Hamburg based Hapag-Lloyd has put its 23,000 teu newbuild plans on hold as the liner faces up to the realities of plummeting demand for the container transport due to COVID-19.
Hapag-Lloyd had widely been tipped earlier this year to join MSC, CMA CGM and HMM in ordering six giant boxships but CEO Rolf Habben Jansen has stated the plans are now on hold.
Hapag-Lloyd is the world's fifth largest liner with 1.7m slots in its fleet. Currently it has zero ships on order.
The massive volume of blanked sailings announced in recent weeks is set to create new records in terms of the inactive containership fleet, which analysts at Alphaliners are now saying will breach the 3m teu mark for the first time meaning some 13% of the entire global box fleet will be out of work.