A container ship’s class is decided by the things it cannot do. It cannot grow wider than the lock that gates its busiest canal, deeper than the strait it must cross, or longer than the berth and crane outreach at the ports on its loop. Every name in the size ladder, from feeder to Ultra Large Container Vessel, is a shorthand for one of those hard edges, and the TEU figure attached to each class is the cargo that fits inside the edge. This article walks the ladder from smallest to largest, gives the TEU band the trade actually uses for each, names the constraint that fixes it, and explains where the name came from. The carbon-intensity side of the same fleet is handled by the container ship CII calculator, and the freight benchmarks that price these ships sit in the freight indices article.
Two cautions before the ladder. First, the bands are conventions, not law. The International Maritime Organization defines container ships for safety and emissions rules, but it does not certify a vessel as “Panamax” or “feedermax”; brokers, class societies, and analysts draw those lines, and they draw them slightly differently. Treat every TEU range below as the common working band, not a boundary you can cite in a contract. Second, capacity quoted in TEU is a nominal slot count, and a ship rarely carries its nominal number, for reasons covered in the capacity section.
What TEU measures, and what it leaves out
The unit underneath every size class is the TEU, the twenty-foot equivalent unit. One TEU is the deck-and-hold footprint of a single standard 20-foot ISO container, 6.1 m long, 2.44 m wide, and 2.59 m high. The forty-foot equivalent unit, the FEU, is exactly two TEU. The distinction is not cosmetic. Most dry cargo today moves in 40-foot boxes, so a ship marketed at 10,000 TEU physically stows closer to 5,000 FEU when the deck is loaded with the longer units. TEU is a length-only measure: a 20-foot standard box and a 20-foot high-cube box, taller by a foot, both count as one TEU, so the figure says nothing about the cubic volume actually available.
Nominal TEU is the number a class society or the builder prints, counting every cell slot in the holds and on deck as if it held a 20-foot box. Real intake is lower, and the gap is structural, not rounding. A ship loaded to its nominal slot count would float far below its marks, because the average box weighs more than the design weight the nominal figure assumes. Naval architects rate intake against a homogeneous cargo weight, often around 10 to 14 tonnes per TEU, and a fleet of boxes heavier than that exhausts the deadweight before the slots fill. So a 14,000 TEU ship may load 11,000 to 12,000 actual boxes on a heavy trade and hit its draft mark with cells still empty. The published TEU is a geometric ceiling; deadweight is the economic floor.
Reefer capacity cuts the usable number again. Refrigerated containers need electrical power and air circulation, so a ship has a fixed count of reefer plugs, typically a few hundred to over two thousand depending on class, and those plugs sit in defined bays. A reefer-heavy booking on a route like the South American fruit trade can fill every plug while general dry slots stay open, so the binding limit becomes plug count rather than total cells. The reefer container ship CII calculator handles the emissions accounting for that reefer-intensive operating profile, where the cooling load lifts fuel burn above the dry-cargo baseline. When an operator quotes “reefer-adjusted capacity,” they mean the practical intake once the plug ceiling and the heavier average weight of refrigerated cargo are netted out of the nominal slot count.
The last subtlety is the difference between cellular capacity and lashed capacity. Below deck, containers drop into fixed cell guides, vertical steel channels that locate each box and carry the stack. Above deck there are no guides; boxes are stacked and held by lashing rods, twistlocks, and bridge fittings, and the allowable on-deck stack height is set by lashing strength and the ship’s stability, not by the cell structure. Class rules and the ship’s approved Cargo Securing Manual cap the on-deck tiers, which is why two ships of the same length can carry different TEU: one with a taller approved deck stack carries more. The cellular hold count is close to fixed for a hull; the lashed deck count is where designers chase extra slots.
