Record fleet expansion ahead
According to Bimco, a record 350 new container ships were delivered in 2023, totalling 2.2 million teu and surpassing the 2015 record. Container fleet capacity increased by 8%, the highest growth rate since 2011, with ships over 15,000 teu dominating.
2024 anticipates even higher growth, with 478 ships and 3.1 million teu expected, potentially raising fleet capacity by 10% and exceeding 30 million teu. China leads in shipbuilding and contributes 55% of this capacity.
Despite expected growth in recycling, the supply-demand imbalance in shipping could worsen in 2024, especially with reduced sailing speeds and potential disruptions in the Red Sea. An additional 3 million teu is projected for delivery in 2025-2026, indicating a possible return of market imbalance when the Red Sea situation improves. (pb)