The container shipping industry is poised for unprecedented growth as its orderbook hits historic highs, with potential major implications for global maritime trade.
BIMCO reports containership orders reached a record-breaking 8.3 million TEUs by the end of 2024, surpassing the previous peak of 7.8m TEUs set in early 2023. Despite record-high deliveries of 2.9m TEU, the orderbook continued to expand thanks to substantial new contracts totaling 4.4m TEU during 2024.
“Making up 92% of the order book capacity, ships 8k TEU or larger dominate the order book. The largest segment, 12-17k TEU, makes up 46% of the order book capacity,” said BIMCO’s Chief Shipping Analyst, Niels Rasmussen.
Chinese shipyards have emerged as the primary beneficiaries of this boom, securing 72% of the total orderbook. South Korean and Japanese yards follow with 22% and 5% market share, respectively.
BIMCO highlights that the delivery schedule reveals a concentrated timeline, with 99% of vessels slated for delivery between 2025-2029 and peak deliveries expected in 2027, with 2.2m TEU scheduled for completion.
However, the industry faces challenges with aging vessels. BIMCO points out that the fleet’s average age has increased by 1.4 years since early 2020, with ships 20 years or older now representing 11% of the total fleet capacity.
Looking ahead, Rasmussen notes that ongoing Red Sea disruptions could impact fleet growth: “Actual recycling is likely to end lower… Therefore, average annual fleet growth during the next five years could end higher than 3%.”
This expansion signals a significant shift in fleet composition, with larger vessels becoming increasingly dominant. Liner operators are set to strengthen their market position, controlling 79% of the orderbook capacity compared to their current 61% fleet share.
Sign up for gCaptain’s newsletter and never miss an update
Essential maritime and offshore news, insights, and updates delivered daily straight to your inbox
Container freight spot rates on the transpacific and Asia-Europe trades showed moderate gains this week, in the absence of carrier-led price hikes, while demand remained firm.
Global container freight rates continued their upward climb this week as tightening capacity and strong seasonal demand pushed prices higher across the key east-west trade lanes. According to the latest Drewry...
U.S. retailers have brought forward orders from China by four-to-six weeks to secure their inventories for Black Friday and Christmas holiday sales before expected tariff hikes later this year, shipping executives said.
Subscribe to gCaptain Daily and stay informed with the latest global maritime and offshore news
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
