The shipping industry is stepping up efforts to build steel containers outside China, lining up the spare capacity needed to shield a key component of global trade from supply chain pressures and geopolitical rifts, reports the Financial Times. Manufacturers and government bodies are developing factories across Asia and the US to mitigate an over-reliance on China that some blame for trade disruption during the coronavirus pandemic.
Owners of new factories in Vietnam said they could eventually build around a sixth of the steel boxes typically produced in a year, while sizeable capacity is also expected to be added in India.
At present, more than 95% of containers are made in the world’s second-largest economy, according to maritime consultancy Drewry, with the market dominated by three state-owned enterprises.
