08/02/2024
In 2023, shipyards delivered a record-breaking 350 new container ships, totaling 2.2 million TEU (twenty-foot equivalent units), surpassing the previous record from 2015 when 1.7 million TEU was delivered. The surge in deliveries led to an 8% rise in the container fleet's capacity, marking the fastest growth since 2011. Ships larger than 15,000 TEU dominated deliveries, contributing to a 28% growth in that segment.
Looking ahead to 2024, a remarkable 478 with a combined capacity of 3.1 million TEU are scheduled for delivery, surpassing the 2023 record by 41%. Consequently, the container fleet capacity is expected to grow by 10% in 2024.
Another 83 ships larger than 15,000 TEU are expected to be delivered, doubling the segment's capacity in just four years.
Despite projections for increased ship recycling in 2024, the fleet could still grow by nearly 2.8 million TEU, potentially exceeding 30 million TEU for the first time by the end of 2024.
Chinese shipyards benefited most from the record high orders, delivering nearly 55% of all ship capacity during 2023 and 2024. In contrast, South Korean yards are expected to deliver 38% of the ship capacity.
In contrast to the remarkable growth in capacity, the container market grew only 0.2% year-on-year in 2023, reaching 173.8 million TEU. This growth significantly lags behind overall development, with the world economy growing 10% since 2019.
While the container industry experiences unprecedented growth in fleet capacity, challenges related to market growth, regional trade dynamics, and economic factors necessitate strategic planning and adaptation within the industry to achieve sustainable growth and stability.
