AMM Nov 2018 - Alphaliner · 2019-07-31 · No. of liner ships incl. non‐cellular 6,148 units Total liner capacity (teu) 22,685 Mteu Year‐on‐year increase % 6.0% Liner Fleet

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ALPHALINER Monthly Monitor

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. Alphaliner does not accept any liability for any errors or omission or opinion. Please refer to our full user terms and copyrights at: www.alphaliner.com/terms_of_use.php. Please send your feedback, comments and questions to [email protected]

November 2018 Web: www.alphaliner.com | E-mail: [email protected] | Subscription Enquiries: [email protected]

C O N T E N T S Cellular Fleet as at 1 November 2018...………… 1 Capacity vs Throughput Growth….…………..…... 1 Charter Rate Trend/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 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 & Fixtures……………...……….…….. 10 Sales & Purchase…………………………………………. 11 Demoli ons……………………………………………….... 12 Top 30 Carriers…………………………………………..… 13 Main Carriers Fleet Breakdown by Size………... 14 Main Carriers Fleet Unit Breakdown….………... 15 Main Carriers Orderbook Unit Breakdown…... 16 Main Carriers NB Delivery Schedule……………... 17 Main Carriers YoY Capacity Growth……………… 18 Top 30 Non‐Opera ng Owners ……………………. 19 East‐West Trade Deployment………………………. 20 East‐West Capacity Watch…………………………... 20 Trade Capacity by Carrier……………………………... 21 Trade Demand/U lisa on……….…………………... 22 Carrier Capacity by Trade…………………………….. 23 Global Capacity Deployment……………………….. 24 Evolu on of capacity deployed by Trade……... 25 Ships assignment by Trade…………………………… 26 Idle Capacity Tracker…………………………………... 27 Container Freight Watch……………………………... 28 Bunker Watch……………………………………………... 29 Top 30 Ports………………………………………………... 30 China Ports Watch……………………………………….. 30 Global Port Throughput….……………………………. 31 Trade Summary: Europe‐North America.….….. 32 Carrier Financial Performance……………............ 33 Carriers’ Share Price/Liner Equity Index.………. 34

Market Monitor

Size Oct 18 $/day

Sep 18 $/day

Change % Trend

4,000 teu 10,500 12,250 +2%

2,500 teu 10,250 11,500 +3%

1,700 teu 8,500 9,750 +2%

1,000 teu 6,500 6,750 ‐6% Note : Rates based on 6‐12 month fixtures

5,600 teu 11,000 11,000 ‐24%

8,500 teu 12,500 12,500 ‐18%

No. of liner ships incl. non‐cellular 6,148 units Total liner capacity (teu) 22,685 Mteu Year‐on‐year increase % 6.0%

Liner Fleet as at 1 November 2018

10‐Year Alphaliner Charter Rate Index and Freight Rate Indices

Cellular Fleet Growth vs Global Throughput

No. of cellular ships 5,288 units Total cellular capacity (teu) 22.276 Mteu Year‐on‐year increase % 6.1% Chartered fleet % 53.9% Cellular fleet as % of liner total 98.2% % of cellular fleet idle 3.0% Orderbook 2,800 Mteu Orderbook as % of current fleet 12.6% Deliveries Jan‐Oct 2018 148 units/1,215,837 teu Dele ons Jan‐Oct 2018 60 units/97,980 teu New Orders Jan‐Oct 2018 206 units/1,275,170 teu

ALPHALINER

Charter Rate Trend

9.3%

12.3%

10.1%

8.9%

9.7%

12.8%

16.0%

13.8%

13.2%

5.5%

9.1%

7.9%

6.0%

5.9%

6.3%

8.6%

1.9%

3.7%

5.7%

4.0%

12.2%

5.4%

13.0%

13.4%

14.4%

10.0%

10.8%

12.6%

5.7%

‐8.2%

14.1%

8.3%

4.7%

3.8%

5.1%

1.4%

2.7%

6.7%

4.6%

4.1%

0

5

10

15

20

25

TEU M

illions

Fleet Capacity Forecast% Annual Capacity Growth % Global Throughput Growth

200

400

600

800

1,000

1,200

1,400

1,600

1,800

20

40

60

80

100

120

140

160

180

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

China & Sha

ngha

i Co

ntaine

rised

Freight

Inde

x (C

CFI Jan

199

8 = 1,00

0)

(SCF

I 16 Oct 200

9 = 1,00

0)

Alph

aliner Cha

rter Rate Inde

x

(Jan

200

0 = 10

0)

Alphaliner Charter IndexCCFI (Monthly average)SCFI (Monthly average)


ALPHALINER Monthly Monitor November 2018

Cellular Fleet Breakdown As at 1 November 2018

Cellular Orderbook Fleet Breakdown As at 1 November 2018

18,000‐21,000 36%

15,200‐17,999 2% 12,500‐15,199

NPX 27%

10,000‐12,499 15%

5,100‐7,499 0%

4,000‐5,099 0%

3,000‐3,999 2%

2,000‐2,999 10%

<1,999 8%

Orderbook Fleet Capacity Breakdown by TEU size range

18,000‐21,000 8%

15,200‐17,999 2%

12,500‐15,199 NPX 14%

10,000‐12,499 8%

7,500‐9,999 19% 5,100‐7,499

13%

4,000‐5,099 13%

3,000‐3,999 4%

2,000‐2,999 7%

1,500‐1,999 5%

1,000‐1,499 4%

100‐999 3%

Fleet Capacity Breakdown by TEU size range

Note : The chartered fleet counts only ships chartered out by non-operating owners to operators. It excludes 97 ships for 248,978 teu which are owned by owner-operators but are chartered out to another operator, either for operational reasons (vessel exchange within alliances/partnerships) or are surplus to their owners’ requirements.

Current All cellular ships Of which chartered TEU Units TEU Units TEU % Chrt 18,000‐23,000 91 1,788,171 31 604,290 33.8% 15,200‐17,999 32 536,791 9 153,489 28.6% 12,500‐15,199 NPX 237 3,253,519 132 1,810,868 55.7% 10,000‐12,499 159 1,695,780 101 1,065,023 62.8% 7,500‐9,999 480 4,228,654 269 2,387,903 56.5% 5,100‐7,499 458 2,842,635 232 1,429,638 50.3% 4,000‐5,099 643 2,915,125 363 1,640,200 56.3% 3,000‐3,999 245 851,277 143 500,698 58.8% 2,000‐2,999 659 1,676,165 409 1,042,265 62.2% 1,500‐1,999 600 1,029,739 307 530,779 51.5% 1,000‐1,499 708 815,536 411 480,203 58.9% 500‐999 782 580,567 437 336,176 57.9% 100‐499 194 62,345 53 16,898 27.1% TOTAL 5,288 22,276,304 2,897 11,998,430 53.9%

Size Range All cellular ships Of which chartered Orderbook/ Exis ng % TEU Units TEU Units TEU % Chrt

18,000‐20,000 46 1,018,278 13 280,716 27.6% 56.9% 15,200‐17,999 3 45,846 0 0 0.0% 8.5% 12,500‐15,199 NPX 53 765,056 40 576,056 75.3% 23.5% 10,000‐12,499 35 413,021 27 317,021 76.8% 24.4% 7,500‐9,999 0 0 0 0 0.0% 0.0% 5,100‐7,499 1 5,295 1 5,295 100.0% 0.2% 4,000‐5,099 0 0 0 0 0.0% 0.0% 3,000‐3,999 17 54,500 0 0 0.0% 6.4% 2,000‐2,999 106 268,794 33 88,122 32.8% 16.0% 1,500‐1,999 85 153,880 70 126,646 82.3% 14.9% 1,000‐1,499 51 60,315 22 27,372 45.4% 7.4% 500‐999 23 14,790 0 0 0.0% 2.5% 100‐499 1 120 0 0 0.0% 0.2% TOTAL 421 2,799,895 206 1,421,228 50.8% 12.6%

*

*

* Note on Neo-Panamax (NPX) ships - Ships of 13,300 to 15,199 teu with beams of 49,00 to 51.25m (revised neo-Panamax gauge) are counted in the revised 12,500-15,199 teu segment from 1 Jun 2018.



Cellular Fleet Age Breakdown Cellular Fleet Age Profile by size range

0.00 0.50 1.00 1.50

0‐1123456789

101112131415161718192021222324252627282930

31‐35> 35

Age in yea

rs

1.1% 4.3%

10.0%

26.4%

28.7%

29.5%

Age Profile 25 years & above20‐24 years15‐19 years10‐14 years5‐9 yearsBelow 5 years

Average Age of Cellular Fleet : Gross ‐ 11.4 years TEU Weighted ‐ 8.6 years

156 155

122

95

56 38

28 30 18 14

4

56 19

0

50,000

100,000

150,000

200,000

250,000

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 : 791 units/1,207,078 teu (5.4% of current fleet capacity)

Overaged Cellular Fleet Profile (Built 1998 or earlier)

ALPHALINER

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

YTD 201

820

1720

1620

1520

1420

1320

1220

1120

1020

0920

0820

0720

0620

0520

0420

0320

0220

0120

0019

9919

9819

9719

9619

9519

9419

9319

9219

9119

9019

8919

88Pre‐19

88

TEU

Millions

Year Built

Size Range (TEU) >18,000 teu15,200‐18,000 teu12,500‐15,200 teu10,000‐12,500 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

Built Age Units TEU Pre‐1983 > 35 19 30,861 1983‐1987 31‐35 22 30,239

1988 30 4 5,617 1989 29 14 23,249 1990 28 18 33,332 1991 27 30 33,728 1992 26 28 32,433 1993 25 38 60,843 1994 24 56 63,533 1995 23 95 138,522 1996 22 122 195,134 1997 21 155 265,716 1998 20 156 293,871 1999 19 107 236,001 2000 18 132 394,329 2001 17 161 523,930 2002 16 178 559,534 2003 15 162 513,602 2004 14 170 616,259 2005 13 265 938,547 2006 12 369 1,354,249 2007 11 420 1,376,622 2008 10 465 1,587,782 2009 9 273 1,066,610 2010 8 272 1,392,420 2011 7 204 1,255,592 2012 6 222 1,283,338 2013 5 234 1,395,881 2014 4 210 1,477,680 2015 3 231 1,740,419 2016 2 147 945,800 2017 1 161 1,194,794 2018 <1 148 1,215,837



Newbuilding Delivery Projec ons ‐ Cellular Fleet

Cellular Fleet Projec ons

37%

16%

24%

27%

15%

11%

13%

14%

17%

19%

18%

33%

35%

26%

36%

27%

33%

19%

6%

0%

0%

30%

49%

49%

30%

42%

25%

42%

43%

39%

37%

33%

1%

8%

16%

31%

27%

38%

45%

44%

49%

0.00 0.50 1.00 1.50 2.00

20102011201220132014201520162017

2018(f)2019(f)2020(f)

Delivery Breakdown by Size Range in TEU Millions

Year of D

elivery

< 5,100 teu 5,100‐9,999 teu 10,000‐15,199 teu NPX ≥ 15,200 teu

Projec ons based on orderbook as at 1 November 2018. Adjusted fleet includes forecast jumboisa ons, scrapping and expected delivery slippage.

0 5 10 15 20 25

end 2019F

end 2018F

end 2017A

end 2016A

end 2015A

end 2014A

end 2013A

end 2012A

end 2011A

end 2010A

TEU Millions

Cellular Fleet Projections

< 3,000 teu 3,000‐5,099 teu 5,100‐9,999 teu 10,000‐15,099 teu NPX ≥ 15,100 teu

17%

28% 28%

13% 27% 26%

14% 25% 24%

22% 23%

9%

20% 21% 18%

35%

36%

36%

36%

35%

35% 20% 19% 20%

19% 18% 33% 21%

16%

19%

22% 30%

6% 34% 29% 30%

19%

17% 32% 22%

3%

1%

1%

5%

6%

8%

13%

11%

1%

1%

2017 Deliveries 2018F Deliveries 2019F Deliveries 2020F Deliveries Nominal TEU No. TEU No. TEU No. TEU No. TEU 18,000‐23,000 19 388,496 26 529,398 21 450,390 22 502,500 15,200‐17,999 4 61,128 4 61,128 3 45,846 0 0

10,000‐12,499 20 225,808 18 200,376 9 102,898 11 131,400 7,500‐9,999 7 64,592 0 0 0 0 0 0 5,100‐7,499 1 6,882 0 0 1 5,295 0 0 4,000‐5,099 2 8,022 0 0 0 0 0 0 3,000‐3,999 6 22,938 12 43,816 5 17,116 4 12,272 2,000‐2,999 23 58,700 46 122,494 34 87,048 36 94,132 1,500‐1,999 26 47,235 11 19,469 37 66,352 35 63,862 1,000‐1,499 14 14,674 22 25,536 22 25,322 15 18,292 500‐999 11 8,413 12 7,104 19 12,490 2 1,000 100‐499 8 2,214 0 0 0 0 0 0 Total 161 1,194,794 173 1,320,397 173 1,125,487 139 1,026,912 Slippage (Net Est) ‐2 ‐10,000 2 10,000 0 0 Adjusted total 171 1,310,397 175 1,135,487 139 1,026,912 Scrapping (Est) 110,000 300,000 500,000

12,500‐15,199 NPX 20 285,692 22 311,076 22 312,730 14 203,454

Fleet as at : 31 Dec 2017 31 Dec 2018 31 Dec 2019 31 Dec 2020 Nominal TEU No. TEU No. TEU No. TEU No. TEU 18,000‐23,000 66 1,279,161 92 1,808,559 113 2,258,949 135 2,761,449 15,200‐17,999 27 450,323 33 542,255 53 879,145 53 879,145

10,000‐12,499 142 1,507,327 160 1,707,703 169 1,810,601 180 1,942,001 7,500‐9,999 480 4,226,943 480 4,225,173 480 4,231,673 480 4,231,673 5,100‐7,499 458 2,842,259 456 2,831,543 457 2,836,838 457 2,836,838 4,000‐5,099 644 2,918,621 642 2,909,052 642 2,909,052 642 2,909,052 3,000‐3,999 240 834,822 247 859,548 252 876,664 256 888,936 2,000‐2,999 625 1,584,809 667 1,697,459 701 1,784,507 737 1,878,639 1,500‐1,999 595 1,020,275 595 1,020,958 632 1,087,310 667 1,151,172 1,000‐1,499 705 812,639 714 823,098 736 848,420 751 866,712 500‐999 790 587,162 783 580,989 802 593,479 804 594,479 100‐499 191 62,584 189 61,801 189 61,801 190 61,921 Total 5,181 21,109,734 5,296 22,334,239 5,469 23,522,046 5,609 24,549,078 Adjusted Total 5,181 21,109,734 5,289 22,312,219 5,384 23,210,026 5,374 23,737,058 Annual Growth 3.7% 5.7% 4.0% 2.3%

12,500‐15,199 NPX 218 2,982,809 238 3,266,101 243 3,343,607 257 3,547,061

* Note on Neo-Panamax (NPX) ships - Ships of 13,300 to 15,199 teu with beams of 49,00 to 51.25m (revised neo-Panamax gauge) are counted in the revised 12,500-15,099 teu segment from 1 Jun 2018.

