According to Splash247, Mediterranean Shipping Co (MSC) is on the verge of reaching a significant milestone in its ascent to becoming the top global container carrier. Led by Soren Toft, MSC is only three ship deliveries away from surpassing its rival Maersk as the carrier with the largest owned box fleet worldwide. In January 2022, MSC overtook Maersk’s long-standing position at the pinnacle of the Alphaliner-tracked global liner rankings, benefiting from a surge in the secondhand market and substantial orders for newbuilds. The imminent delivery of three megamax newbuilds from Chinese shipyards will propel MSC past Maersk in terms of owned tonnage by closing the current 66,000 slot gap, as well as extending its overall lead in container capacity to over 1 million twenty-foot equivalent units (TEU). Recent reports have also linked MSC to the acquisition of four additional secondhand ships.
Last month, MSC achieved a groundbreaking feat by becoming the first liner company in the world to operate a fleet exceeding 5 million TEU. To put this milestone into perspective, the entire global container shipping capacity stood at 5 million TEU at the turn of the millennium. MSC has effectively doubled its fleet size in just eight and a half years, and projections based on its record-breaking orderbook suggest that its fleet could surpass 6 million slots by the middle of next year.
Peter Sand, the chief analyst at freight rate platform Xeneta, commented on MSC’s fleet expansion strategy, emphasizing the importance of the company’s decision to operate independently once its vessel-sharing agreement with Maersk concludes in January 2025. Sand explained that with such scale, MSC can carefully select its trade lanes and subsequently dominate the market.
However, as discussions surrounding environmental sustainability intensify, Andy Lane, a liner consultant, raised concerns about MSC’s fleet expansion strategy. Lane pointed out that the Carbon Intensity Indicator (CII) requirements and potential carbon tax initiatives could significantly alter the optimal composition of fleets in the future. These factors may result in substantial operating or retrofit costs, potentially overshadowing the advantages of having a larger fleet.
According to estimates from Danish consultancy Sea Intelligence, MSC’s liner division reported an EBIT of $36 billion in 2022. Gianluigi Aponte, the founder of MSC, and his family are reportedly three times wealthier than the second-ranked family on Switzerland’s most recent rich list compiled by local media.
In addition to its cargo division, MSC also ranks as the world’s third-largest cruise line.
Source: Splash247, Xenata, Alphaliner
