BIMCO believes that the market supply-demand imbalance will further expand in 2024. However, the recent tense situation in the Red Sea has forced ships to detour around the Cape of Good Hope, absorbing some excess capacity, which may temporarily alleviate the supply-demand imbalance.


According to the statistics of the Baltic International Chamber of Shipping (BIMCO), the global container ship capacity is expected to exceed 30 million TEUs for the first time in 2024.


The latest market report from BIMCO shows that shipyards delivered 350 newly built container ships in 2023, with a capacity of 2.2 million TEUs, breaking the delivery record of 1.7 million TEUs in 2015.


BIMCO explained that due to the relatively low dismantling volume of container ships in 2023, the global container ship capacity increased by 8% after a large number of new shipbuilding entered the market, which is the largest growth rate since 2011.


Among them, the highest delivery volume in 2023 was for large container ships exceeding 15000 TEUs.


It is expected that the number of newly delivered container ships will further increase to 478 and 3.1 million TEUs in 2024, a 41% increase from 2023, once again breaking the record for new ship deliveries, including 83 large container ships exceeding 15000 TEUs.


If all new ships are delivered on schedule, it is expected that the global container ship capacity will increase by 10% year-on-year in 2024, and by the end of 2024, the capacity will exceed 30 million TEUs for the first time.


Statistics show that in the past two years, Chinese shipyards have received the highest number of new container ship orders, accounting for nearly 55% of all new shipbuilding capacity in 2023 and 2024, while Korean shipyards have received approximately 38% of orders.


It is worth noting that while the delivery volume of container ships has set a record, the growth of container trade demand has significantly slowed down, and the supply-demand contradiction has further intensified.


In order to absorb more capacity, the average speed of container ships has also decreased from 14.3 knots in 2022 to 13.9 knots in 2023, and may further decline in 2024.


BIMCO believes that the market supply-demand imbalance will further expand in 2024. However, the recent tense situation in the Red Sea has forced ships to detour around the Cape of Good Hope, absorbing some excess capacity, which may temporarily alleviate the supply-demand imbalance.

Looking ahead to 2025-2026, there will be approximately 3 million TEUs of new ships to be delivered, and unless the dismantling speed of container ships significantly increases, supply-demand imbalance remains the biggest challenge in the shipping market.