Global container fleet capacity is set to reach a new record of 34 million TEU , driven by high levels of new ship deliveries and limited recycling activity, according to BIMCO. At the beginning of September, the global fleet was only 8,000 TEU short of the milestone. With 46 containerships totalling 286,000 TEU scheduled for delivery during September, BIMCO expects the 34 million TEU mark to be reached after only a few new vessels enter service. Fleet adds 10 million TEU in five and a half years Reaching 34 million TEU means the global fleet will have added 10 million TEU in just five and a half years . This represents growth of 42% since early 2021. “When the world’s shipyards deliver just a few more container ships, the global fleet capacity will for the first time reach 34 million TEU,” said Niels Rasmussen, Chief Shipping Analyst at BIMCO. The pace of expansion is a record, according to BIMCO. By comparison, the previous 10 million TEU increase, from 14 million to 24 million TEU, took more than ten and a half years. Recycling remains exceptionally low BIMCO attributed the rapid expansion to record newbuild deliveries and very limited ship recycling. Less than 300,000 TEU has been recycled during the past five and a half years. At the same time, larger containerships have driven much of the capacity growth. Ships above 12,000 TEU contributed around two-thirds of the 10 million TEU added since early 2021. As a result, their share of global fleet capacity has increased from 30% to 40%. The average containership size has also risen by 14%. Liner operators increase fleet control The ownership structure of the global fleet has also changed. Liner operators accounted for 85% of the 10 million TEU added during the period. They now control 65% of global fleet capacity, compared with 57% in early 2021. Meanwhile, nearly 2,000 containerships with combined capacity of more than 5 million TEU are at least 20 years old. These ships could provide significant recycling potenti