In the first ten months of this year, shipyards were on track to set a new annual record for container ship deliveries. A total of 410 ships with a combined capacity of 2.5m TEU have been delivered, surpassing the previous record of 2.3m TEU set in 2023.
Comments Niels Rasmussen, Chief Shipping Analyst at BIMCO, “Despite the rapid expansion of the fleet, owners continue to add orders for new ships.”
“Looking ahead, an additional 0.5m TEU are scheduled for delivery by the end of 2024, pushing total deliveries for the year close to 3m TEU. Over the next four years, an average of 1.7m TEU are expected to be delivered annually, with 0.3m TEU already planned for delivery in 2029. However, further orders for delivery in the next five years are still possible,” Mr. Rasmusen said.
As the recycling of older vessels has remained low, the delivery of new ships has resulted in an 8.7% increase in the size of the global container fleet since the start of 2024. The fleet now comprises 6,699 ships with a total capacity of 30.4m TEU. This marks a 32% growth since early 2020, with 7.8m TEU being delivered during the first half of this decade — the highest five-year total on record.
Mr. Rasmussen suggests that future fleet growth will depend on the pace of ship recycling. “As mentioned, the order book-to-fleet ratio is currently 25%, but actual fleet growth will be influenced by recycling rates. After several years of low recycling activity, 3.4m TEU will be over 20 years old by next year and are prime candidates for recycling in the coming years. If all these vessels are recycled within the next five years, the growth of the fleet from the current order book could be limited to 14%.”
(Dreamstime photo of containership)
