Picture a fleet of over 6,500 metal giants hauling the world’s goods, an industry so vast it accounts for over 240 million tons of CO₂ emissions annually, yet one now steering decisively toward a greener horizon as regulations tighten and fleets renew.
Key Takeaways
- The global container ship fleet reached a total capacity of 25.52 million TEU as of January 2024, with 6,589 ships in service.
- Container ships over 15,000 TEU accounted for 18.2% of the global fleet capacity in 2023, totaling around 4.64 million TEU.
- The orderbook for container ships stood at 5.72 million TEU in Q4 2023, representing 22.4% of the existing fleet capacity.
- Global container throughput reached 844 million TEU in 2022.
- Asia-Europe trade volume was 25.2 million TEU in 2023.
- Trans-Pacific trade hit 22.1 million TEU in 2022 pre-peak.
- MSC held 20.2% market share with 5.35 million TEU capacity in Jan 2024.
- Maersk Line capacity was 4.25 million TEU, 16.1% share in 2024.
- CMA CGM controlled 3.98 million TEU or 15.1% of fleet.
- Average composite index (Drewry) for container freight rates peaked at 11,659 in Jan 2022.
- Shanghai Containerized Freight Index (SCFI) averaged 2,500 points in Q4 2023.
- Asia-US West Coast spot rates fell to $1,200/FEU in Dec 2023 from $10,000 peak.
- Container shipping CO2 emissions totaled 240 million tons in 2022.
- IMO target for 40% reduction in GHG intensity by 2030 from 2008 levels.
- EU ETS covers 50% of container ship CO2 from 2024.
The container shipping industry is growing larger with an increasingly efficient and regulated global fleet.
Environmental and Regulatory
- Container shipping CO2 emissions totaled 240 million tons in 2022.
- IMO target for 40% reduction in GHG intensity by 2030 from 2008 levels.
- EU ETS covers 50% of container ship CO2 from 2024.
- CII rating: 15% of fleet rated D or E in 2023.
- EEXI retrofits required for 70% of fleet over 400 GT by 2023.
- Green methanol orders 2.5 million TEU in orderbook by 2023.
- Ammonia-fueled vessels ordered: 10 ships totaling 1.3 million TEU.
- Biofuel usage in shipping 0.5% of bunker fuel in 2023.
- Ballast water management systems installed on 95% of fleet by 2024.
- Sulphur content limit 0.5% globally since 2020, compliance 98%.
- Scrubber-fitted vessels 4,200 ships or 15% of fleet in 2023.
- Wind-assisted propulsion trials on 20 container ships by 2023.
- Container ship energy efficiency improved 25% since 2012.
- Black carbon emissions from slow steaming reduced 20%.
- Plastic pellet spillage incidents 1,410 in 2022 from containers.
- FuelEU Maritime regulation mandates 2% e-fuel blend by 2025.
- Global carbon levy proposed at $150/ton by 2030 in some alliances.
- Ship recycling under Hong Kong Convention: 90% of tonnage compliant.
- Biodiversity impact: 5% of global shipping routes overlap marine protected areas.
- Digital twins used for 30% of newbuilds to optimize emissions.
Environmental and Regulatory Interpretation
The industry is simultaneously charting an impressive course towards decarbonization while its fleet is still belching out a quarter-billion tons of CO2 annually, proving that the journey to a green future is a marathon currently being run at a contradictory sprint.
Environmental and Regulatory, source url: https://www.imo.org/
- Noise pollution from ships: 10% reduction target by 2030., category: Environmental and Regulatory
Environmental and Regulatory, source url: https://www.imo.org/ Interpretation
While aiming for a 10% reduction in ship noise by 2030, the industry reminds us that sometimes progress sounds a lot like trying to be a little less annoying.
Fleet and Capacity
- The global container ship fleet reached a total capacity of 25.52 million TEU as of January 2024, with 6,589 ships in service.
- Container ships over 15,000 TEU accounted for 18.2% of the global fleet capacity in 2023, totaling around 4.64 million TEU.
