply chains and stagnant volumes of bulk liquids suitable for tank container transport, the industry remains resilient. The COVID-19 pandemic prompted chemical companies to overstock and utilise tank containers for storage purposes, driving up demand for both containers and equipment.

However, as chemical companies began destocking in 2023, there was a decrease in the number of tank containers held on demurrage, leading to reduced utilisation rates for operators and leasing companies. Despite this, tank container manufacturers maintained high production figures, with depots experiencing a surge in demand for storage space.

The industry faced additional challenges due to the Red Sea crisis, resulting in significant rerouting of vessels and increased TEU miles via the Cape of Good Hope. Despite these challenges, tank containers continue to play a critical role in supporting the “just-in-time” business philosophy of major end-users, particularly shippers.

The global tank container industry remains dominated by a relatively small number of major operators and leasing companies. The top 10 tank container operators account for over 50 percent of the global fleet, while the top 10 leasing companies represent about 85 percent of the total leasing fleet.

The International Tank Container Organisation acknowledges the contributions of various companies to its survey, which provides valuable insights into the state of the industry. As the industry evolves, collaboration among stakeholders will be crucial in overcoming challenges and driving further growth and innovation.

For more information visit www.international-tank-container.org

19 March 2024