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The Alphaliner Monthly Monitor contains essential liner market information and is updated on a monthly basis with the most recent data. Information is given in good faith but without guarantee. Please send your feedback, comments and questions to [email protected]

ALPHALINER Monthly Monitor January 2012 Web: www.alphaliner.com | E-mail: [email protected] | Sales Agent: [email protected]

C O N T E N T S Cellular Fleet as at 1 Jan 2012..………………. 1 Capacity vs Throughput Growth…………….. 1 Charter Rate Trend………………………………… 1 Rate Indices……………………………………………. 1 Cellular Fleet Breakdown……………………….. 2 Orderbook Breakdown…………………………… 2 Cellular Fleet Age Breakdown………………… 3 Fleet Profile by Size Range……………………… 3 Overaged Fleet Profile……………………………. 3 Newbuilding Delivery Projec ons………….. 4 Cellular Fleet Projec ons……………………….. 4 Dele ons……………………………………………….. 5 Demoli on Prices…………………………………... 5 World Fleet/Average vessel size…………….. 5 Deliveries by Quarter/Month…..…………….. 6 Recent Deliveries…………………………………… 6 Deliveries (Last 12 months)……………………. 6 Cellular Orderbook ……………………………….. 7 Orderbook‐to‐Fleet Ra o………………………. 7 Orders Placed by Quarter………………………. 7 Recent Orders………………………………………... 7 Orderbook by Shipyard…………….……………. 8 VLCS Watch……………………………………………. 9 VLCS Deployment by Carrier………………….. 9 VLCS Fleet by Year of Delivery……………….. 9 VLCS Deliveries by Shipyard…………………... 9 Charter Rates………………………………...………. 10 Recent Fixtures………………………………………. 10 Sales & Purchase……………………………………. 11 Demoli ons…………………………………………... 11 Top 25 Carriers………………………………………. 12 Main Carriers NB Delivery Schedule……….. 13 Top 25 Non‐Opera ng Owners ……………... 14 East‐West Trade Deployment………………... 15 East‐West Capacity Watch…………………….. 15 Trade Capacity by Carrier………………………. 16 Trade Demand/U lisa on……….…………….. 17 Carrier Capacity by Trade………………………. 18 Global Capacity Deployment………………….. 19 Idle Capacity Tracker……………………………... 20 Container Freight Watch……………………….. 21 Container Freight Forward Rates……………. 22 Bunker Watch………………………………………... 23 Top 25 Ports…………………………………………... 24 China Ports Watch…………………………………. 24 Global Port Throughput…………………………. 25 Trade Summary: FE‐US East Coast............ 26

No. of ac ve liner ships 5,992 Total capacity (teu) 15.90 Mteu % increase from 1 Jan 2011 7.3%

Cellular Fleet as at 1 January 2012

Market Monitor

Size Dec‐11 $/day

Nov‐11 $/day

Change % Trend

4,000 teu 8,000 8,000 0%

2,500 teu 7,900 8,050 ‐2%

1,700 teu 7,500 8,000 ‐6% 1,000 teu 5,250 5,900 ‐11% 500 teu 4,700 5,000 ‐6% Note : Rates based on 6‐12 month fixtures

Alphaliner Charter Rate Index and Freight Rate Index

Cellular Fleet Growth vs Global Throughput

No. of cellular ships 4,938 Total capacity (cellular teu) 15.41 Mteu % increase from 1 Jan 2011 7.9% Of which chartered 52.0% Cellular fleet as % of liner total 96.9% % of cellular fleet idle 3.9% Orderbook 4.31 Mteu Orderbook as % of current fleet 28.0% Deliveries Jan‐Dec 2011 1.23 Mteu/187 units Dele ons Jan‐Dec 2011 105.501 teu/90 units New Orders Jan‐Dec 2011 1.77 Mteu/239 units

Charter Rate Trend New

New

400

600

800

1,000

1,200

1,400

0

50

100

150

200

250

China Co

ntaine

rised

Freight In

dex

(Jan

199

8 = 1,00

0)

Alph

aliner Cha

rter Rate Inde

x

(Jan

200

0 = 10

0)

Alphaliner Charter IndexCCFI

9.3%

12.3%

10.2%

8.9%

9.7%

12.8%

16.0%

13.9%

13.2%

5.5%

9.2%

7.9%

8.3%

11.0%

13.0%

5.0%

12.5%

13.4%

13.8%

10.3%

10.8%

12.5%

5.8%

‐8.6%

14.0%

7.7%

6.5%

7.5%

0

2

4

6

8

10

12

14

16

18

20

TEU

Millions

Fleet Capacity Forecast 2012‐2013% Annual Capacity Growth % Global Throughput Growth

New


ALPHALINER Monthly Monitor January 2012

Cellular Fleet Breakdown As at 1 January 2012

Cellular Orderbook Fleet Breakdown As at 1 January 2012

Note : The chartered fleet counts only ships chartered out by non-operating owners to operators. It excludes 110 ships for 383,056 teu which are owned by owner-operators but are chartered out to another operator, either for operational reasons (vessel exchange within alliance/partnerships) or are surplus to their owners’ require-ments.

Size Range All cellular ships Of which chartered TEU No. TEU No. TEU % Chrt Above 10,000 118 1,485,640 45 580,082 39.0% 7,500‐9,999 290 2,495,320 111 944,795 37.9% 5,100‐7,499 463 2,840,841 197 1,207,095 42.5% 4,000‐5,099 701 3,167,294 387 1,742,004 55.0% 3,000‐3,999 322 1,098,896 176 605,599 55.1% 2,000‐2,999 715 1,818,340 534 1,361,561 74.9% 1,500‐1,999 594 1,007,885 383 649,062 64.4% 1,000‐1,499 700 824,027 439 517,157 62.8% 500‐999 797 591,447 510 385,669 65.2% 100‐499 238 77,439 64 21,582 27.9% TOTAL 4,938 15,407,129 2,846 8,014,606 52.0%

> 10,000 10%

7,500‐9,999 16%

5,100‐7,499 18%

4,000‐5,099 21%

3,000‐3,999 7%

2,000‐2,999 12%

1,500‐1,999 7%

1,000‐1,499 5%

100‐999 4%

Fleet Capacity Breakdown by TEU size range

Size Range All cellular ships Of which chartered Orderbook/ Exis ng % TEU No. TEU No. TEU % Chrt

Above 10,000 156 2,097,450 37 477,588 22.8% 141.2%

7,500‐9,999 111 984,465 30 266,725 27.1% 39.5% 5,100‐7,499 47 302,788 34 214,920 71.0% 10.7%

4,000‐5,099 113 516,629 52 246,205 47.7% 16.3% 3,000‐3,999 48 172,876 37 132,786 76.8% 15.7%

2,000‐2,999 36 92,576 19 48,600 52.5% 5.1% 1,500‐1,999 43 75,288 30 52,004 69.1% 7.5% 1,000‐1,499 50 54,528 21 23,747 43.6% 6.6%

500‐999 16 13,541 13 11,185 82.6% 2.3% 100‐499 1 260 1 260 TOTAL 621 4,310,401 274 1,474,020 34.2% 28.0%

> 10,000 49%

7,500‐9,999 23%

5,100‐7,499 7%

4,000‐5,099 12%

3,000‐3,999 4%

2,000‐2,999 2%

<1,999 3%

Orderbook Capacity Breakdown by TEU size range



Cellular Fleet Age Breakdown Cellular Fleet Profile by size range

0.00 0.50 1.00 1.50

12345678910111213141516171819202122232425262728293031

32‐37>37

Age in years

TEU Millions

2.3% 3.1% 8.9%

15.7%

27.1%

42.9%

Age Profile Above 25 years20‐24 years15‐19 years10‐14 years5‐9 yearsBelow 5 years

Average Age of Cellular Fleet : Gross ‐ 10.8 years TEU Weighted ‐ 7.3 years

88

79

65

40 28

23

42

54 41 40

27 43 31

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

TEU

Age in years

Units4,000‐5,100 teu3,000‐4,000 teu2,000‐3,000 teu1,000‐2,000 teu<1,000 teu

Total fleet above 20 years : 601 units/995,224 teu (6.5% of current fleet capacity)

Overaged Cellular Fleet Profile (Built 1992 or earlier)

Built Age Units TEU Pre‐1976 >37 26 20,184 1976‐1980 32‐37 38 25,352

1981 31 10 9,701 1982 30 27 30,945 1983 29 40 53,562 1984 28 41 64,275 1985 27 54 60,207 1986 26 42 85,796 1987 25 23 43,756 1988 24 28 76,532 1989 23 40 91,184 1990 22 65 121,351 1991 21 79 145,443 1992 20 88 166,936 1993 19 103 194,856 1994 18 146 273,180 1995 17 173 335,463 1996 16 204 400,142 1997 15 248 534,575 1998 14 247 521,906 1999 13 129 273,576 2000 12 151 439,240 2001 11 191 650,984 2002 10 202 649,943 2003 9 180 579,251 2004 8 175 646,849 2005 7 263 943,297 2006 6 358 1,357,710 2007 5 402 1,363,967 2008 4 449 1,570,267 2009 3 269 1,066,316 2010 2 260 1,381,254 2011 1 187 1,229,129

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

1989

1988

1987

1986

Pre‐19

86

TEU

Millions

Year Built

Size Range (TEU) >10,000 teu7,500‐10,000 teu5,100‐7,500 teu4,000‐5,100 teu3,000‐4,000 teu2,000‐3,000 teu1,000‐2,000 teu<1,000 teu

ALPHALINER



Newbuilding Delivery Projec ons ‐ Cellular Fleet

Cellular Fleet Projec ons

Projec ons based on orderbook as at 1 January 2012. Adjusted fleet includes forecast scrapping and expected delivery slippage.

