The container ship order book reached a record high of 8.3 million TEU at the end of 2024, surpassing the previous peak of 7.8 million TEU. This surge is attributed to strong order placements throughout the year, with 4.4 million TEU of new orders placed in 2024, the second-highest level ever. Despite a record number of vessel deliveries (2.9 million TEU) during the year, the order book continued to grow. This robust order book indicates continued confidence in the container shipping industry and highlights the ongoing need for fleet renewal and expansion, according to BIMCO.
Liner Operations Increased
Ships with capacities of 8,000 TEU and above dominate the order book, accounting for a significant 92% of the total order book capacity. The 12-17k TEU segment is the largest, comprising 46% of the order book.
Chinese shipyards have been the primary beneficiaries of the recent shipbuilding boom, holding a commanding 72% share of the order book. South Korean and Japanese shipyards hold 22% and 5% respectively.
Liner operators have significantly increased their control over the order book, holding 79% of the order book capacity, compared to 61% of the current fleet capacity. This indicates a substantial increase in liner operators’ influence on the future fleet composition.
The majority of the order book (99%) is scheduled for delivery between 2025 and 2029. 2027 is expected to be the peak delivery year with an estimated 2.2 million TEU.
With limited ship recycling activity in recent years, the average age of the global fleet has increased to 1.4 years since 2020. This has led to a rise in the number of older vessels, with ships aged 20 years or older now constituting 11% of the fleet.
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Source: BIMCO
