Global container equipment leasing rates fell to an all-time low by mid-2015, according to a report by shipping consultancy Drewry.

Drewry expects the leasing rates to remain stable for the rest of 2015 and 2016.

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The report also found that container equipment rental came under renewed pressure in 2014 and by mid-2015 new dry freight pricing was at a ten-year low.

"The outlook for 2015 is for the annualised average rental price of container equipment to drop further and reach its lowest point in more than a decade, with no improvement predicted for 2016," noted Andrew Foxcroft, Drewry’s lead analyst for container equipment.

The leased container equipment fleet increased in size by 9% during 2014, a faster pace than 2013 and well above the growth trend recorded for transport operators.

Shipping lines’ owned fleet increased by less than 4% in 2014. According to the report, the lines’ continued weak fleet growth is attributable to their enduring financial weakness, with this improving only slightly during 2014-15 when the impact of lower operational costs brought some much needed fiscal relief.

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The report said that all of the top 15 container leasing companies have changed ownership, been started-up or undergone some major financial restructuring during the past decade, with one large fleet merger due for completion in 2015.

"The entire lease industry is also facing up to a tougher market climate in 2015. Cash returns from new equipment lease stayed flat through 2014, and into 2015, and per diem rates have continued to slide in step with the recent decline in new box pricing," Drewry wrote.