2011 Deliveries 2012 Deliveries 2013 Deliveries 2014 Deliveries 2015 Deliveries

Nominal TEU No. TEU No. TEU No. TEU No. TEU No. TEU 10,000‐18,000 47 598,042 55 712,078 57 755,256 33 456,116 11 174,000 7,500‐9,999 26 226,869 26 224,487 55 489,654 27 243,924 3 26,400 5,100‐7,499 32 209,907 22 137,252 19 125,936 6 39,600 0 0 4,000‐5,099 21 93,594 49 220,439 62 286,590 2 9,600 0 0 3,000‐3,999 4 13,308 20 71,451 27 98,333 0 0 0 0 2,000‐2,999 12 32,113 8 20,700 27 69,068 1 2,808 0 0 1,500‐1,999 13 23,164 14 24,990 29 50,298 0 0 0 0 1,000‐1,499 21 24,109 45 49,279 5 5,249 0 0 0 0 500‐999 9 7,503 14 11,791 2 1,750 0 0 0 0 100‐499 2 520 0 0 0 0 0 0 0 0 Total 187 1,229,129 253 1,472,467 283 1,882,134 69 752,048 14 200,400 Slippage (Net) ‐25 ‐80,000 20 60,000 5 20,000 Adjusted total 196 1,249,219 228 1,392,467 303 1,942,134 74 772,048

Fleet as at : 31 Dec 2011 31 Dec 2012 31 Dec 2013 31 Dec 2014 31 Dec 2015 Nominal TEU No. TEU No. TEU No. TEU No. TEU No. TEU 10,000‐18,000 118 1,485,640 173 2,197,718 230 2,952,974 263 3,409,090 274 3,583,090 7,500‐9,999 290 2,495,320 316 2,725,007 371 3,214,661 398 3,458,585 401 3,484,985 5,100‐7,499 463 2,840,841 485 2,978,093 504 3,104,029 510 3,143,629 510 3,143,629 4,000‐5,099 701 3,167,294 750 3,387,733 812 3,674,323 814 3,683,923 814 3,683,923 3,000‐3,999 322 1,098,896 342 1,170,347 369 1,268,680 369 1,268,680 369 1,268,680 2,000‐2,999 715 1,818,340 723 1,839,040 750 1,908,108 751 1,910,916 751 1,910,916 1,500‐1,999 594 1,007,885 608 1,032,875 637 1,083,173 637 1,083,173 637 1,083,173 1,000‐1,499 700 824,027 745 873,306 750 878,555 750 878,555 750 878,555 500‐999 797 591,447 811 603,238 813 604,988 813 604,988 813 604,988 100‐499 238 77,439 238 77,439 238 77,439 238 77,439 238 77,439 Total 4,938 15,407,129 5,191 16,884,796 5,474 18,766,930 5,543 19,518,978 5,557 19,719,378 Adjusted Total 4,938 15,407,129 5,116 16,685,378 5,369 18,527,512 5,393 19,199,560 5,357 19,299,960 Annual Growth 7.9% 8.3% 11.0% 3.6% 0.5%

9%

7%

7%

7%

28%

9%

20%

20%

1%

33%

36%

25%

33%

38%

13%

29%

49%

48%

40%

61%

87%

0.00 0.50 1.00 1.50

2010

2011

2012(f)

2013(f)

2014(f)

2015(f)

Delivery Breakdown by Size Range in TEU Millions

Year of D

elivery

< 3,000 teu 3,000‐5,099 teu 5,100‐9,999 teu ≥ 10,000 teu

0 5 10 15 20

end 2015

end 2014

end 2013

end 2012

end 2011

end 2010

TEU Millions

Cellular Fleet Projections

< 3,000 teu 3,000‐5,099 teu 5,100‐9,999 teu ≥ 10,000 teu

16%

29% 30%

10% 28% 28%

13% 27% 26%

24% 26%

6%

23% 25% 17%

34%

34%

34%

34%

34%

34% 18% 25% 23%



Dele ons

World Fleet / Average Vessel Size

Of which scrapped Year Units TEU Units TEU Ave. TEU Ave. Age 2000 25 20,961 22 18,967 862 27

2001 27 38,962 23 30,538 1,328 27

2002 65 79,551 63 74,994 1,190 26

2003 33 32,070 31 31,422 1,014 29

2004 7 3,277 7 3,106 444 29 2005 6 3,549 1 308 308 30 2006 18 28,264 17 26,497 1,559 30

2007 33 32,106 23 21,770 947 30

2008 93 125,155 63 103,315 1,640 30 2009 207 381,169 204 378,656 1,856 27 2010 135 183,799 94 145,317 1,546 28

2011 94 107,181 71 85,127 1,199 29

Deleted during year

Demoli on Prices (Subcon nent $/ldt)

Other dele ons includes cellular ships lost at sea / converted to non‐container or military use

24

25

26

27

28

29

30

31

32

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Average

Age

TEU

Other DeletionsScrappedAverage Age (Scrapped Units)

2,606

2,732

2,897

3,034

3,182

3,351

3,607

3,947 4,316

4,666

4,726

4,849

4,938

5,116

5,369

1,745

1,819

1,927

2,027

2,105

2,193

2,298

2,437

2,538

2,656

2,767

2,944

3,120

3,261

3,451

0

1,000

2,000

3,000

4,000

5,000

6,000No. of shipsAverage Ship Size (teu)

Fleet as at 1 Jan of each year

0

100

200

300

400

500

600

700



Deliveries by Quarter Deliveries in December 2011 (Cellular Ships Only)

Deliveries by Month

Deliveries by Quarter

0

100

200

300

400

500

600

2004

‐ Q 1

Q 2

Q 3

Q 4

2005

‐ Q 1

Q 2

Q 3

Q 4

2006

‐ Q 1

Q 2

Q 3

Q 4

2007

‐ Q 1

Q 2

Q 3

Q 4

2008

‐ Q 1

Q 2

Q 3

Q 4

2009

‐ Q 1

Q 2

Q 3

Q 4

2010

‐ Q 1

Q 2

Q 3

Q 4

2011

‐ Q 1

Q 2

Q 3

Q 4

2012

‐ Q 1

Q 2

Q 3

Q 4

2013

‐ Q 1

Q 2

Q 3

Q 4

2014

‐ Q 1

Q 2

Q 3

Q 4

TEU Tho

usan

ds Deliveries by Quarter Forecast

37

39

44 42

34

40

47

27

37

43

30

28

28

23

26

28

22

24

15 20

21

20

23

19

29

13

27

26

33

29

34

21

17

20

2 10

16

6

15

33

23

20

12 13

8 15

10

16

0

50,000

100,000

150,000

200,000

250,000

2008

Jan

Feb

Mar Apr

May Jun Jul

Aug

Sep

Oct

Nov Dec

2009

Jan

Feb

Mar Apr

May Jun Jul

Aug

Sep

Oct

Nov Dec

2010

Jan

Feb

Mar Apr

May Jun Jul

Aug

Sep

Oct

Nov Dec

2011

Jan

Feb

Mar Apr

May Jun Jul

Aug

Sep

Oct

Nov Dec

2012

Jan

Feb

Mar Apr

May Jun

TEU

TEU deliveredTo be delivered (* Forecasts)Units delivered

Name Teu Operator Managing owner Shipyard CSCL SATURN 14,074 CSCL CSCL Star Shipping Samsung MSC CLORINDA 14,000 MSC MSC Daewoo (DSME) MSC TRIESTE 13,050 MSC Claus‐Peter Offen Daewoo (DSME) APL CHONGQING 10,070 APL NOL Hyundai H.I (HHI) APL GWANGYANG 10,070 APL NOL Hyundai H.I (HHI) CMA CGM SAMSON 8,465 CMA CGM Danaos Shipping Jiangnan Changxing TORRENTE 8,004 Maersk Line CSAV Samsung MAERSK LEBU 7,450 Maersk Line A.P. Möller‐Maersk Daewoo (DSME) KOTA CARUM 6,606 PIL PIL Dalian Shipyard BELLA SCHULTE 4,250 Maersk Line Thomas Schulte Jiangsu New Yangzijiang BODO SCHULTE 4,250 Maersk Line Thomas Schulte Jiangsu New Yangzijiang WAN HAI 272 1,805 Wan Hai Lines Wan Hai Lines China SB (CSBC) WES GESA 1,036 Wessels Reederei Jiang Dong Shipyard SITC KWANGYANG 953 SITC SITC Dae Sun JOHANNA SCHEPERS 809 HS Schiffahrts Damen Yichang NASICO SKY 260 Nasico Nasico Nam Trieu

0 5 10 15 20 25 30 35

Hyundai H.I. (HHI)Samsung

Daewoo (DSME)Hyundai Samho H.I.

Guangzhou WenchongChina SB (CSBC)

MitsubishiSainty Shipyard (STIG)

Jiangsu YangzijiangJiangnan Changxing

Daewoo (DMHI)Dalian Shipyard

Wujiazhui ShipyardSTX Shipyard

HanjinNaikai Zosen

Jiang Dong ShipyardHudong Zhonghua

EISASedef Gemi

Others

New containerships delivered by yard : Jan‐Dec 2011 (No. of units)



Cellular Orderbook as at 1 January 2012 Cellular Orders Placed by Quarter

Orderbook Total for Charter Market % No. of ships 621 274 44.1% Total Capacity (teu) 4,310,401 1,474,020 34.2% As % of exis ng fleet 28.0% 18.4%

Date Owner Shipyard Size (TEU) Delivery Price

Sep 11 SITC Zhejiang Yangfan 2 x 1,100 2012 $18.1M ea

Aug 11 HMM Daewoo (DSME) 5 x 13,100 2014 $136M ea Aug 11 n.a. Rongsheng H.I. 2 x 6,588 2014 $69M ea

Aug 11 Container Carrier Corp Hyundai H.I. 1 x 5,023 2013 $53M Aug 11 Carsten Rehder Taizhou Ca c 1 x 3,800 2013 $45M Aug 11 Vilmaris Taizhou Ca c 1 x 3,800 2013 $45M Aug 11 Sinotrans Qingshan 2 x 1,800 2012 $25M ea

Aug 11 PIL Dalian 2 x 6,500 2013 $70M ea

Sep 11 Sea Consor um STX Dalian 2 x 2,000 2013 $30M ea Sep 11 Technomar Hyundai Samho 2 x 6,700 2013 $70M ea

Sep 11 Eimskip Rongcheng Shenfei 2 x 875 2013 $25M ea Sep 11 KMTC Dae Sun 1 x 1,043 2013 $20M

