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Subscription copy for BRS (Paris). Sent to [email protected] Unauthorised re-distribution prohibited
Page 1 © Copyright Alphaliner 1999-2016 Unauthorised re-distribution prohibited
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]
September 2016 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 Sept 2016.…….....………… 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………………………………………………... 11 Top 30 Carriers…………………………………………… 12 Main Carriers Fleet Breakdown by Size……….. 13 Main Carriers Fleet Unit Breakdown….……….. 14 Main Carriers Orderbook Unit Breakdown….. 15 Main Carriers NB Delivery Schedule……………. 16 Main Carriers YoY Capacity Growth…………….. 17 Top 30 Non‐Opera ng Owners ………………….. 18 East‐West Trade Deployment…………………….. 19 East‐West Capacity Watch………………………….. 19 Trade Capacity by Carrier……………………………. 20 Trade Demand/U lisa on……….…………………. 21 Carrier Capacity by Trade……………………………. 22 Global Capacity Deployment………………………. 23 Evolu on of capacity deployed by Trade…….. 24 Idle Capacity Tracker………………………………….. 25 Container Freight Watch…………………………….. 26 Container Freight Forward Rates………………... 27 Bunker Watch…………………………………………….. 28 Top 30 Ports……………………………………………….. 29 China Ports Watch………………………………………. 29 Global Port Throughput………………………………. 30 Trade Summary: Far East‐WCNA………….……... 31 Carrier Financial Performance…………….......... 32 Carriers’ Share Price/Liner Equity Index.…….. 33
Market Monitor
Size Aug 16 $/day
Jul 16 $/day
Change % Trend
4,000 teu 4,950 5,000 ‐1%
2,500 teu 6,000 6,250 ‐4%
1,700 teu 7,000 7,250 ‐3%
1,000 teu 6,700 6,750 ‐1% Note : Rates based on 6‐12 month fixtures
5,600 teu 5,950 6,000 ‐1%
No. of liner ships incl. non‐cellular 6,080 units Total liner capacity (teu) 20.706 Mteu Year‐on‐year increase % 3.6%
Liner Fleet as at 1 September 2016
Alphaliner Charter Rate Index and Freight Rate Index
Cellular Fleet Growth vs Global Throughput
No. of cellular ships 5,150 units Total cellular capacity (teu) 20.267 Mteu Year‐on‐year increase % 3.7% Chartered fleet % 53.3% Cellular fleet as % of liner total 97.9% % of cellular fleet idle 4.8% Orderbook 3.469 Mteu Orderbook as % of current fleet 17.1% Deliveries Jan‐Aug 2016 647,524 teu/97 units Dele ons Jan‐Aug 2016 384,818 teu/111 units New Orders Jan‐Aug 2016 228,242 teu/70 units
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%
5.8%
6.3%
8.6%
2.9%
6.4%
11.8%
5.5%
12.9%
13.3%
14.0%
10.0%
10.8%
12.4%
5.9%
‐8.3%
14.2%
8.3%
4.8%
3.6%
5.2%
1.5%
0.8%
1.7%
0
5
10
15
20
25
TEU M
illions
Fleet Capacity Forecast 2016
% 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
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
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)
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ALPHALINER Monthly Monitor September 2016
Cellular Fleet Breakdown As at 1 September 2016
Cellular Orderbook Fleet Breakdown As at 1 September 2016
18,000‐21,000 35%
13,300‐17,999 21% 10,000‐13,299
23%
7,500‐9,999 3%
5,100‐7,499 2%
4,000‐5,099 1%
3,000‐3,999 3%
2,000‐2,999 6%
<1,999 6%
Orderbook Fleet Capacity Breakdown by TEU size range
18,000‐21,000 4%
13,300‐17,999 9%
10,000‐13,299 12%
7,500‐9,999 20%
5,100‐7,499 15%
4,000‐5,099 16%
3,000‐3,999 4%
2,000‐2,999 8%
1,500‐1,999 5%
1,000‐1,499 4%
100‐999 3%
Fleet Capacity Breakdown by TEU size range
* Note on neo-panamax ships - Ships of 13,300 to 14,000 teu with neo-panamax gauge are counted in the 10,000-13,299 teu segment
Note : The chartered fleet counts only ships chartered out by non-operating owners to operators. It excludes 91 ships for 304,675 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’ requirements.
Size Range All cellular ships Of which chartered TEU Units TEU Units TEU % Chrt 18,000‐21,000 42 793,499 16 307,479 38.7% 13,300‐17,999 121 1,755,690 56 811,805 46.2% 10,000‐13,299* 210 2,453,072 103 1,187,386 48.4% 7,500‐9,999 471 4,137,940 240 2,109,329 51.0% 5,100‐7,499 482 2,974,448 248 1,535,078 51.6% 4,000‐5,099 713 3,235,491 413 1,870,469 57.8% 3,000‐3,999 253 877,374 146 510,238 58.2% 2,000‐2,999 636 1,611,385 444 1,127,401 70.0% 1,500‐1,999 588 1,004,528 308 528,750 52.6% 1,000‐1,499 698 807,193 406 475,550 58.9% 500‐999 747 556,497 422 323,707 58.2% 100‐499 189 60,614 38 13,089 21.6% TOTAL 5,150 20,267,731 2,840 10,800,281 53.3%
Size Range All cellular ships Of which chartered Orderbook/ Exis ng % TEU Units TEU Units TEU % Chrt
18,000‐21,000 63 1,232,885 28 538,787 43.7% 155.4% 13,300‐17,999 52 733,322 36 504,836 68.8% 41.8% 10,000‐13,299* 69 801,596 46 523,496 65.3% 32.7% 7,500‐9,999 11 101,914 6 56,454 55.4% 2.5% 5,100‐7,499 11 63,272 11 63,272 100.0% 2.1% 4,000‐5,099 6 24,000 2 8,000 33.3% 0.7% 3,000‐3,999 26 94,039 5 18,621 19.8% 10.7% 2,000‐2,999 82 213,123 28 71,856 33.7% 13.2% 1,500‐1,999 77 138,593 50 89,302 64.4% 13.8% 1,000‐1,499 52 61,936 32 41,188 66.5% 7.7% 500‐999 5 2,796 0 0 0.0% 0.5% 100‐499 6 1,999 0 0 0.0% 3.3% TOTAL 460 3,469,475 244 1,915,812 55.2% 17.1%
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ALPHALINER Monthly Monitor September 2016
Cellular Fleet Age Breakdown Cellular Fleet Age Profile by size range
0.00 0.50 1.00 1.50
0123456789
101112131415161718192021222324252627282930
31‐35> 35
Age in yea
rs
1.1% 3.1%
10.4%
20.5%
32.9%
32.1%
Age Profile 25 years & above20‐24 years15‐19 years10‐14 years5‐9 yearsBelow 5 years
Average Age of Cellular Fleet : Gross ‐ 10.7 years TEU Weighted ‐ 8.1 years
143
108
70 47
41 36 26 21
8 10 4
30 18
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 : 562 units/845,293 teu (4.2% of current fleet capacity)
Overaged Cellular Fleet Profile (Built 1995 or earlier)
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
8m 201
620
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
8819
87Pre‐19
87
TEU
Millions
Year Built
Size Range (TEU) >18,000 teu13,300‐18,000 teu10,000‐13,300 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
Built Age Units TEU Pre‐1981 > 35 18 20,681 1981‐1985 31‐35 30 35,892
1986 30 4 8,749 1987 29 10 17,472 1988 28 8 18,474 1989 27 21 44,040 1990 26 26 42,562 1991 25 36 38,468 1992 24 41 54,903 1993 23 47 68,199 1994 22 70 83,846 1995 21 108 168,378 1996 20 143 243,629 1997 19 199 397,824 1998 18 201 429,542 1999 17 114 251,617 2000 16 142 434,793 2001 15 179 585,602 2002 14 192 613,150 2003 13 176 574,082 2004 12 178 650,403 2005 11 269 954,338 2006 10 368 1,361,749 2007 9 417 1,380,900 2008 8 453 1,574,141 2009 7 273 1,071,449 2010 6 268 1,389,874 2011 5 196 1,246,511 2012 4 214 1,269,908 2013 3 228 1,386,727 2014 2 208 1,474,017 2015 1 216 1,728,287 2016 < 1 97 647,524
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ALPHALINER Monthly Monitor September 2016
Newbuilding Delivery Projec ons ‐ Cellular Fleet
Cellular Fleet Projec ons
* Note on neo-panamax ships - Ships of 13,300 to 14,000 teu with neo-panamax gauge are counted in the 10,000-13,299 teu segment Projec ons based on orderbook as at 1 Sep 2016. Adjusted fleet includes forecast scrapping and expected delivery slippage.
