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 update from the Baltic and International Maritime Council (Bimco).
This represents the fastest growth in 15 years, with 264 ships totalling 1.6m TEU delivered from shipyards during this period, two-thirds more than the same period last year.
“The capacity has risen 11% to 29.5m TEU, the fastest fleet growth in 15 years,” says Niels Rasmussen, chief shipping analyst at Bimco.
High demand for ships has contributed to keeping recycling of ships at a low level, with only 36 ships totalling 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 51k TEU,” the update added.
The rapid expansion of the container ship fleet is driven by a combination of factors, including robust cargo volume growth and the need to accommodate longer sailing distances, due to re-routing vessel traffic around South Africa, because of the Red Sea crisis affecting the Suez Canal.
However, the low level of ship recycling suggests that the industry is anticipating continued strong demand for container shipping services in the coming years.