Oct 11 CSCL Hudong Zhounghua 4 x 10,000 2013 $94.3M ea Oct 11 CSCL Dalian Shipyard 4 x 10,000 2013 $94.3M ea

Nov 11 Zodiac Mari me STX Shipyard 2 x 16,000 2015 $155M ea Dec 11 Namsung Hyundai Mipo 3 x 1,850 2013 $30M ea

Nov 11 Log‐In Logis ca EISA 2 x 2,808 2013‐4 $50M ea (opt)

Orderbook‐to‐Fleet Development 2000‐2011

Recent Orders (Cellular ships only excluding unconverted op ons)

0%

10%

20%

30%

40%

50%

60%

70%

80%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

Jan‐2000

Jan‐2001

Jan‐2002

Jan‐2003

Jan‐2004

Jan‐2005

Jan‐2006

Jan‐2007

Jan‐2008

Jan‐2009

Jan‐2010

Jan‐2011

Jan‐2012

Orderbo

ok‐to‐Fleet R

atio

Fleet a

nd Orderbo

ok in

TEU

Millions

Fleet Orderbook Orderbook‐to‐Fleet Ratio

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

TEU

Millions

Orders Deliveries by Quarter

ALPHALINER



Cellular Containerships Orderbook by Shipyard (Top 20 Yards)

Actual deliveries by yard 2008‐2011 in Mteu Units Delivered Shipyard

Orderbook Orderbook by expected year of delivery in Mteu

2008 2009 2010 2011 TEU Units Ave. Size

7 19 33 19 Daewoo (DSME) 813,600 63 12,914

23 23 20 26 Samsung 642,016 59 10,882

45 31 28 33 HHI 547,983 56 9,785

12 10 11 19 Hyundai Samho H.I. 498,004 61 8,164

18 14 22 5 Jiangsu Yangzijiang 231,578 47 4,927

15 10 12 7 China SB (CSBC) 196,498 35 5,614

7 8 1 3 STX Shipyard 161,000 11 14,636

1 4 Sungdong Shipbuilding 127,800 19 6,726

4 11 4 Jiangnan Changxing 108,993 17 6,411

3 1 Nantong (NACKS) 106,800 8 13,350

2 1 1 2 Hudong Zhonghua 93,328 10 6,700

20 7 8 4 Dalian Shipyard 90,030 13 6,314

Shanghai Shipyard 72,560 18 4,064

Rongsheng H.I. 69,452 11 4,575

5 4 2 4 Daewoo (DMHI) 63,750 9 8,888

9 6 12 10 Guangzhou Wenchong 49,776 24 2,074

4 3 2 1 IHI 45,200 5 9,040

2 2 Zhejiang Ouhua 42,400 14 5,375

2 7 7 Hanjin‐Philippines 41,700 8 3,029

18 15 12 Imabari 34,750 5 6,950

0.000.200.400.600.801.00

2008 2009 2010 2011

0.00 0.20 0.40 0.60 0.80

2012 2013 2014 2015



VLCS Watch Vessels above 7,500 teu only

VLCS Deployment by Carrier

No. of VLCS (Current) 408 Total VLCS TEU (Current) 3,980,960 TEU No. of VLCS (On order) 267

Total VLCS TEU (On order) 3,081,915 TEU

VLCS Deliveries by Shipyard Vessels above 7,500 teu only

VLCS Fleet by Year of Delivery Vessels above 7,500 teu only

109 90

52 45 43

23 10 9 8 5 4 4 4 2

39 56

59

27 5

2

10 15

11 8 7

2 11 7 4 4

0 20 40 60 80 100 120 140 160

Hyundai H.I. (HHI)Samsung

Daewoo (DSME)Odense

Hyundai Samho H.I.IHI

MitsubishiHanjin

Hudong ZhonghuaChina SB (CSBC)

STX ShipyardNantong (NACKS)

Jiangnan ChangxingImabari

SungdongJiangsu Yangzijiang

Daewoo (DMHI)Dalian Shipyard

Units Delivered Units On Order

2 4 4 4 2 6 7 20

37

59

34 35 18

32 26 26

55

27

3

2

7 16

15

31 47 55

51

39

11 0

20

40

60

80

100

No. of V

LCS de

liveries

>10,000 TEU7,500‐9,999 TEU

91

78

54

32

22

22

19

15

12

11

10

10

9

8

6

5

2

1

1

31

40

4

12

12

10

10

16

35

4

27

5

10

5

13

7

4

8

10

4

0 20 40 60 80 100 120

Maersk

MSC

CMA CGM

COSCO

OOCL

CSCL

Hapag‐Lloyd

Hanjin Shg

Evergreen

NYK

APL

Yang Ming

HMM

K Line

Zim

MOL

CSAV

UASC

Wan Hai

Hamburg Sud

Unassigned

VLCS/ULCS (>7,500 teu) deployment (No. of units)

Current Units Ordered Units



Charter Rates ‐ Cellular Ships December 2011 Fixtures (selected representa ve fixtures only)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

Charter R

ate $/da

y

Alphaliner Charter Rates 2000‐2011 (December)

4000 teu2500 teu1700 teu1000 teu500 teu

Size Dec‐11 Nov‐11 MoM

Change % Dec‐10 YoY

Change % $/day $/day $/day 4,000 teu 8,000 8,000 0% 20,000 ‐60% 2,500 teu 7,900 8,050 ‐2% 12,000 ‐34% 1,700 teu 7,500 8,000 ‐6% 8,500 ‐12% 1,000 teu 5,250 5,900 ‐11% 8,250 ‐36% 500 teu 4,700 5,000 ‐6% 5,700 ‐18% Alphaliner Index 55.4 58.1 ‐5% 90.5 ‐39% Note : Rates based on 6‐12 month fixtures Alphaliner Index ‐ Jan 2000 = 100

Vessel Name Built Teu Charterer Fix Period Rate PESCARA 2010 3,534 CMA CGM 10 months 7,000 PRAIA 2009 3,534 CMA CGM 6 months 7,000 LETO 2006 3,091 Hapag‐Lloyd 10 months 10,350 STADT CADIZ 2010 2,796 CMA CGM 9 months 8,000 CONTI ESPERANCE 1996 2,758 Goto Shipping 9 months 7,000 NAJADE 2007 2,702 TS Lines 6 months 7,500 CITY OF XIAMEN 2008 2,564 CMA CGM 6 months 7,250 JULIA SCHULTE 2005 2,478 Maersk Line 5 months 7,000 AENNE RICKMERS 1998 2,226 CMA CGM 6 months 7,750 E.R. HOBART 1994 2,021 MSC 12 months 7,000 VALDIVIA 2006 1,853 OOCL 6 months 6,750 SAN ADRIANO 2008 1,841 CMA CGM 8 months 7,400 TAURUS 1999 1,837 Maersk Line 6 months 6,750 URANUS 1999 1,837 Maersk Line 6 months 6,750 LISSY SCHULTE 1995 1,730 Simatech 3 months 6,750 HANJIN SAO PAULO 2008 1,713 MCC Transport 4 months 7,600 MARY SCHULTE 2000 1,702 Italia Mari ma 6 months 7,000 SAN CLEMENTE 1994 1,512 OOCL 3 months 7,300 CAECILIA SCHULTE 1995 1,162 OACL 9 months 6,950 IREM KALKAVAN 2006 1,155 United Feeder Svc 3 months 5,500 CEYLA K. 2008 1,155 Italia Mari ma 6 months 5,400 CLOU OCEAN 1997 1,145 Portline 3 months 5,700 CAPE SANTIAGO 2001 1,121 MTT Shipping 3 months 5,800 FPMC CONTAINER 9 2009 1,118 Heung‐A 5 months 5,000 FORMOSA CONTAINER 5 2006 1,118 Heung‐A 6 months 5,000 VEGA GOTLAND 2006 1,118 MSC 6 months 5,400 DP GENOA 1992 1,048 MTT Shipping 3 months 4,850 REECON WOLF 2008 1,022 Maersk Line 3 months 5,000 REECON WHALE 2011 1,022 Maersk Line 6 months 5,700 XIN HAI HUI 1989 816 Shanghai Hai Hua 6 months 4,400 STADT RAVENSBURG 2006 698 CMA CGM 4 months 4,000 PANDORA 2004 672 Shanghai Puhai Shg 6 months 4,000



Sales and Purchase (Cellular Containerships : Reported Sales in October 2011‐January 2012)

Current Name Built Age Teu Ldt $/ldt Last Owner Buyer Sold ITAL GLAMOUR 1987 25 3,428 17,910 $435 Italia Mari ma China Jan ITAL GARLAND 1988 24 3,428 17,910 $435 Italia Mari ma China Jan MSC MAHIMA 1985 27 2,686 16,143 $517 Ofer India Jan PALERMO 1992 20 2,680 n/a n/a Laeisz Schiffahrt India Jan AL IHSA’A 1983 29 2,248 12,861 $501 UASC UAE Jan KITANO 1990 21 3,821 18,500 $378 NYK China Dec YM EUROPE 1992 19 3,604 18,334 $481 Yang Ming India Dec GRAND VISION 1991 20 3,032 12,920 n/a Goldenport India Dec CALIFORNIA MERCURY 1987 24 2,977 n/a n/a NYK China Dec GARDEN 1984 27 2,868 n/a n/a Costamare China Dec MSC DAMLA 1980 31 2,686 10,100 Na MSC India Dec MSC MAGALI 1980 31 2,314 14,703 $492 MSC India Dec KOTA ABADI 1984 27 1,302 7,617 $490 PIL India Dec SEAWAYS VALOUR 1990 21 1,158 6,648 $470 Seaways Shg India Dec MSC TUSCANY 1978 33 1.466 9,228 $520 Costamare India Nov MSC FADO 1978 33 1,181 7,966 $515 Costamare India Nov