Reference table: the classes and their constraints
The table below collects the working figures for the classes covered in this article. The TEU bands are conventions and vary by source; the Panama dimensions are from the Panama Canal Authority and the rows-across figure follows from the beam.
| Class | TEU band | Beam constraint | Rows across (deck) | Defining limit | Name origin |
|---|---|---|---|---|---|
| Feeder | up to ~1,000 | none fixed | ~6 to 10 | port depth and gear | feeds boxes to a hub |
| Feedermax | ~1,000 to 3,000 | none fixed | ~10 to 14 | regional port depth | largest feeder size |
| Panamax (classic) | ~3,000 to 5,100 | 32.31 m | 13 | original Panama locks | fits old Panama locks |
| Post-Panamax | ~5,000 to 10,000 | over 32.31 m | 15 to 18 | too wide for old locks | beyond the old-locks beam |
| Neo-Panamax | ~10,000 to 14,500 | 49 m | ~19 | expanded Panama locks | fits the 2016 locks |
| ULCV | ~14,500 to 24,000-plus | over 49 m | 23 to 24 | crane outreach, strait depth | ultra large container vessel |
The rows-across figure is the most direct link between the beam limit and the TEU band. A standard container is 2.44 m wide, so a 32.31 m Panamax beam yields 13 stowage rows once the hull plating, cell-guide structure, and clearance are taken out, and a 49 m Neo-Panamax beam yields about 19. Each added row runs the whole length and height of the stowage block, so the row count is a stronger predictor of capacity than length alone. That is why a wider hull at the same length carries far more, and why the named beam limits, not the length limits, do most of the work in sorting the fleet into classes.
Stack weight and stability across the classes
Two engineering limits sit behind the TEU bands and explain why the larger classes do not simply scale up the smaller ones. The first is stack weight. Each tier in a deck stack presses on the boxes below, and the bottom container plus its corner castings can only carry a rated load, so a tall deck stack must be loaded light-on-top, heavy-on-bottom, or it overstresses the lower boxes and the lashing gear. A ULCV with 24 rows and a tall deck stack therefore cannot fill every high slot with a heavy box; the stack-weight rule caps the practical intake well below the geometric slot count, which is part of why nominal TEU overstates real intake on the largest ships.
The second is metacentric height, the stability measure that sets how much weight can ride high on deck before the ship rolls too stiffly or too tenderly. A wide-beam ULCV is stable enough to carry many tiers on deck, which is the payoff of the 49 m-plus beam; a narrow classic Panamax at 32.31 m runs out of stability sooner and must keep its deck stack lower. So beam buys two things at once: more rows across and the stability to stack them higher. The beam limit a class is named for therefore caps capacity twice over, through the row count and through the deck-stack height the stability allows, which is why the step from 32.31 m to 49 m at Panama produced far more than a proportional jump in slots.
Feeder: up to about 1,000 TEU
The feeder is the smallest standard cellular container ship, with a working band up to roughly 1,000 TEU and a practical floor around 300 TEU. The name describes the job: these ships feed boxes between a regional or secondary port and a hub where the deep-sea ships call. A box from a small Baltic or Indonesian port rarely meets a 20,000 TEU ship at home; it rides a feeder to Rotterdam or Singapore and transfers onto the mainline vessel there. The feeder’s defining constraint is the port, not a canal. It is built shallow-draft, often gearless or with its own cranes, to work berths that lack the depth and the shore gantries the big ships need.
Feeders are usually geared, carrying two to four deck cranes, so they can self-discharge at ports with no container gantry. That self-sufficiency is the whole point of the class. A 700 TEU geared feeder can call a river berth in West Africa or an outport in the Indonesian archipelago, lift its own boxes, and turn around without the shore infrastructure a hub demands. Their draft typically sits under 8 to 9 m, low enough for tidal and silted approaches that would ground a Panamax. Speed is modest, often 14 to 18 knots, because the legs are short and bunker economy beats schedule speed on a shuttle run.
Feedermax: about 1,000 to 3,000 TEU
The feedermax fills the band between the small feeder and the Panamax, conventionally about 1,000 to 3,000 TEU. The “max” suffix is loose here; unlike Panamax or Suezmax, no single waterway dimension defines it. It is the largest size still run as a feeder rather than as a mainline ship, a regional workhorse that can serve a longer intra-regional loop, say within the Mediterranean, the Caribbean, or intra-Asia, while still keeping the shallow draft and the cranes that let it call second-tier ports. A 2,500 TEU feedermax on an intra-Asia loop links several national ports without ever touching a deep-sea hub.
Feedermax ships are where gearless designs start to appear, because the bigger regional ports on these loops have their own gantry cranes and the weight and cost of shipboard cranes stop paying off. The class also absorbed a wave of secondhand tonnage as larger ships cascaded down the trades: a vessel built fifteen years ago as a mainline Panamax can end its life feedering at the top of this band. That cascade, where a new ULCV on the headhaul pushes a Neo-Panamax onto a secondary trade and a Panamax down to feeder work, is the mechanism that keeps the whole size ladder in motion.
