In the first article of issue 578 of the Sunday Spotlight, we analysed what the removal of capacity from the market (by virtue of vessel delays) means for the effective growth in the global fleet, and its impact on the global supply/demand balance. As a starting point, we modelled the underlying structural fleet growth, also accounting for the unavailability of global fleet due to vessel delays. While nominal fleet grew at a steady rate of roughly 4% Y/Y in 2020-2022, there was a substantial decline in the available fleet as delays started to become severe, with a sizeable difference between the two. (....)