Name Built Teu Seller Buyer Price Reported APL SARDONYX 1995 4,729 NOL Diana Containerships $30M Jan APL SPINEL 1996 4,729 NOL Diana Containerships $30M Jan E.R. HONG KONG 1999 5,762 Nordcapital OOCL $27M Dec E.R. SHANGHAI 2000 5,762 Nordcapital OOCL $27M Dec HARMONY 1985 1,022 Cosmoship MTT Shipping Priv Dec PETUJA 1997 700 Von Allwörden Tauranga Shg €3.9M Dec ST CERGUE 2006 2,826 Suisse Atlan que Soundview $23M Nov MSC PANAMA 1989 1,743 Eurus Berlin Salam Pasifik priv Nov CHIANGMAI BRIDGE 2002 1,032 Taiyo Kaiun SITC $11M Nov CAP SAN ANTONIO 2001 3,739 Hamburd Süd Tsakos $33M Oct CAP SAN NICOLAS 2001 3,739 Hamburd Süd Tsakos $33m Oct CAP SAN AUGUSTIN 2001 3,739 Hamburd Süd Seachange $33M Oct CAP SAN LORENZO 2001 3,739 Hamburd Süd Seachange $33M Oct CAP SAN MARCO 2001 3,739 Hamburd Süd Diana Containerships $33m Oct CAP SAN RAPHAEL 2002 3,739 Hamburd Süd Diana Containerships $33m Oct JULIANA STAR 2003 2,532 Navalis Schiff. n/a Priv Oct MCP ALTONA 2007 629 Hartmann Schiff. Meratus Priv Oct DA XIN 1998 588 Far Glory Tanto In m Priv Oct

0

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0

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20000

30000

40000

50000

60000

70000

Jan2009

Apr Jul Oct Jan2010

Apr Jul Oct Jan2011

Apr Jul Oct

Units scrap

ped

TEU

Scrapping by Month

TEU

Units Scrapped

Demoli ons (Cellular Containerships : Reported Sales in December 2011‐January 2012)

0

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Apr Jul Oct Jan2010

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Units sold

TEU

Sales by Month

TEUSales (in units)



Top 25 Carriers As at 1 January 2012

Total exis ng Owned Chartered Orderbook Market Rank Operator TEU Ships TEU Ships TEU Ships % Chart. TEU Ships O/E % Share 1 APM‐Maersk 2,539,090 658 1,187,332 219 1,351,758 439 53.2% 522,656 48 20.6% 16.0%

2 MSC 2,121,747 479 996,057 206 1,125,690 273 53.1% 476,862 42 22.5% 13.3%

3 CMA CGM 1,342,190 392 505,558 93 836,632 299 62.3% 61,679 7 4.6% 8.4%

4 COSCON 648,157 148 348,005 95 300,152 53 46.3% 244,168 32 37.7% 4.1%

5 Hapag‐Lloyd 645,462 146 292,590 63 352,872 83 54.7% 132,000 10 20.5% 4.1%

6 APL 626,106 146 189,237 46 436,869 100 69.8% 280,740 27 44.8% 3.9%

7 Evergreen 607,055 165 330,167 88 276,888 77 45.6% 308,000 35 50.7% 3.8%

8 CSCL 547,564 151 344,012 78 209,220 74 38.2% 145,748 18 26.6% 3.4%

9 Hanjin Shg 478,299 100 220,895 37 257,404 63 53.8% 243,864 30 51.0% 3.0%

10 MOL 434,337 98 215,352 36 218,985 62 50.4% 109,620 11 25.2% 2.7%

11 Hamburg Süd 408,837 116 205,828 47 203,009 69 49.7% 196,788 31 48.1% 2.6%

12 OOCL 406,118 85 281,432 46 124,686 39 30.7% 132,576 12 32.6% 2.6%

13 NYK Line 399,924 100 304,354 57 95,570 43 23.9% 61,908 6 15.5% 2.5%

14 CSAV 378,756 84 52,221 11 326,535 73 86.2% 36,000 4 9.5% 2.4%

15 Yang Ming 340,533 82 203,361 47 137,172 35 40.3% 89,038 14 26.1% 2.1%

16 K Line 337,002 78 104,332 20 232,670 58 69.0% 45,200 5 13.4% 2.1%

17 Zim 322,113 91 158,129 34 163,984 57 50.9% 153,216 13 47.6% 2.0%

18 HMM 295,249 61 100,646 17 194,603 44 65.9% 156,075 15 52.9% 1.9%

19 PIL 278,130 143 172,127 96 106,003 47 38.1% 71,030 20 25.5% 1.7%

20 UASC 237,201 56 126,696 28 110,505 28 46.6% 104,800 8 44.2% 1.5%

21 Wan Hai 169,232 77 124,268 58 44,964 19 26.6% 34,610 12 20.5% 1.1%

22 HDS Lines 87,033 22 3,001 2 84,032 20 96.6% 0.5%

23 TS Lines 73,774 37 3,156 2 70,618 35 95.7% 0.5%

24 X‐Press Feeders 58,045 51 58,045 51 100.0% 4,000 2 6.9% 0.4%

25 SITC 51,582 55 15,176 17 36,406 38 70.6% 13,086 12 25.4% 0.3%

0.00 0.50 1.00 1.50 2.00 2.50 3.00 TEU Millions

Current TEU Orderbook TEU



Main Carriers Newbuilding Delivery Schedule As at 1 January 2012

2014‐15 Scheduled Deliveries

2013 Scheduled Deliveries

2,539

2,122

1,342

648

645

626

607

548

478

434

409

406

400

379

341

337

322

295

278

237

169

0

500

1,000

1,500

2,000

2,500

TEU

Tho

usan

ds

Operated Fleet As at 1 January 2012

2012 Scheduled Deliveries

Operated Fleet and Scheduled Deliveries include owned and chartered ships. Delivery schedules may be subject to revision .

© Alphaliner

252

105

5 53

0 97

132

0 70

56

38

31

13

18

0 0 53

66

0 0 0

0

100

200

300

TEU

Tho

usan

ds

134

124

0 96

79

99

150

80

104

31

109

93

40

18

26

0 100

20

43

0 14

0

100

200

300

TEU

Tho

usan

ds

136

248

56

95

53

84

26

66

70

22

49

9 9 0 63

45

0 70

28

105

21

0

100

200

300

TEU

Tho

usan

ds



Top 25 Non‐Opera ng Owners (Managing Owners) As at 1 January 2012

Market share for non‐opera ng owners calculated based on current charter fleet which stands at 8.01 Mteu as at January 2012.

Total Current Orderbook Total Fleet Average Ship Size Market Rank Managing Owner TEU Ships TEU Ships O/E % TEU Ships Current Ordered Share 1 Offen, Claus Peter 537,956 101 27,750 5 5% 565,706 106 5,326 5,550 6.7%

2 Niederelbe (NSB) 439,868 98 0% 439,868 98 4,488 5.5%

3 Seaspan 353,177 65 122,368 11 35% 475,545 76 5,433 11,124 4.4%

4 Rickmers, Erck 342,803 69 26,184 2 8% 368,987 71 4,968 13,092 4.3%

5 Doehle, Peter+Hammonia 337,566 93 90,044 12 27% 427,610 105 3,630 7,504 4.2%

6 Norddeutsche R. H. Schuldt 329,028 78 0% 329,028 78 4,218 4.1%

7 Rickmers, Bertram 325,438 94 0% 325,438 94 3,462 4.1%

8 Zodiac Mari me 319,572 56 186,048 20 58% 505,620 76 5,707 9,302 4.0%

9 Danaos 291,102 59 73,925 6 25% 365,027 65 4,934 12,321 3.6%

10 Costamare 240,056 49 88,444 10 37% 328,500 59 4,899 8,844 3.0%

11 Komrowski, Ernst 187,771 47 4,885 2 3% 192,656 49 3,995 2,443 2.3%

12 Shoei Kisen 173,503 40 8,000 1 5% 181,503 41 4,338 8,000 2.2%

13 NSC Schiffahrt 121,992 37 0% 121,992 37 3,297 1.5%

14 Schulte Group 116,285 38 64,340 8 55% 180,625 46 3,060 8,043 1.5%

15 Hansa Shipping 105,753 35 51,620 10 49% 157,373 45 3,022 5,162 1.3%

16 Laeisz Schiffahrts. 104,833 29 0% 104,833 29 3,615 1.3%

17 Schulte, Thomas 96,074 34 24,497 7 25% 120,571 41 2,826 3,500 1.2%

18 Technomar Shg 89,336 25 26,800 4 30% 116,136 29 3,573 6,700 1.1%

19 Buss, Hermann 87,595 51 1,496 1 2% 89,091 52 1,718 1,496 1.1%

20 Schoeller Holdings 78,399 44 2,758 1 4% 81,157 45 1,782 2,758 1.0%

21 Synergy Marine 77,390 17 0% 77,390 17 4,552 1.0%

22 Nissen Kaiun 77,331 15 8,000 1 10% 85,331 16 5,155 8,000 1.0%

23 Niki Group 72,360 8 65,000 5 90% 137,360 13 9,045 13,000 0.9%

24 Mar me 71,087 29 0% 71,087 29 2,451 0.9%

25 Global Ship Lease 65,847 17 0% 65,847 17 3,873 0.8%

0.00 0.10 0.20 0.30 0.40 0.50 TEU Millions

Current TEU Orderbook TEU



East‐West Trade Deployment

Capacity Watch (Jan 2012 vs 2010/2011)

Weekly Capacity (TEU) FE ‐ Eur FE ‐ N. Am Eur ‐ N. Am

1 Jan 11 369,823 372,697 104,310 1 Feb 11 375,478 372,037 104,814 1 Mar 11 375,435 367,936 107,928 1 Apr 11 378,523 368,474 117,015 1 May 11 402,180 379,706 115,740 1 Jun 11 413,518 388,125 115,542 1 Jul 11 409,004 392,565 114,361 1 Aug 11 399,873 389,015 112,033 1 Sep 11 398,851 383,780 112,248 1 Oct 11 396,235 379,159 113,153 1 Nov 11 394,488 359,915 112,363 1 Dec 11 376,783 343,213 112,368

Jan 12 vs 11 % 0.7% ‐7.5% 7.2% 1 Jan 12 372,486 344,814 111,827

250,000

270,000

290,000

310,000

330,000

350,000

370,000

390,000

410,000

2009

J A J O

2010

J A J O

2011

J A J O

2012

J

Far East ‐ Europe Weekly Capacity (TEU)

