Record Containership Orderbook Signals Major Fleet Expansion Through 2029, BIMCO Reports
The container shipping industry is on the brink of unprecedented growth as its orderbook reaches historic levels, with significant implications for global maritime trade.
According to BIMCO, containership orders have surged to a record-breaking 8.3 million TEUs by the end of 2024, surpassing the previous peak of 7.8 million TEUs in early 2023. Despite record-high deliveries of 2.9 million TEUs, the orderbook continued to grow, driven by new contracts totaling 4.4 million TEUs during the year.
“Ships with a capacity of 8k TEU or larger dominate the orderbook, making up 92% of the total capacity. The largest segment, 12-17k TEU, accounts for 46% of the orderbook’s capacity,” said Niels Rasmussen, BIMCO’s Chief Shipping Analyst.
Chinese shipyards have secured 72% of the orderbook, with South Korean and Japanese shipyards following at 22% and 5%, respectively.
BIMCO notes that 99% of vessels are scheduled for delivery between 2025-2029, with peak deliveries expected in 2027, when 2.2 million TEUs are set to be completed.
However, the industry faces challenges due to an aging fleet. BIMCO highlights that the average age of vessels has increased by 1.4 years since early 2020, and ships aged 20 years or older now represent 11% of the total fleet capacity.
Looking ahead, Rasmussen warns that ongoing disruptions in the Red Sea could impact fleet growth:
“Actual recycling is likely to end lower… Therefore, average annual fleet growth over the next five years could surpass 3%.”
This surge in orders marks a major shift in fleet composition, with larger vessels becoming more dominant. Liner operators are set to strengthen their market position, with 79% of the orderbook capacity compared to their current 61% fleet share.
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