The global orderbook (left) as a share of the fleet remains near its lowest levels in 15 years, suggesting limited risk of new asset over-supply, which occurred after the financial crisis. Moving to the right, the top chart shows that earlier in the pandemic, idle containership capacity spiked before decreasing considerably as the global economy re-opened. However, since recovering idle containership capacity has ticked up again, as global economic activity slows. Activity improved through April 2023, with idle container ship capacity decreasing but still remains above the lows we saw during the reopening. Lastly, on the bottom, we see that the fleet age is its highest level since 2005, indicating there will likely be an increase in demand for newer fleets in the coming years.