I work with a number of container shipping companies. Almost all have kicked off new-build projects since the start of the pandemic, after several years of tight margins, budget cuts, bankruptcies, and asset sales. The industry is in a real peak right now - some ocean shipping companies paid a 100% bonus in 2021.

It's really difficult for the industry to target the right spot of the supply/demand curve. A new-build project takes several years they need to commit in advance to the shipyards how many vessels will be built as part of a new class. Meanwhile, many other companies are simultaneously building vessels. And it's impossible to predict events like the port congestion in LA that drastically reduced supply for a period of time. And it's difficult to predict macroeconomic changes in demand. And a vessel might cost a hundred million dollars, so the operator isn't going to let it sit around and do nothing - they're going to put it to work and make as much money as they can.