Panamax: about 3,000 to 5,100 TEU
The Panamax is the first class defined by a hard waterway dimension, and that dimension is precise. The original Panama Canal, opened in 1914, has lock chambers 320 m long and 33.53 m wide, with a usable length of about 305 m. A ship built to the limit of those chambers, the original Panamax, measures up to 294.13 m length overall, 32.31 m in beam, and 12.04 m tropical fresh water draft. The 32.31 m beam is the binding number. It leaves room on deck for 13 rows of containers across, and that 13-wide deck is the visual signature of the class. For the better part of three decades, from the 1980s into the 2000s, container ships were designed straight to that beam, because a vessel any wider was locked out of the canal that connected the US East Coast, the Caribbean, and the west coast of South America to Asia and Europe.
The Panamax container band runs roughly 3,000 to 5,100 TEU. The spread comes from how the 32.31 m beam was worked over time: early Panamax box ships sat around 3,000 to 4,000 TEU, while later “wide-beam to the lock limit” designs and longer hulls pushed the same beam class toward 5,000 TEU before the canal expansion changed the calculus. The draft limit of 12.04 m matters as much as the beam for a heavily loaded ship, because a Panamax box ship loaded to its slots can hit the canal’s freshwater draft mark before it fills, the same nominal-versus-real intake gap described above.
The name is the template for the whole canal-derived naming system. “Panamax” means the largest ship that fits the original Panama locks, and the pattern repeats for every other waterway: Suezmax for the Suez Canal, Malaccamax for the Strait of Malacca, Seawaymax for the St. Lawrence Seaway. The canal authority publishes the binding vessel dimensions, so unlike the broker-drawn TEU bands, the Panamax beam and draft are auditable figures from a primary source. After the 2016 expansion the unqualified word “Panamax” became ambiguous, since a much larger ship now also “fits Panama,” which is why the post-2016 trade tends to say “classic Panamax” or “old-locks Panamax” for the 32.31 m class.
Post-Panamax: beam over 32.31 m
Post-Panamax is defined by exclusion: any container ship whose beam exceeds the 32.31 m of the original locks, and which therefore could not transit the old canal. The class was born when carriers decided the canal constraint cost more than it saved on the busiest trades. On the Asia to Europe headhaul, which never uses Panama, there was no reason to cap the beam at 32.31 m, and a wider hull carries more boxes per meter of length and floats more stably with a tall deck stack. The first sub-Panamax-beam barrier fell in 1988 when a container ship crossed the 32.31 m line, and from there the trades that did not need Panama moved steadily wider.
A Post-Panamax ship widened the deck from 13 rows to 15, 17, and beyond, and the extra rows compound: each added row runs the full length of the ship and the full height of the stack, so going from 13-wide to 17-wide is a large step in slot count, not a marginal one. Capacity in the original Post-Panamax wave ran from just above 5,000 TEU into the 8,000 to 10,000 TEU range before the next named threshold appeared. These ships traded the canal flexibility of a Panamax for raw economy of scale on the long east-west strings, and they could only do so because their loops, Asia to North Europe, Asia to the US West Coast, were Panama-free. The term is now partly historical, overtaken by the more specific Neo-Panamax and ULCV labels, but it still names the design break: the moment the canal stopped setting the beam.
Neo-Panamax: about 10,000 to 14,500 TEU
The Neo-Panamax, also written New-Panamax, is the class sized to the expanded Panama Canal rather than the original. The expansion, the Third Set of Locks project, opened to commercial traffic on 26 June 2016, when the container ship Cosco Shipping Panama made the inaugural transit. The new lock chambers were built to a different scale, and the Panama Canal Authority sets the design vessel at 366 m length overall, 49 m beam, and 15.24 m (50 feet) tropical fresh water draft. The 49 m beam is the headline change: it lifts the deck from the 13 rows of the old class to about 19 rows across, and the canal’s container capacity per transit jumped accordingly.