38%
16%
23%
26%
15%
11%
13%
15%
16%
33%
36%
26%
36%
27%
33%
18%
5%
1%
29%
49%
50%
38%
58%
57%
67%
80%
83%
0.00 0.50 1.00 1.50 2.00
2010
2011
2012
2013
2014
2015
2016(f)
2017(f)
2018(f)
Delivery Breakdown by Size Range in TEU Millions
Year of D
elivery
< 5,100 teu 5,100‐9,999 teu ≥ 10,000 teu
0 5 10 15 20 25
end 2018F
end 2017F
end 2016F
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 teu
19%
28% 28%
13% 27% 26%
15% 25% 24%
22% 23%
9%
20% 21% 23%
35%
36%
36%
36%
35%
35% 26% 20% 20%
19% 19% 33% 29%
18% 19% 32% 31%
6% 34% 29% 30%
2015 Deliveries 2016F Deliveries 2017F Deliveries 2018F Deliveries 2019F Deliveries Nominal TEU No. TEU No. TEU No. TEU No. TEU No. TEU 18,000‐21,000 20 380,144 13 253,435 25 504,977 27 521,448 5 90,000 13,300‐17,999 28 426,821 17 247,442 23 325,460 15 210,798 9 125,740 10,000‐13,299* 17 173,260 25 262,540 34 389,164 19 236,900 2 23,600 7,500‐9,999 57 523,142 21 194,857 5 45,776 0 0 0 0 5,100‐7,499 7 42,510 1 6,882 6 35,210 2 10,590 2 10,590 4,000‐5,099 7 32,583 3 12,957 4 16,000 0 0 0 0 3,000‐3,999 11 40,773 6 21,757 11 40,400 9 32,000 2 7,100 2,000‐2,999 20 46,119 29 69,733 34 87,848 29 77,436 3 8,400 1,500‐1,999 23 40,034 24 41,940 32 57,406 28 50,604 6 11,074 1,000‐1,499 16 16,925 17 18,287 21 23,620 23 28,938 3 3,962 500‐999 8 5,327 3 1,680 4 2,190 0 0 0 0 100‐499 2 649 12 4,038 2 720 0 0 0 0 Total 216 1,728,287 171 1,135,548 201 1,528,771 152 1,168,714 32 280,466 Slippage (Net Est) ‐7 ‐60,000 7 60,000 0 0 0 0 Adjusted total 216 1,728,287 164 1,075,548 208 1,588,771 152 1,168,714 32 280,466 Scrapping (Est) 500,000 275,000 250,000 250,000
Fleet as at : 31 Dec 2015 31 Dec 2016 31 Dec 2017 31 Dec 2018 31 Dec 2019 Nominal TEU No. TEU No. TEU No. TEU No. TEU No. TEU 18,000‐21,000 35 656,524 48 909,959 73 1,414,936 100 1,936,384 105 2,026,384 13,300‐17,999 109 1,572,072 126 1,826,498 149 2,151,958 164 2,362,756 173 2,488,496 10,000‐13,299* 196 2,308,644 223 2,593,200 257 2,982,364 276 3,219,264 278 3,242,864 7,500‐9,999 459 4,026,150 478 4,202,253 483 4,248,029 483 4,248,029 483 4,248,029 5,100‐7,499 502 3,089,060 482 2,972,579 488 3,007,789 490 3,018,379 492 3,028,969 4,000‐5,099 735 3,335,118 712 3,229,898 716 3,245,898 716 3,245,898 716 3,245,898 3,000‐3,999 262 908,010 256 888,413 267 928,813 276 960,813 278 967,913 2,000‐2,999 648 1,639,599 648 1,639,344 682 1,727,192 711 1,804,628 714 1,813,028 1,500‐1,999 582 994,455 598 1,022,744 630 1,080,150 658 1,130,754 664 1,141,828 1,000‐1,499 697 808,717 705 815,381 726 839,001 749 867,939 752 871,901 500‐999 755 561,212 750 557,547 754 559,737 754 559,737 754 559,737 100‐499 186 59,300 194 62,021 196 62,741 196 62,741 196 62,741 Total 5,166 19,958,861 5,220 20,719,837 5,421 22,248,608 5,573 23,417,322 5,605 23,697,788 Adjusted Total 5,166 19,958,861 5,174 20,536,184 5,302 21,849,955 5,379 22,768,669 5,341 22,799,135 Annual Growth 8.6% 2.9% 6.4% 4.2% 0.1%
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ALPHALINER Monthly Monitor September 2016
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
2016YTD 117 384,818 111 376,347 3,391 20
Demoli on Prices (Subcon nent $/ldt)
16
18
20
22
24
26
28
30
050,000
100,000150,000200,000250,000300,000350,000400,000450,000500,000
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
YTD
201
6
Ave
rage
Age
TEU
Other Deletions Scrapped Average Age (Scrapped Units)
Other dele ons include cellular ships lost at sea / converted to non‐container or military use
ALPHALINER
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
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
4,95
9
4,96
6
5,01
8
5,05
1
5,16
6
5,17
4
5,30
2
1,749
1,823
1,931
2,031
2,109
2,195
2,299
2,435
2,533
2,649
2,759
2,937
3,109
3,291
3,447
3,640
3,864
3,969
4,121
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
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ALPHALINER Monthly Monitor September 2016
Deliveries by Quarter Deliveries in June‐August 2016 (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
TEU Tho
usan
ds
Actual Deliveries by Quarter Forecast Deliveries
0
50,000
100,000
150,000
200,000
250,000
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
TEU
TEU DeliveredTo be delivered (* Forecasts)Units delivered
Name Teu Gear Managing owner Operator Shipyard
XIN MING ZHOU 72 2,444 No Ningbo Ocean Shg Co. NBOSCO Bohai Shipbuilding H.I.
SEATRADE ORANGE 2,259 Yes Seatrade Groningen Seatrade Zhejiang Yangfan
CAPE ARAXOS 2,202 Yes Cape Shipping X‐Press Feeders Guangzhou Wenchong
DELPHIS BOTHNIA 1,924 No Delphis (CMB) Hanjin H.I.
SAKURA 400 No Imoto Lines Imoto Lines Yamanaka Zosen
MIYUKI 189 No Imoto Lines Imoto Lines Koike Shipbuilding
Deliveries in July
MSC INGY 19,462 No Quantum Pacific/Ocean Yield MSC Samsung H.I.
MSC REEF 19,437 No BoCom Leasing (c/o MSC) MSC Daewoo (DSME)
HYUNDAI PLUTO 10,081 No Zodiac Mari me Hyundai M.M. Daewoo (DSME)
MSC SASHA 9,411 No BoCom Leasing (c/o MSC) MSC Jiangnan Changxing
ATLANTIC SEA 3,809 No Atlan c Container Line ACL Hudong Zhonghua
NORDSERENA 2,500 Yes Reederei 'Nord' Guangzhou Wenchong
HEUNG‐A BANGKOK 1,800 No Dong‐A Tanker Heung‐A Dae Sun Shipyard
GUANGZHOU TRADER 1707 No Lomar Shipping TS Lines Guangzhou Wenchong
Deliveries in June
MSC DIANA 19,462 No Quantum Pacific/Ocean Yield MSC Samsung H.I.
MSC DITTE 19,437 No BoCom Leasing (c/o MSC) MSC Daewoo (DSME)
UMM QARN 14,993 No UASC UASC Hyundai Samho H.I.
TITAN 14,424 No Costamare Shipping Evergreen Line Samsung H.I.
HYUNDAI NEPTUNE 10,081 No Zodiac Mari me Hyundai M.M. Daewoo (DSME)
MSC BRANKA 9,411 No BoCom Leasing (c/o MSC) MSC Jiangnan Changxing
HANJIN CROATIA 9,030 No Ciner Group Hanjin Shipping Hanjin‐Philippines
QUEEN ESTHER 2,190 Yes Lomar Shipping MCC Transport Guangzhou Wenchong
MOUNT CAMERON 1,700 No Mandarin Shipping Sinokor Zhejiang Ouhua
SUNNY LAVENDER 1,000 No Japanese owners KMTC Imabari
CURUG MAS 360 No Temas Line Temas Line Lianyungang Wuzhou
BAHAR MAS 360 No Temas Line Temas Line Lianyungang Wuzhou
Deliveries in August
YM WELCOME 14,198 No GCII (c/o Seaspan) Yang Ming CSBC
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ALPHALINER Monthly Monitor September 2016
Cellular Orderbook as at 1 September 2016 Cellular Orders Placed by Quarter
Orderbook‐to‐Fleet Development 2000‐2016 (Cellular ships only)
0%
20%
40%
60%
80%
100%
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
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 ‐ August 2 7,000
Delivered ‐ August 7 23,616
Deleted from fleet ‐ August 16 42,452
Recent Orders (Cellular ships only excluding unconverted op ons)
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
TEU
Millions
Orders contracted by Quarter Actual Deliveries by QuarterForecast Deliveries
Date Owner Shipyard Size (TEU) Delivery Price
Sep 16 Jiangsu Ocean Shg Jiangsu Yangzijiang 3 x 1,900 2017‐18 n.a.
