- MSC owns the oldest fleet among the top ten carriers but is also leading in new vessel orders for efficiency and sustainability.
- New global decarbonization measures will pressure carriers to replace older fleets with efficient, low-emission ships.
- Alphaliner’s report highlights MSC’s large orderbook aimed at fleet renewal, while other carriers like Maersk show slower replacement progress.
Alphaliner’s survey of the existing fleets of top carriers shows MSC owns the oldest fleet. The company operates numerous ships built before 2004, but it is working to renew its fleet through a significant orderbook, reports Seatrade Maritime.
New Decarbonization Measures Are on the Horizon
FuelEU requirements will increase vessel efficiency standards next year, and the IMO will introduce similar global carbon pricing and decarbonization measures by 2027. This regulatory landscape drives the need for fleet modernization.
Record shipping profits during the pandemic, combined with looming regulations, have resulted in a surge in newbuild orders for fuel-efficient and low-emission vessels, including those powered by alternative fuels like LNG and methanol.
Aiming for Lower CO2 Emissions per Container
Carriers are focusing on increasing vessel efficiency to reduce CO2 emissions. Alphaliner confirmed that the current orderbook is the largest in terms of teu capacity, driven by the need to lower operational costs and environmental impact.
As carbon pricing regulations expand, shippers will gravitate towards newer, more energy-efficient vessels to minimize scope three emissions and reduce operational costs. This trend will push carriers to replace older fleets.
MSC Leads with Massive Fleet Replacement Program
MSC’s orderbook of 137 ships, totaling nearly 2 million teu, focuses on replacing 60% of its older tonnage. Despite fleet renewal, the remaining orders will still contribute to the company’s fleet growth.
At first glance, Maersk appears to have insufficient replacement orders for its aging fleet. Alphaliner reports that 126% of Maersk’s orderbook is older vessels, but upcoming charters will help with its fleet renewal.
Substantial Growth
CMA CGM and Cosco Group have robust new building programs, with orderbooks at 1.1 million and 800,000 teu, respectively. Their fleets’ current age is 17% and 41% of their orderbooks, indicating potential growth.
Alphaliner suggests that with a 25-year operational lifespan, 44% of the combined orderbooks of the top ten carriers will be used to replace older ships, rather than for fleet growth.
Future Fleet Composition Hinges on Efficiency and Sustainability
The global shipping industry faces increasing pressure to renew fleets for sustainability.
As decarbonization measures take effect, carriers will continue focusing on vessel efficiency and alternative fuel options to remain competitive.
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Source: Seatrade Maritime
