Global shipping faces vessel shortages and rising freight rates

The global shipping industry is experiencing a significant surge in freight and charter rates driven by a shortage of vessels. According to Linerlytica, the container ship order book has reached 45% of the active fleet, the highest level since 2009. This includes 1,925 ordered units with a combined capacity of 15.6 million TEU, doubling the post-pandemic peak seen in 2023. Maersk has recently ordered 26 new vessels, signaling a potential race for capacity.

Logistical pressures remain high as port congestion in Southeast Asia, India, and the Middle East nears historic levels, while congestion also increases on the U.S. East Coast. Currently, over 11% of the global fleet is immobilized due to port delays.

In the dry bulk sector, the Baltic Dry Index (BDI) has seen its strongest recovery since the pandemic, exceeding 3,500 points. This growth is supported by increased ton-mile demand and new supply routes, particularly in West Africa, where iron ore exports from Guinea, Sierra Leone, and Liberia have risen significantly. Additionally, coal shipments have bolstered the Panamax and Kamsarmax segments, which saw a 5.4% year-on-year increase in tonnage.