MSC Sets New Record with 7.2 Million TEU, Capturing 21.4% of Global Market Share

According to data from the prestigious maritime consultancy Alphaliner, the Geneva-based Swiss shipping giant – Mediterranean Shipping Company (MSC) – has just reached a new milestone. The carrier's total container fleet has hit 7.2 million TEU (twenty-foot equivalent units), thereby firmly maintaining its position as the world's largest shipping line with a 21.4% global fleet market share.

A Journey of Rapid Expansion

This figure represents another significant milestone in MSC's meteoric rise since the carrier overtook the Danish giant Maersk to become number one in January 2022.

Back in January 2022, MSC's total fleet capacity was 4,284,728 TEU, leading Maersk by only a very narrow margin of 1,888 TEU. At that time, both carriers held a 17% market share.

Since then, MSC has continuously extended its lead, becoming the first carrier in the world to break the 20% market share mark in 2024, surpassing the historic record of 19.4% that Maersk set in 2018.

Changing of the Guard

This shift at the top marks the end of a decade of dominance by Maersk. Since entering container shipping in 1975, Maersk has always been a pioneer, constantly setting industry records by building the largest vessels. Recently, in line with its decarbonization strategy, Maersk has focused investment on vessels capable of using carbon-neutral fuels rather than racing for pure scale.

Fleet Structure: Strategic Differences

Despite losing the number one spot in transport capacity, Maersk still holds the advantage in terms of vessel ownership. MSC has about 65% of its capacity coming from chartered vessels, while Maersk's charter ratio is only 42%.

A notable personnel factor is that since 2020, MSC has been led by Mr. Soren Toft. This CEO was previously considered the heir apparent at Maersk before making a high-profile move to MSC.

Looking at the broader context, since the pandemic, the container shipping industry has undergone tremendous changes: at that time, a boom in consumer goods demand led to a capacity shortage, and the Shanghai Containerized Freight Index (SCFI) showed that ocean freight rates soared by up to 81% in 2021.

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Source: Phaata.com (According to Imarinenews)

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