Change vs Jan 2010 : +20% Change vs Jan 2011 : +1%

250,000

270,000

290,000

310,000

330,000

350,000

370,000

390,000

410,000

2009

J A J O

2010

J A J O

2011

J A J O

2012

J

Far East ‐ North America Weekly Capacity (TEU)

Change vs Jan 2010 : +16% Change vs Jan 2011 : ‐7%

80,000

90,000

100,000

110,000

120,000

130,000

2009

J A J O

2010

J A J O

2011

J A J O

2012

J

Europe ‐ North America Weekly Capacity (TEU)

Change vs Jan 2010 : +23% Change vs Jan 2011 : +7%

0

100,000

200,000

300,000

400,000

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1,000,000A S O N D

2009

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10 J F M A M J J A S O N D

2011

J F M A M J J A S O N D20

12 J

TEU (N

ominal)

Weekly Capacity Deployed in Main East‐West Tradelanes

FE ‐ Eur FE ‐ N. Am Eur ‐ N. Am



Trade Capacity Breakdown by Carrier (Far East‐Europe and Far East‐US)

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

MaerskMSC

CMA CGMCOSCOCSCL

EvergreenHapag‐LloydHanjin Shg

APLMOLUASC

NYK LineOOCLK LineHMM

Yang MingZim

CSAVPIL

Wan Hai

FE ‐ Europe Weekly Capacity in TEU

0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

MaerskEvergreen

APLCOSCOMSC

Hanjin ShgCMA CGM

Hapag‐LloydYang Ming

NYKHMMOOCLMOLK LineCSCLZim

MatsonPIL

Wan HaiHainan POS

UASCWestwood

TS Lines

FE ‐ North America Weekly Capacity in TEU

FE‐Europe (TEU/Week) Jan‐12 Jan‐11 % Change Maersk 86,990 74,710 16.44% CKYH 54,860 60,370 ‐9.13% MSC 56,080 47,080 19.12% CMA CGM 46,850 43,310 8.19% New World Alliance 32,520 32,800 ‐0.85% Grand Alliance 35,240 37,540 ‐6.13% Evergreen 19,440 14,930 30.21% CSCL 16,600 18,950 ‐12.38% UASC 12,020 11,780 2.09% Zim 5,830 7,850 ‐25.75% Others 6,060 20,520 ‐70.47% Total 372,490 369,820 0.72%

FE‐N America (TEU/Week) Jan‐12 Jan‐11 % Change CKYH 80,400 85,520 ‐5.98% New World Alliance 56,720 63,690 ‐10.95% Grand Alliance 55,150 53,090 3.89% Maersk 33,570 35,930 ‐6.57% Evergreen 29,710 31,000 ‐4.19% MSC 23,770 20,610 15.35% CMA CGM 22,720 19,640 15.70% CSCL 14,010 17,170 ‐18.38% Zim 10,840 11,690 ‐7.26% Others 9,650 26,780 ‐63.98% Non Scope 8,270 7,580 9.20% Total 344,810 372,700 ‐7.48%

Maersk 23%

CKYH 15%

MSC 15%

CMA CGM 13%

New World Alliance 9%

Grand Alliance 9%

Evergreen 5%

CSCL 4%

UASC 3%

Zim 2%

Others 2%

FE‐Europe Capacity Share by Carrier/Alliance

CKYH 24%

New World Alliance 17%

Grand Alliance 16%

Maersk 10%

Evergreen 9%

MSC 7%

CMA CGM 7%

CSCL 4%

Zim 3%

Others 3%

FE‐North America Capacity Share by Carrier/Alliance

ALPHALINER

ALPHALINER

Based on capacity deployed by vessel operator at the beginning of the month. Not adjusted for slot exchange and slot purchase arrangements between carriers.



40%

50%

60%

70%

80%

90%

100%

110%

120%

0

200

400

600

800

1,000

1,200

1,400

1,600

Jan2009

Apr Jul Oct Jan2010

Apr Jul Oct Jan2011

Apr Jul Oct Jan2012

Utilisation (Est)

Dem

and/Supp

ly in

TEU

Tho

usan

ds

Far East ‐ Europe Trade CapacityLiftingsUtilisation % (est)

Trade Demand and Es mated U lisa on Level (Far East‐Europe and Far East‐US)

40%

50%

60%

70%

80%

90%

100%

110%

120%

0

200

400

600

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1,000

1,200

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Jan2009

Apr Jul Oct Jan2010

Apr Jul Oct Jan2011

Apr Jul Oct Jan2012

Utilisation (Est)

Dem

and/Supp

ly in

TEU

Tho

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ds

Far East ‐ US Trade CapacityLiftingsUtilisation % (est)

Trade demand data for FE‐US is derived from Zepol (based on discharge date)

Trade demand data for FE‐Eur is derived from CTS (based on loading date)

Trade u liza on es mates based on reported li ings / trade capacity deployed adjusted for non‐scope alloca on

FE‐EU TEU 2009 2010 2011 11/10 % 10/09 % 09/08 % Jan 1,018,300 1,114,500 1,307,100 17.3% 9.4% ‐17.6% Feb 617,900 944,800 848,000 ‐10.2% 52.9% ‐33.1% Mar 954,800 1,074,800 1,167,400 8.6% 12.6% ‐18.1% Apr 878,100 1,120,300 1,173,000 4.7% 27.6% ‐25.0% May 932,600 1,146,700 1,216,600 6.1% 23.0% ‐20.3% Jun 955,500 1,145,700 1,165,700 1.7% 19.9% ‐21.2% Jul 992,700 1,208,600 1,301,500 7.7% 21.7% ‐17.5% Aug 1,068,300 1,232,100 1,282,000 4.0% 15.3% ‐12.2% Sep 1,051,600 1,118,300 1,106,800 ‐1.0% 6.3% ‐9.7% Oct 953,500 1,072,900 1,109,400 3.4% 12.5% ‐11.3% Nov 970,800 1,102,200 1,043,400 ‐5.3% 13.5% 2.6% Dec 1,099,300 1,195,600 8.8% 8.9% Q1 2,591,000 3,134,100 3,322,500 6.0% 21.0% ‐22.1% Q2 2,766,200 3,412,700 3,555,300 4.2% 23.4% ‐22.1% Q3 3,112,600 3,559,000 3,690,300 3.7% 14.3% ‐13.2% Q4 3,023,600 3,370,700 11.5% ‐0.2%

YTD Nov 10,394,100 12,280,900 12,720,900 3.6% 18.2% ‐16.7% Full Year 11,493,400 13,476,500 17.3% ‐14.8%

FE‐US TEU 2009 2010 2011 11/10 % 10/09 % 09/08 % Jan 955,800 970,500 1,120,000 15.4% 1.5% ‐13.9% Feb 714,000 930,500 986,000 6.0% 30.3% ‐35.2% Mar 853,900 968,300 925,000 ‐4.5% 13.4% ‐13.7% Apr 885,800 1,022,500 1,070,000 4.6% 15.4% ‐18.4% May 904,200 1,098,500 1,176,000 7.1% 21.5% ‐22.3% Jun 941,400 1,238,100 1,108,500 ‐10.5% 31.5% ‐17.2% Jul 989,400 1,220,000 1,152,000 ‐5.6% 23.3% ‐16.6% Aug 1,054,300 1,308,000 1,252,500 ‐4.2% 24.1% ‐12.8% Sep 1,038,500 1,250,500 1,166,000 ‐6.8% 20.4% ‐16.5% Oct 1,072,900 1,189,500 1,152,000 ‐3.2% 10.9% ‐10.7% Nov 1,019,900 1,139,500 1,121,000 ‐1.6% 11.7% ‐0.9% Dec 990,900 1,013,500 1,013,000 0.0% 2.3% 3.1% Q1 2,523,700 2,869,300 3,031,000 5.6% 13.7% ‐21.1% Q2 2,731,400 3,359,100 3,354,500 ‐0.1% 23.0% ‐19.3% Q3 3,082,200 3,778,500 3,570,500 ‐5.5% 22.6% ‐15.3% Q4 3,083,700 3,342,500 3,286,000 ‐1.7% 8.4% ‐3.4%

YTD Dec 11,421,000 13,349,400 13,242,000 ‐0.8% 16.9% ‐14.9% Full Year 11,421,000 13,349,400 13,242,000 ‐0.8% 16.9% ‐14.9%



Main Global Carriers ‐ Breakdown of Capacity Operated by Trade (as at 1 January 2012)

Breakdown based on capacity deployed by individual carriers on direct services only. Does not include wayport capacity, transhipment services, slot exchange arrangements and cross‐trade intra‐Alliance arrangements.

3%

10%

1%

20%

1%

1%

1%

3%

3%

4%

2%

9%

9%

9%

13%

26%

24%

38%

30%

15%

36%

21%

28%

36%

35%

29%

30%

33%

5%

4%

5%

7%

34%

27%

36%

37%

21%

20%

19%

33%

29%

26%

24%

29%

13%

33%

28%

21%

35%

2%

53%

3%

10%

6%

7%

6%

7%

23%

23%

7%

14%

6%

4%

15%

7%

18%

16%

8%

10%

17%

31%

35%

24%

35%

17%

11%

16%

2%

1%

3%

2%

8%

2%

8%

6%

37%

1%

13%

19%

13%

4%

14%

1%

8%

11%

7%

21%

76%

14%

62%

12%

11%

4%

8%

2%

8%

4%

3%

6%

4%

7%

2%

1%

4%

2%

4%

11%

8%

5%

1%

4%

3%

8%

1%

11%

4%

2%

3%

17%

9%

12%

27%

5%

7%

13%

6%

14%

7%

2%

2%

9%

1%

60%

47%

4%

11%

5%

1%

3%

3%

2%

1%

3%

2%

1%

1%

2%

1%

3%

5%

4%

2%

6%

3%

2%

6%

6%

4%

8%

6%

2%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

APM‐MaerskMSC

CMA CGMCOSCO

Hapag‐LloydAPL

EvergreenCSCL

Hanjin ShgMOL

Hamburg SüdOOCLNYKCSAV

Yang MingK LineZim

HMMPIL

UASCWan HaiTS Lines

Eur‐N. Am FE‐N. Am Eur‐FE ME/ISC related Africa related Lat Am related ANZ/Oceania related Intra‐FE Intra‐Europe Unassigned Idle



Global Capacity Deployment Breakdown by Trade (as at 1 January 2012)

Eur‐N. Am 3%

FE‐N. Am 8%

Eur‐FE 8%

ME/ISC related 10%

Africa related 10%

Lat Am related 13%

Oceania related 4% Intra‐FE

25%

Intra‐Europe 11%

Other/ Unassigned

2% Idle 5%

Global Trade Deployment By Vessel Count

The survey counts cellular and non‐cellular containerships above 100 teu only. Roro and general cargo vessels employed on mul purpose liner services are excluded.

