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MSC Expands Container Shipping Share to 20%

by Daisy D.
07/05/2024
in Industry, Logistics & Transportation

The container shipping segment is experiencing significant changes, marked by a growing orderbook and an active charter and secondhand market. The market has reached its largest overall capacity, with more additions underway. MSC Mediterranean Shipping Company has notably expanded its lead in the industry.

Recent mid-year updates from Alphaliner and Linerlytica highlight that the container shipping segment has surpassed 30 million TEU in total capacity for the first time. Alphaliner reports 7,010 active ships with a combined capacity of over 358 million dwt.

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MSC has been a major driver of this growth, significantly outpacing its competitors. Founded in 1970, MSC reached 3 million TEU in 2017. By July 2021, its capacity grew to 4 million TEU, surpassing Maersk in January 2023 with 4.2 million TEU. By May 2023, MSC reached 5 million TEU.

In an interesting development, MSC has been acquiring vessels previously used by Maersk to increase its capacity. This includes a former 9,600 TEU Maersk vessel, which contributed to MSC reaching a 20 percent market share and nearing 6 million TEU.

According to Alphaliner, MSC is close to surpassing the 6 million TEU mark, with a total of 837 ships, 539 of which it owns, and a total capacity just 20,000 TEU shy of 6 million. MSC has 99 vessels on order, which could add nearly 1.2 million TEU of capacity. Even with some vessel scrapping, MSC is projected to exceed 7 million TEU by 2025.

As MSC expands its fleet, it appears to be preparing for the end of its alliance with Maersk. The upcoming Maersk and Hapag-Lloyd alliance, Gemini Cooperation, set to launch in 2025, will have a 22 percent market share with 3.4 million TEU of capacity. MSC will remain competitive on its own, with only the Ocean Alliance (CMA CGM, COSCO, and Evergreen) having a larger share at 29 percent.

Despite the influx of capacity, Alphaliner notes that the ordering of new vessels continues. Recently, 15 new containerships with a combined capacity of 80,500 TEU were delivered. In the first half of 2024, over 1.6 million TEU of capacity has been added, with a further 1.49 million TEU expected by the end of the year. Nearly two ships per month will be delivered, adding an average of 315,000 TEU over the next six months.

New orders have resumed, with 64 vessels ordered so far in 2024, representing an additional 543,500 TEU of capacity. Half of these ships will be equipped for dual fuel, predominantly methanol over LNG propulsion.

There is a shift in the size of vessels being ordered. The industry is now focusing on feeders and midsized vessels rather than the megamax vessels (over 20,000 TEU). The largest vessels ordered this year are four Neopanamax 14,170 TEU ships for Germany’s Peter Dohle, to be operated by Dubai’s Emirates Shipping Lines.

Analysts predict ongoing changes in the container shipping segment, including further orders, shifts in the leaderboard, and possible adjustments in alliances as carriers respond to market dynamics.

Stay updated with supply chain logistics news on The Supply Chain Report. Free international trade tools are available at ADAMftd.com.

#ContainerShipping#LogisticsNews#GlobalTrade#SupplyChainNews

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