Aug 16 Matson NASSCO 2 x 3,500 conro 2019‐20 $255.5 M each
Jul 16 Lomar COSCO Guangdong 3 x 1,750 2019 n.a.
Jul 16 Lomar Jiangsu Yangzijiang 4 x 1,800 2018 n.a.
Jun 16 Zhonggu Shg Jinling Shipyard 4 x 2,500 2018 n.a.
Jun 16 Renjian Group Taizhou Sanfu 2 x 2,400 2017 n.a.
Jun 16 Renjian Group Xiamen Shipyard 2 x 2,400 2017 n.a.
Jun 16 Wan Hai Naikai Zosen 8 x 1,900 2018 $27 M each
Jun 16 Containerships OY Guangzhou Wenchong 4 x 1,400 2018 n.a.
Orderbook Total Of which chartered %
No. of ships 460 244 53.0%
Total Capacity (teu) 3,469,475 1,915,812 55.2%
As % of exis ng fleet 17.1% 17.7%
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ALPHALINER Monthly Monitor September 2016
Cellular Containerships Orderbook by Shipyard (Top 20 Yards) as at 1 Sep 2016
Actual deliveries by yard 2014‐2016 in Mteu Units delivered Shipyard
Orderbook Orderbook by expected year of delivery in Mteu
2014 2015 2016 TEU Units Ave. Size
1 6 2 Imabari 517,260 41 12,616
10 12 7 Samsung H.I. 328,320 17 19,313
21 10 4 Jiangsu Yangzijiang 281,682 45 6,260
22 18 9 Daewoo (DSME) 274,241 14 19,589
23 24 2 Hyundai H.I. 248,400 17 14,612
3 6 4 Jiangnan Changxing 244,782 20 12,239
0 1 0 Shanghai Waigaoqiao 215,688 12 17,974
19 15 3 Hanjin Philippines 200,970 16 12,561
0 0 2 Japan Marine United 182,208 13 14,016
0 0 1 Jinhai H.I. 160,132 17 9,420
11 8 5 Zhejiang Ouhua 101,566 37 2,745
8 7 6 Hyundai Samho 82,486 7 11,784
4 0 0 Nantong (NACKS) 76,000 4 19,000
8 17 5 CSBC 67,206 18 3,734
0 0 0 China Shipbuilding Ind. 65,556 6 10,926
9 10 9 Guangzhou Wenchong 53,069 29 1,830
0 0 0 COSCO Zhoushan 43,650 14 3,118
2 10 1 Dalian Shipbuilding (DSIC) 38,000 2 19,000
0 0 0 Dalian COSCO KHI 38,000 2 19,000
5 3 0 Shanghai Shipyard 26,000 8 3,250
0.000.200.400.600.80
2016 2015 2014
0.00 0.20 0.40 0.60
2016 2017 2018 2019
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Page 9 © Copyright Alphaliner 1999-2016 Unauthorised re-distribution prohibited
ALPHALINER Monthly Monitor September 2016
VLCS Watch Vessels above 7,500 teu only
2 4 4 4 2 6 7 20 37
59
34 39 20
32 26 30 46
33
57
21 5 ‐ ‐
2 10
8
13 36
45 20 35
17
25 34
19 19
2
5
2
5
18
11
5 14 19
28
17 23
15 15
4 11
20
13
25
27 27
0
20
40
60
80
100
120
140
No. of V
LCS de
liveries
>18,000 TEU
13,300‐18,000 TEU
10,000‐13,300 TEU
7,500‐10,000 TEU
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
190 154
144 83
45 28 23 21 19 18 16 13 12 12 11 11 11 9 9 8 4 2 1
17 17
14 7
0 0
2 20 19 0 0 2 4
0 15 0
0 31
0 0
0
13 14 12
6 2
0 50 100 150 200
Hyundai H.I. (HHI)Samsung H.I.
Daewoo (DSME)Hyundai Samho H.I.
OdenseIHI
CSBCJiangnan ChangxingJiangsu YangzijiangHudong Zhounghua
STX ShipyardDalian Shipbldg (DSIC)
Nantong (NACKS)Mitsubishi H.I.
Hanjin PhilippinesNew Century
SungdongImabari
Hanjin H.I.Daewoo (DMHI)Dalian Shipyard
Japan Marine UnitedJinhai H.I.
Shanghai WaigaoqiaoChina Shipbuilding (CSIC)
Dalian COSCO KHI (DACKS) Units Delivered Units On Order
149 136
108 82
55 51
38 34 30 30 26 24 24
18 18
8 3 3 1 6
30 22
15 35
19 5
6 7
2 6
13 5
12
18
0 20 40 60 80 100 120 140 160 180 200
MSCMaersk
CMA CGM incl. APLCOSCO incl. CSCL
EvergreenHapag‐LloydHanjin Shg
OOCLYang Ming
UASCMOLHMM
Hamburg SüdNYK
K LineZimPIL
Wan HaiSCI
Unassigned Current Units Ordered Units
Current Fleet Orderbook Units TEU Units TEU 7,500‐10,000 TEU 471 4,137,940 11 101,914 10,000‐13,300 TEU 210 2,453,072 69 801,596 13,300‐18,000 TEU 121 1,755,690 52 733,322 >18,000 TEU 42 793,499 63 1,232,885 Total 844 9,140,201 195 2,869,717
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ALPHALINER Monthly Monitor September 2016
Charter Rates ‐ Cellular Ships September 2014 Fixtures (selected fixtures only ‐ full list available online) Charter Rates ‐ Cellular Ships August 2016 Fixtures (selected fixtures only ‐ full list 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
Charter R
ate $/da
y
Alphaliner Charter Rates 2000‐2016 (August)
5,600 teu4,000 teu2,500 teu1,700 teu1,000 teu500 teu
Size Aug‐16 Jul‐16 MoM
Change % Aug‐15 YoY
Change % $/day $/day $/day 5,600 teu 5,950 6,000 ‐1% 13,500 ‐56% 4,000 teu (Panamax) 4,950 5,000 ‐1% 12,750 ‐61% 2,500 teu 6,000 6,250 ‐4% 8,750 ‐31% 1,700 teu 7,000 7,250 ‐3% 9,750 ‐28% 1,000 teu 6,700 6,750 ‐1% 7,750 ‐14% Alphaliner Index 43.1 44.1 ‐2% 67.5 ‐36% Note : Rates based on 6‐12 month fixtures. Alphaliner Index ‐ Jan 2000 = 100
500 teu series discon nued from Jan 2012 due to decreasing demand for this size. 5,600 teu series added from April 2013, with data collected from Jan 2012
