SIMIC

THE global containership fleet is set to exceed the 30 million TEU mark for the first time in history in 2024, as a wave of new containerships hit the water, according to BIMCO.

The global fleet grew by 8 per cent last year with the delivery of 350 new container ships representing a record 2.2 million TEU, beating the previous record set in 2015 when 1.7 million TEU hit the water, according to Ventura, California's gCaptain.



In 2024, however, a staggering 478 container ships with a capacity of 3.1 million TEU are scheduled for delivery, beating the 2023's record by 41 per cent. As a result, the container fleet capacity is expected to grow by 10 per cent in 2024.



While recycling of ships is anticipated to increase in 2024, the fleet could still grow by nearly 2.8 million TEU, surpassing the 30 million TEU milestone by the end of 2024 for the first time ever.



Ships larger than 15,000 TEU are dominating deliveries. According to BIMCO, the segment grew 28 per cent last year with 1.3 million TEU delivered and additional eighty-three ships are expected to be delivered in 2024, adding 1.4 million TEU to the segment's capacity and doubling its capacity in just four years.



BIMCO's report also highlights that Chinese yards have officially solidified their position as the premiere builders of containerships, accounting for nearly 55 per cent of the capacity delivered in 2023 and 2024 - beating South Korea's 38 per cent share of capacity.



The fleet capacity growth comes as the growth in container trades is expected to be significantly slower, with a projected 3-4 per cent increase in demand for ship capacity in 2024.