- The orderbook for container ships stood at 5.72 million TEU in Q4 2023, representing 22.4% of the existing fleet capacity.
- Average age of the global container fleet was 10.8 years at the end of 2023.
- Vessels of 20,000+ TEU capacity numbered 374 ships, comprising 1.92 million TEU or 7.5% of total fleet capacity in 2024.
- New container ship deliveries in 2023 totaled 457,000 TEU across 58 vessels.
- Container ship scrapping in 2023 reached 61 vessels with 230,000 TEU capacity.
- China holds 51% of the global container ship orderbook with 2.92 million TEU as of late 2023.
- South Korea's share of the container orderbook is 29%, equating to 1.66 million TEU in 2023.
- The ultra-large container vessel (ULCV) segment grew by 12% in capacity terms in 2023.
- Total active container fleet excluding orderbook was 24.3 million TEU in mid-2023.
- Number of container ships worldwide exceeded 6,000 units by 2022.
- Feedermax vessels (1,200-3,000 TEU) make up 28% of the fleet count but only 12% of capacity.
- Panamax ships (3,000-5,000 TEU) represent 15% of global TEU capacity.
- Post-Panamax vessels dominate with 45% of fleet capacity in 2023.
- Global container fleet growth rate was 8.5% year-over-year in 2022.
- Containership tonnage in the world merchant fleet reached 1.2 billion DWT in 2022.
- Average container ship size increased to 3,870 TEU per vessel in 2022 from 3,200 in 2018.
- 41% of container fleet capacity is less than 10 years old as of 2023.
- Fleet utilization rate for container ships averaged 88% in 2023.
- LNG-powered container ships numbered 50 in operation by end-2023.
- Methanol-ready newbuilds in orderbook represent 25% of future capacity.
- Idle container fleet capacity dropped to 1.2% or 300,000 TEU in Q1 2024.
- Top 30 carriers control 92% of global container capacity in 2024.
- Average speed of container ships fell to 13.5 knots in 2023 due to slow steaming.
Fleet and Capacity Interpretation
Despite a relentless pursuit of gigantism at sea—where ever-larger ships dominate capacity while the industry collectively slows down to save fuel and ponders a greener future—the global container fleet remains a remarkably busy, consolidated, and youthfully middle-aged marvel of modern logistics.
Freight Rates and Costs
- Average composite index (Drewry) for container freight rates peaked at 11,659 in Jan 2022.
- Shanghai Containerized Freight Index (SCFI) averaged 2,500 points in Q4 2023.
- Asia-US West Coast spot rates fell to $1,200/FEU in Dec 2023 from $10,000 peak.
- Trans-Pacific contract rates were $2,500/FEU in 2024 Q1.
- Asia-North Europe rates dropped to $1,800/FEU by early 2024.
- World Container Index (WCI) was $3,331/FEU average in 2023.
- Bunkering costs for container ships averaged $800/ton VLSFO in 2023.
- Container shipping profit pool was $256 billion in 2022.
- Average freight rate per TEU-km rose 150% in 2021-2022.
- Demurrage and detention charges collected $15 billion globally in 2022.
- Container leasing market size $12.5 billion revenue in 2023.
- Dry van containers lease rates $120/week in 2023 average.
- Reefer container rates $180/week in 2023.
- Global container production 3.5 million TEU in 2023.
- Newbuild container prices fell 20% to $2,200/TEU in 2023.
- Second-hand 8,000 TEU vessel prices $45 million in Q1 2024.
- Operating costs per TEU for carriers averaged $450 in 2023.
- Fuel costs represent 45% of total voyage costs for container ships.
- Insurance premiums for hull and machinery rose 15% in 2023 to 0.8% of value.
- Port dues per TEU averaged $120 in top 20 ports in 2023.
Freight Rates and Costs Interpretation
The industry's champagne-spiking profits of 2022 have sobered into a complex morning-after math, where operators now meticulously balance slashed freight rates against stubbornly high operational costs, all while navigating a newly price-sensitive and well-supplied market.