Vessel Name Built Teu Teu 14t Gear Ice Charterer Period (Mths) US$/day EUROPE 2004 8,468 6,522 N N COSCON 12‐18 8,950 E.R. TEXAS 2006 8,465 6,166 N N COSCON 12‐18 8,950 GENOA 2002 5,544 4,170 N N Hapag‐Lloyd 6‐12 6,000 ALLEGORIA 2006 5,527 4,203 N N Hapag‐Lloyd 6‐9 6,000 HAMMONIA VENETIA 2010 4,178 2,882 N N CMA CGM 6‐10 5,000 GUENTHER SCHULTE 2008 3,534 2,413 N N Hapag‐Lloyd 7‐10 5,600 CIRCULAR QUAY 2009 3,534 2,413 N N Cheng Lie Nav. 5‐12 5,300 THORSTAR 2003 2,826 2,020 N N Simatech 6 5,800 BOMAR HAMBURG 2006 2,824 2,030 N N KMTC 6‐9 6,000 MONACO 2006 2,824 2,029 N N MOL 5‐10 6,100 MOZART 2007 2,824 2,029 N N CMA CGM 6 6,150 LEO PERDANA 2007 2,553 1,897 N N Evergreen 5‐9 6,100 BALAO 2013 2,546 1,870 Y E Hapag‐Lloyd 5‐9 7,300 DANAE C. 2001 2,526 1,950 Y N Hapag‐Lloyd 5‐12 6,000 RT AEGIR 1997 2,468 1,886 Y E Great Southern Shg 6 5,950 MARIE DELMAS 2002 2,202 1,735 Y N CMA CGM 13+39 13,000 LOBIVIA 2001 2,082 1,650 Y N RCL 5‐8 5,900 MELBOURNE STRAIT 2008 1,795 1,312 Y N King Ocean Svc 12 7,125 HANSA RONNEBURG 2004 1,740 1,330 Y E X‐Press Feeders 6‐9 7,000 HANSA AUGSBURG 2008 1,732 1,275 Y E Seaboard Marine 6‐9 6,950 HANSA OFFENBURG 2011 1,732 1,275 Y E Qatar Naviga on 6‐12 6,700 AMANDA 2000 1,730 1,124 Y N Naviera DAL 6‐8 7,000 VIKING MERLIN 2014 1,728 1,275 Y E Seaboard Marine 6‐8 6,950 TOKYO TOWER 2007 1,708 1,260 N N TS Lines 6‐8 7,200 MARY SCHULTE 2000 1,702 1,350 N N Italia Mari ma 6 6,750 PINARA 2004 1,696 1,330 Y E Melfi Marine 6‐8 6,900 A. IDEFIX 2008 1,674 1,222 Y E NYK 6 7,000 CARIBBEAN EXPRESS 2007 1,674 1,250 Y E X‐Press Feeders 6 7,000 PADMA 1998 1,645 1,180 Y E Evergreen 8‐9 7,000 MIZAR 2005 1,341 913 Y 1C Evergreen 6‐9 7,900 SATURN 2008 1,341 925 Y E Maersk Line 8‐12 7,400 BALKAN 2007 1,304 850 Y 1A MSC 12 8,150 STADT JENA 2007 1,296 975 Y N Crowley Liner Svc 6 8,100 SANDY RICKMERS 2001 1,216 840 N 1A MSC 12 8,500 MARE FOX 2003 1,200 870 N E NYK 7‐8 7,500 ASIATIC BAY 2007 1,134 717 N N Far Shipping 6 7,600 JSP LEVANTE 2006 1,118 700 Y E Italia Mari ma 6‐7 7,400 ASIAN SUN 2006 1,118 700 Y E CMA CGM 6 7,700 WES JANINE 2012 1,036 740 N 1A Maersk Line 10‐12 7,250 PICTOR J. 2009 925 639 N 1A Maersk Line 10‐12 5,900 HOLANDIA 2000 907 530 Y 1A Tarros 6 6,300 NEUENFELDE 2001 868 612 N 1A Maersk Line 6‐12 5,850 ANNA SIRKKA 2006 868 612 N 1A Borchard Lines 24 6,000 ANDANTE 2007 868 613 N N X‐Press Feeders 6 6,000 PASSAT 2005 862 595 Y N Maersk Line 6‐12 5,850 ORA BHUM 1997 628 415 Y CK Line 6 5,000
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ALPHALINER Monthly Monitor September 2016
Sales and Purchase (Cellular Containerships : Reported Sales in Jul‐Aug 2016)
Demoli on Sales (Cellular Containerships : Reported Sales in Aug‐Sep 2016)
Full list of sales and demoli on sales are available at www.alphaliner.com
05
10
15
20
25
30
35
40
45
50
010,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2009
Jan
Apr
Jul
Oct
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
Units sold
TEU
Demolition Sales by Month
TEU Units Sold
051015202530354045505560
010,00020,00030,00040,00050,00060,00070,00080,00090,000
100,000110,000120,000130,000140,000
2009
Jan
Apr
Jul
Oct
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
Units sold
TEU
Sales by Month TEU Units Sold
Ship Name Built Teu Seller Buyer Price US$m Sold ANTHEA 2001 1,740 Telemachus Marine MTT Shipping priv Aug VEGA LUPUS 2006 1,118 Vega Reederei Interests linked to MSC priv Aug ASIATIC SPRING 2014 9,034 Asia c Lloyd MC‐Seamax priv Jul MARE CARIBICUM 2001 4,038 Hansa Mare Reederei Orient Express Lines priv Jul LILAC 2005 2,824 Armania Shipping KMTC priv Jul PONTREMOLI 2006 2,646 Laeisz Schiffahrt Clients of EP Shg priv Jul WEHR WESER 2001 2,526 Oskar Wehr Chartworld Shg priv Jul WEHR ELBE 2001 2,526 Oskar Wehr Chartworld Shg priv Jul MERKUR CLOUD 1996 1,608 Reederei F.A. Vinnen Paul Abrao Agencies priv Jul ACAPULCO 1996 1,162 Con nental Inv. Hldgs (CIH) priv Jul MOUNT BOKOR 2005 1,118 Clients of Buss Shg Clients of MSC priv Jul CONELBE 2007 868 Clients of Bernd Bartels Clients of Jebsen Shg priv Jul NATHALIE EHLER 2002 868 Nathalie Shg (c/o Heinz Ehler) Elbdeich Reederei priv Jul ANALENA 2006 862 Peter Döhle Schiffahrts Danz und Tietjens priv Jul
Ship Name Built Age Teu Ldt $/ldt Last Trading Owner Buyer Sold NORTHERN GRACE 2000 16 4,890 20,073 $295 Norddeutsche Ree. H. Schuldt Sep VIKTORIA WULFF 2006 10 4,546 21,191 $303 Reederei Hermann Wulff Sep HS COLON 2002 14 4,389 19,259 $275 Hansa Treuhand Bangladesh Sep HEIKE P. 2000 16 2,732 12,845 $278 Stephan Patjens Sep LIWIA P. 2001 15 2,732 12,845 $271 Stephan Patjens Sep META 2001 15 2,732 12,845 $249 Stephan Patjens Sep ALEXANDRA 2000 16 2,732 12,845 $268 Stephan Patjens Sep BOX CHINA 1996 20 5,344 24,073 $283 Box Ships Inc. Pakistan Aug BOX HONG KONG 1995 21 5,344 24,061 $283 Box Ships Inc. Pakistan Aug SEASPAN EXCELLENCE 2003 13 4,646 21,564 $280 Seaspan India Aug SEASPAN EXPEDITOR 2003 13 4,646 21,563 $276 Seaspan India Aug MOL EXPRESS 2003 13 4,646 21,615 $275 GCII (c/o Seaspan) India Aug HS BEETHOVEN 2002 14 4,389 19,290 $282 Hansan Treuhand Bangladesh Aug CAP STEWART 2001 15 3,739 16,054 $286 Seachange Mari me Bangladesh Aug JING PO HE 1997 19 3,400 COSCO China Aug KARMEN 1991 25 3,351 14,500 $284 Costamare Bangladesh Aug ANKE 2002 14 3,108 15,107 $287 Peter Dohle Bangladesh Aug ATLANTIC CONCERT (conro) 1984 32 2,908 28,557 Atlan c Container Line India Aug MAMITSA 1996 20 2,672 11,850 Technomar India Sep SANTA GIULIANA 1996 20 2,061 8,870 $286 CP Offen India Aug NADIR 1997 19 1,647 9,505 $285 Alpha Ship India Aug MSC JILHAN 1986 30 1,317 5,936 $276 MSC India Aug AS MARS 1996 20 1,128 6,750 Alphaship India Aug
Bangladesh
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ALPHALINER Monthly Monitor September 2016
Top 30 Carriers As at 1 September 2016
* Recent consolida ons : CSCL consolidated in COSCON from 1 Mar 2016. APL consolidated in CMA CGM from 1 Jul 2016.
