The container fleet keeps getting bigger.
It has reached almost 35m TEU.
That is 5.5% larger y-o-y.
Normally, more ships should mean more space.
And lower freight rates.
But the SCFI is now at 3,410.
That is its highest level since July 2024.
And around 2.4 times higher than a year ago.
More ships are here.
But more available space is not.
That matters for Q4 capacity planning and rate negotiations.
So where is the extra capacity going?
And what has to change before rates feel it?
Here are 5️⃣ signals behind it:
1️⃣ Spare tonnage is still tiny
The fleet is larger.
But very little capacity is sitting commercially idle.