Containership Charter Rates Hit a Four-Year High Despite a Record 46.5% Orderbook-to-Fleet Ratio

Charter costs have diverged sharply from freight rates. "Relative to freight rates, charter costs have run at roughly double their 2021–2024 average," Braemar noted. The pressure is particularly evident in the feeder and panamax segments: vessels of 1,500–1,900 TEU fixed for nine to fifteen months are now commanding a median USD 28,625 per day, up 18% year-on-year. Slower service speeds — driven by elevated bunker fuel prices that have persisted following the Middle East conflict — are increasing effective vessel demand by extending voyage durations, thereby absorbing available tonnage and supporting charter rates. CMA CGM, last year's leading charterer, cut its fixtures by 41%, reflecting a shift by major lines toward owned capacity. The global containership orderbook has simultaneously swelled to 16.2 million TEUs — equivalent to 46.5% of the active fleet and a post-2009 peak — as carriers race to secure ultra-large tonnage. Chinese shipyards alone have booked a record 4.94 million TEUs in 2026, accounting for 88% of total capacity ordered. Hengli Heavy Industries announced orders for 52 ultra-large dual-fuel containerships: 20 of 24,000 TEU, 20 of 19,000 TEU, and 12 of 22,000 TEU. Maersk and CMA CGM are both in the market for additional giant ships. The orderbook represents the largest delivery wave on record — paired with the potential easing of Red Sea disruptions and forecasted weaker demand in 2027, it could eventually undermine charter rates significantly. Demolition remains effectively absent, with just two containerships scrapped so far in 2026.