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 TEU Millions
Current TEU Orderbook TEU
Total exis ng Owned Chartered Orderbook Market Rank Operator TEU Ships TEU Ships TEU Ships % Chart. TEU Ships O/E % Share 1 APM‐Maersk 3,178,644 620 1,746,756 261 1,431,888 359 45% 387,150 29 12% 15.4% 2 MSC 2,767,888 488 1,055,967 190 1,711,921 298 62% 401,063 30 14% 13.4% 3 CMA CGM 2,245,115 495 1,011,166 140 1,233,949 355 55% 235,624 24 10% 10.8% 4 COSCON 1,532,760 276 463,317 81 1,069,443 195 70% 560,888 35 37% 7.4% 5 Evergreen 957,731 188 557,365 107 400,366 81 42% 367,272 39 38% 4.6% 6 Hapag‐Lloyd 916,850 163 506,011 70 410,839 93 45% 52,500 5 6% 4.4% 7 Hanjin Shg 617,240 98 274,078 37 343,162 61 56% 0% 3.0% 8 Hamburg Süd 604,569 117 292,311 44 312,258 73 52% 30,400 8 5% 2.9% 9 Yang Ming 582,039 105 203,810 43 378,229 62 65% 98,396 7 17% 2.8% 10 OOCL 573,396 99 397,531 53 175,865 46 31% 126,600 6 22% 2.8% 11 UASC 544,544 57 419,203 38 125,341 19 23% 29,986 2 6% 2.6% 12 MOL 520,254 84 151,316 22 368,938 62 71% 120,900 6 23% 2.5% 13 NYK 498,222 96 267,544 45 230,678 51 46% 182,208 13 37% 2.4% 14 Hyundai M.M. 437,512 60 165,080 22 272,432 38 62% 0% 2.1% 15 K Line 359,861 62 80,150 12 279,711 50 78% 69,350 5 19% 1.7% 16 PIL 359,611 140 296,643 120 62,968 20 18% 141,600 12 39% 1.7% 17 Zim 339,968 74 27,800 6 312,168 68 92% 0% 1.6% 18 Wan Hai 226,532 89 168,590 70 57,942 19 26% 15,200 8 7% 1.1% 19 X‐Press Feeders 144,032 91 27,441 22 116,591 69 81% 0% 0.7% 20 KMTC 116,495 58 44,811 26 71,684 32 62% 7,200 4 6% 0.6% 21 IRISL Group 100,580 48 100,580 48 0% 2,288 1 2% 0.5% 22 SITC 87,576 70 62,082 47 25,494 23 29% 0% 0.4% 23 TS Lines 84,074 41 1,578 1 82,496 40 98% 7200 4 9% 0.4% 24 Arkas / EMES 77,134 44 65,415 38 11,719 6 15% 11,016 4 14% 0.4% 25 Simatech 60,830 21 21,782 8 39,048 13 64% 0% 0.3% 26 Transworld Group 54,564 32 37,441 20 17,123 12 31% 0% 0.3% 27 Quanzhou An Sheng 53,888 43 51,169 37 2,719 6 5% 9,600 4 18% 0.3% 28 RCL 50,807 27 23,713 18 27,094 9 53% 3,376 2 7% 0.2% 29 Zhonggu Shg 49,152 42 40,306 21 8,846 21 18% 22,500 9 46% 0.2% 30 Grimaldi (Napoli) 47,448 42 42,971 40 4,477 2 9% 7,618 2 16% 0.2%
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ALPHALINER Monthly Monitor September 2016
Main Carriers ‐ Breakdown of operated capacity by TEU size range As at 1 September 2016
16%
24%
14%
20%
17%
32%
47%
11%
6%
19%
15%
11%
13%
18%
19%
14%
35%
23%
21%
18%
19%
3%
44%
12%
14%
23%
25%
20%
21%
38%
38%
27%
16%
24%
36%
12%
19%
27%
16%
33%
7%
10%
12%
23%
17%
11%
12%
8%
21%
14%
15%
25%
17%
14%
14%
28%
35%
22%
21%
15%
8%
7%
8%
26%
15%
18%
15%
19%
23%
10%
26%
18%
27%
14%
21%
8%
17%
20%
15%
18%
44%
63%
31%
18%
8%
20%
11%
7%
9%
2%
6%
4%
2%
6%
5%
3%
1%
3%
5%
3%
3%
8%
4%
15%
18%
30%
7%
6%
5%
8%
6%
8%
3%
3%
4%
8%
4%
1%
3%
4%
5%
27%
3%
35%
56%
35%
7%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
APM‐MaerskMSC
CMA CGMCOSCON
EvergreenHapag‐LloydHanjin Shg
Hamburg SüdYang Ming
OOCLUASCMOLNYK
Hyundai M.M.K Line
PILZim
Wan HaiX‐Press Feeders
KMTC
Aggregate Top 20
Capacity operated by Size Range in TEU >13,300 (neo over‐panamax) 10,000‐13,300 7,500‐10,000 5,100‐7,500 3,000‐5,100 2,000‐3,000 < 2,000
* Recent consolida ons : CSCL consolidated in COSCON from 1 Mar 2016. APL consolidated in CMA CGM from 1 Jul 2016.
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ALPHALINER Monthly Monitor September 2016
Main Carriers ‐ Breakdown of units operated by TEU size range As at 1 September 2016
0 200 400 600 800Units Operated
TEU Size Range >10,0005,100‐10,0003,000‐5,100<3,000
* Recent consolida ons : CSCL consolidated in COSCON from 1 Mar 2016. APL consolidated in CMA CGM from 1 Jul 2016.
TEU Size Range
18,000‐21,000
13,300‐17,999
10,000‐13,300
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 20 8 28 80 84 90 45 133 55 56 21 0 620
MSC 11 32 28 78 51 63 36 77 31 47 33 1 488
CMA CGM 0 20 38 50 46 63 43 75 34 51 70 5 495
COSCON 5 16 26 35 23 78 1 13 23 29 25 2 276
Evergreen 0 12 0 43 33 21 2 21 24 28 4 0 188
Hapag‐Lloyd 0 0 10 41 21 40 17 16 13 2 3 0 163
Hanjin Shg 0 0 19 19 14 19 8 6 6 4 1 2 98
Hamburg Süd 0 0 13 11 24 18 23 14 12 2 0 0 117
Yang Ming 0 13 0 17 17 18 0 11 23 6 0 0 105
OOCL 0 0 9 25 14 27 0 7 8 9 0 0 99
UASC 6 9 8 7 11 1 11 1 2 1 0 0 57
MOL 0 4 10 12 23 19 0 5 4 6 1 0 84
NYK 0 2 1 15 27 16 7 10 3 8 7 0 96
Hyundai M.M. 0 0 16 8 15 14 0 6 0 1 0 0 60
K Line 0 5 0 13 13 15 0 4 9 1 2 0 62
PIL 0 0 0 3 8 21 18 11 29 23 24 3 140
Zim 0 0 4 4 5 47 0 5 2 6 1 0 74
Wan Hai 0 0 0 3 3 16 0 13 29 24 1 0 89
X‐Press Feeders 0 0 0 0 2 4 2 10 20 15 37 1 91
KMTC 0 0 0 0 5 2 0 13 12 16 2 8 58
Total Top 20 42 121 210 464 439 592 213 451 339 335 232 22 3,460
Total Liner Fleet incl. non‐cellular 42 121 210 471 482 713 253 643 596 708 843 552 5,634
Top 20 % 100% 100% 100% 99% 91% 83% 84% 70% 57% 47% 28% 4% 61%
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ALPHALINER Monthly Monitor September 2016
Main Carriers ‐ Breakdown of units on order by TEU size range As at 1 September 2016
0 10 20 30 40 50Units On Order
TEU Size Range >10,0005,100‐10,0003,000‐5,100<3,000
Includes owned and known chartered ships that are on order by each carrier. Total orderbook includes non‐opera ng owner units without reported charters.
TEU Size Range
18,000‐21,000
13,300‐17,999
10,000‐13,300
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 11 9 2 0 0 0 7 0 0 0 0 0 29
MSC 9 0 15 6 0 0 0 0 0 0 0 0 30
CMA CGM 3 0 12 0 0 0 4 3 2 0 0 0 24
COSCON 17 5 8 5 0 0 0 0 0 0 0 0 35
Evergreen 11 8 0 0 0 0 0 20 0 0 0 0 39
Hapag‐Lloyd 0 0 5 0 0 0 0 0 0 0 0 0 5
Hanjin Shg 0 0 0 0 0 0 0 0 0 0 0 0 0
Hamburg Süd 0 0 0 0 0 0 8 0 0 0 0 0 8
Yang Ming 0 7 0 0 0 0 0 0 0 0 0 0 7
OOCL 6 0 0 0 0 0 0 0 0 0 0 0 6
UASC 0 2 0 0 0 0 0 0 0 0 0 0 2
MOL 6 0 0 0 0 0 0 0 0 0 0 0 6
NYK 0 13 0 0 0 0 0 0 0 0 0 0 13
Hyundai M.M. 0 0 0 0 0 0 0 0 0 0 0 0 0
K Line 0 5 0 0 0 0 0 0 0 0 0 0 5
PIL 0 0 12 0 0 0 0 0 0 0 0 0 12
Zim 0 0 0 0 0 0 0 0 0 0 0 0 0
Wan Hai 0 0 0 0 0 0 0 0 8 0 0 0 8
X‐Press Feeders 0 0 0 0 0 0 0 0 0 0 0 0 0
KMTC 0 0 0 0 0 0 0 0 4 0 0 0 4
Total Top 20 63 49 54 11 0 0 19 23 14 0 0 0 233
Total Orderbook 63 52 69 11 11 6 26 82 77 52 5 6 460
Top 20 % 100% 94% 78% 100% 0% 0% 73% 28% 18% 0% 0% 0% 51%
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ALPHALINER Monthly Monitor September 2016
2018 Scheduled Deliveries
2016 Actual & Scheduled Deliveries
Operated Fleet As at 1 Sept 2016
2017 Scheduled Deliveries
Already delivered
3,17
9
2,76
8
2,24
5
1,53
3 958
917
617
605
582
573
545
520
498
438
360
360
340
227
144
116
0
500
1,000
1,500
2,000
2,500
3,000
3,500
TEU
Tho
usan
ds
Operated Fleet and Scheduled Deliveries include owned and chartered ships. Delivery schedules may be subject to revision.
