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CIMC container production, sales more than double in first nine months

CIMC container production, sales more than double in first nine months
The recovery in the global trade and growth in shipping volume has contributed to stellar results for container maker China International Marine Containers (CIMC), with sales and production more than doubling to RMB18.0bn ($2.7bn) from RMB7.8bn and 969,300 teu of dry containers from 419,000 teu respectively in the first nine months of the year compared to the previous corresponding period.

Reefer containers also saw production rise by almost half to 67,300 teu from 45,300 teu in the same period. CIMC said in a stock market announcement that the recovery in trade and volumes has led to increased demand for containers, with customers "generally increasing purchasing volumes for new containers so as to cope with such short supply".
CIMC added that the successful completion of the upgrade of its facilities in the second quarter to water-based production lines to comply with new environmental regulations also allowed production to escalate and recover, gradually alleviating the shortage in market supply.
The group's offshore engineering business however continued to suffer from that segment's weak environment. CIMC said revenue for this segment fell 54% to RMB1.6bn from RMB3.5bn in the previous corresponding period due to a reduction in new orders and slippages as current orders were postponed.
Recent months have seen an uptick however, with CIMC reporting seven new orders in August and 12 in September. It did not however disclose the nature of the orders or their value.