Container shipping capacity has increased by 1.6 million TEU since the beginning of 2024, marking an 11% year-over-year increase to 29.5 million TEU. According to Niels Rasmussen, chief shipping analyst at BIMCO, this is the fastest growth in 15 years.
The 12,000-17,000 TEU ship segment has expanded the most, making up 22% of the container fleet. The segment’s capacity has grown 25% year-over-year in H1, 2024. Shipowners have moved away from ordering ships with capacity over 17,000 TEU because these larger ships are operationally limited to ports in Asia and Europe. The ships currently in service already cover most of these trade lanes.
The total container fleet capacity will reach 30 million TEU by the end of 2024. An additional 4.3 million TEU will be added by 2027. Cargo volume growth is not likely to match the expansion, hence ship recycling is expected to increase. Additionally, the eventual reopening of the Red Sea and Suez Canal routes will mean that the demand for ships will decrease, Rasmussen pointed out.
Source: gCaptain
