Maersk has made the first break from its logistics integrator strategy with a 26 ship vessel order that was confirmed by the company last week. It sets the stage for a new capacity race as the containership orderbook ratio surges to a post 2009 high of 45% with additional orders still to come as vessel demand remain relentless. The current vessel shortage is driving freight rates, charter rates and second hand ship prices to fresh year to date highs, which has ironically made current newbuilding prices appear low by comparison.
Port congestion in China is gradually easing from their recent peaks but the disruptions at Southeast Asia and India/Middle East ports remain at near record highs while congestion is also building up at certain US East Coast ports with capacity taken up by port congestion globally remaining stubbornly high at over 11% of the fleet.
Ships shifting back to Suez route has pushed the total number of ships diverted to the Cape route to a 30 month low of 250 ships for 3.5m TEU compared to a peak of 380 ships for 5.4m TEU earlier this year.
Johnson Leung
Containership orderbook reaches post GFC high of 45%
The containership orderbook ratio has surged past 45% to a new post-2009 high following confirmation of Maersk’s order for 26 ships of 18,600 teu and 12 units of 24,000 teu by CMA CGM. Total ships on order have reached 1,925 units for 15.6m TEU which is more than twice as high compared to the post-COVID peak of 7.6m TEU in August 2023.
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