The global container ship fleet is expected to exceed 30 million TEU in 2024, marking a historic milestone, according to a report from BIMCO. Last year, the fleet grew by 8% with the delivery of 350 new container ships, representing a record 2.2 million TEU capacity. This year, a whopping 478 container ships with a capacity of 3.1 million TEU are expected to be delivered, increasing the fleet capacity by 10%.
Ships with more than 15,000 TEU dominate deliveries, with the segment growing by 28% last year. Chinese shipyards have emerged as the leading container ship manufacturer, accounting for nearly 55% of capacity delivered in 2023 and 2024. However, the report also highlights potential challenges, such as slower container trade growth and a potential imbalance between supply and demand in the market.
The report also predicts a decrease in the average sailing speed of container ships, which could reduce fleet efficiency and require an additional 3-4% capacity to accommodate the volume increase in 2024. The imbalance between supply and demand is expected to worsen, but a prolonged disruption in the Red Sea could potentially tighten the balance in the market. Nonetheless, the delivery of 3 million TEU in 2025-2026 and the lack of recycling could lead to overcapacity when the Red Sea situation is resolved.
