New highs in container ship capacity for 2024
In 2023, the container shipping industry achieved a new high by delivering 2.3 million teu, surpassing the previous record by 37%. Continuing this trend, according to Niels Rasmussen, chief shipping analyst at Bimco, the first four months of 2024 have already seen deliveries of over 1 million teu, an 80% increase from the prior record for this period.
Despite this surge in capacity, which has expanded the fleet by nearly 1 million teu or 3.5% since the start of the year, the global order book has declined slightly. After contracting 1.8 million teu during 2023 and 2024, it now stands at 6.1 million teu, representing 21% of the current fleet.
Future deliveries are expected to maintain high levels, with projections suggesting a total of 3 million teu in 2024 and just under 2 million teu in 2025.
This rapid expansion of fleet capacity, combined with operational adjustments like rerouting ships via the Cape of Good Hope, aims to meet the growing demand of global container trade, though it may lead to a significant oversupply when more traditional routes are resumed. (pb)