*

*



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 32,111 23 21,770 947 30 2008 98 127,310 63 103,315 1,640 30 2009 210 381,931 205 377,631 1,842 27 2010 142 186,471 98 144,617 1,476 28 2011 94 107,181 75 89,852 1,198 29

Deleted during year

2012 202 352,990 184 336,971 1,831 24 2013 211 463,166 194 441,569 2,276 22 2014 180 394,077 170 388,419 2,285 22 2015 107 203,008 89 192,428 2,162 23 2016 201 664,717 192 654,862 3,411 19 2017 161 427,030 147 413,982 2,816 21

2018 YTD 60 97,980 50 89,055 1,994 24

Demoli on Prices (Subcon nent $/ldt)

18

20

22

24

26

28

30

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

YTD20

18

Average Age

TEU

Other Deletions TEU Scrapped Average Age (Scrapped Units)

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

0

100

200

300

400

500

600

700

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

ALPHALINER

2,60

6

2,73

2

2,89

7

3,03

3

3,18

0

3,35

3

3,61

1

3,95

5 4,32

8

4,68

4

4,74

6

4,86

6

4,97

4

4,99

4

5,02

4

5,06

4

5,19

3

5,18

0

5,18

1

5,28

9

5,38

4

1,749

1,823

1,931

2,031

2,109

2,195

2,299

2,435

2,533

2,649

2,759

2,937

3,101

3,273

3,444

3,632

3,847

3,928

4,074

4,219

4,311

0

1,000

2,000

3,000

4,000

5,000

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

Fleet as at 1 Jan of each year



Deliveries by Quarter Deliveries in July‐September 2018 (Cellular Ships Only)

Deliveries by Month

0

100

200

300

400

500

600

2006

‐ Q 1

Q 3

2007

‐ Q 1

Q 3

2008

‐ Q 1

Q 3

2009

‐ Q 1

Q 3

2010

‐ Q 1

Q 3

2011

‐ Q 1

Q 3

2012

‐ Q 1

Q 3

2013

‐ Q 1

Q 3

2014

‐ Q 1

Q 3

2015

‐ Q 1

Q 3

2016

‐ Q 1

Q 3

2017

‐ Q 1

Q 3

2018

‐ Q 1

Q 3

2019

‐ Q 1

Q 3

TEU Tho

usan

ds

Actual Deliveries by Quarter Forecast Deliveries

0

50,000

100,000

150,000

200,000

250,000

300,000

2010

Jan

Apr

Jul

Oct

2011

Jan

Apr

Jul

Oct

2012

Jan

Apr

Jul

Oct

2013

Jan

Apr

Jul

Oct

2014

Jan

Apr

Jul

Oct

2015

Jan

Apr

Jul

Oct

2016

Jan

Apr

Jul

Oct

2017

Jan

Apr

Jul

Oct

2018

Jan

Apr

Jul

Oct

2019

Jan

Apr

Jul

OctTEU

TEU DeliveredTo be delivered (Forecasts)

Name Teu Gear Managing owner Operator Shipyard

Deliveries in October

COSCO SHIPPING NEBULA 21,237 No COSCO Mercury COSCO Shipping Shanghai Waigaoqiao (CSSC)

CMA CGM LOUIS BLERIOT 20,954 No CMA CGM CMA CGM Hanjin‐Philippines COSCO SHIPPING SAGITTARIUS 20,119 No COSCO Shipping COSCO Shipping Shanghai Waigaoqiao (CSSC)

YM WELLBEING 14,220 No Shoei Kisen Yang Ming Imabari

KOTA PERWIRA 11,923 No ICBC (c/o PIL) PIL Jiangsu Yangzijiang Xinfu

DANIEL K. INOUYE 3,620 No Matson Naviga on Co Matson Philly Shipyard

EVER BEING 2,910 No Evergreen Marine Corp. Evergreen Imabari

MCC DANANG 2,806 No Nissen Kaiun Sealand Asia Tsuneishi (Zhoushan)

KHUNA BHUM 1,668 No Regional Container Lines RCL Jiangsu New Yangzi

Deliveries in September

EVER GIVEN 20,388 No Shoei Kisen Evergreen Imabari

COSCO SHIPPING ANDES 14,568 No COSCO Shipping COSCO Shipping Jiangnan Changxing

ONE AQUILA 14,052 No Anchor Investment ONE Japan Marine United

COSCO SHIPPING ROSE 13,800 No COSCO Mercury COSCO Shipping Jiangnan Changxing

VUOKSI MAERSK 3,596 No A.P. Møller‐Maersk Maersk COSCO Zhoushan

MCC CEBU 2,806 No Nissen Kaiun Sealand Asia Tsuneishi (Zhoushan)

ZHONG GU XIONG AN 2,518 No Zhonggu Logis cs Zhonggu Logis cs Shanghai Shipyard

SABRE TRADER 1,774 No Lomar Shipping Jiangsu Yangzijiang

SITC TOYOHASHI 1,011 No SITC Shipowning SITC Dae Sun Shipyard

SOUTHERN PEARL 600 Yes Pacific Direct Line Pacific Direct Line Taizhou Shipyard

Deliveries in August

EVER GENIUS 20,388 No Shoei Kisen Evergreen Imabari COSCO SHIPPING SCORPIO 19,273 No COSCO Shipping COSCO Shipping Dalian COSCO KHI (DACKS)

TENREACH 14,508 No Istanbul Denizcilik Reach Shipping Hyundai H.I. (HHI)

GOODREACH 14,508 No Istanbul Denizcilik Reach Shipping Hyundai H.I. (HHI)

FANREACH 14,508 No Istanbul Denizcilik Reach Shipping Hyundai H.I. (HHI)

CANREACH 14,508 No Istanbul Denizcilik Reach Shipping Hyundai H.I. (HHI) COSCO SHIPPING JASMINE 13,800 No COSCO Mercury COSCO Shipping Jiangnan Changxing

EVER BRAVE 2,910 No EMC (Greencompass) Evergreen Imabari

ZHONG GU BEI JING 2,518 No Zhonggu Logis cs Zhonggu Logis cs Jinling Shipyard

JARU BHUM 1,668 No RCL RCL Jiangsu New Yangzi

TANTO KASIH 558 No Tanto In m Line Tanto In m Line Ningbo Boda



Cellular Orderbook as at 1 November 2018 Cellular Orders Placed by Quarter

Orderbook‐to‐Fleet Development 2000‐2018 (Cellular ships only)

0%

10%

20%

30%

40%

50%

60%

70%

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Orderbo

ok‐to‐Flee

t Ratio

Flee

t and

Orderbo

ok in

TEU

Millions

Existing Fleet Orderbook Orderbook‐to‐Fleet Ratio

ALPHALINER

Monthly change Units TEU

New orders added ‐ October 9 99,457

Delivered ‐ October 3 3,192

Deleted from fleet ‐ October 29 49,840

Recent Orders (Cellular ships only excluding unconverted op ons)

Date Owner Shipyard Size (TEU) Delivery Price Nov 18 Wan Hai JMU 8 x 3,036 2020‐21 $41.5 M each Nov 18 Sea Consor um Zhoushan Changhong 2 x 2,782 2020 Nov 18 SITC Jiangsu Yangzijiang 3 x 2,700 2020 $29.3 M each Nov 18 Evergreen Marine (HK) Jiangnan 4 x 2,500 2020 $31‐35 M each Nov 18 Wan Hai Guangzhou Wenchong 12 x 2,038 2021‐22 $26.3 M each Oct 18 Unknown Kyokuyo 2 x 1,096 2020 Oct 18 Namsung Dae Sun 1 x 1,000 2020 Sep 18 HMM DSME 7 x 23,000 2020 $155.4 M each Sep 18 HMM Samsung H.I. 5 x 23,000 2020 $154.6 M each Sep 18 HMM Hyundai H.I. 8 x 15,000 2021 $121.6 M each Sep 18 Eastern Pacific Shg Hyundai Samho 3 x 15,000 2021 Sep 18 Nissen Kaiun Tsuneishi Zhoushan 4 x 1,900 2020 Sep 18 Containerships OY Guangzhou Wenchong 2 x 1,400 2020 Sep 18 Shanghai Changjiang Jiang Dong Shipyard 1 x 1,140 2020

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2006

‐ Q 1

Q 3

2007

‐ Q 1

Q 3

2008

‐ Q 1

Q 3

2009

‐ Q 1

Q 3

2010

‐ Q 1

Q 3

2011

‐ Q 1

Q 3

2012

‐ Q 1

Q 3

2013

‐ Q 1

Q 3

2014

‐ Q 1

Q 3

2015

‐ Q 1

Q 3

2016

‐ Q 1

Q 3

2017

‐ Q 1

Q 3

2018

‐ Q 1

Q 3

2019

‐ Q 1

Q 3

TEU

Millions

Orders contracted by Quarter Actual Deliveries by QuarterForecast Deliveries

Orderbook Total Of which chartered %

No. of ships 421 206 48.9%

Total Capacity (teu) 2,799,895 1,421,228 50.8%

As % of exis ng fleet 12.6% 11.8%



Cellular Containerships Orderbook by Shipyard (Top 20 Yards) as at 1 November 2018

Actual deliveries by yard 2016‐2018 in Mteu Units delivered Shipyard

Orderbook Orderbook by expected year of delivery in Mteu

2016 2017 2018 TEU Units Ave. Size

2 6 15 Imabari Group 491,366 54 9,099

3 10 9 Hyundai H.I. 357,346 24 14,889

12 11 1 Samsung H.I. 349,000 19 18,368

11 6 5 Daewoo (DSME) 296,568 13 22,813

0 0 5 Shanghai Waigaoqiao 197,448 9 21,939

8 5 0 Hyundai Samho 166,408 11 15,128

6 13 21 Jiangsu Yangzijiang 152,229 33 4,613

9 10 4 Guangzhou Wenchong 95,862 49 1,956

2 2 0 Hudong Zhonghua 90,000 4 22,500

4 4 3 Japan Marine United 80,496 12 6,708

2 5 4 Jinhai H.I. 79,052 7 11,293

7 6 6 Jiangnan Changxing 69,000 5 13,800

2 5 5 Tsuneishi (Zhoushan) 46,432 20 2,322

0 0 5 COSCO Zhoushan 43,156 18 2,398

4 2 0 Hyundai Mipo 39,600 22 1,800

5 10 8 CSBC 31,616 12 2,635

0 0 3 Nantong (NACKS) 19,273 1 19,273

0 0 1 Dalian COSCO KHI 19,273 1 19,273

0 0 0 Mawei Shipyard 13,944 12 1,162

0 1 4 Xiamen Shipyard 12,220 5 2,444

0.000.200.400.60

2018 2017 2016

0.00 0.20 0.40 0.60

2018 2019 2020 2021 2022



VLCS Watch Vessels above 7,500 teu only

VLCS Deployment by Carrier Vessels above 7,500 teu only (No. of units)

VLCS Deliveries by Shipyard Vessels above 7,500 teu only

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

196 188

146 141

99 76

67 35

15 14 9 4 1 1 1 1 1 1 4

18

4 11

9

4 27

14 20

3

27

0 20 40 60 80 100 120 140 160 180 200 220

MSCMaersk

COSCO ShgCMA CGM

Hapag‐LloydONE

EvergreenYang Ming

HMMZimPIL

IRISLWan Hai

DALFeedertech

RCLNileDutch

SCIUnassigned Current Units Ordered Units

2 4 4 4 2 6 7 20 37

59

34 39 20

32 26 30 46

33

57

19 7 ‐ ‐ ‐ ‐

2 11

13

31 47 49

32 52

36

32 40 40

31 25 27

2

5

1

1 2

2

9

1 4 4

3 ‐ ‐

4

11

20

12 19 26

21 22

2

0

20

40

60

80

100

120

140

No. of V

LCS de

liveries

>18,000 TEU15,100‐18,000 TEU10,000‐15,100 TEU NPX7,500‐10,000 TEU

207 171

157 90

48 36 35 28 26 26 25 18 16 15 15 12 11 11 11 9 8 8 6 6 4

24 19

13 11

0 5 8

0 31 0 0

4 0 1 0 0 4 0 0 0 7 0 9

0 0

1

0 50 100 150 200 250

Hyundai H.I. (HHI)Samsung H.I.

Daewoo (DSME)Hyundai Samho H.I.

OdenseJiangsu YangzijiangJiangnan Changxing

IHIImabari Group

Hanjin PhilippinesCSBC

Hudong ZhonghuaSTX Shipyard

Nantong (NACKS)Dalian Shipbldg (DSIC)

Mitsubishi H.I.Japan Marine United

SungdongNew Century

Hanjin H.I.Jinhai H.I.

Daewoo (DMHI)Shanghai Waigaoqiao

China Shipbuilding (CSIC)Dalian Shipyard

Dalian COSCO KHI (DACKS) Units Delivered Units On Order

Current Fleet Orderbook Units TEU Units TEU 7,500‐10,000 TEU 480 4,228,654 0 0 10,000‐12,500 TEU 159 1,695,780 35 413,021 12,500‐15,200 TEU NPX 237 3,253,519 53 765,056 15,200‐18,000 TEU 32 536,791 3 45,846 >18,000 TEU 91 1,788,171 46 1,018,278 Total 999 11,502,915 137 2,242,201



Charter Rates ‐ Cellular Ships September 2014 Fixtures (selected fixtures only ‐ full list available online) Charter Rates ‐ Cellular Ships October 2018 Fixtures (selected fixtures only ‐ full lists available online)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Charter R

ate $/da

y

Alphaliner Charter Rates 2000‐2018(October)

8,500 teu5,600 teu4,000 teu2,500 teu1,700 teu1,000 teu500 teu

Size Oct‐18 Sep‐18 MoM Change %

Oct‐17 YoY Change % $/day $/day $/day

8,500 teu 12,500 12,500 0% 13,000 ‐4% 5,600 teu 11,000 11,000 0% 13,250 ‐17% 4,000 teu (Panamax) 10,500 12,250 ‐14% 8,000 31% 2,500 teu 10,250 11,500 ‐11% 8,500 21% 1,700 teu 8,500 9,750 ‐13% 8,250 3% 1,000 teu 6,500 6,750 ‐4% 6,500 0% Alphaliner Index 60.0 65.1 ‐8% 57.5 4%

Note : Rates based on 6‐12 month fixtures. Alphaliner Index ‐ Jan 2000 = 100 500 teu series discon nued from Jan 2012 due to decreasing demand for this size. 5,600 teu and 8,500 teu series added from Jan 2012 when the market became liquid for

these sizes. Alphaliner Index re‐based to accommodate the above changes.

