A.P. Moller-Maersk is moving forward with one of its biggest orders for container ships in recent years. In its third-quarter earnings report, the company announced it has ordered 26 LNG dual-fuel vessels, which will have a total capacity of almost 484,000 TEU.
The Danish shipping leader showcased these orders in its latest earnings release, emphasizing its commitment to renewing its fleet as the industry invests in larger and more fuel-efficient ships.
Each of these new vessels will hold 18,600 TEU and are set to be delivered in 2029 and 2030. This order, which Maersk first announced in September, adds up to 483,600 TEU of new building capacity, roughly 10% of the company's current fleet.
Details about the contract's value and the shipyards involved have not been made public yet.
This latest order follows a separate contract for eight ships, also with an 18,600 TEU capacity, at New Times Shipbuilding in China, scheduled for the same delivery years.
That earlier series was designed for operational flexibility. These vessels measure 366 meters in length and 58.6 meters in width, making them smaller than the largest ships of 24,000 TEU being constructed by competitors.
“Flexibility in deployment was a key reason for our decision,” stated Anda Cristescu, Maersk's Head of Chartering & Newbuilding, when announcing the previous order in February.
The new orders also highlight Maersk's increasing shift towards using LNG as a fuel source, following years where the company advocated for methanol within the shipping industry.
Maersk began adopting a broader fuel strategy in 2024, when it ordered 20 dual-fuel vessels with a total capacity of 300,000 TEU. These ships feature liquefied gas dual-fuel engines, marking a significant step beyond the earlier focus on methanol.
The company maintains that the energy transition in shipping will require a variety of fuel options rather than just one. LNG-capable engines can run on both conventional marine fuels and liquefied natural gas, allowing for a possible shift to lower-emission options like bio-LNG as they become available.
This flexibility is increasingly vital as shipowners navigate uncertainty around fuel access, costs, and upcoming emissions regulations.
According to a recent study by Lloyd's Register, LNG bunkering is offered at 222 ports worldwide, while only 25 ports provide methanol. This difference helps explain why LNG is still the leading choice for alternative-fuel newbuilding orders, despite concerns over its long-term climate impact.
The rise in LNG orders also brings up questions about future fleet capacity. While Maersk describes these contracts as part of its ongoing renewal efforts, the 26 new ships significantly contribute to its construction plans at a time when major competitors like MSC, CMA CGM, and COSCO are also heavily investing in new vessels.
Maersk has previously indicated that its fleet renewal plan aims primarily to replace older ships, rather than permanently increase its total capacity. Therefore, the ultimate effect on fleet size will depend on how many older vessels are retired or returned to charter owners as the new ships come into service.
The new orders come as Maersk's Ocean business benefits from strong vessel demand, port congestion, and rising freight rates. The company's operating profit for the third quarter jumped to $2.6 billion, up from $567 million the previous year, with fleet utilization reaching 96%.
For Maersk, the challenge lies in balancing these strong market conditions with a new building cycle that will introduce significant capacity by the end of the decade.
Since the first of the 26 new ships won't arrive until 2029, these orders represent both a bet on the future of the container shipping market in the 2030s and an investment in the company's next generation of vessels.