Explosive growth in container ship orders in 2024
Orders for new container ships have seen a staggering increase of more than 50% in 2024, illustrating the continuing boom in shipping following the COVID-19 pandemic. According to a report from VesselsValue, the data intelligence division of Veson Nautical, 254 new container ship contracts have been signed this year, a significant increase from the 167 contracts in 2023. This trend is supported by strong market conditions that have led to a doubling of charter rates for Post Panamax vessels. Charter rates have been around US$72,000/day since July, double the previous year. At the same time, the numbers of ships for demolition remain low, indicating the continued robustness of the market.
Challenges and adaptation of container transport after the pandemic
The COVID-19 pandemic caused major changes in container shipping, which had to adapt to new challenges. During the pandemic, there was a significant halt in container movements, leading to a surplus of containers in some regions and a shortage in others. After the pandemic measures were relaxed, the situation was complicated by labour shortages and port congestion, leading to an excessive number of unused containers. Many storage facilities are now turning away new customers due to lack of space and some shipping companies are even giving away containers to free up capacity. The number of cancelled and missed sailings has also increased in response to changes in demand and capacity.
Stability and falling container transport prices
According to the latest World Container Index data from Drewry, there was a slight 1% decline in container freight rates to US$3,413 per 40ft container. This decline is significant compared to the peak during the pandemic, when prices reached $10,377 in September 2021. Despite this decline, current prices are still 140% higher than the pre-pandemic average in 2019. Spot rates are expected to remain stable, suggesting that the market is gradually returning to normal.
Record port traffic in the US
The Ports of Los Angeles and Long Beach saw record import volumes in 2024 as companies preemptively imported goods due to concerns about potential tariff increases. In October, these ports shipped nearly 1 million containers, breaking the record set in May 2021, when pandemic demand caused a massive increase in traffic and delays. Companies are also trying to avoid potential disruptions at eastern and Gulf ports caused by labor disputes.
Dry Cargo and Tank Transport Market Dynamics
The dry cargo market in Europe experienced mixed activity in November 2024. While large Capesize and Panamax ships showed positive trends with rising rates, smaller Supramax and Handysize ships experienced slight declines. The European small cargo market was characterised by slower activity and a slight decline in rates in the Baltic and Mediterranean region. Tanker shipping, including oil and product tankers, also faced slow activity with falling rates.
Transport market in the aftermath of the US elections
Following the US election, which brought uncertainty over future trade tariffs, companies are looking to speed up imports of goods to avoid potential cost increases. As a result, ports in Southern California are experiencing significant import volumes even during the usually quieter period at the end of the year. Firms are also diverting goods to the West Coast to avoid potential problems at East and Gulf Coast ports.
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