"While large by historical standards, Drewry considers this surplus to be manageable for the industry," the report said.

The global sea container pool grew by 13 percent to nearly 50 mteu in 2021, three times the previous growth trend. “This reflected landlords and ocean carriers ordering record numbers of containers and taking fewer aging units out of service, as congestion in global supply chains meant containers were estimated to be 15-20 percent less productive than in pre-Covid-19 times.”

Drewry estimates that each container made an average of 18.1 lifts in 2021, compared to 19.2 in 2020 and between 19.5 and 20.6 in the 2010s. Container capacity per slot increased by 8 percent in 2020 when the pandemic started and remained at this level throughout 2021.

“Looking ahead, ocean carriers will be the top equipment buyers for the next two years, after which lessors will regain control and increase their share of the pool to 54 percent by 2026.”

While prices for new construction and used products will fall, a return to the very low prices of 2019 is not expected as manufacturers are expected to manage their capacity and pricing strategies very carefully, the report said.