The global container shipping fleet has reached a new record, surpassing 34 million TEU as continued new ship deliveries add significant capacity to the market. BIMCO said the fleet has grown by about 10 million TEU, or 42 percent, in just five and a half years, reflecting the rapid expansion of container shipping capacity since early 2021.

Industry data shows the fully cellular container fleet now stands at around 34.2 million TEU across 6,822 vessels in active service. Much of the growth has been driven by record newbuilding deliveries and very limited ship recycling, with less than 300,000 TEU of capacity reportedly scrapped during the same five-and-a-half-year period.

Large container vessels have contributed heavily to the increase. Ships with capacities above 12,000 TEU accounted for about two-thirds of the additional 10 million TEU added since early 2021. Their share of total fleet capacity increased from 30 percent to 40 percent, while the average size of container ships rose by approximately 14 percent.

Further expansion is expected, with more than 14 million TEU of new capacity scheduled for delivery by the end of 2030. BIMCO estimates the fleet could potentially reach 44 million TEU within five years, depending on recycling levels. The continued influx of new tonnage is raising concerns about possible overcapacity, particularly if normal Suez Canal transits resume and vessels currently sailing around the Cape of Good Hope return to shorter routes.