Boxship orders grow by over 50%, as deliveries set record highs

The post-pandemic boxship boom has become even more prevalent in 2024. The year could be a record-breaking one in terms of new vessels entering the market with orders massively rising when compared to the same period in 2023.

According to a new report by VesselsValue, the data intelligence arm of maritime data solutions provider Veson Nautical, orders for new container vessels are up by 52% year-on-year with 254 new orders placed in 2024. In the corresponding period of 2023, this figure stood at 167.

So far in 2024, 362 new container vessels have entered the market. The report claims that a further 169 will be delivered in the last few months of the year. All of this is in addition to the large uptick in orders.

“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. The huge rise in new orders this year means that this trend looks set to continue for the next few years,” said Rebecca Galanopoulos, senior content analyst at VesselsValue.

Removals are also low with just 48 container vessels sent for demolition in 2024 to date, a fall of around 45% year-on-year.

The research also pointed out that the robust market conditions were reflected in charter rates which have doubled for the post-panamax sector.

Charter rates for these vessels have stood at around 72,000$ per day since July which is an increase of 100% from the same time last year, when the rates were around 36,000$ per day.

“This type of bull market is what is driving the rise in new deliveries and new orders,” Galanopoulos added.