According to data from shipping consultancy Alphaliner, Geneva-based Swiss liner giant Mediterranean Shipping Company (MSC) has reached a new milestone, with its container fleet totaling 7.2 million TEUs (twenty-foot equivalent units), maintaining its position as the world’s largest shipping company with a 21.4% global fleet market share.
The above data represents another milestone in MSC’s rapid rise since it surpassed Danish shipping giant Maersk to become number one in January 2022. In January 2022, MSC’s total fleet capacity was 4,284,728 TEU, leading Maersk by a narrow margin of 1,888 TEU, with both shipping companies holding a 17% market share.
Since then, MSC has continued to expand its advantage, becoming the world’s first shipping company to break through 20% market share in 2024, surpassing Maersk’s historical record of 19.4% set in 2018.
This change in leadership marks the end of Maersk’s decades-long dominance. Since entering the container shipping industry in 1975, Maersk has long been a pioneer, repeatedly setting industry records by building the largest ships. Recently, in line with its decarbonization strategy, Maersk has invested in ships that can use carbon-neutral fuels.
Despite losing its capacity crown, Maersk still holds an advantage in terms of vessel ownership. MSC derives approximately 65% of its capacity from chartered vessels, while Maersk’s charter ratio is only 42%.
Since 2020, MSC has been headed by Soren Toft. This executive was previously considered Maersk’s successor before making a high-profile move to MSC.
Since the pandemic, the container shipping industry has undergone tremendous changes: at that time, the surge in demand for consumer goods led to a shortage of shipping capacity, and the Shanghai Container Freight Index showed that ocean freight rates soared by 81% in 2021.