The global container fleet is forecast to grow by 6.3% in 2023 and by 8.1% in 2024. The shipping body predicts negative demand growth through the first half of 2023, with a recovery in the second half leading to overall demand growth of 1-2% in 2023, followed by 5-6% in 2024. The Baltic and International Maritime Council (BIMCO) forecasts weak demand for container shipping outstripping supply in 2023, putting freight rates and second-hand ship values under pressure through to next year. It followed the delivery in February of the 24,118 teu OOCL Spain, the first of six under construction. The Mediterranean Shipping Company took delivery of two mega ships in March 2023 – MSC Tessa and MSC Irina – which are among the world’s largest container ships to date at more than 24,000 teu each. while some routes are now at pre-pandemic levels.Īs freight rates have declined, new vessels ordered during the boom have begun to arrive, adding to already excess capacity. The cost of shipping a container between Asia and the US or Europe in April 2023 was more than 80% lower than a year earlier. Following the post-pandemic boom in container shipping, economic and geopolitical uncertainty and falling demand has hit freight rates.
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