The Neo-Panamax container band runs roughly 10,000 to 14,500 TEU, the largest ship that comfortably works the new locks. A few qualifications belong on the canal dimensions, because the authority manages them actively. The 366 m design length has been raised in practice: since May 2021 the Panama Canal Authority allows a maximum length overall of 370.33 m (1,215 feet) for regular Neopanamax transits, while the 49 m beam limit holds. Draft is the moving part. The 15.24 m (50 feet) figure is the maximum the locks were built for, but available draft falls when Gatun Lake drops in a dry season, and the authority publishes draft restrictions that have at times cut the allowable figure below 15 m. A Neo-Panamax loaded for a 15.24 m transit in a wet year may have to part-load or wait in a drought year, which is a live operational constraint rather than a fixed number.
The expansion reshaped trade routing, not just ship design. Before 2016 the US East Coast was served from Asia largely by Suez routings or by Panamax ships through the old locks; after it, Neo-Panamax ships up to 14,000-plus TEU could move Asia to US East Coast through Panama, and ports from Savannah to New York dredged and raised cranes to take them. The Neo-Panamax is therefore the class that the canal expansion was built to capture, and the toll and dimension policy of the canal authority is what keeps its upper edge fixed.
ULCV: about 14,500 to 24,000-plus TEU
The Ultra Large Container Vessel sits above the Neo-Panamax, conventionally from about 14,500 TEU upward, and it is the class that abandoned the canal as a design constraint entirely. A ULCV is too wide for even the expanded Panama locks, so it is built for the Asia to Europe trade and the long Pacific strings that route through Suez or around the capes, never through Panama. Freed from the 49 m beam, designers pushed the deck to 23 and then 24 rows across. Maersk’s Triple-E class, delivered from 2013 at about 18,000 TEU, opened the modern ULCV era, and capacity climbed from there: ships above 20,000 TEU arrived from 2017, and the Megamax-24 family, named for loading 24 rows of containers across and 24 bays long, reached the current ceiling.
As of 2024 the largest container ships in service are the MSC Irina class at 24,346 TEU, delivered from 2023, about 400 m long and 61.3 m in beam. That 24,000 TEU plateau is where the class has settled, and it has held there rather than climbing further, because the economics and the infrastructure both push back. A ship wider than 24 rows strains crane outreach at all but a handful of terminals, and the deepest-draft designs start to brush the depth limits of the straits and approach channels they must use. The marginal slot on a 24,000 TEU ship is also worth less than the operational rigidity it buys: these ships only fill on the highest-volume headhauls, and they can call only the deepest hub ports, so the cascade pushes their displaced tonnage down the trades rather than building ever larger.
ULCV economics rest on a square-cube logic. Cargo capacity scales roughly with the enclosed volume of the hull while the resistance that sets fuel burn scales more slowly, so cost per slot-mile falls as the ship grows, which is the engine that drove the climb from 8,000 to 24,000 TEU in two decades. The limit is that the saving accrues only when the ship sails full and the ports can turn it. A half-full ULCV is more expensive per box than a full Neo-Panamax, and the schedule risk of concentrating 24,000 boxes on one hull, one berth window, one weather routing, is real. The carbon-intensity rules add a further squeeze, since liner schedules constrain how far a ULCV can slow-steam to cut emissions, a pressure the container ship CII calculator quantifies against the IMO container reference line.
The cascade: how new ships resort the whole fleet
The size classes are not static buckets; they are positions on a conveyor. When a carrier takes delivery of a new ULCV for its Asia to Europe headhaul, the ship it replaces does not retire. It moves to the next-best trade, usually a secondary east-west or a north-south string, and the Neo-Panamax it displaces there moves down again, and so on until a 25-year-old Panamax ends up feedering. This cascade is the reason a class’s typical trade drifts over time: the Panamax that ran Asia to Europe in 1995 runs intra-regional feeders today, and the ships now on Asia to Europe are double its size. The cascade also means a recession or a wave of deliveries hits the whole ladder at once, because displaced tonnage floods down into trades that did not order it.
The cascade has a hard floor and a hard ceiling, and both are physical. At the floor, a ship cannot cascade below the smallest port it can profitably serve, set by its draft and whether it has its own cranes; a gearless 8,000 TEU ship cannot feeder a gearless outport, so it scraps rather than cascading further. At the ceiling, the largest class cannot grow until the deepest ports and the canals or straits it must use can take the next size, which is why the ULCV record has held near 24,000 TEU rather than climbing: the infrastructure, not the shipyard, sets the top. The cascade is therefore bounded by the same port and waterway constraints that name the classes, which keeps the whole ladder coupled to the geography it serves.