Global Trade Deployment by TEU Capacity

By TEU Capacity

100‐999 1,000‐ 1,999

2,000‐ 2,999

3,000‐ 3,999

4,000‐ 5,099

5,100‐ 7,499

7,500‐ 9,999

10,000‐ 15,500

Total Cellular TEU

Non‐cellular

Total Liner TEU %

Eur‐N. Am 0 16,689 97,767 89,960 295,643 73,462 0 0 573,521 14,540 588,061 4%

FE‐N. Am 0 16,645 41,562 51,053 808,151 721,607 783,546 20,000 2,442,564 8,192 2,450,756 16%

Eur‐FE 0 0 2,702 20,731 152,274 752,851 1,369,892 1,435,464 3,733,914 0 3,733,914 24%

ME/ISC related 28,738 177,753 221,940 320,446 431,241 557,041 102,254 0 1,839,413 18,346 1,857,759 12%

Africa related 31,408 279,971 468,207 146,144 103,844 114,971 50,115 0 1,194,660 28,105 1,222,765 8%

Lat Am related 55,198 222,926 332,915 202,612 681,916 530,795 130,259 0 2,156,621 23,685 2,180,306 14%

Oceania related 15,749 36,585 141,381 95,223 299,425 0 0 0 588,363 18,825 607,188 4%

Intra‐FE 293,192 659,590 258,978 50,339 192,924 5,527 0 0 1,460,550 84,250 1,544,800 10%

Intra‐Europe 177,863 281,881 94,119 33,475 84,825 0 0 0 672,163 35,025 707,188 5%

Other/Unassigned 17,531 28,611 31,101 3,074 13,372 6,492 16,400 0 116,581 9,995 126,576 1%

Idle 49,207 111,261 127,668 85,839 103,679 78,095 42,854 30,176 628,779 3,361 632,140 4%

Total 668,886 1,831,912 1,818,340 1,098,896 3,167,294 2,840,841 2,495,320 1,485,640 15,407,129 244,324 15,651,453 100%

Trade Size Range

By Vessel Count

100‐999 1,000‐ 1,999

2,000‐ 2,999

3,000‐ 3,999

4,000‐ 5,099

5,100‐ 7,499

7,500‐ 9,999

10,000‐ 15,500

Total Cellular Units

Non‐cellular

Total Liner Units %

Eur‐N. Am 0 11 37 27 63 12 0 0 150 5 155 3%

FE‐N. Am 0 10 16 14 174 120 93 2 429 4 433 8%

Eur‐FE 0 0 1 6 34 119 157 113 430 0 430 8%

ME/ISC related 46 127 87 92 97 93 12 0 554 36 590 11%

Africa related 41 183 191 44 23 17 6 0 505 31 536 10%

Lat Am related 77 154 134 60 155 87 15 0 682 54 736 13%

Oceania related 21 26 53 28 67 0 0 0 195 29 224 4%

Intra‐FE 502 482 99 15 43 1 0 0 1,142 253 1,395 26%

Intra‐Europe 247 204 37 10 19 0 0 0 517 80 597 11%

Other/Unassigned 29 20 12 1 3 1 2 0 68 19 87 2%

Idle 72 77 48 25 23 13 5 3 266 7 273 5%

Total 1,035 1,294 715 322 701 463 290 118 4,938 518 5,456 100%

Trade Size Range

Eur‐N. Am 4%

FE‐N. Am 15%

Eur‐FE 24%

ME/ISC related 10%

Africa related 8%

Lat Am related 14%

Oceania related 4%

Intra‐FE 10%

Intra‐Europe 4%

Other/ Unassigned

2%

Idle 4%



Idle Capacity Tracker

Vessel Size (TEU)

Date 500‐ 999

1,000‐1,999

2,000‐2,999

3,000‐4,999

5,000‐7,499 > 7,500 Total Idle TEU As % of

cellular fleet

Dec 5 ‐ 2011 48 65 37 41 13 6 210 525,571 3.4% Nov 21 ‐ 2011 52 56 33 33 12 4 190 442,757 2.9% Nov 7 ‐ 2011 42 68 22 39 10 4 180 439,228 2.9% Oct 24 ‐ 2011 46 68 23 40 7 1 185 397,718 2.6% Oct 10 ‐ 2011 40 58 23 40 7 1 169 375,032 2.5% Sep 26 ‐ 2011 39 56 20 35 5 1 156 334,157 2.2% Sep 12 ‐ 2011 35 46 18 24 5 1 129 269,755 1.8% Aug 29 ‐ 2011 35 45 13 21 2 0 116 210,617 1.4% Aug 15 ‐ 2011 36 40 11 11 0 0 98 148,112 1.0% Aug 1 ‐ 2011 30 29 7 8 1 0 75 114,443 0.8% July 18 ‐ 2011 30 32 9 4 3 0 78 119,897 0.8% July 4 ‐ 2011 32 30 9 3 0 0 74 95,833 0.6% Jun 20 ‐ 2011 27 23 6 4 0 0 60 74,624 0.5% Jun 6 ‐ 2011 27 27 7 2 0 0 63 80,713 0.5% May 23 ‐ 2011 30 32 8 6 1 0 77 111,186 0.7% May 9 ‐ 2011 27 32 5 11 0 2 77 133,346 0.9% Apr 25 ‐ 2011 23 26 9 11 0 2 71 134,486 0.9% Apr 11 ‐ 2011 23 28 15 13 5 3 87 191,876 1.3% Mar 28 ‐ 2011 22 27 15 14 3 3 84 185,171 1.3% Mar 14 ‐ 2011 24 25 18 16 7 4 94 230,710 1.6% Feb 28 ‐ 2011 28 28 18 19 10 4 107 274,294 1.9% Feb 14 ‐ 2011 27 33 20 20 7 5 112 277,396 1.9% Jan 31 ‐ 2011 31 36 16 19 5 3 110 239,535 1.7% Jan 17 ‐ 2011 31 40 13 20 6 3 113 245,172 1.7% Jan 3 ‐ 2011 37 43 19 24 14 3 140 322,187 2.3% Dec 20 ‐ 2010 39 37 18 23 17 3 137 326,912 2.3% Dec 6 ‐ 2010 37 40 24 25 19 2 147 356,275 2.5%

Dec 19, 2011 49 66 42 42 14 6 219 546,287 3.6% Jan 2 ‐ 2012 56 76 46 48 14 6 246 594,778 3.9%

0%

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50%

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90%

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2009

Jan

2010

Jan

2011

Jan

2012

Jan

TEU

Millions

Idle Fleet Breakdown by Non‐Operating Owner/Carrier NOO TEU Carrier TEU % Charter free

0

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600

2009

Jan

2010

Jan

2011

Jan

2012

Jan

Vessel Cou

nt

Idle containership (units idle by size range)

Over 7,5005,000‐7,4993,000‐4,9992,000‐2,9991,000‐1,999500‐999

Size (teu)



Container Freight Watch

Mediterranean Sea ‐ Barcelona/Valencia/Genoa/Naples; Europe ‐ Hamburg/Ro erdam/Antwerp/Felixtowe/Le Havre; USWC ‐ Los Angeles/Long Beach/Oakland; USEC ‐ New York/Savannah/Norfolk/ Charleston;

The freight rate includes ocean freight and surcharges, ie: Bunker/Fuel Surcharge BAF/FAF Emergency Bunker Surcharge EBS/EBA Currency Surcharge CAF/YAS Peak Season Surcharge PSS War Risk Surcharge WRS Port Conges on Surcharge PCS Canal Surcharges SCS/SCF/PTF/PCC Excludes Terminal Handling Charge THC

Shanghai Shipping Exchange base ports defined as :‐

Shanghai Container Freight Index 13‐Jan‐12

Change vs 1 week 1 month 3 months 1 year

6‐Jan‐12 % 16‐Dec‐11 % 14‐Oct‐11 % 14‐Jan‐11 %

SCFI 981 975 1% 854 15% 948 4% 1,112 ‐12%

Europe (Base port) 733 730 0% 499 47% 697 5% 1,342 ‐45% Mediterranean (Base port) 772 754 2% 626 23% 971 ‐20% 1,212 ‐36% USWC (Base port) 1,822 1,813 0% 1,418 28% 1,495 22% 1,977 ‐8% USEC (Base port) 2,960 2,942 1% 2,522 17% 2,976 ‐1% 3,198 ‐7% Persian Gulf (Dubai) 647 642 1% 626 3% 761 ‐15% 827 ‐22% Australia (Melbourne) 851 856 ‐1% 699 22% 673 26% 874 ‐3% West Africa (Lagos) 2,011 2,009 0% 1,992 1% 2,107 ‐5% 1,761 14% South Africa (Durban) 1,059 1,063 0% 990 7% 1,109 ‐5% 1,049 1% South America (Santos) 1,534 1,571 ‐2% 1,176 30% 1,710 ‐10% 1,452 6% West Japan (Osaka/Kobe) 336 334 1% 334 1% 333 1% 312 8% East Japan (Tokyo/Yokohama) 336 334 1% 334 1% 333 1% 312 8% Southeast Asia (Singapore) 225 218 3% 226 0% 231 ‐3% 155 45% Korea (Busan) 171 169 1% 174 ‐2% 208 ‐18% 151 13% Taiwan (Kaohsiung) 287 287 0% 303 ‐5% 121 137% 195 47% Hong Kong 153 153 0% 159 ‐4% 158 ‐3% 126 21%