Vessel Name Built Teu Teu 14t Gear Charterer Period US$/day

EXPRESS ROME 2011 10,114 7,720 No Hapag‐Lloyd 36 28,000 ARISTOMENIS 2011 9,954 No Hapag‐Lloyd 48 28,000 NAVIOS UNISON 2010 9,954 No Hapag‐Lloyd 36 28,000 CPO BREMEN 2010 8,598 6,100 No MSC 12 12,500 SM SAVANNAH 2011 8,586 6,100 No MSC 11‐13 12,500 NORTHERN JAVELIN 2009 8,411 6,680 No MSC 10‐12 12,500 E.R. TIANPING 2006 8,204 6,330 No APL (CMA CGM) 2‐6 12,500 CAPE CHRONOS 2015 6,882 5,030 No ONE 5‐12 12,000 BUXCOAST 2001 6,712 4,880 No MSC 11‐13 10,000 YORK 2000 6,648 5,048 No MSC 11‐13 11,450 BEA SCHULTE 2010 4,600 2,850 No Hapag‐Lloyd 6 11,000 MERKUR HORIZON 2009 4,431 2,900 No MCC Transport 6 +12 11,500 LANA 2010 4,380 2,850 No Maersk Line 6‐12 10,500 SEASPAN SAIGON 2006 4,250 2,805 No Hapag‐Lloyd 9‐11 10,500 SEASPAN RIO GRANDE 2006 4,250 2,805 No Hapag‐Lloyd 12 10,500 NAVIOS AZURE 2007 4,250 2,805 No Hapag‐Lloyd 6 10,500 SEASPAN LAHORE 2006 4,250 2,805 No Arkas Line 10 11,300 BOMAR PRAIA 2009 3,534 2,353 No CMA CGM 9‐11 11,250 HEBE 2008 3,091 2,481 No Oman Shipping 6 11,000 POLONIA 2003 3,091 2,430 Yes CMA CGM 8‐12 11,000 LUTETIA 2005 3,091 2,430 Yes CMA CGM 12 12,250 FRISIA OSLO 2007 2,824 2,029 No Hapag‐Lloyd 7‐12 10,900 ANDES 2007 2,797 2,150 No Del Monte 11‐13 13,300 DELAWARE TRADER 2018 2,782 2,300 No Far Shipping 12 13,750 CAPE MANILA 2011 2,758 2,269 No MSC 12 11,000 CAPE MORETON 2005 2,742 2,115 Yes CMA CGM 6‐9 10,800 ARTEMIS 2008 2,554 1,905 Yes Melfi Marine 6 12,000 KIEL TRADER 2003 2,524 1,886 Yes RCL 6‐7 10,000 JPO ARIES 2001 2,474 1,912 Yes Melfi Marine 12 12,000 CAPE ARAXOS 2016 2,202 1,570 Yes Gold Star Line 7‐11 13,800 SAN ADRIANO 2008 1,841 1,297 Yes Great White Fleet 12 10,750 SAN PORTLAND 2007 1,819 1,297 Yes Great White Fleet 12 10,750 ARKADIA 2001 1,550 1,029 Yes Evergreen 6‐9 9,800 ATLANTIC SILVER 2008 1,341 925 Yes CMA CGM 8‐10 7,500 MICHIGAN 2008 1,296 957 No MSC 11‐13 7,200 JSP BORA 2007 1,118 700 Yes MSC 12 6,200 LENA 2006 957 604 Yes World Direct Shg 6‐8 8,000 AKACIA 2004 868 612 No Hapag‐Lloyd 6 7,500



Sales and Purchase (Cellular Containerships : Reported Sales in August‐November 2018) Full list of sales are available at www.alphaliner.com

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

2010

Jan

Apr

Jul

Oct

2011

Jan

Apr

Jul

Oct

2012

Jan

Apr

Jul

Oct

2013

Jan

Apr

Jul

Oct

2014

Jan

Apr

Jul

Oct

2015

Jan

Apr

Jul

Oct

2016

Jan

Apr

Jul

Oct

2017

Jan

Apr

Jul

Oct

2018

Jan

Apr

Jul

Oct

TEU

TEU capacity of containerships sold by month

0

10

20

30

40

50

60

2010

Jan

Apr

Jul

Oct

2011

Jan

Apr

Jul

Oct

2012

Jan

Apr

Jul

Oct

2013

Jan

Apr

Jul

Oct

2014

Jan

Apr

Jul

Oct

2015

Jan

Apr

Jul

Oct

2016

Jan

Apr

Jul

Oct

2017

Jan

Apr

Jul

Oct

2018

Jan

Apr

Jul

Oct

Units Sold

Units sold by month

Ship Name Built Teu Seller Buyer Price US$m Sold

HEUNG‐A LAEM CHABANG 2016 1,785 Heung‐A Shipping Co Ltd Unnamed buyers 20 Nov E.R. SYDNEY 2005 1,118 Neunundfünfzigste 'Michel' Clients of Vega Reederei 4 Nov E.R. HOBART 2005 1,118 Neunundfünfzigste 'Michel' Clients of Vega Reederei 4 Nov NYK APHRODITE 2003 6,492 Great River Line S.A (c/o NYK) Cyprus Mari me Co Ltd 12.7 Oct NYK ARTEMIS 2003 6,492 Great River Line S.A (c/o NYK) Cyprus Mari me Co Ltd 12.7 Oct FRISIA INN 2008 1,118 Hartmann Schiffahrts GmbH Interests linked to Contships Mgmt 6 Oct FRISIA ALSTER 2007 1,118 Hartmann Schiffahrts GmbH Interests linked to Contships Mgmt 6 Oct FRISIA ILLER 2007 1,118 Hartmann Schiffahrts GmbH Interests linked to Contships Mgmt 6 Oct FRISIA ALLER 2007 1,118 Hartmann Schiffahrts GmbH Interests linked to Contships Mgmt 6 Oct FPMC CONTAINER 10 2009 1,118 Formosa Plas cs Marine Corp. Interests linked to Contships Mgmt 6.5 Oct FPMC CONTAINER 9 2009 1,118 Formosa Plas cs Marine Corp. Interests linked to Contships Mgmt 6.5 Oct FORMOSA CONTAINER 5 2006 1,118 Formosa Plas cs Marine Corp. Unnamed buyers 6.5 Oct MAX CONTENDER 2008 1,118 Bal cMax Holding Co Sinokor Merchant Marine priv Oct EEMSDIJK 2007 887 Eemsdijk (c/o Mare Shipmgnt) HS Schiffahrts GmbH & Co KG 12.5 Oct CONMAR DELTA 2002 735 Conmar Shipping Harbour‐Link Group Berhad priv Oct K‐WATER 2007 706 Bal cMax Holding Co Sinokor Merchant Marine priv Oct KOTA LIHAT 2013 4,330 CMIG Leasing Holdings Ltd Minsheng Financial Leasing (c/o PIL) priv Sep BAHIA 2009 4,308 NSC Schiffahrt MPF Investco priv Sep BENITO 2009 4,308 NSC Schiffahrt MPF Investco priv Sep KOTA LAWA 2008 4,253 CMIG Leasing Holdings Ltd Minsheng Financial Leasing (c/o PIL) priv Sep ARGOS 2012 4,250 Argos Marine (c/o Technomar) Interests related to Borealis Mari me 14.7 Sep KOTA KARIM 2006 3,075 CMIG Leasing Holdings Ltd Minsheng Financial Leasing (c/o PIL) priv Sep KOTA GABUNG 2013 2,800 CMIG Leasing Holdings Ltd Minsheng Financial Leasing (c/o PIL) priv Sep KOTA GAYA 2012 2,800 CMIG Leasing Holdings Ltd Minsheng Financial Leasing (c/o PIL) priv Sep NORFOLK TRADER 2002 2,492 Lomar Shipping MPC Container Ships / Bluewater 7.8 Sep DEVON TRADER 2000 2,466 Lomar Shipping Tehama Shipping 6.8 Sep MAX CHAMPION 2007 1,118 Bal cMax Holding Co Sinokor Merchant Marine priv Sep SINAR BRANI 2010 1,060 Hiro Shipping Panama SA Hai An Transport & Stevedoring Co 9.7 Sep GERD 2003 750 Clients of Unitas Schiffahrts. Spaansen Marine Aggregates BV priv Sep ICE RUNNER 2008 698 Ems‐Leda Schiffahrts Holwerda priv Sep BIRK 2003 657 Clients of Brise Schiffahrt Clients of Baltnau c Shipmgmt priv Sep TAKATORI 1999 120 Seiyo Kisen Seaborne Shipping Lines Inc. priv Sep CAP SAN JUAN 2015 10,600 A.P. Møller‐Maersk Ship Finance Interna onal (SFL) priv Aug CAP SAN VINCENT 2015 10,600 A.P. Møller‐Maersk Ship Finance Interna onal (SFL) priv Aug CAP SAN LAZARO 2015 10,600 A.P. Møller‐Maersk Ship Finance Interna onal (SFL) priv Aug CPO MIAMI 2009 4,255 CPO Containerschiffreederei Navios Mari me Containers Inc. 13.9 Aug FRISIA NURNBERG 2010 1,970 Interests linked to Hartmann Ree. Songa Container AS priv Aug FRISIA BONN 2010 1,970 Interests linked to Hartmann Ree. Songa Container AS priv Aug LOTUS MARITIMUS 1998 1,725 Lotus Co Inc. Hermes Mari me Services priv Aug MAX CAVALIER 2007 1,118 Bal cMax Holding Co Sinokor Merchant Marine priv Aug MAX PRINCE 2008 698 Bal cMax Holding Co Sinokor Merchant Marine priv Aug



Demoli on Sales (Cellular Containerships : Reported Sales in August‐November 2018) Full list of sales are available at www.alphaliner.com

010,00020,00030,00040,00050,00060,00070,00080,00090,000

100,000110,000120,000

2010

Jan

Apr

Jul

Oct

2011

Jan

Apr

Jul

Oct

2012

Jan

Apr

Jul

Oct

2013

Jan

Apr

Jul

Oct

2014

Jan

Apr

Jul

Oct

2015

Jan

Apr

Jul

Oct

2016

Jan

Apr

Jul

Oct

2017

Jan

Apr

Jul

Oct

2018

Jan

Apr

Jul

Oct

TEU

TEU capacity of containerships sold for demolition by month

0

10

20

30

40

50

60

2010

Jan

Apr

Jul

Oct

2011

Jan

Apr

Jul

Oct

2012

Jan

Apr

Jul

Oct

2013

Jan

Apr

Jul

Oct

2014

Jan

Apr

Jul

Oct

2015

Jan

Apr

Jul

Oct

2016

Jan

Apr

Jul

Oct

2017

Jan

Apr

Jul

Oct

2018

Jan

Apr

Jul

Oct

Units Sold

Units sold for demolition by month

Ship Name Built Age Teu Ldt $/ldt Last Trading Owner Scrap loca on Sold AKINADA BRIDGE 2001 17 5,608 24,994 $480 Eurobulk Nov MAGNAVIA 1996 22 2,078 10,312 $478 Asia c Lloyd Bangladesh Nov CIELO DI AGADIR 1996 22 1,730 7,582 $392 D'Amico India Nov SPERO 2002 16 1,730 Conbulk Shipping Nov BELLA J. 1995 23 1,613 8,186 $455 Victoria Oceanway Bangladesh Nov PETALIDI 1994 24 1,156 5,641 $470 Costamare Shg India Nov CHERRY VESTA 1998 20 1,064 Chelsea Ship Nov SINAR BELAWAN 1994 24 954 4,965 $440 Samudera Nov PACIFIC PEARL 1998 20 699 4,727 $441 Gemadept Nov APL PHILIPPINES 1995 23 5,108 24,073 $471 APL (CMA CGM) India Oct HYUNDAI GLORY 2004 14 4,646 21,253 $468 HMM Bangladesh Oct VASI SUN 1990 28 1,743 7,402 $470 Vasi Shipping Bangladesh Oct CAMILLA 1996 22 1,730 7,771 $460 Altair Naviga on Bangladesh Oct OEL LANKA 1997 21 1,728 7,771 $481 OEL Singapore Bangladesh Oct ZANZIBAR 1997 21 1,684 6,800 $450 Blue Ocean Ring Pakistan Oct ATLANTIC STAR 1997 21 1,900 7,626 $448 Con nental Investment Hldgs Bangladesh Oct PATHEIN STAR 1993 25 1,468 6,660 $448 Con nental Investment Hldgs Bangladesh Oct THANLWIN STAR 1995 23 1,468 6,830 $448 Con nental Investment Hldgs Bangladesh Oct KYAUK PHYU STAR 1992 26 1,461 7,675 $448 Con nental Investment Hldgs Bangladesh Oct MALACCA STAR 1993 25 1,388 6,898 $448 Con nental Investment Hldgs Bangladesh Oct ANDAMAN STAR 1993 25 1,388 6,989 $448 Con nental Investment Hldgs Bangladesh Oct COUGAR 1992 26 1,308 7,293 $450 Element Shipmanagement India Oct SENTOSA STAR 1996 22 1,028 5,948 $450 Con nental Investment Hldgs Bangladesh Oct ISLAND CHIEF 1990 28 981 5,889 $448 China Naviga on India Oct YOSSA BHUM 1994 24 954 4,965 $440 Regional Container Line Oct MSC KORONI 1998 20 3,842 15,864 $502 Costamare Shg India Sep MATSON CONSUMER 1973 45 1,751 Matson US Sep X‐PRESS SUEZ 1998 20 1,725 8,354 $460 X‐Press Feeders Egypt Pakistan Sep ARMADA SETIA 1990 28 504 2,918 $440 Salam Pacific Indonesia Lines Bangladesh Sep DANUM 156 1979 39 370 2,650 $417 Shin Yang Shipping Bangladesh Sep MATSON NAVIGATOR 1972 46 2,386 Matson US Aug ESM CREMONA 1992 26 1,012 5,248 $450 Esmeralda Schiffahrts Bangladesh Aug CHUN YIP 1996 22 358 2,255 $405 Long Xun Shg Bangladesh Aug



Top 30 Carriers As at 1 November 2018

Total exis ng Owned Chartered Orderbook Market Rank Operator TEU Ships TEU Ships TEU Ships % Chart. TEU Ships O/E % Share 1 APM‐Maersk 4,025,113 707 2,275,403 312 1,749,710 395 43% 73,606 6 2% 17.7% 2 MSC 3,284,805 519 1,090,566 194 2,194,239 325 67% 332,052 18 10% 14.5% 3 COSCO Group 2,817,713 472 1,357,019 160 1,460,694 312 52% 201,164 17 7% 12.4% 4 CMA CGM Group 2,637,711 508 1,014,276 131 1,623,435 377 62% 228,500 21 9% 11.6% 5 Hapag‐Lloyd 1,617,385 222 1,047,266 112 570,119 110 35% 0 0 0% 7.1% 6 ONE 1,526,288 220 584,599 80 941,689 140 62% 56,208 4 4% 6.7% 7 Evergreen 1,180,853 202 582,502 116 598,351 86 51% 484,176 75 41% 5.2% 8 Yang Ming 632,647 97 183,583 40 449,064 57 71% 208,330 24 33% 2.8% 9 PIL 417,670 135 263,278 108 154,392 27 37% 36,369 4 9% 1.8% 10 HMM 408,947 70 129,439 14 279,508 56 68% 396,000 20 97% 1.8% 11 Zim 347,517 70 30,541 7 316,976 63 91% 0 0 0% 1.5% 12 Wan Hai 252,151 95 168,620 70 83,531 25 33% 48,744 20 19% 1.1% 13 IRISL Group 154,415 50 96,383 46 58,032 4 38% 0 0 0% 0.7% 14 Antong (QASC) 140,325 115 102,447 48 37,878 67 27% 29,676 21 21% 0.6% 15 Zhonggu Logis cs 135,962 99 87,835 35 48,127 64 35% 13,966 7 10% 0.6% 16 KMTC 133,021 64 60,236 29 72,785 35 55% 14,400 8 11% 0.6% 17 X‐Press Feeders 128,203 83 36,181 24 92,022 59 72% 5,564 2 0% 0.6% 18 SITC 105,009 77 71,890 52 33,119 25 32% 27,555 14 26% 0.5% 19 SM Line 87,474 21 58,201 13 29,273 8 33% 0 0 0% 0.4%

