Container Ship Fleet Capacity Soars to Record Growth: BIMCO

The container ship fleet capacity has increased by 1.6 million TEU since the beginning of the year, reaching a total of 29.5 million TEU, marking the fastest growth in 15 years. In the first half of 2024, 264 new ships with a capacity of 1.6 million TEU were delivered, setting a new record that is significantly higher than the previous year.

Despite the high demand for ships and strong growth in cargo volumes, only a few ships were recycled, with 36 ships totaling 51,000 TEU being recycled. Shipping companies have continued to order new ships, with 63 ships totaling 0.4 million TEU being ordered since the beginning of the year. The order book includes deliveries scheduled for 2028, with an average of 1.5 million TEU set for delivery annually between 2025 and 2027.

The 12,000-17,000 TEU vessel segment has seen the fastest growth, accounting for 22% of the container fleet and contributing nearly 50% to overall fleet growth. This segment is expected to dominate future growth, with vessels larger than 17,000 TEU no longer dominating growth as they did from 2015 to 2021. The container fleet capacity is projected to exceed 30 million TEU by the end of the third quarter and 30.5 million by the end of 2024, with an additional 4.3 million TEU expected by the end of 2027.

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