2024 Fleet Growth Analysis: Top Container Carriers Expand

Fleet expansion among the world’s top container shipping companies remained consistent in 2024, with all but one of the top 12 carriers recording fleet growth of at least 6.9%, according to a report by Alphaliner.

PIL Leads Fleet Growth

Singapore-based Pacific International Lines (PIL), ranked 12th globally, recorded the highest growth, increasing its fleet size by nearly 30% year-on-year to 383,016 TEUs as of January 1, 2025. This significant jump was driven by the delivery of several LNG-powered post-Panamax vessels.

ZIM Line Follows with Strong Growth

ZIM Line, the Israeli operator, achieved the second-highest fleet growth, expanding capacity by 26% to 780,172 TEUs. The growth was largely due to the arrival of numerous vessels secured through long-term charters.

Hapag-Lloyd Shows Impressive Gains

Hapag-Lloyd posted the third-largest increase, growing its fleet by 19%, or 367,000 TEUs, in 2024. The German carrier received seven large newbuildings totaling 158,000 TEUs, but much of its fleet expansion came through charters.

The company added nine neo-Panamax vessels, originally on long-term charter to Evergreen Marine Corporation (EMC). These ships, after retrofitting to boost their capacity from 13,000 TEUs to 15,440 TEUs, joined Hapag-Lloyd’s operating fleet.

Evergreen’s Moderate Growth

Evergreen Marine Corporation saw a net fleet growth of only 114,200 TEUs (+6.9%) despite adding 24 new vessels (212,500 TEUs) to its fleet in 2024. This modest increase was partly offset by the departure of the retrofitted neo-Panamax vessels and the disposal of its older U-class ships, which were sold for demolition or second-hand to MSC.

MSC Continues to Dominate

Mediterranean Shipping Company (MSC) solidified its position as the largest container shipping line, achieving the highest growth in absolute TEUs. MSC added 692,000 TEUs to its fleet in 2024, marking a 12.3% increase. This expansion included the delivery of 50 newbuildings totaling 548,500 TEUs, with 26 neo-Panamax vessels (15,400 – 16,600 TEUs). MSC is now capable of operating a standalone East-West network, a first in container shipping history.

Yang Ming’s Fleet Shrinks

In contrast to its peers, Yang Ming Marine Transport was the only top 12 carrier to record a decline in fleet size. The Taiwanese company’s fleet shrank by 1,918 TEUs, reducing its total to 705,505 TEUs. This conservative expansion strategy resulted in Yang Ming dropping from ninth to 10th place in the rankings.

Key Takeaways

The year 2024 highlighted robust fleet expansion across most major carriers, driven by newbuild deliveries, retrofitting, and charter acquisitions. However, Yang Ming’s cautious approach underscored that not all carriers pursued aggressive growth. MSC’s dominance further solidified its position as a leader in the container shipping industry, with its fleet growth outpacing market averages.

As the global shipping industry continues to evolve, these fleet adjustments reflect both the competitive nature of the sector and the varied strategies adopted by leading players.