Record Surge in New Boxship Orders Marks 2024 Boom

The boom in the container shipping industry has continued into 2024, with the year on track to set records for new vessel deliveries, as order volumes significantly outpace those of 2023.

According to a recent report from VesselsValue, the data analytics branch of Veson Nautical, orders for new container ships have surged by 52% year-on-year, with 254 new orders placed in 2024. In comparison, only 167 orders were recorded during the same period in 2023.

So far this year, 362 new container ships have been delivered, and the report anticipates an additional 169 vessels will be completed by the end of 2024. This substantial increase in orders points to sustained growth in the sector.

“Thanks to the post-covid container boom, 2024 looks set to be a record-breaking year in terms of new container vessels entering the market. The huge rise in new orders this year means that this trend looks set to continue for the next few years,” said Rebecca Galanopoulos, senior content analyst at VesselsValue.

Meanwhile, vessel demolitions remain minimal, with only 48 container ships scrapped so far in 2024—a decrease of about 45% compared to last year.

The strong market conditions are also evident in the charter rates, which have doubled for post-panamax vessels. Since July, charter rates have averaged around $72,000 per day, representing a 100% increase from the $36,000 per day rate during the same period in 2023.

“This type of bull market is what is driving the rise in new deliveries and new orders,” added Galanopoulos.