Last month delivered several noteworthy developments in the global container shipping industry. According to insights from Alphaliner’s weekly newsletter, November included a major fleet milestone for MSC, updated perspectives on Suez Canal routings, a detailed look at Spain’s principal container operators, and improving financial results among top carriers. Below is a concise overview of the most significant trends.
MSC Becomes the First Carrier to Reach a 7 Million TEU Fleet
The Mediterranean Shipping Company (MSC) has achieved a historic fleet capacity of 7 million TEU, becoming the first carrier in history to reach this benchmark.
This milestone resulted from the near-simultaneous delivery of two new 16,000 TEU vessels, MSC SALERNO and MSC GRACE, which pushed the company over the threshold. MSC expanded from six to seven million TEU in only 15 months, supported primarily by newbuild additions accounting for nearly 799,000 TEU across 68 ships.
During this period, MSC introduced 33 Neo-Panamax ships of 14,000 to 16,000 TEU, continued substantial secondhand purchases totaling more than 250,000 TEU, and brought approximately 25 ships (135,000 TEU) into its fleet through new charters. While some chartered vessels replaced expired agreements, the combination of newbuildings, acquisitions, and selective charter growth resulted in steady fleet expansion.
MSC’s rapid rise reinforces its long-term strategy of scale building and market leadership, supported by aggressive fleet investments across multiple segments.
CMA CGM Remains the Primary Major-Carrier User of the Suez Canal
Two recent Suez Canal transits by CMA CGM BENJAMIN FRANKLIN and CMA CGM ZHENG HE sparked speculation that major alliances might soon revert from Cape of Good Hope routings back to Red Sea transits.
However, Alphaliner’s analysis indicates that the temporary reduction in Red Sea risk has not triggered a broader industry shift. Upcoming sailings of CMA CGM’s FAL1 service will continue routing via the Cape.
CMA CGM has been the only major carrier consistently maintaining limited Suez Canal activity throughout 2025. The company continues to operate the OCEAN Alliance MED5 (BEX2) service through the canal, with vessels between 10,000 and 15,500 TEU. OCEAN Alliance partners COSCO, Evergreen, and OOCL co-load on the loop but do not deploy their own tonnage.
In addition, CMA CGM continues to run the MEDEX service through the Suez, with COSCO and OOCL participating through slot agreements.
Overall, CMA CGM retains its position as the top Suez Canal user among major carriers, even as most other operators maintain Cape routings due to remaining security concerns.
Boluda Dominates the Spanish Container Shipping Market
A special feature in Alphaliner’s newsletter examined Spain’s largest container operators, revealing that Boluda Corporación Marítima controls more than half of all TEU capacity among the country’s top five carriers. Boluda operates 18 container and multipurpose vessels, totaling approximately 14,000 TEU.
Behind Boluda, Spain’s ranking continues as follows:
2. Marguisa Shipping Lines
Operates four vessels between 250 and 3,650 TEU, serving West Africa and Mediterranean trades. The company jointly operates its principal deep-sea service, MAS, with CMA CGM.
3. Grupo JSV
Manages a four-vessel fleet totaling 3,335 TEU. Its primary route is Turkey to Spain to the Canary Islands. JSV also acquired its first owned tonnage this year.
4. NISA Maritima
Operates two vessels of 1,036 TEU on mainland Spain to Canary Islands routes.
5. Alisios Shipping Lines
The youngest operator in the group, active since 2016. Recently doubled service frequency on its Huelva to Canary Islands connection with the deployment of the 707 TEU AQUARIUS.
This breakdown shows that Spain’s container shipping landscape remains heavily focused on regional and island supply chains, with Boluda maintaining clear strategic dominance.
Q3 2025 Profits Rise as Carriers Benefit from Volume Surge
Carrier profitability improved notably in the third quarter of 2025. According to Alphaliner, the average operating margin among the nine largest reporting carriers rose to 13.7 percent, up from 9.9 percent in Q2. The increase was driven by record quarterly container volumes, as shippers accelerated cargo movements ahead of tariff and port fee changes.
Collectively, the top nine carriers generated more than 4.3 billion USD in EBIT during the quarter. If CMA CGM is included, total EBIT would exceed 5 billion USD. For the January to September period, the group achieved 12.7 billion USD in operating profit.
Performance varied across carriers:
- Wan Hai Lines led the industry with a margin of 25.6 percent.
- Evergreen and COSCO Shipping Group followed with 22.7 percent and 20.9 percent.
- Yang Ming posted 10.5 percent, placing sixth after a slight performance decline.
- ONE improved to 6.3 percent following two quarters at the bottom.
- Hapag-Lloyd recorded 4.1 percent, the lowest margin among the group, reflecting cost challenges and Gemini Cooperation integration costs.
- Maersk reported 6.2 percent for pure liner operations.
Although margins remain below the exceptional highs of 2024, the industry’s profitability is significantly stronger than anticipated at the start of the year.
Stay On Top Of All Market News
November 2025 highlighted major fleet milestones, evolving trade routing dynamics, regional market insights, and improved financial performance within the container shipping sector. Based on findings from Alphaliner’s Weekly Newsletter, global carriers continue to navigate growth through a combination of strategic fleet expansion, selective routing decisions, and market-driven cost adjustments. These developments signal a resilient and adaptive industry as it prepares for the challenges of 2026.
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