20 Arkas / EMES 73,900 46 63,300 40 10,600 6 14% 6,200 2 8% 0.3%

21 TS Lines 69,458 35 9,555 5 59,903 30 86% 8,000 6 12% 0.3% 22 Sinotrans 61,842 39 25,507 17 36,335 22 59% 1,140 1 2% 0.3% 23 RCL 59,320 32 33,979 26 25,341 6 43% 3,336 2 6% 0.3% 24 Sinokor 58,061 46 32,813 28 25,248 18 43% 0 0 0% 0.3% 25 Salam Pacific 53,208 53 53,208 53 0 0 0% 700 1 1% 0.2% 26 UniFeeder 46,864 45 0 0 46,864 45 100% 0 0 0% 0.2% 27 Matson 42,736 26 40,208 21 2,528 5 6% 9,120 3 21% 0.2% 28 Grimaldi (Napoli) 40,296 36 40,296 36 0 0 0% 1,800 6 4% 0.2% 29 Emirates Shg 38,649 8 0 0 38,649 8 100% 0 0 0% 0.2% 30 Swire Shg 37,708 24 28,930 18 8,778 6 23% 20,524 8 54% 0.2%

0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 TEU Millions

Current TEU Orderbook TEU



Main Carriers ‐ Breakdown of operated capacity by TEU size range As at 1 November 2018

14%

12%

16%

2%

7%

8%

7%

9%

7%

3%

7%

3%

14%

29%

27%

33%

35%

26%

26%

39%

20%

28%

15%

5%

38%

25%

21%

26%

20%

19%

27%

23%

30%

22%

4%

13%

22%

21%

14%

10%

7%

11%

14%

23%

17%

21%

12%

25%

16%

17%

34%

17%

10%

58%

13%

18%

11%

22%

16%

12%

16%

7%

10%

38%

28%

37%

28%

4%

37%

31%

22%

14%

30%

6%

17%

9%

6%

3%

7%

4%

3%

8%

2%

6%

3%

6%

20%

16%

12%

28%

25%

16%

20%

3%

32%

7%

4%

4%

6%

6%

1%

2%

6%

5%

20%

3%

4%

31%

8%

50%

41%

36%

60%

80%

9%

62%

7%

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

APM‐MaerskMSC

COSCO GroupCMA CGM Group

Hapag‐LloydONE

EvergreenYang Ming

PILHMMZim

Wan HaiIRISL Group

Antong (QASC)Zhonggu Logistics

KMTCX‐Press Feeders

SITCSM Line

Arkas / EMES

Aggregate Top 20

Capacity operated by Size Range in TEU >18,000 15,100‐18,000 10,000‐15,100 7,500‐10,000 5,100‐7,500 3,000‐5,100 2,000‐3,000 < 2,000



Main Carriers ‐ Breakdown of units operated by TEU size range As at 1 November 2018

TEU Size Range

≥18,000 15,200‐17,999

10,000‐12,499

7,500‐9,999

5,100‐7,499

4,000‐5,099

3,000‐3,999

2,000‐2,999

1,500‐1,999

1,000‐1,499

500‐ 999

100‐ 499

Total Units

APM‐Maersk 30 16 33 93 87 98 77 140 60 41 16 0 707

MSC 20 6 15 98 51 51 36 74 31 51 27 2 519

COSCO Group 22 0 18 64 37 132 6 29 49 45 28 0 472

CMA CGM Group 3 10 50 54 45 66 38 73 33 44 62 6 508

Hapag‐Lloyd 6 0 14 49 34 28 18 27 7 8 1 0 222

ONE 6 0 10 39 56 51 1 18 9 5 4 0 220

Evergreen 4 0 2 41 33 19 1 34 27 18 3 0 202

Yang Ming 0 0 2 17 22 14 1 5 19 1 0 0 97

PIL 0 0 7 2 8 20 20 10 25 18 24 1 135

HMM 0 0 2 6 16 23 1 6 7 0 2 0 70

Zim 0 0 5 9 9 26 3 8 3 7 0 0 70

Wan Hai 0 0 1 0 7 16 0 19 26 26 0 0 95

IRISL Group 0 0 0 0 9 0 2 10 0 4 5 16 50

Antong (QASC) 0 0 0 0 0 12 0 7 13 7 39 37 115

Zhonggu Logis cs 0 0 0 0 0 7 3 15 9 7 33 25 99

KMTC 0 0 0 0 4 6 1 12 17 13 3 8 64

X‐Press Feeders 0 0 0 0 2 4 0 8 16 23 30 0 83

SITC 0 0 0 0 0 0 0 8 20 31 18 0 77

SM Line 0 0 0 0 8 6 0 1 3 2 1 0 21

Arkas / EMES 0 0 0 0 0 1 0 9 10 21 4 1 46

Total Top 20 91 32 159 472 428 580 208 513 384 372 300 96 3,872

Total Liner Fleet incl. non‐cellular 91 32 159 480 458 643 245 662 604 717 866 545 5,739

Top 20 % 100% 100% 100% 98% 93% 90% 85% 77% 64% 52% 35% 18% 67%

12,500‐15,199

16

57

42

24

30

21

20

16

0

7

0

0

4

0

0

0

0

0

0

0

237

237

100%

0 200 400 600 800Units Operated

TEU Size Range >10,0005,100‐10,0003,000‐5,100<3,000



Main Carriers ‐ Breakdown of units on order by TEU size range As at 1 November 2018

TEU Size Range

≥18,000 15,200‐17,999

10,000‐12,499

7,500‐9,999

5,100‐7,499

4,000‐5,099

3,000‐3,999

2,000‐2,999

1,500‐1,999

1,000‐1,499

500‐ 999

100‐ 499

Total Units

APM‐Maersk 1 3 0 0 0 0 2 0 0 0 0 0 6

MSC 11 0 7 0 0 0 0 0 0 0 0 0 18

COSCO Group 6 0 0 0 0 0 0 0 3 3 0 0 17

CMA CGM Group 9 0 0 0 0 0 4 2 0 6 0 0 21

Hapag‐Lloyd 0 0 0 0 0 0 0 0 0 0 0 0 0

ONE 0 0 0 0 0 0 0 0 0 0 0 0 4

Evergreen 7 0 20 0 0 0 0 20 28 0 0 0 75

Yang Ming 0 0 5 0 0 0 0 10 0 0 0 0 24

PIL 0 0 3 0 0 0 0 0 0 0 1 0 4

HMM 12 0 0 0 0 0 0 0 0 0 0 0 20

Zim 0 0 0 0 0 0 0 0 0 0 0 0 0

Wan Hai 0 0 0 0 0 0 0 12 0 0 0 0 20

IRISL Group 0 0 0 0 0 0 0 0 0 0 0 0 0

Antong (QASC) 0 0 0 0 0 0 0 9 0 0 12 0 21

Zhonggu Logis cs 0 0 0 0 0 0 0 1 6 0 0 0 7

KMTC 0 0 0 0 0 0 0 0 8 0 0 0 8

X‐Press Feeders 0 0 0 0 0 0 0 2 0 0 0 0 2

SITC 0 0 0 0 0 0 0 9 0 5 0 0 14

SM Line 0 0 0 0 0 0 0 0 0 0 0 0 0

Arkas / EMES 0 0 0 0 0 0 2 0 0 0 0 0 2

Total Top 20 46 3 35 0 0 0 8 65 45 14 13 0 263

Total Orderbook 46 14 35 0 1 0 9 104 85 51 23 1 411

Top 20 % 100% 21% 100% 0% 0% 0% 89% 63% 53% 27% 57% 0% 64%

12,500‐15,199

0

0

5

0

0

4

0

11

0

8

0

0

0

0

0

0

0

0

0

0

28

42

67%

0 20 40 60 80Units On Order

TEU Size Range >10,0005,100‐10,0003,000‐5,100<3,000



2019 Scheduled Deliveries

2018 Actual and Scheduled Deliveries

4,02

5

3,28

5

2,81

8

2,63

8

1,61

7

1,52

6

1,18

1 633

418

409

348

252

154

140

136

133

128

105

87

74

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

TEU

Tho

usan

ds

2020‐22 Scheduled Deliveries

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

© Alphaliner

4

0

15

6

0

14

26

0

13

0 0 0

0

7 3 0 0 3 0 0

0

100

200

300

400

500

TEU

Tho

usan

ds

Already delivered

70

263

181

15

0 42

134

57

24

0 0 0 0 22

11

11

0 7 0 0

0

100

200

300

400

500 TEU

Tho

usan

ds

0 69

5 208

0 0 324

151

0 396

0 49

0 0 0 4 6 18

0 6

0

100

200

300

400

500

TEU

Tho

usan

ds

Top 20 Carriers Newbuilding Delivery Schedule As at 1 November 2018

Operated Fleet As at 1 November 2018



Top 20 Carriers Year‐on‐Year Growth in Operated Capacity

0.00

0.50

1.001.50

2.00

2.50

3.00

3.504.00

4.50

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions APM‐Maersk

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions CMA CGM Group

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions COSCO Group

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.5020

0920

10

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions MSC

0.00

0.20

0.400.60

0.80

1.00

1.20

1.401.60

1.80

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions Hapag‐Lloyd

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions Yang Ming

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.4020

0920

10

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions Evergreen

0.000.20

0.40

0.60

0.801.00

1.20

1.40

1.601.80

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions ONE

0.00

0.05

0.100.15

0.20

0.25

0.30

0.350.40

0.45

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions PIL

0.00

0.05

0.10

0.15

0.20

0.25

0.30

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions Wan Hai

0.00

0.05

0.100.15

0.20

0.25

0.30

0.350.40

0.45

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions Zim

0.00

0.10

0.20

0.30

0.40

0.50

0.60

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions HMM

0.00

0.02

0.040.06

0.08

0.10

0.12

0.140.16

0.18

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions IRISL Group

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions KMTC

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions Zhonggu Logistics

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions Antong (QASC)

0.00

0.02

0.040.06

0.08

0.10

0.12

0.140.16

0.18

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions X‐Press Feeders

0.00

0.01

0.020.03

0.04

0.05

0.06

0.070.08

0.09

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions Arkas / EMES

0.000.010.020.030.040.050.060.070.080.090.10

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions SM Line

0.00

0.02

0.04

0.06

0.08

0.10

0.12

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Capa

city Ope

rated in TEU

Millions SITC

Change in operated capacity Nov 2018 vs Nov 2017

CSCL consolidated in COSCO Shg from 1 Mar 2016.

OOCL consolidated in COSCO Group from 1 Aug 2018

APL consolidated in CMA CGM from 1 Jul 2016.

UASC consolidated in Hapag‐Lloyd from 1 Jun 2017.

Hamburg Süd consolidated in APM‐Maersk from 1 Dec 2017.

K Line, MOL and NYK consoli‐dated in ONE from 1 Apr 2018. Pro‐forma combined fleet shown for pre‐Apr 2018.

No. Operator % 1 APM‐Maersk 13.5% 2 MSC 4.9% 3 COSCO Group 55.0% 4 CMA CGM Group 5.8% 5 Hapag‐Lloyd 8.0% 6 ONE 5.4% 7 Evergreen 10.4% 8 Yang Ming 9.1% 9 PIL 9.1% 10 HMM 16.2% 11 Zim ‐2.7% 12 Wan Hai 9.7% 13 IRISL Group 60.2% 14 Antong (QASC) 34.0% 15 Zhonggu Logis cs 37.2% 16 KMTC 8.2% 17 X‐Press Feeders ‐12.3% 18 SITC 1.4% 19 SM Line 77.6% 20 Arkas / EMES ‐1.1%



Top 30 Non‐Opera ng Owners (Managing Owners ‐ Cellular Containerships only) As at 1 November 2018

Market share for non‐opera ng owners calculated based on current charter fleet which stands at 11.998 Mteu as at November 2018

0.00 0.20 0.40 0.60 0.80TEU Millions

Current TEU Orderbook TEU

Total Current Orderbook Total Fleet Ave. Ship Size Market

Rank Managing Owner TEU Ships TEU Ships O/E % TEU Ships Current On Order Share 1 Seaspan 914,418 112 0% 914,418 112 8,164 7.6% 2 Costamare 493,760 75 63,450 5 13% 557,210 80 6,583 12,690 4.1% 3 BoCom Leasing 468,833 42 0% 468,833 42 11,163 3.9% 4 Offen, Claus Peter 398,419 48 0% 398,419 48 8,300 3.3% 5 Peter Döhle/Hammonia 390,355 94 2,782 1 1% 393,137 95 4,153 2,782 3.3% 6 Danaos Shg 353,593 59 0% 353,593 59 5,993 2.9% 7 Shoei Kisen 352,920 40 430,596 44 122% 783,516 84 8,823 9,786 2.9% 8 Minsheng Financial Leasing 349,815 36 0% 349,815 36 9,717 2.9% 9 Zodiac Mari me 336,455 41 191,500 13 57% 527,955 54 8,206 14,731 2.8% 10 Ship Finance Interna onal 279,390 43 0% 279,390 43 6,497 2.3% 11 Eastern Pacific Shg (EPS) 274,176 31 166,408 11 61% 440,584 42 8,844 15,128 2.3% 12 Norddeutsche R.H. Schuldt 228,677 46 0% 228,677 46 4,971 1.9% 13 Zeaborn 221,877 35 0% 221,877 35 6,339 1.8% 14 MPC Group 217,075 89 0% 217,075 89 2,439 1.8% 15 Schulte Group 201,229 48 4,714 2 2% 205,943 50 4,192 2,357 1.7% 16 Navios Group 190,362 43 0% 190,362 43 4,427 1.6% 17 Technomar Shg 180,361 39 0% 180,361 39 4,625 1.5% 18 CIMC Financial Leasing 174,608 19 0% 174,608 19 9,190 1.5% 19 NSB Niederelbe 165,420 29 0% 165,420 29 5,704 1.4% 20 NSC Schiffahrt 148,812 28 0% 148,812 28 5,315 1.2% 21 Nissen Kaiun 147,545 19 24,012 12 16% 171,557 31 7,766 2,001 1.2% 22 SinOceanic 128,733 16 79,052 7 61% 207,785 23 8,046 11,293 1.1% 23 Borealis Mari me 125,590 47 0% 125,590 47 2,672 1.0% 24 Enesel 124,848 10 0% 124,848 10 12,485 1.0% 25 Lomar 124,608 51 28,650 15 23% 153,258 66 2,443 1,910 1.0% 26 Capital Ship Mgmt 116,435 18 0% 116,435 18 6,469 1.0% 27 Niki Group 113,828 18 0% 113,828 18 6,324 0.9% 28 China Merchants Bank 107,864 11 92,000 4 85% 199,864 15 9,806 23,000 0.9% 29 Seamax Capital Mgmt 99,960 12 0% 99,960 12 8,330 0.8% 30 Interna onal Mari me Ent. 96,061 14 0% 96,061 14 6,862 0.8%



