The global shipping industry continues to experience significant growth in container ship contracting, with 1.59 million TEU capacity contracted so far in 2024.
This marks the third-highest level of contracted capacity since 2008, trailing only behind the first seven months of 2021 and 2022.
According to the latest update from BIMCO (Baltic and International Maritime Council), the recent surge in contracting activity, combined with the 8.86 million TEU secured between 2021 and 2023, has far surpassed the previous four-year record of 8.31 million TEU set between 2004 and 2007.
This growth underscores the strong demand and confidence in the future of global trade, even amid ongoing economic uncertainties.
The contracted capacity since the start of 2021 is expected to increase the global fleet size by 44%, a substantial expansion that reflects the shipping industry's rapid recovery and adaptation to changing market dynamics.
However, the actual fleet growth will depend on the number of ships that are eventually recycled, which could offset some of this new capacity.
This development highlights the continuing evolution of the shipping industry as it navigates challenges such as supply chain disruptions, environmental regulations, and fluctuating demand.
The record-breaking contracting activity points to a robust future for global trade, driven by the need for increased shipping capacity to meet growing demand.
