Sino Logistics Corporation (SINO) has revealed its investment plan to increase its shipper-owned containers (SOC) by more than 50 units per month. This strategic move aims to mitigate risks associated with shortages and high freight costs amid the Red Sea crisis by enhancing the flexibility in container management for the company’s customers.
Due to the prolonged attacks on cargo ships in the Red Sea, many shipping lines have opted to avoid these routes, leading to longer operating times. Consequently, freight rates on routes to Europe have quadrupled to 4,900 USD, while routes to the United States have tripled to 7,200 USD per container since last November (sourced from SCB EIC). Moreover, clear indications of a container shortage risk have emerged. Thus, including SINO’s SOC containers at this juncture instils confidence among customers seeking shipping services to overseas markets. This initiative ensures that there will be an adequate supply of containers to accommodate the growing demand for shipping goods by sea.
SINO has announced its readiness to respond to customer needs in an efficient, safe and timely manner. The milestone aims to advance the objective of increasing the volume of shipping containers to 53,000 units as well as pushing Thailand to be a hub for sea transportation to other countries in the ASEAN market that want to export products to the United States according to the company’s strategic plan.
Mr. Nanmanus Witthayasakpan, Chief Executive Officer of Sino Logistics Corporation, said, “The Red Sea serves as a critical shipping route for global trade. The prolonged situation is expected to exacerbate the container shortage, which became apparent towards the end of the first quarter of this year. Consequently, we are preparing to increase our container inventory to support the anticipated surge in product exports from Thailand to the US and European markets.”
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