The constraints that draw the lines
The old versus the new Panama locks
The single most important constraint in the whole ladder is the pair of beam limits at Panama, because two of the class names come directly from them. The original locks, in service since 1914, cap beam at 32.31 m and draft at 12.04 m tropical fresh water, the classic Panamax envelope. The expanded locks, in service since 26 June 2016, lift those to a 49 m beam and a 15.24 m (50 feet) draft design limit, the Neo-Panamax envelope. The step from 32.31 m to 49 m beam is the structural reason the deck jumps from 13 rows to 19, and it is why the post-2016 fleet sorts into below-old-locks, between-old-and-new-locks, and above-new-locks tiers. Both sets of figures come from the Panama Canal Authority, which is the primary source for any contract that turns on canal fit.
The expansion did not retire the old locks; both sets run in parallel, and a classic Panamax still transits the original chambers while a Neo-Panamax uses the new ones. That parallel operation is why “Panamax” survives as a class even though larger ships now also fit the canal. The toll structure differs between the lock sets, and the authority adjusts draft availability on the new locks by season as Gatun Lake rises and falls, so canal fit for a marginal ship is a date-specific question, not a fixed yes or no.
Suezmax considerations for box ships
The Suez Canal has no lock and historically constrained ships by draft and beam in its channel rather than by a chamber. For tankers, “Suezmax” is a firm class around 120,000 to 200,000 deadweight tonnes. For container ships the term is used more loosely, because the canal’s air draft under the friendship bridge and its channel depth, rather than a lock, set the ceiling, and successive canal deepening and widening have moved that ceiling. The practical point for the size ladder is that the largest ULCVs, the 24,000 TEU ships, are Suez-routed on the Asia to Europe headhaul, so Suez sets the upper trade rather than capping ship dimensions the way Panama does. The canal’s 2021 blockage, when a 20,000 TEU class ship grounded across the channel, showed how a single ULCV’s beam and length interact with the canal’s geometry even without a lock to gate it.
Malaccamax and the strait depth limit
Malaccamax is the largest ship that can transit the Strait of Malacca, the chokepoint between Peninsular Malaysia and Sumatra that carries the bulk of Asia to Europe and Asia to Middle East trade. The binding constraint is water depth, around 25 m at the shallowest charted points, which fixes the maximum usable draft and therefore the maximum deadweight. For very large tankers, Malaccamax is a real and binding class, because a fully laden ULCC would exceed the strait’s draft and must route around through the Lombok and Makassar straits. For container ships the strait depth has not yet bound the fleet, because the current 24,000 TEU class draws well under the 25 m limit; the Malaccamax ceiling matters for box ships only as the depth budget any future class above 24,000 TEU would have to design against. Studies of a hypothetical Malacca-max container ship have put its theoretical capacity at roughly 27,000 to 30,000 TEU, but none has been built, and the Strait of Malacca article covers the chokepoint’s traffic and depth in detail.
How the classes connect to freight pricing
The size ladder and the freight market are linked, because rate per box and rate per slot-mile both depend on which class runs a trade. The container freight benchmarks, the Freightos Baltic Index (FBX), Drewry’s World Container Index (WCI), and the Shanghai Containerized Freight Index (SCFI), price spot rates per FEU or per TEU on named lanes, and those lanes are run by specific classes: ULCVs on Asia to North Europe, Neo-Panamax on Asia to US East Coast through Panama, smaller ships on the regional feeders. When a wave of new ULCV deliveries hits the Asia to Europe headhaul, the displaced Neo-Panamax tonnage cascades onto secondary trades and softens rates there, so the size mix of new deliveries feeds straight into the index curve. The Baltic Dry Index and freight indices article sets out how FBX, WCI, and SCFI are built and how they differ, and the UNCTAD Review of Maritime Transport tracks the fleet’s TEU capacity by class year on year.
Class also decides which ports a trade can use, and port choice feeds cost. A ULCV can only call the deepest hub ports with the longest cranes, so a lane it serves concentrates at a few gateways and feeders fan the boxes out from there; a Panamax-served lane can reach more ports directly. That hub-and-feeder structure, set by the size class, is why the same physical box can carry very different all-in costs depending on whether it moves on a direct mainline call or transships through a hub. The freight index captures the mainline leg; the feeder leg is priced separately, which is one more reason the bands matter beyond ship design.
