Freight rates have hit an all-time high, with cargo volumes on trans-Pacific trade routes exceeding any previous level. The boom in the container shipping market has driven global new container ship orders (measured by capacity) to more than double in less than eight months this year. However, shipping industry executives warn that given the surge in demand and fleet renewal, container ship supply could remain tight in the coming years.
// Surge in New Ship Orders //
According to Hellenic Shipping News, a total of 619 container ships are currently on order for future delivery, including 381 vessels booked in 2021 alone. It is unprecedented for ordered capacity to reach 3.44 million twenty-foot equivalent units (TEU) in such a short period.