© Alphaliner
20
187
24
9 43
21
0 0 0 0 0 0 28
0 0 0 0 0 0 0
0
100
200
300
400
500
TEU
Tho
usan
ds
289
180
199
65
84
32
0 15
28
127
30
121
42
0 0 24
0 0 0 7
0
100
200
300
400
500
TEU
Tho
usan
ds
79
35
13
486
142
0 0 15
42
0 0 0 42
0 69
94
0 15
0 0
0
100
200
300
400
500 TEU
Tho
usan
ds
0 0 0 0 98
0 0 0 28
0 0 0 70
0 0 24
0 0 0 0
0
100
200
300
400
500
TEU
Tho
usan
ds
Top 20 Carriers Newbuilding Delivery Schedule As at 1 September 2016
2019 Scheduled Deliveries
* CSCL consolidated in COSCON since 1 Mar 2016. APL consolidated in CMA CGM since 1 Jul 2016.
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ALPHALINER Monthly Monitor September 2016
Top 20 Carriers Year‐on‐Year Growth in Operated Capacity
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions APM‐Maersk
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions COSCON
0.00
0.50
1.00
1.50
2.00
2.50
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions CMA CGM
0.00
0.50
1.00
1.50
2.00
2.50
3.0020
09
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions MSC
0.00
0.20
0.40
0.60
0.80
1.00
1.20
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions Evergreen
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions Hamburg Süd
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.7020
09
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions Hanjin Shg
0.00
0.20
0.40
0.60
0.80
1.00
1.20
2009
2010
2011
2012
2013
2014
2015
2016
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
Capa
city Ope
rated in TEU
Millions Yang Ming
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions MOL
0.00
0.10
0.20
0.30
0.40
0.50
0.60
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions UASC
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions OOCL
0.00
0.10
0.20
0.30
0.40
0.50
0.60
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions NYK
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions PIL
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions K Line
0.000.050.100.150.200.250.300.350.400.450.50
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions Hyundai M.M.
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions Zim
0.00
0.02
0.04
0.06
0.08
0.10
0.12
0.14
2009
2010
2011
2012
2013
2014
2015
2016
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
Capa
city Ope
rated in TEU
Millions X‐Press Feeders
0.00
0.05
0.10
0.15
0.20
0.25
0.30
2009
2010
2011
2012
2013
2014
2015
2016
Capa
city Ope
rated in TEU
Millions Wan Hai
Change in operated capacity Sep 2016 vs Sep 2015
CSCL consolidated in COSCON from 1 Mar 2016.
APL consolidated in CMA CGM from 1 Jul 2016.
No. Operator %
1 APM‐Maersk 4.7%
2 MSC 3.8%
3 CMA CGM 24.9%
4 COSCON 77.4%
5 Evergreen 0.2%
6 Hapag‐Lloyd ‐3.0%
7 Hanjin Shg 0.1%
8 Hamburg Süd ‐3.3%
9 Yang Ming 9.3%
10 OOCL ‐2.8%
11 UASC 15.8%
12 MOL ‐10.6%
13 NYK ‐1.9%
14 Hyundai M.M. 15.0%
15 K Line ‐9.8%
16 PIL ‐6.5%
17 Zim ‐6.6%
18 Wan Hai 8.3%
19 X‐Press Feeders 14.6%
20 KMTC 11.9%
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ALPHALINER Monthly Monitor September 2016
Top 30 Non‐Opera ng Owners (Managing Owners ‐ Cellular Containerships only) As at 1 September 2016
Market share for non‐opera ng owners calculated based on current charter fleet which stands at 10.80 Mteu as at September 2016
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 783,823 102 143,506 13 18% 927,329 115 7,685 11,039 7.3% 2 China Shipping 507,604 63 233,928 14 46% 741,532 77 8,057 16,709 4.7% 3 Peter Döhle/Hammonia 442,515 111 7,600 2 2% 450,115 113 3,987 3,800 4.1% 4 Offen, Claus Peter 386,713 51 0% 386,713 51 7,583 3.6% 5 Rickmers Group 364,316 75 3,872 2 1% 368,188 77 4,858 1,936 3.4% 6 Costamare Shg 358,062 61 105,922 10 30% 463,984 71 5,870 10,592 3.3% 7 Danaos Shg 353,521 59 0% 353,521 59 5,992 3.3% 8 E.R. Schiffahrt 331,275 56 0% 331,275 56 5,916 3.1% 9 Zodiac Mari me 323,718 40 21,180 4 7% 344,898 44 8,093 5,295 3.0% 10 Reederei NSB 303,111 51 0% 303,111 51 5,943 2.8% 11 Norddeutsche Ree. H. Schuldt 260,859 54 0% 260,859 54 4,831 2.4% 12 Eastern Pacific Shipping 251,698 32 77,848 4 31% 329,546 36 7,866 19,462 2.3% 13 BoCom Leasing 241,441 19 84,378 8 35% 325,819 27 12,707 10,547 2.2% 14 Schulte Group 223,506 54 9,428 4 4% 232,934 58 4,139 2,357 2.1% 15 Enesel 180,080 14 0% 180,080 14 12,863 1.7% 16 NSC Schiffahrt 179,009 36 0% 179,009 36 4,972 1.7% 17 Technomar Shipping 163,907 36 0% 163,907 36 4,553 1.5% 18 Shoei Kisen 160,784 29 338,000 21 210% 498,784 50 5,544 16,095 1.5% 19 Ahrenkiel Steamship 132,305 50 0% 132,305 50 2,646 1.2% 20 Lomar 124,278 53 33,358 15 27% 157,636 68 2,345 2,224 1.2% 21 Hansa Shipping 123,526 35 0% 123,526 35 3,529 1.1% 22 CIMC 123,466 14 0% 123,466 14 8,819 1.1% 23 Niki 113,828 18 0% 113,828 18 6,324 1.1% 24 Ship Finance Int'l 110,354 20 38,400 2 35% 148,754 22 5,518 19,200 1.0% 25 Navios 95,780 20 0% 95,780 20 4,789 0.9% 26 Delphis (CMB) 91,239 25 5,772 3 6% 97,011 28 3,650 1,924 0.8% 27 Interna onal Mari me Ent. 89,092 13 0% 89,092 13 6,853 0.8% 28 Global Ship Lease 82,194 18 0% 82,194 18 4,566 0.8% 29 Borealis Mari me 81,940 33 0% 81,940 33 2,483 0.8% 30 XT Shipping 81,598 18 0% 81,598 18 4,533 0.8%
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ALPHALINER Monthly Monitor September 2016
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 (Sep 2016 vs 2015/2014)
Weekly Capacity (TEU) FE ‐ Eur FE ‐ N. Am Eur ‐ N. Am
1 Aug 15 391,276 446,120 123,655 1 Sep 15 396,276 447,052 124,255 1 Oct 15 398,171 446,711 126,231 1 Nov 15 384,919 436,480 121,832 1 Dec 15 362,374 431,442 123,782 1 Jan 16 370,659 432,815 123,606 1 Feb 16 391,788 429,921 121,811 1 Mar 16 377,547 420,078 126,396 1 Apr 16 365,458 423,987 123,834 1 May 16 392,935 427,939 123,096 1 Jun 16 398,687 449,011 122,493 1 Jul 16 403,497 435,396 122,662 1 Aug 16 406,773 430,841 123,010 1 Sep 16 407,660 434,733 122,391 Sep 16 vs 15 % 2.9% ‐2.8% ‐1.5%
‐25%
‐20%
‐15%
‐10%
‐5%
0%
5%
10%
15%
20%
25%
0
200,000
400,000
600,000
800,000
1,000,000
1,200,000
2009
Jan
Apr
Jul
Oct
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 %
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
2009Jan
2010Jan
2011Jan
2012Jan
2013Jan
2014Jan
2015Jan
2016Jan
% Cha
nge yo
y
Far East ‐ Europe Weekly Capacity (TEU)
Change vs Sep 2014 : +6% Change vs Sep 2015 : +3%
‐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
2009Jan
2010Jan
2011Jan
2012Jan
2013Jan
2014Jan
2015Jan
2016Jan
% Cha
nge yo
y
Far East ‐ North America Weekly Capacity (TEU)
Change vs Sep 2014 : +3% Change vs Sep 2015 : ‐3%
‐30%
‐20%
‐10%
0%
10%
20%
30%
80,000
85,000
90,000
95,000
100,000
105,000
110,000
115,000
120,000
125,000
130,000
2009Jan
2010Jan
2011Jan
2012Jan
2013Jan
2014Jan
2015Jan
2016Jan
% Cha
nge yo
y
Europe ‐ North America Weekly Capacity (TEU)
Change vs Sep 2014 : +9% Change vs Sep 2015 : ‐2%
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ALPHALINER Monthly Monitor September 2016
Trade Capacity Breakdown by Carrier (Far East‐Europe and Far East‐US as at 1 Sep 2016)
Capacity breakdown based on deployed by vessel operator at the beginning of the month. Not adjusted for slot exchange and slot purchase arrangements between carriers. Alliance capacity share includes capacity operated by mem‐ber carriers outside of alliance arrangements. The Grand Alliance and New World Alliance have been opera ng jointly as
the G6 on FE‐Eur routes from Mar 2012, on FE‐USEC from May 2013 and on FE‐USWC from May 2014.