Shanghai export freight rates (in US$/TEU except to USEC/USWC in US$/FEU) to:‐

0

500

1,000

1,500

2,000

Jan‐09 Jan‐10 Jan‐11 Jan‐12

SCFI (Oct 2009 = 1,000)

0

1,000

2,000

3,000

4,000

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Jan‐09

Apr‐09

Jul‐0

9Oct‐09

Jan‐10

Apr‐10

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0Oct‐10

Jan‐11

Apr‐11

Jul‐1

1Oct‐11

Jan‐12

$/FEU

Primary Linehaul Spot Rates : Shanghai to

USECUSWCMediterraneanNorth Europe

0

500

1,000

1,500

2,000

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3,000

Jan‐09

Apr‐09

Jul‐0

9Oct‐09

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Apr‐10

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0Oct‐10

Jan‐11

Apr‐11

Jul‐1

1Oct‐11

Jan‐12

$/TEU

Secondary Linehaul Spot Rates : Shanghai to

West Africa (Lagos)

South America (Santos)

South Africa (Durban)

Persian Gulf (Dubai)

Australia (Melbourne)

0

100

200

300

400

500

Jan‐09

Apr‐09

Jul‐0

9Oct‐09

Jan‐10

Apr‐10

Jul‐1

0Oct‐10

Jan‐11

Apr‐11

Jul‐1

1Oct‐11

Jan‐12

$/TEU

Intra‐Asia Spot Rates : Shanghai to

West Japan (Osaka/Kobe)East Japan (Tokyo/Yokohama)Southeast Asia (Singapore)Korea (Busan)Hong KongTaiwan (Kaohsiung)



Container Freight Forward Rates

Shanghai Shipping Freight Exchange Co. (SSEFC) Last Traded Price as at 13 Jan 2012

SSEFC Container Freight Forward Rates and Traded Volumes

0

500

1,000

1,500

2,000

2,500

3,000

$/TEU

SCFI Spot Freight Rates ex Shanghai to North Europe

SSEFC Forward Prices North Europe

0

500

1,000

1,500

2,000

2,500

3,000

Jan‐09

Apr‐09

Jul‐0

9

Oct‐09

Jan‐10

Apr‐10

Jul‐1

0

Oct‐10

Jan‐11

Apr‐11

Jul‐1

1

Oct‐11

Jan‐12

Apr‐12

$/FEU

SCFI Spot Freight Rates ex Shanghai to USWC

SSEFC Forward Prices USWC

Shanghai ‐ North Europe Shanghai – US West Coast

Month $/TEU % Current Month $/FEU % Current

Index 733 Index 1,822

January, 2012 728 ‐1% January, 2012 1,743 ‐4%

February, 2012 693 ‐5% February, 2012 1,730 ‐5%

March, 2012 702 ‐4% March, 2012 1,683 ‐8%

April, 2012 721 ‐2% April, 2012 1,790 ‐2%

May, 2012 740 1% May, 2012 1,730 ‐5%

June, 2012 770 5% June, 2012 1,815 0%

500

600

700

800

900

1,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Oct‐11

Nov‐11

Dec‐11

Jan‐12

$/teu

TEU

SSEFC Forward Rates ‐ North Europe (Apr2012) NEUR Apr 12 VolNEUR Apr 12 Forward Rate

500

600

700

800

900

1,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Jul‐1

1

Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

$/teu

TEU

SSEFC Forward Rates ‐ North Europe (Jan 2012) NEUR Jan 12 VolNEUR Jan 12 Forward Rate

500

600

700

800

900

1,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Jun‐11

Jul‐1

1

Aug‐11

Sep‐11

Oct‐11

$/teu

TEU

SSEFC Forward Rates ‐ North Europe (Oct 2011) NEUR Oct 11 VolNEUR Oct 11 Forward RateNEUR Oct 11 Closing Rate

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Oct‐11

Nov‐11

Dec‐11

Jan‐12

$/feu

FEU

SSEFC Forward Rates ‐ US West Coast(Apr 2012) USWC Apr 12 VolUSWC Apr 12 Forward Rate

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Jul‐1

1

Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

$/feu

FEU

SSEFC Forward Rates ‐ US West Coast (Jan 2012) USWC Jan 12 VolUSWC Jan 12 Forward Rate

1,300

1,400

1,500

1,600

1,700

1,800

1,900

2,000

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Jun‐11

Jul‐1

1

Aug‐11

Sep‐11

Oct‐11

$/feu

FEU

SSEFC Forward Rates ‐ US West Coast (Oct 2011)

USWC Oct 11 VolUSWC Oct 11 Forward RateUSWC Oct 11 Closing Rate



Bunker Watch

BAF Surcharge Survey ‐ Far East to North Europe ($/teu)

Carrier Dec‐10

Jan‐11

Feb‐11

Mar‐11

Apr‐11

May‐11

Jun‐11

Jul‐ 11

Aug‐11

Sep‐11

Oct‐11

Nov‐11

Dec‐11

Jan‐12

APL 530 549 568 601 677 715 758 719 736 631 613 615 617 634 CMA CGM 490 510 531 551 628 683 720 700 708 713 705 711 705 733 COSCO 580 595 610 645 722 755 805 780 795 810 795 805 788 822 CSAV Norasia 556 575 589 616 676 747 793 793 774 817 817 776 795 795 CSCL EBS (Emergency bunker surcharge) applied from Aug 09 Evergreen EBS (Emergency bunker surcharge) applied from Jul 09 Hanjin 540 560 575 600 680 750 792 792 798 805 795 803 800 820 Hapag Lloyd 534 569 581 612 642 715 740 742 742 746 748 742 733 770 HDS Lines 560 570 593 618 695 765 810 785 795 805 Suspended

HMM 555 582 601 647 738 753 791 749 770 791 762 775 784 804 K Line 579 605 605 657 735 787 839 787 813 813 813 813 813 839 Maersk 535 565 585 615 690 760 805 780 790 800 790 800 790 585 MOL 541 571 586 623 711 778 832 798 815 827 812 819 811 846 MSC 525 550 565 590 660 720 755 730 760 770 770 780 775 795 NYK 456 479 499 531 606 661 703 677 690 700 692 697 690 720 OOCL 517 517 561 597 652 734 787 787 787 787 787 787 787 810 UASC 483 509 528 567 645 712 751 745 755 755 749 749 738 760 Wan Hai 510 518 545 564 678 657 702 692 709 713 700 708 712 742 Yang Ming 592 633 650 681 780 782 823 803 714 765 741 741 728 729 Zim 529 549 560 586 631 689 721 705 714 728 714 719 710 740 Average 534 556 574 606 680 731 774 754 759 765 753 755 752 761 % Change m‐o‐m 7% 4% 3% 6% 12% 7% 6% ‐3% 1% 1% ‐2% 0% 0% 1% Highest 592 633 650 681 780 787 839 803 815 827 817 819 813 846 Lowest (non‐zero) 456 479 499 531 606 657 702 677 690 631 613 615 617 585

380 cSt bunker price Ro erdam $/ton 486 510 563 607 646 623 629 647 630 635 628 643 622 658f Singapore $/ton 498 533 604 634 670 640 651 661 649 652 664 688 666 700f

Feb‐12 615 706 785 759

800 749

772

560 818 775 694 810 746

738 ‐3% 818 560

Some carriers have been charging all‐inclusive freight rates inclusive of BAF since Jan 2009 ‐ some of these carriers have imposed an addi onal Emergency Bunker Surcharge (EBS) for rates that are not subject to BAF.

0

100

200

300

400

500

600

700

800

Jan‐00

Jan‐01

Jan‐02

Jan‐03

Jan‐04

Jan‐05

Jan‐06

Jan‐07

Jan‐08

Jan‐09

Jan‐10

Jan‐11

Jan‐12

Bunker Price : 380 cSt $/ton

SingaporeRotterdam

0

100

200

300

400

500

600

700

800

900

Jan‐00

Jan‐01

Jan‐02

Jan‐03

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Jan‐05

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Jan‐08

Jan‐09

Jan‐10

Jan‐11

Jan‐12

BAF $/TEU ‐ Far E

ast to North Europ

e

BAF : Far East‐North Europe 2000‐2012

Rotterdam 380 cSt $/tonHighestLowest (non‐zero)Average



Top 25 Ports

China Container Ports Watch – December 2011 (Preliminary es mate)

Preliminary es mates for 2011 li ings. Rankings based on 2011 handling volumes including transshipment and empty containers. Rank in brackets are for 2010.

No. Port Dec 2011 Mteu

y‐o‐y change %

Jan‐Dec 2011 Mteu

y‐o‐y change %

1 Shanghai 2.66 7.4% 31.74 9.2% 2 Shenzhen 1.93 7.6% 22.58 1.1% 3 Ningbo 1.23 23.2% 14.80 12.6% 4 Guangzhou 1.31 5.4% 14.20 13.2% 5 Qingdao 1.04 0.9% 13.00 8.2% 6 Tianjin 1.00 9.4% 11.60 15.1% 7 Xiamen 0.62 13.7% 6.45 10.8% 8 Dalian 0.60 33.3% 6.38 21.7% 9 Lianyungang 0.41 61.4% 4.85 25.3% 10 Yingkou 0.37 58.5% 4.15 24.3% Total Top 10 Ports 11.16 12.1% 129.75 10.2% Total Coastal Ports n/a n/a Total River Ports n/a n/a Total All Ports n/a n/a

0.5

1.0

1.5

2.0

2.5

3.0

Jan‐07

Jan‐08

Jan‐09

Jan‐10

Jan‐11

TEU

Millions

Top 9 Container Ports ‐ Monthly Throughput 2007‐2011 (Dec)

