The maritime industry experienced a surge in ship deliveries during the first half of 2024, with a total of 264 new vessels being delivered, boasting a combined capacity of 1.6 million TEU. This marked a significant increase from the previous year and led to minimal ship recycling, with only 36 vessels, totalling 51k TEU, being recycled. The growth in deliveries was attributed to robust cargo volume expansion and the redirection of shipping routes via the Cape of Good Hope.
Despite the influx of new vessels, shipowners continued to procure more, with 63 ships ordered within the year, pushing the order book-to-fleet ratio to 19%. The future outlook remains busy, with orders scheduled for delivery up to 2028 and an average of 1.5 million TEU expected annually between 2025 and 2027. The 12k-17k TEU segment has seen rapid expansion, now representing 22% of the container fleet’s capacity.
With the container fleet’s capacity projected to exceed 30 million TEU by the end of 2024 and an additional 4.3 million TEU anticipated from the current order book by 2027, the industry may witness an increase in ship recycling to balance fleet growth. This could be especially true if traditional routes through the Red Sea and the Suez Canal become viable again.
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