In this article, we will be taking a look at the 15 biggest shipping companies in the world in 2024. Before diving into the list, let’s first take a look at the current state of the shipping industry and highlight some of the recent trends.
Shipping in Stormy Seas
The global shipping industry plays a crucial role in the global economy, facilitating the movement of goods and services across borders. However, the recent surge in geopolitical tensions has significantly impacted the industry, leading to increased costs, delays, and uncertainty. On March 4, Reuters reported that the global ocean shipping industry, which handles 80% of global trade, entered 2024 with unprecedented levels of risk, according to S&P Global Market Intelligence. Chris Williamson, the company’s chief business economist, noted that this marks the highest degree of risk in the 25 years that the company has been creating these forecasts. Houthi missile and drone attacks on merchant ships in the Red Sea and Gulf of Aden have caused significant disruptions to cargo delivery and increased shipping costs. Container ship owners are diverting vessels away from the Red Sea and the nearby Suez Canal trade shortcut that handles approximately 30% of global container cargo. The alternate route around Africa’s Cape of Good Hope adds five days or more to trips and increases fuel costs by up to $1 million. This has led to a surge in spot shipping rates, which have doubled or tripled on some routes and remain elevated.
Climate change is emerging as another significant threat to the shipping industry, posing a major challenge for industry players to adapt and mitigate its impacts. As reported by Reuters on March 18, pressure is mounting for the global shipping industry to pay a fee for its carbon emissions. The European Union, Canada, Japan, and climate-vulnerable Pacific Island states are among 47 countries supporting a proposal to charge a fee for each tonne of greenhouse gas produced by the industry. This move could raise over $80 billion annually to fund low-carbon shipping fuels and support developing countries in their transition. However, opponents like China and Brazil argue that this policy would unfairly penalize trade-reliant emerging economies. A study by Brazil’s University of Sao Paulo found that a carbon tax on shipping could reduce GDP in developing countries by 0.13%, with Africa and South America being the most affected regions. The International Maritime Organization (IMO) is currently discussing this proposal, which could have huge implications for the global shipping industry.
Maersk’s Resilience in the Face of Uncertainty
To overcome the challenges faced by the shipping industry, some of the largest shipping companies in the world are prioritizing innovation and adaptation. A.P. Møller – Mærsk A/S (OTC:AMKBY), one of the biggest shipping companies in the world in 2024, is actively working on minimizing disruptions caused by the Red Sea crisis. Maersk (OTC:AMKBY) operates a fleet of over 700 container vessels and has a total container capacity of more than 4 million Twenty-foot Equivalent Units (TEUs). Its business operations also include 65 terminals in 36 countries. The Danish shipping group is involved in marine transportation, port operations, supply chain management, and warehousing. With operations worldwide, the company has a presence in more than 130 countries.
To combat the Red Sea crisis, Maersk (OTC:AMKBY) has diverted its cargoes through the Cape of Good Hope from the Red Sea, which has resulted in an addition of 4,000 miles to its route and has also increased operational expenses. The group is experiencing a 40% increase in fuel costs and they anticipate this situation to persist in the back half of 2024. To mitigate the delays and congestion at its key ports in Asia Pacific, Maersk (OTC:AMKBY) is turning to air cargo transportation services and exploring a hybrid approach. The group is routing sea freight from ports in Asia Pacific to the Jebel Ali port in the UAE and is later transferring it for air transportation to major airports across the globe via airports in Singapore and Kuala Lumpur. Moreover, Maersk (OTC:AMKBY) has also established new routes from China to Turkey, Georgia and Azerbaijan, which are now operational.
Maersk (OTC:AMKBY) is also building new vessels that run on green fuels. In 2023, the company introduced Laura Maersk, the first of its new green fuel-powered fleet of container vessels. On May 8, the company’s green methanol-powered vessel, Ane Maersk, arrived at the Jebel Ali Port in Dubai. Ane Maersk is the first of 18 large vessels that Maersk plans to add to its fleet in 2024 and 2025. The new vessels feature an innovative design with the bridge and accommodation placed at the front, allowing for increased cargo capacity and reduced fuel consumption per container. This milestone underscores Maersk’s commitment to reducing its greenhouse gas emissions and minimizing its environmental impact by 2040.
Now that we have discussed what’s going on in the global shipping industry, let’s take a look at the 15 biggest shipping companies in the world in 2024.
Oliver Hoffmann/Shutterstock.com
Methodology
In this article, we compiled a list of the 15 biggest shipping companies in the world in 2024. To collect data for our list, we consulted AXSMarine’s Alphaliner database. This database provided us with details on the number of ships owned by each company, their total TEU capacity, and market share as of June 12, 2024. Please note that TEU stands for “Twenty-foot Equivalent Unit,” which is a standard measure of container capacity in the shipping industry. We used the latest data available and narrowed down our selection to rank the top 15 biggest shipping companies in the world in 2024, which are ranked below in ascending order of their total TEU capacity.
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15 Biggest Shipping Companies In The World in 2024
15. Korea Marine Transport Company
Total TEU Capacity of the Company: 157,087
Market Share: 0.5%
Number of Ships Owned by the Company: 65
Korea Marine Transport Company, also known as KMTC, is the leading Korean marine transportation company. Established in 1954, Korea Marine Transport Company continues to steadily build its vessel fleets as one of the biggest shipping companies in the world in 2024. The company operates a fleet of 65 ships, boasting a total capacity of 157,087 TEUs.
