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"Whether pent-up demand & global growth above trend can help recover part of lost growth remains to be seen."

Average container ship could be larger than 5,000 TEU at the end of 2025: BIMCO

Container ship transits are down by 70% through the Gulf of Aden and the Suez Canal, says BIMCO

Container fleet capacity in 2023 increased 8% from 2022 and 21% from 2019

Another 83 ships larger than 15,000 TEU expected to be delivered in 2024, doubling capacity in just four years

Container volumes have fallen 2% compared to 2022 and are up only 1% compared to 2019

Currently, 21% of ships in the container fleet are older than 20 years, and thereby prime candidates for recycling

Deliveries of new container ships during the first seven months of the year reached a new record high of 1.2 million TEU

Historically, about 50% capacity has been recycled by the time the ships have been 25 years old and 90% by 30-35 years

Scheduled deliveries for 2024 and the remainder of 2023 are currently at 5.03 million TEUs

Cargo volumes may recover once businesses have adjusted inventory levels, unlikely to improve supply/demand balance

2023 likely to see beginning of new normal rather than reverse of recent weakening of supply/demand balance