The huge trade imbalance between China and Russia since the invasion of Ukraine has led to some 150,000 teu of empty boxes becoming stranded in Russia.

Sept'23: “Containers are piling up in Russia, which means that second-hand prices are very low there – you see a 40ft high-cube container on sale in Moscow for less than $1,000, while in other parts of the world it is almost double, or more.”

“Currently there are around 150,000, and everybody is looking for an opportunity to return containers back to China. All containers from Russia to China go with a pickup charge,” he said.

“Many Chinese companies are selling containers below market price to get rid of them, since it doesn’t make sense to send them back to China. From Moscow to Shanghai, the offline market offer is around $1,500 for new containers. If cargo-worthy containers are in good condition and cost less, they prefer to sell the boxes in the local market,” he explained.