Oslo - Despite the fastest growth in supply and the fleet since 2010, the supply/demand balance tightened in 2024. Ship demand has increased as 90% of the capacity that normally transits the Suez Canal has instead been sailing via the Cape of Good Hope, significantly increasing both average sailing distance and ship demand.

However, fleet expansion remains a concern once ships can return to normal routings. We estimate that fleet growth will increase supply in 2026 by 46% compared to 2019 before the contracting boom began. Cargo volumes are forecast to . . .