European shipping giant is pushing ahead with a plan to build super-large container ships, sparking a new round of competition for orders between Chinese and South Korean shipyards.
According to TradeWinds, Danish shipping giant Maersk plans to order up to 12 18,000TEU liquefied natural gas (LNG) dual-fuel powered container vessels and has received bidding proposals from several shipyards in China and South Korea.
Sources revealed that Maersk has offered two tender options to shipbuilders: 8+4 vessels and 6+6 vessels, and no final decision has been made yet. Maersk hopes to complete the contract signing this year, with delivery expected in 2029.
The value of this order is between US$2.5 billion and US$2.8 billion, which means that the price of each vessel is between US$208 million and US$233 million.
Reports indicate that Chinese shipbuilders’ bids for each ship are US$20 million lower than those of South Korea. Some believe that due to the significant disparity in bids between Chinese and South Korean shipbuilders, as well as the large backlog of orders at major South Korean shipbuilders, the order is likely to go to Chinese shipbuilder.
In addition, although there is still uncertainty surrounding the variable of US port fee policy, container ships below 20,000 TEU specifications that are unable to enter US ports can be deployed on European or Asian routes as needed. This will increase the chances of Chinese shipbuilders successfully winning large orders.
It is worth noting that if Maersk confirms the contract, this will be its second order for LNG dual-fuel container ships. As the leading proponent of methanol fuel, Maersk began shifting to LNG fuel in 2024 and has already placed orders for multiple new ships with Chinese and South Korean shipyards.
On December 2, 2024, Maersk ordered six 17,000 TEU LNG dual-fuel container ships and two 9,000 TEU LNG dual-fuel container ships from Yangzijiang Shipbuilding; six 15,000 TEU LNG dual-fuel container ships from New Times Shipbuilding; and six 15,000 TEU LNG dual-fuel container ships from Hanwha Ocean of South Korea with four option vessels. The total value of these orders is nearly US$4 billion, with the first batch of ships expected to be delivered in 2028 and the final batch scheduled for delivery in 2030.
If the above large order is finalized, Maersk’s investment in new LNG dual-fuel container ships could reach up to US$6.8 billion.
This series of newbuilding/time charter contracts is a continuation of Maersk’s fleet renewal program launched in 2021. Including owned and leased container ships, Maersk will add 800,000 TEUs of fleet capacity, equivalent to 50-60 vessels, between 2026 and 2030. Of this, 300,000 TEU of capacity will come from Maersk’s newbuilding program, while 500,000 TEU of capacity will be acquired through time charter agreements.
Based on this plan, Maersk has signed new construction and leasing contracts for a total of 60 vessels, with 50 confirmed and 10 optional.
This year, despite the overall slowdown in the global new shipbuilding market, order activity in the container ship sector has remained stable. According to Clarkson data, in the first half of this year, a total of 201 new container ships with a capacity of 1.9 million TEU were ordered globally, representing a 92% increase compared to the average over the past 10 years.