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Containership deliveries soar to an unprecedented 1 million TEU in 2024

Containership deliveries soar to an unprecedented 1 million TEU in 2024

Posted on May 14, 2024   |  

As per the Baltic and International Maritime Council (BIMCO), the first 4 months of 2024 saw over 1 million TEUs delivered, marking an almost 80% increase from the previous record.

Ship recycling has only retired 19 smaller ships, resulting in a 3.5% rise in the fleet, equivalent to 1 million TEU since the year began, adding to the previous year's growth rate of 8.2%.

Despite declining order book numbers due to record deliveries, 1.8 million TEU have been contracted during 2023 and 2024, reducing the decline to 1 million TEU and leaving the current order book at 6.1 million TEU, which accounts for 21% of the fleet size.

The order book includes 2 million TEU slated for delivery in 2024, with delivery volumes expected to surpass 3 million TEU, representing a 30% increase over the previous year's record.

2025 is anticipated to see deliveries of slightly less than 2 million TEU, marking the third-highest total in a single year after 2023 and 2024.

Despite these projections, deliveries are expected to remain significantly lower than the fleet's size, with BIMCO predicting deliveries in 2024 to reach only 11% of the fleet capacity at the beginning of the year.