But the world's container fleet capacity is expected to grow by 9.5% this year alone, as Maersk and others receive the ships they ordered years ago.

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The first phase of the expansion work will see Teesport's container terminal increase its capacity.

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Since it takes two years to build a container ship, freight capacity is inflexible, so small changes in demand can cause marked changes in price.

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The investment bill could rise yet more because of a change in the pattern of trade: in 2014 the Panama Canal opens a second lane, doubling its capacity and allowing it to carry bigger container vessels and bulk ships.

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So container lines found it relatively easy to take out excess capacity during the 2009 downturn, and are bullish in a big way now that good times are back.

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The purchase added 7 million tons of steelmaking capacity, which strengthened USS in higher-end auto, container and construction products.

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Officials are confident that once the expansion plan is complete it will double the capacity of the port so that it can host at least 12 container vessels at any given time.

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