A report by the Danish shipping website Shipping Watch highlighted that Maersk has been slashing its fleet size more than any other global carrier this year. The move comes as part of Maersk's strategy to focus on integrated logistics.
Throughout the first half of 2023, Maersk has reduced the total capacity on board its ships by over 88,000 TEU (2.1% of its fleet), says Shipping Watch. This reduction in fleet capacity follows a similar trend from the previous year when Maersk reduced its fleet size by 1.4%.
Under the leadership of former CEO Soren Skou, Maersk wanted to maintain a fleet size in the range of 4 million to 4.4 million TEU. This policy was continued by his successor, Vincent Clerc. However, recent developments indicate a slight deviation from this approach as analysts report a "timid" comeback in the charter markets.
The capacity reduction by Maersk had a significant impact on its positioning in the global carrier rankings. Almost one and a half years ago, the company was surpassed by rival Mediterranean Shipping Co (MSC) and lost its title as the world's largest shipping company. MSC has continued its growth trajectory, expanding its nominal fleet capacity by a 12.2% this year, adding another 560,200 TEU.
Maersk's fleet reduction signals more transformation in the industry. Observers in the industry believe French CMA CGM is on track to potentially overtake Maersk as early as 2026.
CMA CGM’s fleet capacity nears 3.5 million TEU, and it is currently third on the list. While Maersk is still ahead with 4.1 million TEU, the French liner’s orderbook and vessel purchase pattern are likely to create a position switch in the next few years.