Craigslist Storage Containers (2024)

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Is there a shortage of storage containers? ›

Understanding The Shipping Container Shortage and Prices in 2021. Due to COVID related supply and production delays, there is a global shortage of shipping containers. This shipping container shortage is leading to skyrocketing shipping prices and major delays.

With proper maintenance, a shipping container can last for decades, ensuring a long-term investment. This durability also means that containers retain their value over time, unlike other assets that may depreciate quickly. Investing in shipping containers aligns with the growing emphasis on sustainability.

The trade imbalance means some of the containers that come into the US & Canada get sent out empty and some are sold to companies like ours. More shipping containers come into the US & Canada than are sent back out, but that doesn't mean that the balance of containers are scrapped.

Drive around any port in the world and you'll see stack upon stack of empty shipping containers. According to recent estimates, there are more than 12 million unused containers cluttering up valuable inner-city real estate.

There is today a notable lack of empty containers in the world. The main reason behind this is, of course, the COVID-19 pandemic. It has become a serious problem in the logistic industry. Many countries around the globe entered lockdowns impacting the whole logistics supply chain and world economy.

When freight rates fell in 2022-2023, the container lines started to get rid of surplus boxes to match lower demand and to avoid the steep depot levies on unused equipment. Meanwhile, container production fell last year to the lowest since 2016, according to maritime research firm and consultancy Drewry.

The shipping industry faces the risk of oversupply in 2024 as deliveries are set to increase to 2.95 million TEUs. The surge in deliveries, including “Megamaxes” and “Neopanamaxes,” may lead to intense competition, reduced profits, and potential mergers and acquisitions.

Monthly container freight rate index worldwide 2023-2024

Container freight rates oscillated dramatically between January 2023 and August 2024. Freight rates slumped to their lowest level on the 26th of October 2023, when the going rate for a 40-foot container was only 1,342 U.S. dollars.

Over the past year, the West Coast region experienced a drop in container prices due to factors such as wage wars, bottlenecks and port congestion. However, with the Red Sea crisis and preparations for the Chinese New Year leading to a spike in demand, prices have been on the rise again since October 2023.

Most container leasing companies typically depreciate their containers over a 10-12 year period before retiring them permanently. However, the general consensus regarding lifespan for containers which are not in heavy use (such as those used in storage facilities) is an average of 25-30 years.

What happens to empty shipping containers? ›

The empty container will be loaded with a fresh batch of cargo and then shipped from the port to the designated location; They will be sent to a new destination for empty shipping repositioning; They may end up in depots and ports in case they are no longer needed.

When maintained properly, a shipping container can last upwards of 25 years or longer. The lifespan depends on the condition of the container and the environment in which it is kept. Although they are built to resist harsh climates, its' lifespan can be cut short by wetter, saltier climates.

Since the beginning of the pandemic, shipping containers have become a major issue across most industries including the PPE manufacturing sector. The disruption of supply chains caused by Covid-19 has sparked a global shipping crisis, with freight prices soaring due to a container shortage.

The shipping container shortage could probably be better described as a logjam. Shipping container production has been at record levels in 2020 and 2021, but very few of those containers have made their way to the resale market because shipping lines have so much demand for freight.

This issue arises due to imbalances in trade; for instance, European and American ports often have a surplus of empty containers, while Asian ports face a deficit. This imbalance leads to congestion, handling delays, and increased costs at ports.