East‐West Trade Deployment (based on nominal vessel capacity at the beginning of the month) Note : Slow steaming does not affect weekly capacity

Capacity Watch (November 2018 vs 2017/2016)

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

1 Oct 17 403,353 444,090 138,498 1 Nov 17 397,749 439,130 138,860 1 Dec 17 390,179 442,189 138,895 1 Jan 18 401,206 443,014 134,794 1 Feb 18 406,936 446,738 137,935 1 Mar 18 411,329 445,985 139,930 1 Apr 18 405,673 449,251 139,425 1 May 18 414,070 453,212 143,489 1 Jun 18 412,738 457,178 139,166 1 Jul 18 414,789 461,555 136,520 1 Aug 18 417,310 472,614 137,012 1 Sep 18 416,977 461,963 134,556 1 Oct 18 400,707 464,633 138,967 1 Nov 18 399,637 466,784 140,398 Nov 18 vs 17 % +0.5% +6.3% +1.1%

‐25%

‐20%

‐15%

‐10%

‐5%

0%

5%

10%

15%

20%

25%

0

200,000

400,000

600,000

800,000

1,000,000

Jan

Apr

Jul

Oct Jan

Apr

Jul

Oct Jan

Apr

Jul

Oct Jan

Apr

Jul

Oct Jan

Apr

Jul

Oct Jan

Apr

Jul

Oct Jan

Apr

Jul

Oct Jan

Apr

Jul

Oct Jan

Apr

Jul

Oct

2010 2011 2012 2013 2014 2015 2016 2017 2018

% Cha

nge yo

y

Total TEU

(Nom

inal)

Weekly Capacity Deployed on Main East‐West Tradelanes FE ‐ Eur FE ‐ N. Am Eur ‐ N. Am

ALPHALINER

‐30%

‐20%

‐10%

0%

10%

20%

30%

250,000

270,000

290,000

310,000

330,000

350,000

370,000

390,000

410,000

430,000

% Cha

nge yo

y

Far East ‐ Europe Weekly Capacity (TEU)

Change vs Nov 2016 : +6% Change vs Nov 2017 : +0%

‐30%

‐20%

‐10%

0%

10%

20%

30%

250,000

270,000

290,000

310,000

330,000

350,000

370,000

390,000

410,000

430,000

450,000

470,000

% Cha

nge yo

y

Far East ‐ North America Weekly Capacity (TEU)


‐30%

‐20%

‐10%

0%

10%

20%

30%

80,000

90,000

100,000

110,000

120,000

130,000

140,000

150,000

% Cha

nge yo

y

Europe ‐ North America Weekly Capacity (TEU)




Trade Capacity Breakdown by Carrier (Far East‐Europe and Far East‐US as at 1 November 2018 )

Capacity breakdown based on deployment by vessel operator at the beginning of the month and are not adjusted for slot exchange and slot purchase arrangements between carriers. Alliance capacity share based on capacity operated within alliance arrangements only. Capacity operated by alliance members independently are shown as ‘Other Non‐Alliance’ from Nov 2018.

ALPHALINER

73,716

69,502

63,477

49,467

39,230

37,545

34,306

22,751

4,849

4,794

0 20,000 40,000 60,000 80,000

MSC

Maersk

COSCO Group

CMA CGM Group

Hapag‐Lloyd

ONE

Evergreen

Yang Ming

HMM

Zim

FE ‐ Europe Weekly Capacity in nominal TEU

2M 36%

OCEAN Alliance 36%

THE Alliance 25%

Other Non‐

Alliance 3%

FE‐Europe Capacity Share by Alliance

ALPHALINER

FE‐Europe (TEU/week) Nov‐18 Oct‐18 MoM %

Change Nov‐17 YoY % Change

2M 143,218 143,381 0% 154,400 ‐7% OCEAN Alliance 146,238 144,299 1% 136,511 7% THE Alliance 99,526 102,326 ‐3% 98,709 1% Other Non‐Alliance 10,655 10,701 0% 8,129 31% Total 399,637 400,707 0% 397,749 0%

FE‐N America (TEU/week) Nov‐18 Oct‐18 MoM %

Change Nov‐17 YoY % Change

2M 87,692 86,281 1.6% 79,887 9.8% OCEAN Alliance 175,001 175,493 ‐0.3% 174,009 0.6% THE Alliance 119,785 120,180 ‐0.3% 115,267 3.9% Other Non‐Alliance 84,307 82,680 2.0% 69,967 20.5%

Total 466,784 464,633 0.5% 439,130 6.3%

78,901

73,535

71,099

70,103

47,405

26,274

23,407

20,029

16,269

13,737

10,821

10,577

2,688

994

945

0 20,000 40,000 60,000 80,000

COSCO Group

APM‐Maersk

CMA CGM Group

ONE

Evergreen

Hapag‐Lloyd

Yang Ming

HMM

MSC

Zim

SM Line

PIL

Matson

Wan Hai

Westwood

FE ‐ North America Weekly Capacity in nominal TEU

2M 19%

OCEAN Alliance 37%

THE Alliance 26%

Other Non‐

Alliance 18%

FE‐N. America Capacity Share by Alliance

OOCL consolidated in COSCO Group from 1 Aug 2018



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

30%

40%

50%

60%

70%

80%

90%

100%

110%

0

200

400

600

800

1,000

1,200

1,400

1,600

Jan2009

Jan2010

Jan2011

Jan2012

Jan2013

Jan2014

Jan2015

Jan2016

Jan2017

Jan2018

Utilisation (Est)

Dem

and/

Supp

ly in

TEU

Tho

usan

ds

Far East ‐ US Trade CapacityLiftings (FE‐US)Utilisation % (est)

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

Trade u lisa on based on reported li ings/trade capacity deployed adjusted for non‐scope alloca on (based on Alphaliner es mates)

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

30%

40%

50%

60%

70%

80%

90%

100%

110%

0

200

400

600

800

1,000

1,200

1,400

1,600

Jan2009

Jan2010

Jan2011

Jan2012

Jan2013

Jan2014

Jan2015

Jan2016

Jan2017

Jan2018

Utilisation (Est)

Dem

and/

Supp

ly in

TEU

Tho

usan

ds

Far East ‐ Europe Trade CapacityLiftings (FE‐Europe)Utilisation % (est)

FE‐US TEU 2016 2017 2018 18/17% 17/16% 16/15 % Jan 1,181,121 1,234,319 1,367,701 10.8% 4.5% 24.2% Feb 1,158,392 1,020,907 1,283,309 25.7% ‐11.9% 27.0% Mar 900,008 1,008,171 1,070,669 6.2% 12.0% ‐19.4% Apr 1,066,420 1,186,689 1,166,200 ‐1.7% 11.3% ‐4.1% May 1,183,797 1,328,836 1,215,195 ‐8.6% 12.3% 0.1% Jun 1,218,191 1,197,031 1,315,919 9.9% ‐1.7% 1.7% Jul 1,237,243 1,324,490 1,434,746 8.3% 7.1% 1.8% Aug 1,331,768 1,423,770 1,421,925 ‐0.1% 6.9% 3.5% Sep 1,223,323 1,331,464 1,408,559 5.8% 8.8% ‐3.7% Oct 1,289,806 1,305,453 1,464,864 12.2% 1.2% 8.6% Nov 1,218,463 1,301,819 6.8% 8.7% Dec 1,197,041 1,173,162 ‐2.0% 12.3% Q1 3,239,522 3,263,397 3,721,680 14.0% 0.7% 8.7% Q2 3,468,409 3,712,555 3,697,314 ‐0.4% 7.0% ‐0.7% Q3 3,792,334 4,079,724 4,265,229 4.5% 7.6% 0.5% Q4 3,705,310 3,780,434 2.0% 9.8%

YTD Oct 11,790,070 12,361,129 13,149,087 6.4% 4.8% 15.1% Full Year 14,205,575 14,836,110 4.4% 4.3%

FE‐Eur TEU 2016 2017 2018 18/17% 17/16% 16/15 % Jan 1,395,479 1,457,537 1,476,165 1.3% 4.4% ‐1.1% Feb 1,028,865 926,115 1,210,159 30.7% ‐10.0% ‐12.2% Mar 1,214,612 1,306,864 1,138,904 ‐12.9% 7.6% 23.1% Apr 1,264,513 1,290,276 1,334,021 3.4% 2.0% 9.4% May 1,306,303 1,409,820 1,353,370 ‐4.0% 7.9% 0.3% Jun 1,295,872 1,383,871 1,361,083 ‐1.6% 6.8% 2.8% Jul 1,373,892 1,446,455 1,446,073 0.0% 5.3% 6.2% Aug 1,358,933 1,418,328 1,436,782 1.3% 4.4% 2.9% Sep 1,208,053 1,319,991 1,406,591 6.6% 9.3% 1.7% Oct 1,187,943 1,207,020 1.6% 1.4% Nov 1,178,528 1,226,256 4.0% 7.6% Dec 1,362,565 1,473,282 8.1% ‐2.2% Q1 3,638,956 3,690,516 3,825,228 3.7% 1.4% ‐75.6% Q2 3,866,688 4,083,967 4,048,474 ‐0.9% 5.6% 4.0% Q3 3,940,878 4,184,774 4,289,446 2.5% 6.2% 3.7% Q4 3,729,036 3,906,558 4.8% 1.9%

YTD Sep 11,446,522 11,959,257 12,163,148 1.7% 4.5% 15.6% Full Year 15,175,558 15,865,815 4.5% 2.9%



Main Carriers ‐ Breakdown of Capacity Operated by Trade (as at 1 November 2018)

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. * Unassigned refers to ships in General Repairs and ships on posi oning trips * NOO ‐ Non‐Opera ng Owners’ vessels that are charter free.

3%

9%

1%

2%

10%

7%

1%

3%

9%

4%

2%

4%

17%

5%

21%

23%

15%

39%

31%

28%

17%

29%

47%

5%

74%

19%

1%

17%

23%

26%

25%

20%

27%

26%

31%

36%

11%

12%

22%

20%

11%

11%

13%

9%

16%

4%

8%

12%

20%

42%

9%

33%

88%

51%

12%

12%

12%

13%

14%

4%

11%

2%

3%

3%

34%

8%

2%

5%

9%

8%

3%

8%

20%

17%

7%

16%

22%

10%

10%

13%

5%

7%

12%

11%

14%

8%

13%

4%

5%

5%

7%

5%

2%

2%

3%

9%

2%

4%

2%

4%

5%

2%

19%

5%

7%

12%

10%

7%

11%

3%

49%

100%

100%

76%

7%

100%

12%

10%

38%

13%

3%

10%

2%

4%

3%

1%

1%

5%

25%

91%

4%

7%

4%

1%

1%

2%

1%

1%

1%

1%

2%

2%

2%

7%

1%

4%

1%

1%

1%

2%

2%

1%

2%

9%

7%

1%

21%

3%

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

APM‐MaerskMSC

COSCO GroupCMA CGM Group

Hapag‐LloydONE

EvergreenYang Ming

PILHMMZim

Wan HaiIRISL Group

Antong (QASC)Zhonggu Logistics

KMTCX‐Press Feeders

SITCSM Line

Arkas / EMES

Agg. 20 Carriers

Others (incl NOO*)Total Liner Fleet

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



Global Capacity Deployment Breakdown by Trade (as at 1 November 2018)

Eur‐N. Am 4%

FE‐N. Am 18%

FE‐Europe 20%

ME/ISC related 12%

Africa related * 8%

Lat Am related 13%

Oceania related 4%

Intra‐FE 12%

Intra‐Europe 4%

Other/ Unassigned

2% Idle 3%

Eur‐N. Am 3%

FE‐N. Am 9%

FE‐Europe 6%

ME/ISC related 10%

Africa related * 9% Lat Am related

11% Oceania related

4%

Intra‐FE 31%

Intra‐Europe 10% Other/

Unassigned 2%

Idle 5%

Global Trade Deployment By Cellular Vessel Count

Global Trade Deployment by Cellular TEU Capacity

The survey counts cellular and non‐cellular containerships above 100 teu only, excludes roro & general cargo vessels employed on mul purpose liner services. * Africa related refers to Sub‐Saharan Africa / * Unassigned refers to ships in General Repairs and ships on posi oning trips

By TEU Capacity

Trade Size in

TEU 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‐ 12,499

12,500‐ 15,199

15,200‐ 17,999 >18,000 Total

Cellular Non‐

cellular Total Liner %

Eur‐N. Am 0 12,689 35,007 56,773 398,788 162,407 205,710 0 0 0 0 871,374 0 871,374 4%

FE‐N. Am 0 1,368 23,625 3,003 174,642 801,462 1,372,937 608,818 891,619 0 0 3,877,474 8,192 3,885,666 17%

FE‐Europe 0 0 0 0 76,200 111,294 265,134 223,580 1,551,634 521,509 1,768,947 4,518,298 0 4,518,298 20%

ME/ISC related 19,419 173,749 150,909 49,758 293,521 627,550 752,310 243,474 447,326 0 0 2,758,016 9,381 2,767,397 12%

Africa related * 30,535 96,850 250,554 258,492 517,751 75,459 376,127 43,482 65,769 0 0 1,715,019 8,000 1,723,019 8%

Lat Am related 39,073 137,959 300,080 209,248 154,493 354,714 1,051,192 545,896 130,841 0 0 2,923,496 9,437 2,932,933 13%

Oceania related 15,132 41,420 43,573 81,274 315,021 329,805 82,110 0 0 0 0 908,335 8,397 916,732 4%

Intra‐FE 345,961 898,693 607,259 123,670 678,075 85,829 0 0 0 0 0 2,739,487 115,449 2,854,936 13%

Intra‐Europe 153,252 320,130 142,696 30,565 109,960 130,438 44,257 0 0 0 0 931,298 18,494 949,792 4%

Other trades 2,078 9,827 13,115 0 0 0 0 0 0 0 0 25,020 3,054 28,074 0%

Unassigned 5,566 15,074 26,867 14,365 44,304 66,221 54,060 20,520 40,668 0 19,224 306,869 2,356 309,225 1%

Idle 31,896 137,516 82,480 24,129 152,370 97,456 24,817 10,010 125,662 15,282 0 701,618 0 701,618 3%

Total 642,912 1,845,275 1,676,165 851,277 2,915,125 2,842,635 4,228,654 1,695,780 3,253,519 536,791 1,788,171 22,276,304 182,760 22,459,064 100%