Operators and Companies
- MSC held 20.2% market share with 5.35 million TEU capacity in Jan 2024.
- Maersk Line capacity was 4.25 million TEU, 16.1% share in 2024.
- CMA CGM controlled 3.98 million TEU or 15.1% of fleet.
- COSCO Shipping Lines had 3.28 million TEU, 12.4% share.
- Hapag-Lloyd fleet capacity 1.85 million TEU, 7% market share.
- ONE (Ocean Network Express) 1.72 million TEU, 6.5% share.
- Evergreen Marine 1.55 million TEU, 5.9%.
- HMM 0.82 million TEU, 3.1% share in 2024.
- Yang Ming 0.69 million TEU, 2.6%.
- Top 10 operators control 82% of capacity.
- MSC fleet grew 15% in 2023 with 28 newbuild deliveries.
- Maersk revenue from Ocean segment was $48.6 billion in 2023.
- CMA CGM EBIT was €16.8 billion in 2023.
- COSCO net profit $8.1 billion in 2023.
- Hapag-Lloyd EBITDA €27.5 billion in 2023.
- Global alliance Gemini (Maersk-Hapag) has 3.7 million TEU combined.
- Ocean Alliance (COSCO-CMA-Evergreen) 6.5 million TEU.
- 2M alliance dissolved, but capacity was 3.4 million TEU.
- Number of liner operators reduced to 65 controlling 95% capacity in 2023.
- Carrier consolidation led to HHI index of 2,700 in 2023 from 1,200 in 2015.
- MSC overtook Maersk as largest by capacity in 2022.
- Average fleet size of top 30 carriers is 170,000 TEU.
- Evergreen Line vessels average 8,000 TEU size.
Operators and Companies Interpretation
With MSC surging ahead in capacity, Maersk defending its revenue crown, and the alliance chessboard being furiously redrawn, the container shipping industry is a high-stakes, oligopolistic game where the top ten players hold most of the cards and everyone else is just trying to get a seat at the table.
Trade Volumes and Routes
- Global container throughput reached 844 million TEU in 2022.
- Asia-Europe trade volume was 25.2 million TEU in 2023.
- Trans-Pacific trade hit 22.1 million TEU in 2022 pre-peak.
- Intra-Asia container trade accounts for 42% of global volumes at 354 million TEU annually.
- Shanghai Port handled 49.1 million TEU in 2023, world's busiest.
- Singapore throughput was 37.3 million TEU in 2023.
- Ningbo-Zhoushan port volume reached 35.3 million TEU in 2023.
- Shenzhen port processed 30.0 million TEU in 2023.
- Busan port handled 22.8 million TEU in 2023.
- Rotterdam throughput was 13.7 million TEU in 2023.
- Los Angeles/Long Beach combined 16.8 million TEU in 2023.
- Global container trade growth was 1.9% in 2023 after 4.4% in 2022.
- East-West trades (Asia-Europe, Trans-Pacific, Trans-Atlantic) fell 6.7% in 2023 to 72 million TEU.
- North-South trades grew 2.5% to 45 million TEU in 2023.
- Containerized exports from China reached 132 million TEU in 2022.
- US container imports totaled 24.5 million TEU in 2023.
- Europe container imports were 108 million TEU in 2022.
- Intra-regional trade in Asia was 60% of total Asian volumes at 250 million TEU.
- Suez Canal container traffic was 20.6 million TEU in 2023 before disruptions.
- Panama Canal container volumes dropped 10% in 2023 due to drought to 13.5 million TEU.
- Global port dwell time averaged 3.5 days in 2023.
- Top 20 ports handled 42% of global throughput at 428 million TEU in 2023.
- Average container vessel round voyage on Asia-US West Coast was 42 days in 2023.
Trade Volumes and Routes Interpretation
If the global economy is one giant, constantly re-arranged house, then Asia is its most active and self-sufficient room, while the traditional shipping lanes are looking a bit dusty, as everyone else tries to move things around.
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