INDIA's container fleet capacity in 2023 increased eight per cent from 2022 and 21 per cent from 2019, reports Mumbai's Indian and Logistics Transport News.
But the container market only grew 0.2 per cent year on year in 2023 to 173.8 million TEU.
Compared to 2019, before Covid, the market was up 1.5 per cent, according to the latest update from BIMCO.
'Container market growth has lagged behind overall economic development significantly as the world economy has grown 10 per cent since 2019,' said BIMCO analyst Niels Rasmussen.
The container fleet capacity in 2023 increased eight per cent from 2022 and 21 per cent from 2019, he said. 'The order book of new ships will add nearly 25 per cent to the capacity during the next four and a half years.
Although recycling of older ships will moderate the future capacity, fleet growth will be significant, BIMCO said.
Said Mr Rasmussen: 'Initially, the container market saw a strong rebound from the Covid crisis. Container Trades Statistics (CTS) estimates that in 2021 the market was 3.9 percent larger than in 2023 but has since lost nearly seven million TEU due to a contraction in both east/west and regional trades.'
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But the container market only grew 0.2 per cent year on year in 2023 to 173.8 million TEU.
Compared to 2019, before Covid, the market was up 1.5 per cent, according to the latest update from BIMCO.
'Container market growth has lagged behind overall economic development significantly as the world economy has grown 10 per cent since 2019,' said BIMCO analyst Niels Rasmussen.
The container fleet capacity in 2023 increased eight per cent from 2022 and 21 per cent from 2019, he said. 'The order book of new ships will add nearly 25 per cent to the capacity during the next four and a half years.
Although recycling of older ships will moderate the future capacity, fleet growth will be significant, BIMCO said.
Said Mr Rasmussen: 'Initially, the container market saw a strong rebound from the Covid crisis. Container Trades Statistics (CTS) estimates that in 2021 the market was 3.9 percent larger than in 2023 but has since lost nearly seven million TEU due to a contraction in both east/west and regional trades.'
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