Container shipping enters a new era of fleet growth

The global containership fleet has now passed 34 million TEU, marking the fastest addition of 10 million TEU in the industry’s history, according to BIMCO, as reported by The Maritime Telegraph . The milestone was reached in early September as shipyards continued to deliver new vessels at a high rate.

The fleet has grown by 42% in just five and a half years. At the same time, very little capacity has left the market. Less than 300,000 TEU has been recycled through ship demolition during this period. This has left almost 2,000 containerships, with a combined capacity of more than 5 million TEU, at least 20 years old.

More than 14 million TEU is scheduled for delivery by the end of 2030. BIMCO estimates that the global containership fleet could reach around 44 million TEU within five years, depending on how much older capacity is removed from the market.

The industry is also moving towards larger ships. Vessels above 12,000 TEU have provided around two-thirds of the capacity added since early 2021. Their share of the total fleet has increased from 30% to 40%, while the average containership size has grown by 14%.

Liner operators have added 85% of the new capacity over the past five and a half years. Their share of the global fleet has therefore risen from 57% to 65%. Future supply pressure will also depend on shipping routes. If vessels return to normal Suez Canal routes, shorter voyages could free up additional capacity and put further pressure on the market.

 

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