Evergreen and CMA CGM Continue to Expand Record Global Container Ship Orders

Evergreen Container Ship (Source: Evergreen)

French shipping line CMA CGM and Taiwanese shipping line Evergreen are continuing to expand their global container ship order books, pushing their total order book past 9 million TEUs.

Evergreen is seeking a series of 11 megamax container ships with a capacity of 24,000 TEUs, according to Alphaliner.

In addition, Alphaliner analysts also said that CMA CGM is close to finalizing a contract with China's CSSC Group to build 12 more 18,000-TEU containerships, just days after the carrier placed an order for 12 vessels of the same capacity from South Korea's HD Hyundai Heavy Industries (HHI).

Yesterday, Splash reported that Hapag-Lloyd has returned to South Korea to place an order for six more 16,800-TEU containerships at Hanwha Ocean.

"Many projects remain under discussions in both South Korea and China and we expect to report the finalization of several projects in the coming weeks," said the latest report from MB Shipbroking. The report also highlighted that: "With fairly limited demand for new tanker, gas and bulk carrier orders, a number of shipyards remain heavily focused on container newbuilding projects. As a result, we have seen a stabilization of pricing and with the slightly lower interest rates a softening of payment terms.”

By the end of 2024, the total container ship order book will reach 8.3 million TEU, setting a new record compared to the previous high of 7.8 million TEU in early 2023, according to BIMCO analysis in early January.

This number will continue to increase sharply in the first six weeks of 2025, and if all of the above orders are confirmed, the total global container ship order book will surpass 9 million TEU for the first time.

Currently, the total capacity of the global container fleet is 31.7 million TEU. In June last year, the global container fleet surpassed 30 million TEU for the first time.

The growth rate of the global container fleet is truly astonishing. It took the container shipping industry about 50 years to reach the 5 million TEU mark in 2001. However, in just 7 years, the fleet capacity increased from 20 million TEU to 30 million TEU.

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Source: Phaata.com (According to Splash247) 

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