From April 2014, CKYH and Evergreen have been opera ng jointly as the CKYHE
From Jan 2015, Maersk and MSC have been opera ng jointly as the 2M From Jan 2015, CMA CGM, CSCL and UASC have been opera ng jointly as
the Ocean 3 The fleets of COSCON and CSCL have been consolidated since 1 March 2016
under COSCON. CMA CGM acquired controlling stake in APL in June 2016. However, they remain operated under separate alliance arrangements and are currently shown separately.
ALPHALINER
54,028
41,047
39,756
32,041
30,382
27,187
24,889
23,484
22,733
22,718
21,310
19,791
15,282
13,918
12,145
7,728
6,244
3,777
2,887
2,688
966
0
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
MaerskEvergreen
COSCO (CKYHE)Hanjin ShgCMA CGM
APLOOCLK LineNYKMOL
Yang MingHapag‐Lloyd
ZimMSC
Hyundai M.M.UASC
COSCO (O3)Wan Hai
PILMatson
WestwoodHamburg Süd
FE ‐ North America Weekly Capacity in nominal TEU
2M 16%
Ocean 3 10%
CKYHE 37%
G6 31%
Others 6%
FE‐N. America Capacity Share by Alliance
ALPHALINER
74,160
62,653
40,513
30,804
26,642
23,114
22,919
21,924
20,199
15,369
12,547
11,912
11,630
9,573
9,181
8,944
5,576
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000
MSCMaersk
CMA CGMEvergreen
UASCHanjin Shg
COSCO (CKYHE)COSCO (O3)Yang Ming
Hapag‐LloydHyundai M.M.
OOCLAPLNYKMOL
K LineZim
FE ‐ Europe Weekly Capacity in nominal TEU
2M 34%
Ocean 3 22%
CKYHE 26%
G6 17%
Others 1%
FE‐Europe Capacity Share by Alliance
FE‐Europe (TEU/week) Sep‐16 Aug‐16 MoM %
Change Sep‐15 YoY % Change
2M 136,810 135,980 1% 145,360 ‐6% Ocean 3 89,080 90,420 ‐1% 79,950 11% CKYHE 105,980 105,980 0% 93,340 14% G6 70,210 68,820 2% 72,430 ‐3% Others 5,580 5,580 0% 5,200 7%
Total 407,660 406,780 0% 396,280 3%
FE‐N America (TEU/week) Sep‐16 Aug‐16 MoM %
Change Sep‐15 YoY % Change
2M 67,950 66,160 3% 63,350 7% Ocean 3 44,350 42,170 5% 59,100 ‐25% CKYHE 157,640 157,640 0% 151,030 4% G6 129,460 128,510 1% 133,600 ‐3% Others 25,600 26,640 ‐4% 30,340 ‐16% Non Scope 9,730 9,730 0% 9,630 1%
Total 434,730 430,840 1% 447,050 ‐3%
Note : Hanjin Shipping data recorded on 30 August on the eve of filing for receivership
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ALPHALINER Monthly Monitor September 2016
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
Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016
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 liza 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) & Alphaliner es mates
30%
40%
50%
60%
70%
80%
90%
100%
110%
0
200
400
600
800
1,000
1,200
1,400
1,600
Jan 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016
Utilisation (Est)
Dem
and/
Supp
ly in
TEU
Tho
usan
ds
Far East ‐ Europe TradeCapacityLiftings (FE‐Europe)Utilisation % (est)
FE‐US TEU 2014 2015 2016 16/15 % 15/14 % 14/13 % Jan 1,132,470 951,222 1,181,121 24.2% ‐16.0% 6.7% Feb 898,161 912,274 1,158,392 27.0% 1.6% ‐10.6% Mar 924,584 1,116,105 900,008 ‐19.4% 20.7% 20.9% Apr 1,057,224 1,112,065 1,066,420 ‐4.1% 5.2% 5.5% May 1,119,784 1,183,172 1,183,797 0.1% 5.7% 6.4% Jun 1,108,928 1,198,193 1,218,191 1.7% 8.0% 7.1% Jul 1,159,779 1,215,264 1,237,243 1.8% 4.8% 3.4% Aug 1,168,519 1,286,980 1,331,768 3.5% 10.1% 3.4% Sep 1,218,577 1,270,532 4.3% 10.1% Oct 1,229,398 1,187,521 ‐3.4% 10.1% Nov 1,061,244 1,120,428 5.6% 4.7% Dec 1,058,668 1,066,021 0.7% 6.2% Q1 2,955,215 2,979,601 3,239,522 8.7% 0.8% 4.4% Q2 3,285,936 3,493,430 3,468,409 ‐0.7% 6.3% 6.3% Q3 3,546,875 3,772,776 6.4% 5.6% Q4 3,349,310 3,373,970 0.7% 7.1%
YTD Aug 8,569,449 8,975,275 9,276,942 3.4% 4.7% 4.8% Full Year 13,137,336 13,619,777 3.7% 5.9%
FE‐Eur TEU 2014 2015 2016 16/15 % 15/14 % 14/13 % Jan 1,453,474 1,408,697 1,380,294 ‐2.0% ‐3.1% 9.4% Feb 876,616 1,171,554 1,031,325 ‐12.0% 33.6% ‐6.7% Mar 1,264,902 988,006 1,200,557 21.5% ‐21.9% 14.5% Apr 1,278,967 1,181,745 1,258,231 6.5% ‐7.6% 8.2% May 1,364,503 1,331,039 1,302,457 ‐2.1% ‐2.5% 11.8% Jun 1,374,884 1,282,502 1,288,850 0.5% ‐6.7% 10.6% Jul 1,406,049 1,313,332 1,361,348 3.7% ‐6.6% 7.6% Aug 1,420,941 1,339,713 ‐5.7% 8.6% Sep 1,256,938 1,193,484 ‐5.0% 6.1% Oct 1,190,134 1,179,434 ‐0.9% 3.4% Nov 1,139,894 1,106,093 ‐3.0% 6.1% Dec 1,357,739 1,405,822 3.5% 5.6%
Q1 3,594,992 3,568,257 3,612,176 1.2% ‐0.7% 6.6% Q2 4,018,354 3,795,286 3,849,538 1.4% ‐5.6% 10.2% Q3 4,083,928 3,846,529 ‐5.8% 7.5% Q4 3,687,767 3,691,349 0.1% 5.0%
YTD Jul 9,019,395 8,676,875 8,823,062 1.7% ‐3.8% 8.4% Full Year 15,385,041 14,901,421 ‐3.1% 7.4%
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ALPHALINER Monthly Monitor September 2016
Main Carriers ‐ Breakdown of Capacity Operated by Trade (as at 1 September 2016)
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. * NOO ‐ Non‐Opera ng Owners’ vessels that are charter free * CSCL consolidated in COSCON since 1 Mar 2016. APL consolidated in CMA CGM since 1 Jul 2016. Hanjin Shipping data recorded on 30 August on the eve of filing for receivership
5%
6%
3%
1%
1%
21%
1%
4%
1%
3%
2%
5%
2%
9%
4%
1%
4%
14%
4%
19%
23%
32%
16%
37%
1%
25%
31%
9%
38%
37%
25%
50%
7%
42%
12%
18%
1%
16%
22%
29%
26%
31%
30%
14%
34%
35%
22%
54%
20%
18%
30%
24%
19%
25%
21%
14%
12%
12%
9%
10%
9%
18%
7%
17%
18%
30%
9%
12%
25%
4%
26%
6%
29%
50%
31%
14%
13%
13%
16%
14%
10%
3%
3%
1%
1%
1%
1%
10%
4%
43%
7%
4%
8%
3%
8%
15%
19%
12%
6%
10%
30%
1%
69%
0%
2%
11%
12%
4%
5%
5%
5%
8%
9%
14%
5%
13%
4%
3%
7%
4%
5%
2%
9%
3%
11%
1%
4%
3%
1%
2%
9%
4%
2%
4%
5%
2%
5%
21%
12%
1%
6%
13%
13%
1%
7%
7%
6%
7%
10%
3%
49%
14%
69%
8%
32%
11%
4%
10%
4%
1%
2%
2%
4%
2%
1%
4%
23%
4%
7%
4%
2%
2%
1%
1%
1%
3%
1%
1%
1%
2%
1%
5%
2%
1%
1%
6%
1%
1%
1%
1%
3%
8%
3%
1%
30%
5%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
APM‐MaerskMSC
CMA CGMCOSCON
EvergreenHapag‐LloydHanjin Shg
Hamburg SüdYang Ming
OOCLUASCMOLNYK
Hyundai M.M.K Line
PILZim
Wan HaiX‐Press Feeders
KMTC
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
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ALPHALINER Monthly Monitor September 2016