Singapore

Shanghai

Hong Kong

Shenzhen

LA/LB

Busan Guangzhou Ningbo

Qingdao

Rank Port 2011 Growth 3Q 2011 Growth 1H 2011 Growth 1Q 2011 Growth

TEU 11/10 TEU 3Q11 TEU 1H11 TEU 1Q11

1 (1) Shanghai 31,739,900 9.2% 23,768,100 10.0% 15,294,900 10.4% 7,271,400 12.1%

2 (2) Singapore 29,937,700 5.3% 22,257,800 4.8% 14,582,400 3.7% 7,067,200 2.1%

3 (3) Hong Kong 24,404,000 3.0% 18,222,000 3.3% 11,858,000 3.9% 5,466,000 0.6%

4 (4) Shenzhen 22,578,275 0.3% 16,902,700 0.2% 10,649,900 1.9% 5,035,300 2.6%

5 (5) Busan 16,145,000 13.7% 12,009,083 13.6% 7,871,231 13.0% 3,724,828 13.9%

6 (7) Ningbo 14,800,000 12.6% 11,210,000 13.4% 7,154,600 14.1% 3,370,500 21.3%

7 (8) Guangzhou 14,200,000 13.2% 10,372,200 13.4% 6,496,800 8.0% 2,875,500 2.1%

8 (6) LA/LB 14,001,602 ‐0.7% 10,488,028 0.5% 6,734,878 4.3% 3,161,838 8.5%

9 (9) Qingdao 13,000,000 8.2% 9,796,000 10.6% 6,566,800 15.6% 3,206,000 17.6%

10 (10) Dubai 9,500,000 10.5% 6,100,000 10.9% 2,965,000 12.1%

11 (11) Ro erdam 11,900,000 6.8% 9,032,052 7.7% 5,954,184 9.8% 2,893,183 10.1%

12 (12) Tianjin 11,605,000 15.1% 8,562,600 16.1% 5,578,000 18.1% 2,641,000 21.7%

13 (14) Port Kelang 7,166,094 8.3% 4,689,322 8.9% 2,260,081 11.7%

14 (13) Kaohsiung 9,636,289 5.0% 7,164,372 5.0% 4,790,576 5.2% 2,278,772 5.2%

15 (16) Hamburg 6,775,986 15.5% 4,362,217 17.9% 2,124,211 18.8%

16 (15) Antwerp 8,638,311 6,548,779 3.1% 4,382,882 4.3% 2,172,323 7.9%

17 (17) Tanjung Pelepas 7,500,000 14.8% 5,379,559 16.0% 3,551,350 16.8% 1,733,233 18.7%

18 (18) Xiamen 6,454,000 10.8% 4,628,200 8.2% 2,871,500 4.9% 1,359,400 5.1%

19 (20) Dalian 6,385,000 21.3% 4,624,100 20.1% 2,904,100 17.9% 1,318,400 12.7%

20 (22) Bremerhaven 4,468,450 23.0% 2,995,282 25.0% 1,414,323 24.9%

21 (21) Laem Chabang 4,310,197 12.2% 2,776,966 10.1% 1,317,182 6.7%

22 (19) NY/NJ 4,116,315 4.5% 2,680,412 8.7% 1,310,954 14.8%

23 (23) Jakarta 4,050,679 18.1% 2,636,003 15.9% 1,269,415 20.8%

24 (24) Tokyo 3,390,921 8.2% 2,206,401 8.6% 1,013,305 6.9%

25 (25) Nhava Sheva 4,307,000 ‐0.1% 3,214,000 0.0% 2,148,000 ‐2.1% 1,063,000 ‐3.7%



Global Port Throughput

Global port throughput includes empty container and transhipment cargo handling

Million TEU by Region 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011F Growth

10/09 Growth 11/10

China & Hkg 40.7 44.5 56.4 69.1 83.8 98.2 117.2 138.4 152.8 143.4 169.8 187.8 18.4% 10.6%

Other NE Asia 34.8 35.8 39.6 42.7 46.4 47.8 50.1 53.3 52.9 46.6 52.9 56.5 13.6% 6.8%

SE Asia 36.1 37.5 41.4 46.2 52.1 55.6 60.2 68.0 73.0 68.3 77.4 83.4 13.4% 7.7%

Middle East 11.1 12.2 13.8 16.6 20.1 22.6 24.4 28.3 31.9 32.0 34.3 36.8 7.3% 7.3%

S Asia 5.5 6.0 6.6 7.3 8.8 10.0 11.9 13.7 14.7 14.4 16.8 18.0 16.2% 7.2%

N Europe 33.6 34.8 37.5 40.6 45.3 49.5 53.9 60.7 61.9 51.7 58.0 62.0 12.3% 6.8%

S Europe 19.5 20.3 22.8 25.6 28.5 30.4 32.9 37.2 37.4 32.3 35.2 37.4 8.8% 6.2%

N America 33.4 33.5 36.2 39.6 43.0 46.6 48.8 49.9 47.8 41.7 47.0 47.4 12.6% 1.0%

C+S America 15.4 16.7 17.7 19.8 23.3 26.3 29.7 33.1 35.9 32.3 37.3 41.1 15.7% 10.1%

Africa 7.9 8.9 9.4 11.1 12.6 14.4 15.9 18.0 21.4 21.1 23.6 25.1 11.5% 6.4%

Oceania 5.5 5.4 5.9 6.7 7.4 7.5 8.0 8.8 9.4 8.8 9.5 9.9 7.9% 4.0% Total 243.5 255.5 287.3 325.3 371.2 408.8 452.8 509.4 538.9 492.6 561.8 605.3 14.0% 7.7%

12.6%

4.9%

12.4%

13.2%

14.1%

10.1%

10.8% 12.5%

5.8%

‐8.6%

14.0%

7.7%

6.5%

‐10%

‐5%

0%

5%

10%

15%

20%

0

100

200

300

400

500

600

70020

00

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011F

2012F

Annu

al Growth Rate

TEU Millions

Oceania

Africa

C+S America

N America

S Europe

N Europe

S Asia

Middle East

SE Asia

Other NE Asia

China + Hkg

Annual Growth

China + Hkg 31.0%

Other NE Asia 9.3%

SE Asia 13.8% Middle East

6.1%

S Asia 3.0%

N Europe 10.2%

S Europe 6.2%

N America 7.8%

C+S America 6.8%

Africa 4.1%

Oceania 1.6%

Breakdown by Region (2011F)



Trade Summary : Far East‐US East Coast as at 1 January 2012

Notes: ► Grand Alliance merged SCE1 and SCE2 into new SCE in Nov 2011 ► CKYH suspended AWE‐5 service via Suez in Nov 2011 and merged with AWE‐4/SVE service

As at 1 Jan 2012Alphaliner ‐ Port Matrix ‐ Far East‐East Coast North America

Operator Svc Code Ships DeployedAve. TEU per week

Sing

apore

Tanjun

g Pe

lepa

sLaem

Cha

bang

Cai M

ep

Hong

Kon

g

Yantian

Chiwan

Shekou

Dachan

Bay

Nan

sha

Taipei

Kaoh

siun

g

Xiam

en

Ningbo

Shan

ghai

Qingd

ao

Busan

Pyon

gtaek

Kobe

Osaka

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Services via Panama Canal

Evergreen AUE 8 x 4,200‐5,000 4,449 2 3 1 4 1/5 2 4 3

Evergreen NUE 9 x 4,200 4,227 6 5 4 3 2 1/7 1/5 6 7 2 3 4

CSCL/Evergreen AAE 1/AUE 2 9 x 3,500‐4,300 4,053 4 3 2 1 3 4 2 1

Maersk TP‐7 9 x 5,000 5,063 4 6 5 3 7 8 2 1 5 2 3 1/4

Grand Alliance NCE 9 x 4,900 4,922 3 4 2 1 5 1 4 3 2

Grand Alliance PAX 14 x 4,600‐4,800 4,681 5 4 6 3 2/7 8 1 9 4(5) 3 (6) 2(7) 1 5(4) 6(3) 7(2) 8(1)

Grand Alliance/Zim SCE 8 x 4,700‐5,000 4,902 5 6 4 3 2 1 1/8 2/7 6 5 4 3

New World Alliance NYX 9 x 4,400‐4,900 4,685 5 4 6 3 2 1 1/7 8 4 6 5 3 2

New World Alliance APX 13 x 4,600‐5,000 4,806 4 3 5 6 2/7 1/8 2(4) 1(5) (6) (7) 5 6(3) 3 4 (2) 7(1)

CKYH Alliance AWE 1 10 x 4,000 4,101 3 4 1/5 2 4 3 2 1

CKYH Alliance AWE 2 9 x 3,800‐5,100 4,477 3 2 1 4 2 1 3 4 5 6

CKYH Alliance AWE 3 9 x 3,700‐4,400 4,129 1 2 3 4 5 1 2 3

Zim ZCP 10 x 5,000 5,011 1 2 3 9 1 2/6 7 8 3 4 5

Services via Suez Canal

Maersk/CMA CGM TP‐3/Columbus 16 x 6,600‐8,600 8,254 6(1) 4(2) 5(3) 3 2(4) (5) 1 (also serves USWC on Transpacific leg) 3 2 1

Grand Alliance AEX 10 x 5,300‐5,900 5,754 1/4 3 2 2(1) (2) 1(3) 3 4 2/5 1/6

New World Alliance SZX 9 x 4,400‐5,100 4,809 1 (2) (3) 1 2(1) 3 2 4 1

CKYH/MOL AWE 4/SVE 9 x 5,600‐6,600 5,772 1/6 2 4 5 3 4 3 2 1

MSC Golden Gate 12 x 6,700‐9,600 8,033 1/9 3 8 2/6 5 4 (2) 1 (3) (1) 4 2 3 1

Round‐The‐World Services via Panama and Suez

CMA CGM PEX 3 11 x 4,300‐5,100 5,013 1 2 3 4 5 6 (1) (2) 1 6 7 2 3 4 5 8

Sequence of port calls indicated for Far East and East Coast North America port range as well as wayports (Numbers in brackets denote westbound calls) only.

Total no. of weekly calls at each port (incl. double calls) 8 2 1 2 13 11 4 2 1 1 1 7 3 8 14 3 12 1 4 2 1 4 5 1 2 2 2 1 1 4 2 1 1 4 1 10 1 1 6 4 5 5 1 18 9 2 1 1 6 4 2 14 20 1 5

All information above is given as guidance only and in good faith without guarantee © Alphaliner

Wayports ‐ Panama Route ECNASE Asia South China/Taiwan C&N. China Korea Japan Wayports ‐ Suez Route

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