MSC Achieves Unprecedented Market Dominance
Mediterranean Shipping Company (MSC) has solidified its position as the undisputed leader in the container shipping industry, surpassing all previous records for market share. The Geneva-based carrier’s fleet expansion, which has seen an addition of approximately 400,000 TEU to its capacity this year alone, has propelled it to a commanding 19.8% market share as of July. This unprecedented figure eclipses the previous peak held by Maersk, which reached 19.4% in 2018 before experiencing a steady decline in subsequent years.
While MSC has taken the industry by storm, other carriers have also made strides. ZIM, for instance, has outperformed Taiwan’s Yang Ming for the first time since 2011, securing a 2.4% market share. Despite a reduced fleet size, ZIM’s focus on larger, more efficient vessels has boosted its capacity and cargo volume. Ocean Network Express and Hapag-Lloyd have also seen their market shares increase.
In contrast, Maersk’s market share has continued to erode. The carrier’s decision to cap its fleet size in favor of non-shipping ventures has hampered its ability to compete with rapidly expanding rivals. Despite a temporary halt to the decline due to newbuilding deliveries earlier this year, Maersk’s market share has resumed its downward trajectory.
The top ten carriers collectively control a substantial 83.9% of the operated fleet, demonstrating the industry’s high level of concentration. This marks a slight decrease from the peak of 84.0% reached during the COVID-19 pandemic when carriers capitalized on surging demand.
The container shipping industry is undergoing a period of significant transformation, with MSC emerging as the dominant force. As the market continues to evolve, the dynamics between carriers will be closely watched.