14. X-Press Feeders
Total TEU Capacity of the Company: 158,686
Market Share: 0.5%
Number of Ships Owned by the Company: 86
X-Press Feeders is a marine transportation and container shipping company that provides transportation services to container operators. Operating a fleet of 86 ships, X-Press Feeders has a healthy mix of vessels operating on its services. According to recently reported data, the company has a total capacity of 158,686 TEUs. Operating out of Singapore, X-Press Feeders is one of the largest independent common carriers in the world.
13. SITC International Holdings Company Limited (HKG:1308)
Total TEU Capacity of the Company: 165,987
Market Share: 0.6%
Number of Ships Owned by the Company: 105
SITC International Holdings Company Limited (HKG:1308), headquartered in Hong Kong, is one of the biggest shipping companies in the world in 2024. The company offers marine shipping, container liner shipping, ship management, warehousing, freight forwarding, customs clearance, shipping agency, and ship brokerage services. SITC International Holdings Company Limited (HKG:1308) operates a fleet of 105 vessels, with a total capacity of 165,987 TEUs.
12. Pacific International Lines (PIL)
Total TEU Capacity of the Company: 328,524
Market Share: 1.1%
Number of Ships Owned by the Company: 91
Pacific International Lines (PIL) is a Singaporean shipping company that ranks 12th on our list of the biggest shipping companies in the world. The company offers container shipping, container manufacturing, and logistics services. Pacific International Lines (PIL) serves customers at over 500 locations in more than 90 countries around the world. It operates a fleet of 91 ships, with a total capacity of 328,524 TEUs.
11. Wan Hai Lines Ltd. (TPE:2615)
Total TEU Capacity of the Company: 488,809
Market Share: 1.6%
Number of Ships Owned by the Company: 118
Wan Hai Lines Ltd. (TPE:2615) is a Taiwanese shipping company. While the company has expanded its shipping network to services to Canada, the US, South America, Africa, and the Middle East, it remains a leading provider of intra-Asia shipping services. Wan Hai Lines Ltd. (TPE:2615) operates a fleet of 91 ships, with a total capacity of 488,809 TEUs.
10. Yang Ming Marine Transport Corporation (TPE:2609)
Total TEU Capacity of the Company: 695,304
Market Share: 2.3%
Number of Ships Owned by the Company: 93
Yang Ming Marine Transport Corporation (TPE:2609) is a Taiwanese container shipping and marine transportation company. It ranks among the top 10 on our list of the biggest shipping companies in the world in 2024. Yang Ming Marine Transport Corporation (TPE:2609) operates a comprehensive network of services across Asia, Europe, the Americas, Australia, and Africa. As one of the top shipping companies in the world, it operates a fleet of 93 vessels, boasting a total TEU capacity of 695,304 units.
9. ZIM Integrated Shipping Services Ltd. (NYSE:ZIM)
Total TEU Capacity of the Company: 715,408
Market Share: 2.4%
Number of Ships Owned by the Company: 128
ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) is an Israeli international cargo shipping company. As one of the largest shipping companies in the world, the company has established operations in more than 90 countries and serves customers in over 200 ports around the world. ZIM Integrated Shipping Services Ltd. (NYSE:ZIM) operates a fleet of 128 ships, with a total capacity of 715,408 TEUs.
8. HMM Co. Ltd (KRX:011200)
Total TEU Capacity of the Company: 862,817
Market Share: 2.9%
Number of Ships Owned by the Company: 79
HMM Co. Ltd (KRX:011200), previously Hyundai Merchant Marine, is a South Korean integrated logistics and marine transportation company. As one of the largest shipping companies in the world, it provides customized services for different cargo including container cargo and bulk cargo for raw materials, oil, and plants. HMM Co. Ltd (KRX:011200) has a fleet of 79 ships, with a total capacity of 862,817 TEUs.
7. Evergreen Marine Corporation (Taiwan) Ltd. (TPE:2603)
Total TEU Capacity of the Company: 1,683,327
Market Share: 5.7%
Number of Ships Owned by the Company: 220
Evergreen Marine Corporation (Taiwan) Ltd. (TPE:2603) is a Taiwanese container transportation and shipping company. The company’s main business and services include domestic and international sea freight, shipping agency, and operation of container terminals. Evergreen Marine Corporation (Taiwan) Ltd. (TPE:2603) operates a fleet of 220 ships, boasting a total TEU capacity of 1,683,327 units.
6. Ocean Network Express Holdings Ltd.
Total TEU Capacity of the Company: 1,884,389
Market Share: 6.3%
Number of Ships Owned by the Company: 239
Ocean Network Express Holdings Ltd., also known as ONE, is a container transportation and shipping company. The company was established in 2017 by the integration of three Japanese shipping companies. Ocean Network Express Holdings Ltd. has a fleet of 239 vessels, with a total capacity of 1,884,389 TEUs, covering a comprehensive service network across 120 countries around the world. It ranks 6th on our list of the biggest shipping companies in the world in 2024.
5. Hapag-Lloyd AG (ETR:HLAG)
Total TEU Capacity of the Company: 2,144,633
Market Share: 7.2%
Number of Ships Owned by the Company: 283
Hapag-Lloyd AG (ETR:HLAG) is a German international shipping and container transportation company that ranks among the top 5 biggest shipping companies in the world in 2024. The company operates a fleet of 282 ships, boasting a total TEU capacity of 2,144,633 units. As one of the top shipping companies, Hapag-Lloyd AG (ETR:HLAG) has offices in 140 countries around the world.