Containership orderbook hits 46.5% as giant-vessel race expands

By Tom Whitfield

The global containership orderbook has reached 16.2 million TEU, or 46.5% of the active fleet, a post-2009 peak according to Linerlytica. Containership charter rates have climbed to a four-year high despite falling fixtures.

Newbuilding activity shows no sign of slowing. Chinese shipyards alone have booked a record 4.94 million TEU this year, accounting for 88% of all capacity ordered. The orderbook-to-fleet ratio is also expected to grow as Maersk and CMA CGM pursue more giant ships. Two market signals now point in opposite directions: four-year-high charter rates sit alongside a much larger supply pipeline.

Chinese yards absorb most of the ordering

Hengli Heavy Industries announced it had won orders for 52 ultra-large dual-fuel containerships:

• 20 vessels of 24,000 TEU
• 20 vessels of 19,000 TEU
• 12 vessels of 22,000 TEU

The 24,000-TEU tranche is believed to belong to MSC. The Swiss-Italian carrier reportedly plans 10 LNG dual-fuel newbuildings and an upgrade of 10 existing 22,000-TEU orders to 24,000 TEU, spending close to $2.5bn.

If delivered as announced, that would take MSC's tally at Hengli to 30 LNG dual-fuel ships of 24,000 TEU and more than 60 vessels overall. The buying is believed to reflect MSC's response to competitors' expansion, extending the carrier's scale advantage after it displaced Maersk from the top of the liner rankings in 2022.

Maersk and CMA CGM keep shopping

Maersk is considering a broad package of newbuildings:

• 12 vessels of 24,000 TEU
• Up to 24 LNG dual-fuel vessels of 19,000 TEU
• Six vessels of 18,600 TEU

The Danish carrier has invited South Korean and Chinese shipyards to submit quotes. That makes the package an intention rather than a firm order book, but it also shows that the largest liner groups remain willing to compete for scarce shipbuilding capacity and larger hulls.

Shipbrokers report that CMA CGM has selected Yangzijiang to build 12 LNG dual-fuel containerships of 24,000 TEU. The French line has not confirmed the selection, leaving another material part of the prospective pipeline uncertain.

Mid-sized lines add scale as HMM expands its network

Zhonggu Logistics has entered the large-ship segment by ordering two 14,000-TEU vessels from Hudong-Zhonghua for $155m each. Deliveries are set for 2029-2030. The move places Zhonggu alongside mid-sized operators Emirates Shipping Line, Regional Container Lines, TS Lines and China United Lines as they add larger ships to their fleets.

On Tuesday, HMM announced it had ordered eight 13,000-TEU LNG dual-fuel ships from HD Hyundai Heavy Industries for around $1.5bn. The ships will enter HMM's Far East-India-Mediterranean service from 2029.

South Korea's flagship carrier also acquired four feeder vessels second-hand. Those vessels will feed emerging regional networks linked to major hub ports, supporting HMM's wider hub-and-spoke network. The purchases connect HMM's long-haul expansion with a denser regional structure, rather than relying on the giant ships alone.

What does this change for shippers and forwarders?

For shippers, the immediate answer is limited. The 16.2 million TEU orderbook represents future ships, not capacity available for current cargo. HMM's new service deployment starts in 2029, while Zhonggu's pair is due in 2029-2030. Charter rates at a four-year high therefore describe present conditions, not the likely arrival of cheaper capacity.

For carriers, the orders mark a push toward fleet scale, service reach and LNG dual-fuel propulsion. They also increase each line's exposure to a delivery window in which hundreds of vessels could arrive together. The ability to fill those ships matters as much as the size of the order itself.

For forwarders, HMM's feeder purchases and Far East-India-Mediterranean deployment may reshape transshipment options around major hub ports from 2029. Maersk's quote request and the unconfirmed CMA CGM order should carry less weight than signed shipyard contracts and firm delivery schedules. Those are the figures to watch when assessing whether the orderbook will loosen the charter market.

With Chinese yards holding 88% of this year's ordered capacity and deliveries beginning in 2029, the next test is whether confirmed 24,000-TEU ships turn the 46.5% pipeline into enough supply to pull charter rates from their four-year high.