In late 2024, the container ship order book reached a new high of 8.3 million TEU, surpassing the previous record of 7.8 million TEU in early 2023, according to Niels Rasmussen, Chief Shipping Analyst at BIMCO. Despite a record high of 2.9 million TEU deliveries, 4.4 million TEU were contracted in 2024, the second-highest ever. Ships 8k TEU or larger make up 92% of the order book capacity, with the 12-17k TEU segment representing 46%.
Chinese shipyards have benefited the most from the recent contracting boom, holding 72% of the 8.3 million TEU order book, while South Korean and Japanese shipyards hold 22% and 5%, respectively. Liner operators control 79% of the order book capacity, a significant increase from the 61% they control of the fleet capacity. The share of fleet capacity controlled by liner operators is expected to continue growing in the coming years.
While five ships have been contracted for delivery in 2030, 99% of the order book is set to be delivered between 2025-2029. The average age of the fleet has increased by 1.4 years since the beginning of 2020, with ships 20 years old or older now accounting for 11% of the fleet. If all ships 20 years old or older are recycled in the next five years, the fleet is projected to grow to 35.8 million TEU by the end of 2029, representing a 16% growth or an average annual growth of 3%.
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