The global containership market is undergoing an unprecedented expansion, with the orderbook now the largest in history in terms of total TEU (Twenty-foot Equivalent Unit) capacity. In a market analysis, Alphaliner reveals that a significant portion of the new fleet will be allocated to replace older vessels rather than boost growth, providing a unique perspective on the industry’s path forward. Of particular interest is the approach of major players like Maersk, which, according to the data, lags behind peers in terms of fleet rejuvenation efforts.

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Key Statistics of Containership Orders (Alphaliner Data)

Metric	Value
Total Containerships Ordered	431 Ships
Total Capacity Ordered	5.9 million TEU
Top 10 Carrier Fleet (20+ Years Old)	683 vessels
Capacity of 20+ Year-Old Vessels	2.6 million TEU
Percentage of Orders for Replacement	44%
Maersk Fleet Renewal Commitment	800,000 TEU
Maersk New Order Commitment (Chartered)	500,000 TEU

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Surge in New Orders and Yard Capacity

As the containership order volume surges, LNG carriers are also seeing record orders, pushing out tanker and dry bulk vessel slots at premier Asian shipyards. Brokers, such as Gibson, have noted that Chinese yards, particularly, are nearing capacity due to increased containership demand, limiting availability for tankers and dry bulk carriers. This scramble for production slots has given shipyards more leverage in pricing and scheduling forward deliveries, marking a pivotal shift in shipyard dynamics.

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Exceeding Expectations: The 2023 Orderbook Boom

The number of containerships ordered by August 2023 had already surpassed last year’s total, with more slots booked in the following weeks. In June 2023, the global liner fleet capacity achieved a historic 30 million TEU, reinforcing the robust growth trajectory for the containership industry.

While the current orderbook represents considerable fleet expansion, it’s critical to highlight that nearly half of these orders among the top 10 liners are allocated for fleet replacement rather than outright growth. With 683 vessels in operation at 20 years or older, top carriers face an imperative to maintain capacity by renewing these aging fleets.

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Fleet Renewal Challenges and Maersk’s Position

According to Alphaliner, Maersk has fallen behind its competitors in terms of direct orders for fleet renewal. Although it has committed to a fleet renewal program with an 800,000 TEU target, including 500,000 TEU in charters, much of this capacity remains undisclosed. This has impacted Maersk’s apparent position in Alphaliner’s comparative analysis, which may appear unbalanced until all commitments are formalized.

The containership industry is racing to fulfill record orders. This high demand on shipyards is already reshaping production schedules and pricing structures. It heralds a dynamic period of evolution and competition among major players. The combination of capacity growth and fleet replacement initiatives suggests a growing global liner vessel fleet. Focusing on renewal will be crucial in balancing efficiency, sustainability, and resilience in the long term.

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