The maritime sector is witnessing a resurgence in container ship builds. The recent Red Sea crisis has propelled freight and charter rates to unprecedented levels, reminiscent of the pandemic's peak period.  June and the first half of July saw the commissioning of 89 ships, totalling 1.2 million Twenty-Foot Equivalent Units (TEUs), marking the highest rate of orders since the pandemic boom.

This figure surpasses the quarterly average of 910,000 TEUs recorded between 2021 and 2022. Charter owners, who had taken a backseat, are now at the forefront, responsible for 44% of the capacity ordered during this period. This is a significant increase from their previous 16% contribution to the capacity on order. Mid-July data reveals that the container ship order book has swelled to 6.6 million TEUs, a 14% increase from early June. It represents over 22% of the current in-service fleet capacity, although it is a decrease from the 30% high witnessed in the first quarter of 2023. The container ship fleet is expanding rapidly, with new building deliveries hitting a record 884,000 TEUs in the year's second quarter.

This marks the fifth consecutive quarterly record and is substantially higher than the 10-year average of 325,000 TEUs per quarter. The fleet experienced a growth of 5.7% in the first half of 2024 and is projected to grow by 10% by the year's end, outpacing the 8% growth in 2023. Deliveries are expected to reach an all-time high of 2.9 million TEUs. Despite the booming market, scrapping rates remain low.

The improved freight and charter markets have led to a postponement in the demolition of older vessels. Only 36 vessels, totalling 51,000 TEUs, were scrapped in the first half 2024. The secondhand ship market is also bustling, with 71 vessels, or 313,000 TEUs, exchanging hands in the second quarter, a 31% increase year-on-year. This quarter was the most active since the third quarter of 2021, as liner operators scrambled to acquire in-service vessels to meet the soaring demand. Asset prices are rising, with Clarksons' Containership Secondhand Price Index climbing to 67 points by the second quarter of 2024. This is a 16% increase from the first quarter and a 30% rise from December 2023. However, prices are still below the Covid-era peak of 128.5 points in early 2022.