By Vessel Count

Trade

Size in TEU 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‐ 12,499

12,500‐ 15,199

15,200‐ 17,999 >18,000

Total Cellular Units

Non‐cellular

Total Liner Units

%

Eur‐N. Am 0 7 13 16 85 27 24 0 0 0 0 172 0 172 3%

FE‐N. Am 0 1 9 1 38 124 157 57 66 0 0 453 4 457 8%

FE‐Europe 0 0 0 0 16 18 30 21 111 31 90 317 0 317 6%

ME/ISC related 32 116 59 15 65 104 86 23 33 0 0 533 22 555 10%

Africa related * 38 66 100 73 117 12 43 4 5 0 0 458 14 472 8%

Lat Am related 51 95 119 61 35 57 116 51 10 0 0 595 26 621 11%

Oceania related 21 29 17 23 69 53 10 0 0 0 0 222 11 233 4%

Intra‐FE 578 645 237 36 151 15 0 0 0 0 0 1,662 328 1,990 35%

Intra‐Europe 200 239 57 9 24 21 5 0 0 0 0 555 38 593 10%

Other trades 3 6 5 0 0 0 0 0 0 0 0 14 4 18 0%

Unassigned 8 10 11 4 10 11 6 2 3 0 1 66 3 69 1%

Idle 45 94 32 7 33 16 3 1 9 1 0 241 0 241 4%

Total 976 1,308 659 245 643 458 480 159 237 32 91 5,288 450 5,738 100%



Evolu on of capacity deployed by Trade 2010‐2018 ‐ Cellular containerships only Year‐on‐Year Growth for Nov 2018 vs Nov 2017

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2010 2011 2012 2013 2014 2015 2016 2017 2018

Capa

city Dep

loye

d in TEU

Millions Breakdown by

TEU size range >18,00015,200‐17,99912,500‐15,19910,000‐12,4997,500‐9,9995,100‐7,4994,000‐5,0993,000‐3,9992,000‐2,9991,000‐1,999100‐999

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2010 2011 2012 2013 2014 2015 2016 2017 2018

Capa

city Dep

loyed in TEU


TEU size range >18,00015,200‐17,99912,500‐15,19910,000‐12,4997,500‐9,9995,100‐7,4994,000‐5,0993,000‐3,9992,000‐2,9991,000‐1,999100‐999

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

2010 2011 2012 2013 2014 2015 2016 2017 2018

Capa

city Dep

loyed in TEU


TEU size range >18,00015,200‐17,99912,500‐15,19910,000‐12,4997,500‐9,9995,100‐7,4994,000‐5,0993,000‐3,9992,000‐2,9991,000‐1,999100‐999

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

2010 2011 2012 2013 2014 2015 2016 2017 2018

Capa

city Dep

loyed in TEU


TEU size range >18,00015,200‐17,99912,500‐15,19910,000‐12,4997,500‐9,9995,100‐7,4994,000‐5,0993,000‐3,9992,000‐2,9991,000‐1,999100‐999

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2.00

2010 2011 2012 2013 2014 2015 2016 2017 2018

Capa

city Dep

loyed in TEU


TEU size range >18,00015,200‐17,99912,500‐15,19910,000‐12,4997,500‐9,9995,100‐7,4994,000‐5,0993,000‐3,9992,000‐2,9991,000‐1,999100‐999

0.00

0.50

1.00

1.50

2.00

2.50

3.00

2010 2011 2012 2013 2014 2015 2016 2017 2018

Capa

city Dep

loyed in TEU


TEU size range >18,00015,200‐17,99912,500‐15,19910,000‐12,4997,500‐9,9995,100‐7,4994,000‐5,0993,000‐3,9992,000‐2,9991,000‐1,999100‐999

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00

2010 2011 2012 2013 2014 2015 2016 2017 2018

Capa

city Dep

loyed in TEU


TEU size range >18,00015,200‐17,99912,500‐15,19910,000‐12,4997,500‐9,9995,100‐7,4994,000‐5,0993,000‐3,9992,000‐2,9991,000‐1,999100‐999

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2010 2011 2012 2013 2014 2015 2016 2017 2018

Capa

city Dep

loyed in TEU


TEU size range >18,00015,200‐17,99912,500‐15,19910,000‐12,4997,500‐9,9995,100‐7,4994,000‐5,0993,000‐3,9992,000‐2,9991,000‐1,999100‐999

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2010 2011 2012 2013 2014 2015 2016 2017 2018

Capa

city Dep

loyed in TEU


TEU size range >18,00015,200‐17,99912,500‐15,19910,000‐12,4997,500‐9,9995,100‐7,4994,000‐5,0993,000‐3,9992,000‐2,9991,000‐1,999100‐999

Europe ‐ North America : YoY Growth = +1%

Middle East/Indian subcon related : YoY Growth = +1%

Oceania related : YoY Growth = +13%

Far East ‐ North America : YoY Growth = +14%

Sub‐Saharan Africa related : YoY Growth = ‐6%

Intra‐Far East : YoY Growth = +11%

Far East ‐ Europe : YoY Growth = +6%

La n America related : YoY Growth = +10%

Intra‐Europe : YoY Growth = +6%



Cellular Containerships ‐ Assignment by Trade

0

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2010

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Units dep

loye

d by

trad

e

100‐999 TEU ships ‐ Assignment by trade IdleOther/UnassignedOceania relatedME/ISC relatedLat Am relatedIntra‐FEIntra‐EuropeFE‐N. AmFE‐EuropeEur‐N. AmAfrica related

0

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1,000

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2010

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Units dep

loyed by

trad

e

1,000‐1,999 TEU ships ‐ Assignment by trade IdleOther/UnassignedOceania relatedME/ISC relatedLat Am relatedIntra‐FEIntra‐EuropeFE‐N. AmFE‐EuropeEur‐N. AmAfrica related

0

100

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2010

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Units dep

loye

d by

trad

e


0

50

100

150

200

250

300

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2010

2011

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2013

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Units dep

loyed by

trad

e


0

100

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500

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2010

2011

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2013

2014

2015

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2017

2018

Units dep

loyed by

trad

e


0

100

200

300

400

500

600

2010

2011

2012

2013

2014

2015

2016

2017

2018

Units dep

loyed by

trad

e


0

100

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500

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2010

2011

2012

2013

2014

2015

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2017

2018

Units dep

loyed by

trad

e


0

50

100

150

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300

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450

2010

2011

2012

2013

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2015

2016

2017

2018

Units dep

loyed by

trad

e


0

20

40

60

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100

120

140

2010

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2018

Units dep

loye

d by

trad

e




Idle Capacity Tracker

Units idle Vessel Size (TEU) Idle TEU

As % of cellular fleet

% NOO Charter‐ free As at Date 500‐

999 1,000‐1,999

2,000‐2,999

3,000‐5,099

5,100‐7,499 >7,500 Total

Oct 29 ‐ 2018 31 82 27 37 18 14 209 662263 3.0% 68%

Oct 15 ‐ 2018 31 82 22 33 16 11 195 579,666 2.6% 74%

Oct 1 ‐ 2018 37 80 14 19 15 12 177 510,620 2.3% 69%

Sep 17 ‐ 2018 43 70 15 16 11 12 167 458,032 2.1% 65%

Sep 3 ‐ 2018 44 60 7 8 12 12 143 408,283 1.8% 52%

Aug 20 ‐ 2018 43 71 12 9 7 13 155 401,837 1.8% 60%

Aug 6 ‐ 2018 45 60 16 12 4 9 146 335,222 1.5% 79%

Jul 23 ‐ 2018 43 54 14 20 4 7 142 341,229 1.6% 74%

Jul 9 ‐ 2018 34 48 9 18 5 8 122 315,175 1.4% 70%

Jun 25 ‐ 2018 29 45 8 12 3 7 104 246,440 1.1% 81%

Jun 11 ‐ 2018 25 45 8 7 1 7 93 205,331 0.9% 77%

May 28 ‐ 2018 23 38 8 7 3 6 85 205,829 0.9% 71%

May 14 ‐ 2018 20 35 6 8 3 9 81 227,727 1.0% 62%

Apr 30 ‐ 2018 20 36 6 10 4 7 83 224,243 1.0% 67%

Apr 16 ‐ 2018 19 32 5 11 6 11 84 294,282 1.4% 55%

Apr 2 ‐ 2018 18 26 7 17 6 22 96 427,865 2.0% 50%

Mar 19 ‐ 2018 19 27 11 24 14 30 125 626,996 2.9% 46%

Mar 5 ‐ 2018 18 31 9 23 10 25 116 521,562 2.4% 49%

Feb 19 ‐ 2018 17 29 12 13 4 14 89 308,094 1.4% 56%

Feb 5 ‐ 2018 22 19 3 12 2 7 65 191,441 0.9% 62%

Jan 22 ‐ 2018 24 20 7 14 3 14 82 301,116 1.4% 56%

Jan 8 ‐ 2018 33 20 9 13 6 18 99 377,784 1.8% 51%

Dec 25 ‐ 2017 38 27 6 22 7 17 117 416,643 2.0% 53%

Dec 11 ‐ 2017 32 26 14 26 8 20 126 487,433 2.3% 56%

Nov 27 ‐ 2017 28 24 13 22 4 23 114 464,802 2.2% 59%

Nov 13 ‐ 2017 30 29 15 36 4 22 136 520,365 2.8% 62%

Oct 30 ‐ 2017 33 36 17 39 10 22 157 593,995 2.8% 59%

Oct 16 ‐ 2017 34 38 20 40 9 19 160 554,453 2.6% 61%

Oct 2 ‐ 2017 45 34 17 38 2 9 145 394,585 1.9% 77%

Sep 18 ‐ 2017 50 37 18 34 2 6 147 355,174 1.7% 78%

Sep 4 ‐ 2017 43 34 22 35 4 5 143 355,257 1.7% 79% 0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

TEU

Millions

Idle Fleet Breakdown by Non‐Operating Owner/Carrier

NOO TEU Carrier TEU % Charter free

ALPHALINER

ALPHALINER

0

1,000

2,000

3,000

4,000

5,000

6,000

0

100

200

300

400

500

600

2009

Jan

Jul

2010

Jan

Jul

2011

Jan

Jul

2012

Jan

Jul

2013

Jan Jul

2014

Jan Jul

2015

Jan

Jul

2016

Jan Jul

2017

Jan Jul

2018

Jan Jul

Average size in

TEU

Vessel Cou

nt

Idle containership (units idle breakdown by size range)

> 7,500

5,100‐7,499

3,000‐5,099

2,000‐2,999

1,000‐1,999

500‐999

Ave. Size (TEU)

Size range (TEU)



Container Freight Watch

Shanghai Shipping Exchange base ports defined as :‐ Mediterranean ‐ 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

Low Sulphur Surcharge LSS (from end 2014)

0

500

1,000

1,500

2,000

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to Dubai

0

500

1,000

1,500

2,000

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to Durban

0

500

1,000

1,500

2,000

2,500

3,000

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to Lagos

0

500

1,000

1,500

2,000

2,500

3,000

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18$/

FEU

Shanghai to USWC

0

1,000

2,000

3,000

4,000

5,000

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/FEU

Shanghai to USEC

0500

1,0001,5002,0002,5003,0003,5004,000

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to Santos

0

100

200

300

400

500

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to Japan West Japan (Osaka/Kobe)

East Japan (Tokyo/Yokohama)

0

100

200

300

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to Korea

0

500

1,000

1,500

2,000

2,500

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to N Europe

0

500

1,000

1,500

2,000

2,500

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to Mediterranean

0

500

1,000

1,500

2,000

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to Melbourne

0

100

200

300

400

500

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

$/TE

U

Shanghai to Singapore

The Hong Kong and Taiwan routes in the SCFI index were removed from 16 June 2017.

‐60%

‐40%

‐20%

0%

20%

40%

60%

80%

‐60%

‐40%

‐20%

0%

20%

40%

60%

80%

Jan‐15

Jan‐16

Jan‐17

Jan‐18

Year on ye

ar cha

nge %

Wee

k on

wee

k chan

ge %

0

500

1,000

1,500

Jan‐09

Jan‐10

Jan‐11

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

16 Nov 2018 : 952 (+30% yoy) SCFI (Oct 2009 = 1,000)

Shanghai Container Freight Index 16‐Nov‐18

Change vs 1 week 1 month 3 months 1 year

9‐Nov‐18 % 19‐Oct‐18 % 17‐Aug‐18 % 17‐Nov‐17 % SCFI 952 962 ‐1% 926 3% 892 7% 734 30%

Europe (Base port) 735 753 ‐2% 727 1% 928 ‐21% 689 7% Mediterranean (Base port) 757 767 ‐1% 751 1% 909 ‐17% 595 27% USWC (Base port) 2,529 2,575 ‐2% 2,587 ‐2% 2,086 21% 1,249 102% USEC (Base port) 3,739 3,613 3% 3,304 13% 3,317 13% 1,801 108% Persian Gulf (Dubai) 518 528 ‐2% 422 23% 357 45% 410 26% Australia (Melbourne) 675 735 ‐8% 733 ‐8% 663 2% 1,362 ‐50% West Africa (Lagos) 2,538 2,472 3% 2,082 22% 1,853 37% 1,339 90% South Africa (Durban) 824 845 ‐2% 954 ‐14% 483 71% 1,277 ‐35% South America (Santos) 1,185 1,243 ‐5% 885 34% 1,607 ‐26% 2,678 ‐56% West Japan (Osaka/Kobe) 226 226 0% 220 3% 226 0% 215 5% East Japan (Tokyo/Yokohama) 227 227 0% 220 3% 226 0% 215 6% Southeast Asia (Singapore) 145 147 ‐1% 149 ‐3% 140 4% 168 ‐14% Korea (Busan) 157 150 5% 158 ‐1% 155 1% 154 2%

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



Bunker Watch

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

Carrier Oct 2017 Nov Dec Jan

2018 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

APL Synchronized with CMA CGM CMA CGM 267 283 289 321 317 332 321 315 332 375 380 394 385 391 426 COSCO n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Evergreen EBS (Emergency bunker surcharge) applied from Jul 2009 Hapag Lloyd 404 404 404 439 439 439 481 481 481 487 487 487 546 546 546 HMM 297 328 335 381 380 390 367 363 398 468 477 494 484 492 n.a. K Line 50 50 60 70 70 80 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Maersk n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. MOL 243 261 272 308 308 329 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. MSC BAF rolled into Ocean Freight from Jun 2013 NYK 262 283 294 333 330 354 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

ONE Replaced separate tariffs from 1 Apr 2018 47 51 50 50 50 62 75 87 89 91 99

OOCL 221 221 221 251 284 284 284 284 284 284 353 353 353 353 353 UASC 245 245 245 Synchronized with Hapag‐Lloyd Yang Ming 366 337 456 492 498 465 450 451 449 454 439 471 452 452 518 Average 288 294 310 351 323 328 363 361 368 396 408 419 426 428 435 % Change MoM 4% 2% 6% 13% ‐8% 2% 10% 0% 2% 8% 3% 3% 2% 1% 2%

% Change YoY 39% 36% 33% 32% 16% 15% 20% 28% 27% 40% 50% 51% 48% 46% 40%

Highest 525 525 525 560 560 560 585 585 585 645 645 645 670 670 670 Lowest (non‐zero) 50 50 60 70 47 51 50 50 50 62 75 87 89 91 99

380 cSt bunker ‐ average monthly prices Ro erdam $/ton 321 354 352 370 357 356 376 419 424 434 423 434 470 % Change MoM 1% 10% ‐1% 5% ‐4% 0% 6% 11% 1% 2% ‐3% 3% 8%

% Change YoY 20% 40% 17% 20% 17% 24% 27% 45% 50% 50% 41% 37% 46%

Singapore $/ton 345 379 377 394 380 374 398 444 451 468 464 473 513

% Change MoM 2% 10% ‐1% 5% ‐4% ‐2% 6% 12% 2% 4% ‐1% 2% 8%

% Change YoY 21% 36% 14% 16% 17% 23% 26% 43% 50% 53% 48% 40% 49%

0

100

200

300

400

500

600

700

800

Jan‐05

Jan‐06

Jan‐07

Jan‐08

Jan‐09

Jan‐10

Jan‐11

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

Bunker Price : 380 cSt $/ton SingaporeRotterdam

0

100

200

300

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500

600

700

800

900

1000

Jan‐05

Jan‐06

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Jan‐17

Jan‐18

BAF $/TE

U ‐ Far E

ast to North Europ

e

BAF : Far East‐North Europe 2005‐2018 Rotterdam 380 cSt $/tonHighestLowest (non‐zero)Average



Top 30 Ports

China Container Ports Watch Monthly ‐ October 2018

Rankings based on 1‐3Q 2018 throughput (2017 ranking in brackets) including transshipment, empty containers and restows.

