Record-smashing box ship orderbook fuels overcapacity concerns

Linerlytica reported this week that the global orderbook has reached a record high of 13M TEU following a fresh wave of new orders, pushing the orderbook-to-fleet ratio to a post-global financial crisis high of 38.3%.

According to a report published in mid-March by BIMCO, the orderbook had already climbed to a record 11.8M TEU at that time.

Linerlytica also indicated that new shipbuilding contracts in the first four months of 2026 have already exceeded 1.9M TEU in capacity. At the current pace, total contracting this year is on track to surpass the 2025 full-year record of 5.1M TEU – the highest annual volume of new orders ever recorded.

In terms of vessel numbers, data from Xclusiv Shipbrokers shows that 209 container vessels had been ordered by the end of April. Most of these orders are concentrated in the feeder and Handy segments.

Concerns over potential overcapacity remain evident in the market, Linerlytica noted. Based on its data, the bulk of new deliveries is scheduled for 2028, with firm orders already reaching 5.2M TEU and only limited delivery slots still available. “When fully filled, total deliveries in 2028 are expected to exceed 5.5M TEU,” the firm added.

The highest orderbook-to-fleet ratios are observed in the largest vessel segments, reflecting the strong newbuilding activity of recent years. According to Xclusiv Shipbrokers, the ultra-large container vessel segment has a ratio exceeding 70%, while the Neo-Panamax segment stands at 34%, both measured in TEU terms.

However, renewed interest in feeder vessels since last year has also driven up their orderbook, pushing the ratio to nearly 15%, while the Handy segment has reached over 22%.

Among recent headline orders, Orient Overseas (International) Limited – the parent of Orient Overseas Container Line – placed an order for 12 13,600-TEU vessels at Hudong-Zhonghua Shipbuilding, while Costamare ordered another 12 9,200-TEU ships at Dalian Shipbuilding Industry Company.

Another Greek owner, Euroseas, has contracted two Chinese shipyards for the construction of four feeder vessels.