MSC books 20 more 24,000 teu megamaxes at Hengli

MSC has reportedly booked another 20 megamax containerships at China's Hengli Heavy Industries, adding 480,000 teu of future capacity to a fleet programme no rival comes close to matching.

Liner consultancy Linerlytica, in its latest weekly market report, says Gianluigi Aponte's carrier has ordered 20 additional 24,000 teu vessels at the Dalian-based shipbuilder. That takes MSC's programme of ships above 20,000 teu at Hengli to 62 vessels. No contract value, delivery dates or propulsion details have surfaced for the new batch.

The Hengli relationship has moved fast since the two sides signed a strategic cooperation agreement in 2024. MSC initially contracted ten 21,000 teu and ten 24,000 teu LNG dual-fuel newbuildings, then returned last year for six 22,000 teu ships. The latest block simply extends the pattern.

How big is MSC now?

At the end of September, Alphaliner data cited by Splash put MSC's operated fleet at roughly 7.4m teu — 21.5% of global liner capacity, or more than a fifth of every box afloat. Another 2.94m teu sits in the orderbook. Combined fleet plus orderbook has already crossed the 10m teu mark.

For perspective: the entire operated fleet of most top-ten carriers fits inside that single figure. MSC is, in effect, building a second CMA CGM on top of the one it already sails.

What does this change for shippers and rivals?

The order lands amid a renewed surge in newbuilding activity. Linerlytica puts the global containership orderbook at 16.2m teu, equal to 46.5% of the existing fleet — the highest ratio since 2009. That year, of course, is remembered less fondly: it sat at the doorstep of a collapse that left carriers scrabbling for cargo.

For shippers, the arithmetic cuts both ways. More capacity typically pressures spot rates on major trade lanes over time. But MSC's scale also entrenches a carrier with the market weight to manage capacity discipline when demand softens — the 2023-24 precedent is fresh enough.

For competitors, the message is blunter. Chasing MSC on sheer tonnage is a losing game; the gap is now structural, not cyclical. Expect rivals to keep differentiating on network quality, reliability and decarbonisation credentials rather than raw teu counts.

For forwarders, a 21.5% capacity giant with a decade-long ordering appetite means fewer, larger counterparties at the negotiating table. Concentration has consequences.

HMM keeps spending too

South Korea's HMM is also pressing ahead. The carrier has confirmed contracts worth about KRW1.92trn — roughly $1.44bn — for eight 13,000 teu LNG dual-fuel containerships at HD Hyundai. Six vessels will be built at HD Hyundai Samho, two at HD Hyundai Heavy Industries, with deliveries starting in 2029. HMM intends to deploy them on its Far East–India–Mediterranean service.

The Korean carrier has also picked up four feeder vessels through resale agreements: three 2,800 teu ships and one of 1,700 teu.

The combined signal is hard to miss. With the orderbook-to-fleet ratio at a 16-year high and the industry's largest player still writing cheques, the supply side of the market is being rebuilt for the long haul. Whether demand shows up on schedule is the question 2029 deliveries will answer.