Rank Port 3Q 2018 Growth % 1H 2018 Growth % 1Q 2018 Growth % FY 2017 Growth %

TEU 3Q 18 vs 17 TEU 1H 18 vs 17 TEU 1Q18 vs 17 TEU 17/16

1 (1) Shanghai 31,354,500 4.9% 20,506,800 4.6% 9,739,800 4.1% 40,233,000 8.3% 2 (2) Singapore 27,300,159 10.2% 18,021,268 11.6% 8,864,624 16.5% 33,666,556 8.9% 3 (4) Ningbo‐Zhoushan 20,135,400 7.3% 13,311,800 7.5% 6,493,500 10.4% 24,607,000 14.1% 4 (3) Shenzhen 19,116,100 0.9% 12,075,500 1.9% 5,971,100 6.4% 25,208,600 5.1% 5 (6) Busan 16,051,117 4.6% 10,633,043 4.3% 5,120,360 4.6% 20,472,725 5.2% 6 (7) Guangzhou 15,955,700 7.5% 10,543,400 8.4% 4,933,500 9.7% 20,372,000 8.0% 7 (5) Hong Kong 14,663,000 ‐5.7% 9,868,000 ‐3.7% 4,888,000 0.2% 20,770,000 4.8% 8 (8) Qingdao 14,346,000 4.5% 9,381,200 3.2% 4,545,600 0.7% 18,300,100 1.4% 9 (9) LA/LB 12,792,740 2.7% 8,262,066 4.1% 4,006,532 4.7% 16,887,704 8.0% 10 (11) Tianjin 12,115,300 5.7% 7,807,600 5.2% 3,601,400 7.5% 15,069,000 3.7% 11 (10) Dubai 11,339,000 ‐2.1% 7,738,000 0.2% 3,826,000 3.0% 15,440,000 4.6% 12 (12) Ro erdam 10,780,204 5.7% 7,077,406 6.2% 3,470,596 6.1% 13,734,334 10.9% 13 (13) Port Kelang 9,000,000est ‐0.5% 5,874,912 ‐5.7% 2,933,038 ‐9.1% 11,978,166 ‐9.0% 14 (14) Antwerp 8,333,523 6.9% 5,567,905 8.3% 2,744,226 10.7% 10,450,897 4.1% 15 (15) Xiamen 8,008,400 5.2% 5,165,600 7.6% 2,491,700 11.6% 10,381,385 8.0% 16 (16) Kaohsiung 7,777,959 1.3% 5,183,803 0.1% 2,561,424 ‐2.1% 10,271,018 ‐1.9% 17 (17) Dalian 7,639,900 0.3% 4,815,400 0.4% 2,214,300 0.6% 9,707,000 1.3% 18 (18) Hamburg 6,727,000est ‐0.8% 4,355,000 ‐2.7% 2,160,137 ‐2.8% 8,840,000 ‐1.0% 19 (19) Tanjung Pelepas 6,590,804 5.4% 4,382,002 5.8% 2,183,927 7.4% 8,377,244 1.2% 20 (20) Laem Chabang 5,992,107 4.0% 3,946,211 4.9% 1,948,119 5.1% 7,784,498 7.7% 21 (21) NY/NJ 5,327,814 6.3% 3,450,469 6.8% 1,680,361 9.6% 6,710,817 7.3% 22 (23) Colombo 5,223,292 14.9% 3,415,298 15.6% 1,706,359 16.2% 6,209,068 8.3% 23 (24) Jakarta 4,933,850 12.7% 3,201,136 10.6% 1,633,683 6.9% 6,079,762 10.2% 24 (22) Yingkou 4,775,800 2.8% 3,120,100 1.6% 1,556,700 1.1% 6,270,000 3.0% 25 (25) Ho Chi Minh City 4,683,819 6.3% 3,110,070 7.1% 1,473,575 7.5% 5,926,703 6.9% 26 (26) Bremerhaven 4,112,158 1.9% 2,721,111 0.7% 1,345,482 ‐3.2% 5,513,802 0.5% 27 (28) Valencia 3,795,960 4.5% 2,498,384 6.4% 1,183,187 8.1% 4,832,156 2.1% 28 (27) Tokyo 3,770,000est 1.0% 2,502,781 2.0% 1,234,216 4.7% 5,048,972 6.6% 29 (30) Nhava Sheva 3,759,573 6.8% 2,482,050 6.9% 1,241,023 11.0% 4,710,713 4.3% 30 (29) Manila 3,748,149 6.0% 2,460,164 13.1% 1,197,367 7.0% 4,824,084 6.8%

No. Port Oct 2018 Mteu

y‐o‐y change %

Jan‐Oct 2018 Mteu

y‐o‐y change %

1 Shanghai 3.53 3.8% 34.89 4.8% 2 Ningbo 2.14 7.0% 22.28 7.2% 3 Shenzhen 2.19 2.0% 21.30 1.0% 4 Guangzhou 1.87 6.5% 17.83 7.4% 5 Qingdao 1.65 9.7% 16.00 5.0% 6 Tianjin 1.42 5.7% 13.54 5.8% 7 Xiamen 0.90 ‐3.7% 8.91 4.2% 8 Dalian 0.72 0.3% 8.36 0.3% 9 Yingkou 0.56 6.1% 5.33 3.2% 10 Lianyungang 0.39 1.0% 3.96 0.2% Total Top 10 Ports 15.36 ‐100.0% 152.41 ‐100.0% Total Coastal Ports 18.83 5.9% 184.02 5.1% Total River Ports 2.42 9.2% 23.40 5.1% Total All China Ports 21.24 6.2% 207.42 5.1%

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Jan‐15

Apr‐15

Jul‐1

5Oct‐15

Jan‐16

Apr‐16

Jul‐1

6Oct‐16

Jan‐17

Apr‐17

Jul‐1

7Oct‐17

Jan‐18

Apr‐18

Jul‐1

8Oct‐18

TEU M

illions

Top 10 Container Ports : Monthly Throughput (to Oct 2018)

ShanghaiSingaporeShenzhenNingboGuangzhouBusanLA/LBQingdaoHong KongTianjin

5,875,909



Global Port Throughput

Global port throughput includes empty container and transhipment cargo handling

12.2%

5.4%

13.0%

13.4%

14.4%

10.0%

10.8%

12.6%

5.7%

‐8.2%

14.1%

8.3%

4.7%

3.8%

5.1%

1.4%

2.7%

6.7%

4.6%

‐10%

‐5%

0%

5%

10%

15%

20%

0

100

200

300

400

500

600

700

800

90020

00

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

(F)201

8

Annu

al Growth Rate

Total P

ort throu

ghpu

t in TE

U M

illions

Oceania

Africa

C+S America

N America

S Europe

N Europe

S Asia

Middle East

SE Asia

Other NE Asia

China + HK

Annual Growth

Million TEU by Region 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017F

Annual Growth 2016 2017F 2018F

China & HK 40.7 44.5 56.4 69.1 83.8 98.2 117.2 138.4 152.8 143.4 169.8 188.1 200.6 212.6 224.7 231.6 239.9 259.2 3.6% 8.0% 4.3% Other NE Asia 32.4 34.3 38.1 41.5 45.9 47.5 49.8 52.9 52.6 46.8 53.6 57.1 58.7 60.3 63.0 62.6 63.7 66.7 1.8% 4.7% 3.0% SE Asia 36.4 37.8 42.4 46.8 52.8 56.3 61.0 68.8 73.4 69.5 78.0 84.5 89.1 91.8 97.4 97.3 100.8 106.4 3.5% 5.6% 6.0% Middle East 9.3 10.4 11.9 14.5 17.8 20.1 21.6 24.9 28.4 28.5 30.6 32.8 35.4 35.2 37.0 38.3 39.3 40.1 2.4% 2.1% ‐1.0% S Asia 5.6 6.1 6.8 7.9 8.9 10.0 11.9 13.7 14.7 14.6 16.8 17.9 17.9 18.8 21.1 22.4 24.7 27.6 10.4% 11.7% 10.0% N Europe 33.6 34.6 37.3 40.4 45.2 49.0 53.3 60.3 61.5 51.3 58.0 62.2 62.8 63.9 67.3 65.9 67.5 71.0 2.4% 5.3% 3.7% S Europe 21.0 21.9 24.5 27.4 30.8 32.9 35.6 40.2 41.1 36.0 39.3 42.7 44.9 46.6 48.2 47.8 50.6 54.0 5.9% 6.7% 7.0% N America 33.0 33.3 35.9 39.8 43.3 46.8 49.1 50.0 47.7 41.8 47.1 47.7 49.0 50.0 52.0 54.2 54.7 59.0 0.9% 7.9% 4.5% C+S America 15.6 16.9 18.1 20.1 23.5 26.5 30.1 33.6 36.3 32.5 37.6 42.4 45.3 45.7 46.4 47.2 46.8 50.1 ‐0.9% 7.1% 5.0% Africa 7.8 8.6 9.6 11.2 12.8 14.4 16.2 18.8 21.7 22.3 25.2 27.1 27.4 30.3 31.4 30.8 29.6 31.2 ‐3.9% 5.1% 5.0% Oceania 5.5 5.4 6.1 6.7 7.4 7.6 8.1 8.9 9.7 9.1 9.9 10.4 10.7 10.9 11.3 11.6 11.9 12.8 1.8% 7.7% 5.5% Total 240.9 253.8 286.9 325.4 372.1 409.3 453.7 510.7 539.9 495.8 566.0 612.8 641.7 666.0 699.8 709.7 729.2 778.0 2.7% 6.7% 4.6% Growth (YoY) 12.2% 5.4% 13.0% 13.4% 14.4% 10.0% 10.8% 12.6% 5.7% ‐8.2% 14.1% 8.3% 4.7% 3.8% 5.1% 1.4% 2.7% 6.7%

2018F

270.4 68.7 112.8 39.7 30.3 73.7 57.8 61.7 52.6 32.7 13.5 813.8 4.6%

China + HK 33.3%

Other NE Asia 8.6% SE Asia

13.7% Middle East

5.2%

S Asia 3.5%

N Europe 9.1%

S Europe 6.9%

N America 7.6%

C+S America 6.4%

Africa 4.0%

Oceania 1.6%

Regional Share of Global Container Activity (2017F)



Trade Summary : Europe‐North America as at 1 November 2018 For latest service updates and news : see www.alphaliner.com

Operator Svc Code Ships DeployedAve. TEU per week Le

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2M TA-1 5 x 4,822 4,822 1 2 3 2 1/4 3

2M TA-2 5 x 4,800-5,500 5,040 4 3 1 2 1/5 4 2 3

2M TA-3 6 x 4,800-6,600 5,635 1 2 3 4 1 4 5 3 2 6

2M TA-4 5 x 4,500-5,000 4,713 1 2 3 4 1 4 2 3 4

2M TA-5 7 x 7,200-8,400 7,990 1/8 9 3 5 6 4 2/7 1 5 4 2 3

2M TA-6 8 x 6,600-8,100 7,541 2/9 1/10 4 6 5 8 3/7 2 5 6 7 3 4 1/8

Maersk MMX 5 x 1,600-2,600 2,061 5 6 2 3 4 1 2 1

MSC California Exp 10 x 8,800-9,400 9,115 7 2 4 3 5 6 1 1/12 2/11 3/10 4/9 5/8 6 7

MSC Medcan Exp 1 4 x 4,300-5,000 4,606 1 2 3 1

MSC Medcan Exp 2 4 x 4,400-5,100 4,779 1/4 3 2 1

MSC Eur-USEC 5 x 4,100-5,050 4,299 1 3 2 2 1 3 4

MSC SAWC-NWC 10 x 8,800-12,200 wayport 2 1 3 4 6 1 3/5 2 4 (also calls Peru/Chile)

Maersk Ecumed 10 x 3,075 wayport 1/11 2 3 10 4/9 5/8 6 7 1 2/4 3 (also calls Colombia/Ecuador)

MSC Indus Express 11 x 8,000-9,200 wayport (also calls Indian sub-continent/ME Gulf) 1 (1) 1 3 2 4

Maersk MECL1 11 x 6,500-7,000 wayport 1 (also calls Indian sub-continent/ME Gulf) 1/6 2 3 5 4

Maersk/CMA CGM CAE/SL1 4 x 2,800-3,100 2,919 3 2 1 2 1

OCEAN Alliance TAT1 6 x 4,300-5,300 4,750 to be replaced in Dec 1 2 3 4 5 6 8 7 1 3 2 4

OCEAN Alliance TAT2 5 x 8,000-8,500 8,313 5 2 3 4 1 1 4 3 2

OCEAN Alliance TAT3 6 x 5,000-5,500 5,153 1 2 3 4 1 5 6 2 3 4

CC/Marfret PAD/NASP 7 x 2,200-2,800 (Fn) wayport 5 4 1 3 2 1 (6) 2(5) 3 (4) (also calls South Pacific/ANZ)

THE Alliance AL1 4 x 4,662 4,662 3 1 2 4 4 3 2 1

THE Alliance AL2 4 x 4,800-5,100 5,004 1 3 4 2 1 2 3

THE Alliance AL3 5 x 3,237 3,237 1 2 3 1 4 2 5 3

THE Alliance AL4 6 x 5,500-5,600 5,575 4 2 3 1 4 5 1 2 3

THE Alliance AL5 10 x 4,800-5,000 4,919 2 5 3 4 1 1/12 11 2/10 9 3/8 4/7 6 5

THE Alliance AL6 5 x 4,520 4,520 to be replaced in Dec 1 2 4 3 5 1 2 4 3

Zim/THE ZCA/AL7 7 x 4,250 4,251 11 1/10 8 2/9 7 4 5 6 3 1 2 4 3 4

Hapag-Lloyd MGX 8 x 5,000-6,000 5,807 3 4 2 1/6 5 5 6 2 3 4 1

Hapag-Lloyd/HS MPS 11 x 4,600-4,800 4,737 2/10 1 5 6 4 7 3/9 8 12 1/11 2 3/10 4/9 5/8 7 6

CMA/HL/NYK/OOCL Indamex 9 x 8,000-8,500 wayport (also calls Indian sub-continent/Red Sea) 1 (1) 1 4 3 2

