Global Liner Fleet Hits 30M TEU for First Time in History

According to Alphaliner data, the global liner vessel fleet has surpassed 30 million TEU for the first time, driven by a surge of newbuildings from Asian shipyards this year.

The growth rate of the global container fleet is extraordinary. It took about 50 years for the industry to reach 5 million TEU in 2001. In contrast, the jump from 20 million TEU to 30 million TEU has been achieved in just seven years.

BIMCO data indicates that 478 containerships, with a combined capacity of 3.1 million TEU, are slated for delivery this year, surpassing the 2023 record by 41%. The container fleet capacity is projected to expand by 10% in 2024.

The transition from 30 million to 35 million slots is anticipated to occur swiftly, as orders for ships continue to pour into Asian shipyards. Splash reported this week that some of the leading names in Chinese shipbuilding are now scheduling boxship deliveries up to 2029.

“There are an enormous amount of newbuilding negotiations ongoing,” broker Braemar highlighted in its latest container markets summary.

Currently, shipyards' global orderbook stands at 133 million compensated gross tonnes (CGT), a rise of 56 million CGT since the most recent low in late 2020, according to BIMCO. LNG and containerships have contributed 35% and 30% to this increase, respectively.