Panamax container ships: ageing fleet, shrinking supply – but still highly profitable

Alphaliner’s latest public data highlights the unusual position of Panamax container ships — a vessel class shaped entirely by the size restrictions of the old Panama Canal locks. Although no new Panamax has been delivered in more than a decade, the segment remains far from obsolete.

Globally, more than 500 ships still fall into the traditional Panamax category (13 rows wide, roughly 259–295 metres long), representing just over 2.3 million TEU of capacity.

The fleet is notably old — averaging around 19 years, compared with a global container-ship average of roughly 14 years — reflecting the fact that the industry has long since shifted newbuilding activity toward larger Neo-Panamax designs.

Yet despite age and efficiency limitations, Panamax vessels continue to find strong demand in the charter market. Their smaller size makes them flexible operators on secondary and regional trades, and prolonged market tightness over the past two years has supported robust charter earnings.

Alphaliner’s fleet age profile also underscores that, while newbuilds have disappeared, the existing Panamax pool will remain commercially relevant for years — especially as redeliveries, scrapping patterns and regional deployment strategies evolve.

Source: Alphaliner