H-L/OOCL/MSC SLCS/GEX 1 4 x 2,800-4,300 3,555 3 1 2 4 1

H-L/OOCL SLCS/GEX 2 4 x 4,000-4,400 4,312 2 3 1 1

H-L JMCS/MCA 5 x 2,800-3,800 3,630 1/9 10 4 5 6 3 7 2 8 1

ICL ICL 4 x 2,500-3,100 2,745 1 2 1 2

ACL ACL 5 x 3,800 3,809 3 2 1/4 1/6 2/5 3 4

Turkon Med-America 5 x 1,800-2,500 (8d) 1,747 1/8 7 5 4 6 3 2 1 3 2

Melfi MedCaMex 3 x 2,500 (15d) 1,169 4 1 3 2 1 2

OCEAN/THE/Zim TAT1/AL6 6 x 8,000-8,500 New from Dec 1 2 3 4 6 5 1 3 2 4

Sequence of port calls indicated for both Europe and North America port range including services extending to the West Coast. (Numbers in brackets denote Eastbound direction only)

Total no. of weekly calls at each port (incl. double calls) 9 1 1 17 12 4 13 1 4 4 4 12 6 7 1 2 2 4 4 7 8 4 2 3 1 5 16 10 1 2 1 1 1 1 1 3 3 1 2 1 1 1 1 8 7 20 1 5 12 17 3 1 3 14 8 5 1 4 1 5 5 1 3 1 4 5 6 3 5 1 4 2 4 6 3 3

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

Alphaliner Port Matrix : Europe-North America

Europe North America

North Continent UK Mediterranean Canada/US East Coast Gulf Coast/Caribbean NA West Coast



Carrier Financial Performance

1Q 17 2Q 17 3Q 17 4Q 17FY 2017 1Q 18 2Q 18 3Q 18Maersk (Ocean Segment) ‐ restructured from 1Q 2018; inc Ham Süd from 1 Dec 2017Revenue US$ m 4,950 5,541 5,543 5,989 22,023 6,810 6,952 7,321EBITDA 484 876 800 617 2,777 481 674 925EBITDA Margin % 9.8% 15.8% 14.4% 10.3% 12.6% 7.1% 9.7% 12.6%Core EBIT n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.Core EBIT Margin % n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.Net Profit n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.Ave. TEU Operated '000 3,260 3,312 3,482 3,755 3,452 4,197 4,123 4,030Liftings in '000 TEU 5,200 5,400 5,262 6,016 21,878 6,440 6,798 6,668Ave. rate ($/TEU) 857 932 915 875 894 916 920 965

CMA CGM (including logistics and terminals); inc. APL from 14 Jun 2016Revenue US$ m 4,620 5,311 5,702 5,483 21,116 5,411 5,703EBITDA 383 611 707 417 2,117 219 209EBITDA Margin % 8.3% 11.5% 12.4% 7.6% 10.0% 4.0% 3.7%Core EBIT 252 472 568 282 1,575 88 67Core EBIT Margin % 5.5% 8.9% 10.0% 5.2% 7.5% 1.6% 1.2%Net Profit 86 219 323 73 701 ‐77 23Ave. TEU Operated '000 2,150 2,232 2,419 2,495 2,324 2,522 2,548 2,637Liftings in '000 TEU 4,304 4,732 4,984 4,929 18,949 4,949 5,187Ave. Rev ($/TEU) 1,074 1,122 1,144 1,112 1,114 1,094 1,099

Hapag‐Lloyd (inc. UASC from 24 May 2017)Revenue Euro m 2,132 2,386 2,796 2,659 9,973 2,617 2,776 3,036EBITDA 135 229 362 329 1,055 219 206 389EBITDA Margin % 6.3% 9.6% 12.9% 12.4% 10.6% 8.4% 7.4% 12.8%Core EBIT 8 84 181 139 411 54 35 199Core EBIT Margin % 0.4% 3.5% 6.5% 5.2% 4.1% 2.1% 1.3% 6.6%Net Profit ‐59 14 54 18 27 ‐38 ‐70 112Ave. TEU Operated '000 959 1,194 1,515 1,505 1,293 1,545 1,595 1,592Liftings in '000 TEU 1,934 2,287 2,808 2,774 9,803 2,861 2,987 3,052Ave. rate ($/TEU) 1,056 1,064 1,065 1,030 1,051 1,029 1,010 1,055

Zim (including logistics and terminals)Revenue US$ m 655 746 817 761 2,978 751 803 841EBITDA 57 70 89 53 270 26 23 49EBITDA Margin % 8.8% 9.4% 10.9% 7.0% 9.1% 3.4% 2.9% 5.8%Core EBIT 31 44 62 25 162 ‐2 ‐4 21Core EBIT Margin % 4.7% 5.9% 7.6% 3.3% 5.4% ‐0.3% ‐0.5% 2.5%Net Profit ‐8 0 23 ‐9 6 ‐36 ‐35 ‐8Ave. TEU Operated '000 300 314 354 363 333 372 377 414Liftings in '000 TEU 598 659 688 684 2,629 698 772 730Ave. rate ($/TEU) 953 1,007 1,058 959 995 938 907 1,006

Currency 1Q 17 2Q 17 3Q 17 4Q 17FY 2017 1Q 18 2Q 18 3Q 18Evergreen Marine Corp. (not consolidated for Evergreen Group shg activities)Revenue TWD m 33,839 37,704 41,525 37,514 150,583 36,841 38,287 44,907EBITDA 2,473 4,509 6,281 1,265 14,529 1,119 366 3,836EBITDA Margin % 7.3% 12.0% 15.1% 3.4% 9.6% 3.0% 1.0% 8.5%Core EBIT 551 2,593 4,351 ‐696 6,799 ‐855 ‐1,743 1,451Core EBIT Margin % 1.6% 6.9% 10.5% ‐1.9% 4.5% ‐2.3% ‐4.6% 3.2%Net Profit 313 2,774 3,739 180 7,005 137 ‐1,244 708Ave. TEU Operated '000 993 1,017 1,041 1,063 1,029 1,067 1,089 1,140Liftings in '000 TEU n.a. n.a. n.a. n.a. 5,671 n.a. n.a. n.a.Ave. rate ($/TEU) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Yang MingRevenue TWD m 30,255 33,228 35,781 31,815 131,078 31,035 33,599 38,715EBITDA 308 1,722 3,095 1,839 6,963 ‐442 ‐1,999 958EBITDA Margin % 1.0% 5.2% 8.7% 5.8% 5.3% ‐1.4% ‐5.9% 2.5%Core EBIT ‐1,278 137 1,494 158 512 ‐2,008 ‐3,581 ‐677Core EBIT Margin % ‐4.2% 0.4% 4.2% 0.5% 0.4% ‐6.5% ‐10.7% ‐1.7%Net Profit ‐901 ‐445 1,264 403 321 ‐1,950 ‐3,815 ‐910Ave. TEU Operated '000 574 578 584 583 580 594 642 638Liftings in '000 TEU 1,128 1,147 1,240 1,207 4,722 1,224 1,288 1,406Ave. rate ($/TEU) 863 957 953 876 913 865 876 898

Wan HaiRevenue TWD m 13,877 15,279 15,814 15,800 60,770 14,918 15,939 17,328EBITDA 1,047 2,040 2,521 1,778 7,385 1,237 1,164 1,307EBITDA Margin % 7.5% 13.3% 15.9% 11.3% 12.2% 8.3% 7.3% 7.5%Core EBIT 36 1,035 1,496 705 3,272 175 124 282Core EBIT Margin % 0.3% 6.8% 9.5% 4.5% 5.4% 1.2% 0.8% 1.6%Net Profit ‐203 878 1,276 591 2,542 144 262 431Ave. TEU Operated '000 220 231 229 228 227 244 252 254Liftings in '000 TEU 897 951 985 1,020 3,853 973 na naAve. rate ($/TEU) 498 531 530 515 519 523 na na

Hyundai Merchant Marine (container segment only, excl terminals)Revenue KRW Bn 1,110 1,084 1,117 1,043 4,354 972 1,089 1,280EBITDA ‐87 ‐73 14 ‐81 ‐226 ‐134 ‐158 ‐87EBITDA Margin % ‐7.8% ‐6.8% 1.3% ‐7.7% ‐5.2% ‐13.8% ‐14.5% ‐6.8%Core EBIT ‐116 ‐94 ‐6 ‐101 ‐317 ‐152 ‐178 ‐110Core EBIT Margin % ‐10.4% ‐8.6% ‐0.6% ‐9.7% ‐7.3% ‐15.6% ‐16.4% ‐8.6%Net Profit n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.Ave. TEU Operated '000 459 427 352 354 398 343 371 410Liftings in '000 TEU 959 986 1,049 1,037 4,031 981 1,155 1,183Ave. rate ($/TEU) 1,003 973 940 909 955 925 873 965

Currency 1Q 17 2Q 17 3Q 17 4Q 17FY 2017 1Q 18 2Q 18 3Q 18Ocean Network Express (Operating since April 2018)Revenue US$ m 2,066 2,963EBITDA n.a. n.a.EBITDA Margin % n.a. n.a.Core EBIT n.a. n.a.Core EBIT Margin % n.a. n.a.Net Profit ‐120 ‐192Ave. TEU Operated '000 1,538 1,558Liftings in '000 TEU n.a. n.a.Ave. rate ($/TEU) n.a. n.a.

FY 2017COSCO Shg (incl OOCL from 7 Aug 2018, excl terminals)Revenue RMB m 86,751EBITDA (est) 3,417EBITDA Margin % 3.9%Core EBIT 1,805Core EBIT Margin % 2.1%Net Profit 1,787Ave. TEU Operated '000 1,638 1,720 1,779 1,818 1,739 1,838 1,954 2,546Liftings in '000 TEU 4,655 5,343 5,493 5,423 20,914 5,205 6,030 5,023Ave. rate ($/TEU) 547 553 583 574 587 573 na na

OOCL; included in COSCO Shg from 7 Aug 2018Revenue US$ m 6,078EBITDA 545EBITDA Margin % 9.0%Core EBIT 105Core EBIT Margin % 1.7%Net Profit ‐12Ave. TEU Operated '000 565 642 668 684 640 697 690Liftings in '000 TEU 1,470 1,617 1,599 1,613 6,299 1,580 1,692 1,710Ave. rate ($/TEU) 806 870 909 856 861 873 865 910

PIL (incl container manufacturing activities of Singamas)Revenue US$ m 4,037EBITDA 508EBITDA Margin % 12.6%Core EBIT 267Core EBIT Margin % 6.6%Net Profit 86Ave. TEU Operated '000 359 370 374 380 371 359 370 417Liftings in '000 TEU n/a n/a n/a n/a n/a n/a n/a n/aAve. rate ($/TEU) n/a n/a n/a n/a n/a n/a n/a n/a

2.3%9

3,1953019.4%74

1.1%‐21

2,884

42,36844,924

1H 2017 2H 2017Currency

‐0.1%‐77

3.1%

1,1252.7%2570.6%‐158

1,3283.0%5191.2%776

2458.5%31

2,0885.0%1,287

3,1022056.6%‐3

Currency

1,878 2,160 2,244219 289 79

1H 2018

1,011

41,827

5.2% 7.8% ‐1.9%11 75 ‐141

11.7% 13.4% 3.5%98 168 ‐43



Carriers’ Share Price and Liner Equi es Index

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

2013

2014

2015

2016

2017

2018

Maersk B (DKK)

05

1015202530354045

2013

2014

2015

2016

2017

2018

Hapag‐Lloyd (€)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

2013

2014

2015

2016

2017

2018

HMM (KRW)

0102030405060708090

2013

2014

2015

2016

2017

2018

OOIL (HKD)

0.00

2.00

4.00

6.00

8.00

10.00

2013

2014

2015

2016

2017

2018

COSCO Shg. Holdings (HKD)

0.00

2.00

4.00

6.00

8.00

10.00

2013

2014

2015

2016

2017

2018

SITC (HKD)

0

5

10

15

20

25

30

2013

2014

2015

2016

2017

2018

EMC (TWD)

0

10

20

30

40

50

2013

2014

2015

2016

2017

2018

Adjusted for share consolidation 4 May 2017

YM (TWD)

05

1015202530354045

2013

2014

2015

2016

2017

2018

WHL (TWD)

0

1,000

2,000

3,000

4,000

5,000

2013

2014

2015

2016

2017

2018

NYK (JPY)

0

1,000

2,000

3,000

4,000

5,000

2013

2014

2015

2016

2017

2018

MOL (JPY)

0

1,000

2,000

3,000

4,000

5,000

2013

2014

2015

2016

2017

2018

KL (JPY)

0

10

20

30

40

50

60

2013

2014

2015

2016

2017

2018

Matson (US$)

02468

1012141618

2013

2014

2015

2016

2017

2018

RCL (THB)

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

2013

2014

2015

2016

2017

2018

Samudera (S$)

Maersk B Ha pa g- Lloyd HMM OOIL CS Hldgs. SITC EMC YM WHL NYK MOL KL Matson RCL SamuderaTicker MAERSKB:CO HLAG.DE 011200.KS 0316.HK 1919.HK 1308.HK 2603.TT 2609.TT 2615.TT 9101.JP 9104.JP 9107.JP MATX:US RCL:TB SAMU.SP

Currency DKK € KRW HKD HKD HKD TWD TWD TWD JPY JPY JPY US$ THB S$Share Price (16 Nov 2018) 8,770 29.92 4,000 48.00 3.1 6.69 11.70 8.40 15.55 1,878 2,631 1,608 41.18 4.98 0.195Share Price (1 Jan 2018) 10,840 33.50 5,018 75.40 4.03 7.72 16.35 11.50 19.25 2,749 3,760 2,869 29.84 8.65 0.24Change since 1 Jan 2018 ‐19.1% ‐10.7% ‐20.3% ‐36.3% ‐23.1% ‐13.3% ‐28.4% ‐27.0% ‐19.2% ‐31.7% ‐30.0% ‐44.0% 38.0% ‐42.4% ‐17.0%52 week low 7,520 28.10 3,510 44.15 2.71 5.43 11.07 7.20 15.00 1,769 2,564 1,473 27.15 4.74 0.15752 week high 11,870 38.20 6,840 82.55 4.89 9.29 17.80 12.75 20.70 3,030 4,170 3,040 41.96 10.00 0.250Market Cap (Local $ M) 176,271 5,241 1,247,223 30,038 43,156 17,841 49,532 19,513 34,495 319,363 317,374 151,053 1,759 4,127 105Market Cap (US$ M) 26,942 5,938 1,108 3,836 5,511 2,278 1,607 633 1,119 2,831 2,813 1,339 1,759 126 77Price‐to‐Book (mrq) 0.84 0.85 3.84 0.83 1.35 2.32 0.79 0.98 1.02 0.60 0.59 0.72 2.36 0.47 0.42P/E Ratio (ttm) loss 192.21 loss 100.01 33.44 11.65 14.61 loss 24.44 77.60 loss loss 17.05 61.94 10.11P/E Ratio (FY 2018 est) 141.35 loss loss 68.88 47.36 11.87 loss loss 19.20 57.56 10.72 53.75 16.41 na na

60

80

100

120

140

160

180

2013

2014

2015

2016

2017

2018

1 Jan 2013 = 100 16 Nov 2018 = 104

Alphaliner Liner Index

Documents

AMM Nov 2018 - Alphaliner · 2019-07-31 · No. of liner ships incl. non‐cellular 6,148 units Total liner capacity (teu) 22,685 Mteu Year‐on‐year increase % 6.0% Liner Fleet