The price of new shipping containers is rising sharply, up 20% in just over three months. The reason is a shortage of empty containers as demand surges between Asia and North America. Shipping companies have stepped up their purchases of new containers, but production cannot kept pace and shortages are estimated to continue until early 2021. Strong consumption in the US is pushing up freight and container prices. Container prices fluctuate drastically with freight traffic. The cost of a standard-size 20-foot container as of mid-October is US$2,300-$2,400, up about 4% from the end of September and up about 20% since the end of June, when it hit a recent low. That's up 30%-40% from a year ago. The reason is a surge in demand for shipments from Asian countries such as China to North America since August. August shipments rose 10.6% from a year earlier, a record high in a single month since the survey began in 2004, according to DESCARTES DATAMYNE, a US survey firm. In addition, the pandemic of COVID-19 in early spring led to the suspension of container production, which also affected the market. In the container market, Chinese manufacturers control more than 95% of world output. Around February and March when the epidemic spread, Chinese manufacturers temporarily suspended production. Over the same period, shipping companies have delayed or suspended orders for new products in anticipation of a stagnation in shipments, which has led to the current shortage of containers. Demand for shipments to North America is strong and shippers are stepping up their purchases of new containers. But many believe that even if orders are placed now, deliveries will not take place until early February or March next year at the earliest.