Cosco has reportedly ordered nine 20,000-teu ships, with an option for four additional vessels of the same size, according to several news media.
The ultra-large container ship newbuilding order comes just days after Maersk Line ordered 11 similarly-sized vessels of 19,630-teu each. That order came after CMA CGM confirmed it had ordered six 14,000-teu ships, which came weeks after OOCL ordered six 21,000-teu container carriers.
The spate of new orders puts further pressure on the already strained rates on the flagship Asia-Europe service, which is currently suffering from record low freight rates as shipping lines wage war with one another in an attempt to secure volume and retain market share.