The global container ship fleet has expanded by 11% in the first half of the year, reaching a total capacity of 29.5 million TEU, according to the latest report from the Baltic and International Maritime Council (Bimco).
This marks the fastest growth in 15 years, with 264 ships totaling 1.6 million TEU delivered from shipyards during this period—two-thirds more than in the same timeframe last year.
“The capacity has risen 11% to 29.5 million TEU, representing the fastest fleet growth in 15 years,” said Niels Rasmussen, chief shipping analyst at Bimco.
High demand for shipping has kept the recycling of ships at a low level, with only 36 ships totaling 51,000 TEU scrapped so far this year.
“Strong cargo volume growth and the re-routing of ships via the Cape of Good Hope have contributed to the recycling of only 36 ships with a combined capacity of 51,000 TEU,” the report noted.
The rapid expansion of the container ship fleet is driven by several factors, including robust cargo volume growth and the need to accommodate longer sailing distances due to the re-routing of vessel traffic around South Africa, stemming from the Red Sea crisis that is affecting the Suez Canal.
However, the low level of ship recycling suggests that the industry anticipates continued strong demand for container shipping services in the coming years.
