Container vessel orders up by over 50% in 2024

Sector heading for record-breaking year fueled by high charter rates and post-covid container boom

Orders of new container vessels are up by ~52% year-on-year with 254 new contracts placed in 2024, compared to 167 in the corresponding period of 2023 according to a new report by VesselsValue, the data intelligence arm of maritime data and freight management solutions provider Veson Nautical.

The report, titled ‘Golden Age: Container shipping’s post-covid boom continues’, states that in addition to the huge uptick in orders, 2024 has seen 362 new container vessels entering the market with a further 169 to be set to be delivered in the last few months of the year.

“Thanks to the post-covid container boom, 2024 looks set to be a record-breaking year in terms of new container vessels entering the market,” says Rebecca Galanopoulos Senior Content Analyst at VesselsValue, “The huge rise in new orders this year means that this trend looks set to continue for the next few years.”

Galanopoulos adds that removals also remain low with just 48 container vessels sent for demolition so far in 2024, a fall of ~45% year-on-year.

The research also states that the robust market conditions are reflected in charter rates which have doubled for the Post Panamax sector.

“Charter rates for Post Panamaxes have been hovering around the 72,000 USD/Day mark since July, an increase of 100% from the same time last year, where rates were around 36,000 USD/Day,” Galanopoulos says. “This type of bull market is what is driving the rise in new deliveries and new orders.”