Where each figure comes from
A practitioner checking a ship against a class needs to know which document carries each number, because the conventions and the hard limits live in different places. The TEU band is the soft figure: it comes from broker classifications, the registries kept by analysts such as Alphaliner and Clarksons, and the fleet tables in the UNCTAD Review of Maritime Transport, and no two agree to the last hundred TEU. Use it to talk about a ship, not to gate a transit. The nominal TEU and the homogeneous-weight intake are on the builder’s specification and the class society’s capacity plan, and the reefer-plug count is on the same plan; those are ship-specific, not class-wide.
The hard limits are sourced and auditable. Canal fit comes from the Panama Canal Authority’s vessel-requirements notices, which state the maximum length overall, beam, and tropical fresh water draft for both the original and the Neopanamax locks and which the authority updates by notice, as it did when it raised the Neopanamax length overall in 2021 and when it cuts draft in a dry season. Strait and channel depth come from the hydrographic chart and the relevant pilotage notices, not from a class label, so a Malaccamax draft check is a chart-reading exercise against the 25 m depth budget. Stack height and the allowable deck tiers come from the ship’s approved Cargo Securing Manual and the class rules behind it. Mixing these sources is a common error: a TEU band cannot tell you whether a specific ship clears a specific lock on a specific day, and only the Panama Canal Authority figure can.
The largest-ship record is sourced from delivery records and the public fleet lists, and it moves. The 24,346 TEU figure for the MSC Irina class is the 2024 leader; a class with a higher nominal count could be ordered, so the record should be read as the position at a date, not a permanent ceiling. The economic and infrastructure limits that have held it near 24,000 TEU, crane outreach and strait depth, are the reason to expect the next step, if it comes, to be modest rather than another doubling.
Limitations
The TEU bands in this article are working conventions, and reputable sources disagree on the boundaries. One analyst’s feedermax tops out at 2,000 TEU, another’s at 3,000; one calls a 9,000 TEU ship Post-Panamax, another Neo-Panamax. The IMO does not certify these labels, so no band here should be read as a legal or contractual definition. Where a contract turns on a real limit, use the auditable figure from the primary source: the Panama Canal Authority’s published vessel dimensions for canal fit, the ship’s class certificate and Cargo Securing Manual for stack height, and the hydrographic chart for strait and channel depth.
Nominal TEU overstates real intake, and by a variable margin. The gap between a ship’s nominal slot count and the boxes it actually loads depends on the average cargo weight on the trade, the reefer mix, and the draft available on the day, and it can run to several thousand boxes on a large ship. Any capacity figure quoted as a single TEU number hides that spread; the real intake is a deadweight-and-stability calculation against the specific cargo, not a constant. The reefer-adjusted figures in particular move with the booking, because plug count, not cell count, binds a reefer-heavy load.
The canal and strait constraints are not static. The Panama Canal Authority has raised the Neopanamax maximum length overall from the 366 m design figure to 370.33 m since May 2021, and it adjusts available draft by season as Gatun Lake rises and falls, so a transit that clears in a wet year may be restricted in a drought. Suez has been deepened and widened more than once, moving its effective ceiling. The figures stated here reflect the current published positions of the Panama Canal Authority and the conventional Strait of Malacca depth, and they should be confirmed against the live notices for the relevant year before a fixture or a routing decision relies on an exact number. The largest-ship figure is also a moving record: the 24,346 TEU MSC Irina class led the fleet as of 2024, and a larger class could be ordered, though the infrastructure and economic ceilings described above have held the record near 24,000 TEU rather than pushing it higher.
See also
- Container ship: the vessel type, its cellular structure, and how it carries and secures boxes.
- Container ship CII calculator: carbon-intensity rating for container ships from feeder to ULCV against the IMO container reference line.
- Reefer container ship CII calculator: carbon-intensity rating for reefer-intensive container operation, where the cooling load lifts fuel burn.
- Panama Canal: the waterway, the old and expanded locks, and the dimensions that fix the Panamax and Neo-Panamax classes.
- Strait of Malacca: the Indian Ocean to Pacific chokepoint whose depth sets the Malaccamax ceiling.
- Baltic Dry Index and freight indices: how FBX, WCI, and SCFI price container freight on the lanes these classes run.