Another week, another wave of surprises for global shipping. Or, in the case of the container market, another dollar hastily discounted. The first week of November brought a series of defining moments that separate the market’s grand pronouncements from its grubby reality. While some operators celebrated milestones seemingly designed for press releases, others were busy placing monumental orders, and freight rates continued their inevitable slide back to earth. The global shipping November 2025 landscape remains a fascinating, if not entirely predictable, theatre of operations. From Geneva to Athens, the decisions made this week will ripple across the world’s oceans for years to come. Let’s get to it.
MSC’s seven million TEU moment
It was, one imagines, a rather quiet celebration in Geneva. Mediterranean Shipping Company (MSC) officially crossed the seven million TEU threshold, becoming the first carrier in history to do so. The vessel that tipped it over the edge wasn’t a gleaming newbuild, but a 20-year-old, 3,500 TEU charter. Ηow wonderfully anticlimactic. This milestone makes MSC a staggering 50% larger than its nearest competitor, Maersk, a gap that has widened at a breathtaking pace.
Since snatching the top spot in early 2022, MSC has added 2.7 million TEU to its fleet, largely by hoovering up around 400 secondhand ships. With another 2.2 million TEU on its order book, the company’s dominance is not merely secure; it’s absolute.
Market take: MSC’s aggressive expansion strategy delivers results. While competitors debate fleet optimisation, MSC quietly dominates by buying the market.
Maersk’s triple play
Not to be outdone, the Danish giant made headlines with a flurry of strategic—if somewhat mixed—moves. According to multiple industry reports, Maersk has placed an order worth around $2.3 billion for up to twelve dual-fuel LNG containerships at China’s New Times Shipbuilding yard.
The newbuilds are expected to be in the 18,000–21,000 TEU range, depending on final design, and are said to be priced roughly $20 million per vessel below comparable South Korean offers.
The order marks a notable shift from Maersk’s earlier emphasis on methanol propulsion, suggesting that economic pragmatism—and the availability of competitive Chinese tonnage—may be overtaking ideology in its decarbonisation strategy.
At the same time, Maersk raised its full-year profit guidance, citing what it called “defiantly growing container demand” and resilient global trade fundamentals, despite persistent Red Sea disruptions. Interestingly, even after this fresh round of investment, Maersk’s orderbook—about 886,000 TEU—remains modest relative to its existing fleet, underlining its measured approach to capacity growth.
Market take: Maersk is deploying capital strategically while talking up earnings. The pivot to LNG underscores that, for all the rhetoric, the green transition still runs on hard economics.
Container freight: The GRI that wasn’t
The much-anticipated 1 November General Rate Increase (GRI) on China–U.S. routes was formally announced, but its impact appears limited amid persistent overcapacity and weakening demand. According to market reports, posted FAK (Freight All Kinds) rates on the China–U.S. West Coast lane briefly rose, yet actual market-clearing “specials” were widely available in the $1,900–$2,100/FEU range, indicating a soft market.
Spot rate data also show significant year-on-year declines. For example, Xeneta reported that transpacific rates from China to the U.S. West Coast fell to around $2,147/FEU, down ~59% compared to the same period last year. The reason is straightforward: peak season demand has ended, and carriers are adjusting by offering discounts to fill partially empty vessels.
The November GRI episode underscores the fundamental challenge facing the container shipping market: in periods of excess capacity, carrier discipline is the first casualty. Attempts to push higher rates meet immediate resistance from the market, highlighting the delicate balance between posted tariffs and real market conditions.
Market take: The November GRI illustrates that even formally announced rate increases cannot override market realities. Oversupply and reduced demand force carriers to offer discounts, revealing the fragility of pricing discipline in the current container shipping environment.
Tanker markets: A tale of two sectors
While container lines struggle, the tanker market presents a more nuanced picture. A clear divergence is emerging between the “dirty” trade (crude oil) and the “clean” trade (refined products). On the crude side, spot rates for VLCCs surged above $100,000/day in early November. In contrast, the clean‑products segment remains under pressure, though some reorganisation of flows—for example to replace Russian‑origin product in Europe—provides partial support.
On the supply side, the orderbook for VLCCs now stands at around 15 % of the existing fleet. Combined with an ageing global tanker fleet (average age above 14 years) structural constraints in tonnage supply are helping underpin rate strength.
Market take: Tanker fundamentals remain reasonably robust. For owners, constrained incoming supply and strong long‑haul flows are supportive; for charterers and oil traders the tighter market means higher risk costs.
Security: The pirates are back
Just when the shipping world was focused on Houthi drones, the old menace of Somali piracy has returned. The Maltese-flagged tanker Hellas Aphrodite was hijacked approximately 700 nautical miles off Mogadishu, the first such successful seizure since 2024 The 24-person crew secured themselves in the ship’s citadel, and a swift response from the EU’s Operation Atalanta, led by a Spanish warship, resulted in the pirates abandoning the vessel.
While the crew is safe, the incident is a chilling reminder that the Indian Ocean remains a dangerous place. The pirates’ mother ship is reportedly still at large. It appears that providing security in these waters requires more than just occasional naval patrols.
Market take: Complacency carries a price. Somali piracy never disappeared; it merely paused, and the threat remains active.
Greek shipping: Leading from the front
While global trends ebb and flow, the Greek shipping community continues its relentless fleet expansion and modernisation, cementing its number one position. According to UNCTAD, Greek owners control 16.4% of the world’s deadweight tonnage, a dominant share built on strategic, counter-cyclical investments. This past week was a perfect illustration.
George Economou’s TMS Group is finalising an order for up to four VLCCs at China’s Hengli Shipbuilding, while Thanassis Laskaridis’s Alimia Group is ordering two more at the same yard, marking its entry into the VLCC segment. Not to be left out, the Latsis family’s Latsco Shipping doubled its containership orders. This flurry of deals comes as the Piraeus port re-emerges as a critical Asia–Europe gateway, benefiting from the recovery of traffic through the Suez Canal. Furthermore, the U.S.–China agreement to suspend punitive port fees for a year is a direct boon to Greek interests, which were disproportionately affected by the measures.
Market take: Greek owners maintain their counter-cyclical discipline. While others hesitate, they order tonnage and consolidate their global dominance.