Global Capacity Deployment Breakdown by Trade (as at 1 September 2016)
Eur‐N. Am 3%
FE‐N. Am 9%
FE‐Europe 6%
ME/ISC related 10%
Africa related * 8%
Lat Am related 12%
Oceania related 4%
Intra‐FE 28%
Intra‐Europe 10%
Other/ Unassigned
2%
Idle 7%
Global Trade Deployment By Cellular Vessel Count
Eur‐N. Am 4%
FE‐N. Am 16%
FE‐Europe 21%
ME/ISC related 12%
Africa related * 8%
Lat Am related 13%
Oceania related 4%
Intra‐FE 11%
Intra‐Europe 4%
Other/ Unassigned
2% Idle 5%
Global Trade Deployment by Cellular TEU Capacity
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. * Africa related refers to Sub‐Saharan Africa
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‐ 13,300 NPX
13,300‐ 20,000
Total Cellular TEU
Non‐cellular
Total Liner TEU
%
Eur‐N. Am 0 11,360 35,034 59,505 370,590 220,045 42,975 0 0 739,509 5,816 745,325 4%
FE‐N. Am 0 1,979 27,591 13,760 447,682 587,819 1,578,728 607,245 0 3,264,804 8,192 3,272,996 16%
FE‐Europe 0 0 0 0 77,585 63,064 340,264 1,345,092 2,476,205 4,302,210 0 4,302,210 21%
ME/ISC related 23,644 182,082 125,498 86,448 399,864 852,446 867,729 183,062 14,074 2,734,847 9,583 2,744,430 13%
Africa related * 32,485 94,561 266,292 278,446 393,645 188,075 246,147 31,728 0 1,531,379 14,159 1,545,538 8%
Lat Am related 41,412 168,621 311,694 149,906 262,042 496,287 882,175 265,849 0 2,577,986 9,345 2,587,331 13%
Oceania related 16,884 52,079 49,267 98,358 329,139 198,663 7,849 0 0 752,239 13,290 765,529 4%
Intra‐FE 290,674 853,222 483,448 104,411 370,684 43,881 8,530 0 0 2,154,850 109,158 2,264,008 11%
Intra‐Europe 153,467 310,191 130,416 23,683 89,288 124,908 15,694 0 0 847,647 20,401 868,048 4%
Other/Unassigned 8,198 33,394 45,179 23,689 54,531 28,913 62,048 0 58,910 314,862 5,385 320,247 2%
Idle 50,347 104,232 136,966 39,168 440,441 170,347 85,801 20,096 0 1,047,398 0 1,047,398 5%
Total 617,111 1,811,721 1,611,385 877,374 3,235,491 2,974,448 4,137,940 2,453,072 2,549,189 20,267,731 195,329 20,463,060 100%
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‐ 13,300 NPX
13,300‐ 20,000
Total Cellular Units
Non‐cellular
Total Liner Units
%
Eur‐N. Am 0 6 13 17 82 33 5 0 0 156 2 158 3%
FE‐N. Am 0 1 11 4 96 96 183 55 0 446 4 450 8%
FE‐Europe 0 0 0 0 18 11 38 111 158 336 0 336 6%
ME/ISC related 35 123 51 25 88 137 98 15 1 573 23 596 11%
Africa related * 40 60 106 80 88 29 28 3 0 434 22 456 8%
Lat Am related 54 115 124 44 58 80 98 24 0 597 28 625 11%
Oceania related 21 36 18 28 73 34 1 0 0 211 20 231 4%
Intra‐FE 497 616 189 30 82 8 1 0 0 1,423 321 1,744 31%
Intra‐Europe 205 234 52 7 20 21 2 0 0 541 42 583 10% Other/Unassigned 15 23 18 7 12 5 7 0 4 91 8 99 2% Idle 69 72 54 11 96 28 10 2 0 342 0 342 6%
Total 936 1,286 636 253 713 482 471 210 163 5,150 470 5,620 100%
Trade Size Range
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ALPHALINER Monthly Monitor September 2016
Evolu on of capacity deployed by Trade 2010‐2016 (September) ‐ Cellular containerships only Year‐on‐Year Growth for Sep 2016 vs Sep 2015
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
2010 2011 2012 2013 2014 2015 2016
Capa
city Dep
loye
d in TEU
Millions
Breakdown by TEU size range
13,300‐20,000
10,000‐13,300
7,500‐9,999
5,100‐7,499
4,000‐5,099
3,000‐3,999
2,000‐2,999
1,000‐1,999
100‐999
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2010 2011 2012 2013 2014 2015 2016
Capa
city Dep
loye
d in TEU
Millions
Breakdown by TEU size range
13,300‐20,000
10,000‐13,300
7,500‐9,999
5,100‐7,499
4,000‐5,099
3,000‐3,999
2,000‐2,999
1,000‐1,999
100‐999
0.00
0.10
0.20
0.30
0.40
0.50
0.60
0.70
0.80
0.90
2010 2011 2012 2013 2014 2015 2016
Capa
city Dep
loye
d in TEU
Millions
Breakdown by TEU size range
13,300‐20,000
10,000‐13,300
7,500‐9,999
5,100‐7,499
4,000‐5,099
3,000‐3,999
2,000‐2,999
1,000‐1,999
100‐999
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
2010 2011 2012 2013 2014 2015 2016
Capa
city Dep
loye
d in TEU
Millions
Breakdown by TEU size range
13,300‐20,000
10,000‐13,300
7,500‐9,999
5,100‐7,499
4,000‐5,099
3,000‐3,999
2,000‐2,999
1,000‐1,999
100‐999
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2010 2011 2012 2013 2014 2015 2016
Capa
city Dep
loye
d in TEU
Millions
Breakdown by TEU size range
13,300‐20,000
10,000‐13,300
7,500‐9,999
5,100‐7,499
4,000‐5,099
3,000‐3,999
2,000‐2,999
1,000‐1,999
100‐999
0.00
0.50
1.00
1.50
2.00
2.50
2010 2011 2012 2013 2014 2015 2016
Capa
city Dep
loye
d in TEU
Millions
Breakdown by TEU size range
13,300‐20,000
10,000‐13,300
7,500‐9,999
5,100‐7,499
4,000‐5,099
3,000‐3,999
2,000‐2,999
1,000‐1,999
100‐999
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
Capa
city Dep
loye
d in TEU
Millions
Breakdown by TEU size range
13,300‐20,000
10,000‐13,300
7,500‐9,999
5,100‐7,499
4,000‐5,099
3,000‐3,999
2,000‐2,999
1,000‐1,999
100‐999
0.00
0.50
1.00
1.50
2.00
2.50
3.00
2010 2011 2012 2013 2014 2015 2016
Capa
city Dep
loye
d in TEU
Millions
Breakdown by TEU size range
13,300‐20,000
10,000‐13,300
7,500‐9,999
5,100‐7,499
4,000‐5,099
3,000‐3,999
2,000‐2,999
1,000‐1,999
100‐999
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
Capa
city Dep
loye
d in TEU
Millions
Breakdown by TEU size range
13,300‐20,000
10,000‐13,300
7,500‐9,999
5,100‐7,499
4,000‐5,099
3,000‐3,999
2,000‐2,999
1,000‐1,999
100‐999
Europe ‐ North America : YoY Growth = +1%
Middle East/Indian subcon related : YoY Growth = +6%
Oceania related : YoY Growth = +2%
Far East ‐ North America : YoY Growth = ‐3%
Sub‐Saharan Africa related : YoY Growth = ‐2%
Intra‐Far East : YoY Growth = +4%
Far East ‐ Europe : YoY Growth = ‐0%
La n America related : YoY Growth = ‐1%
Intra‐Europe : YoY Growth = +10%
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ALPHALINER Monthly Monitor September 2016
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
Sep 5 ‐ 2016 45 62 51 101 23 14 296 965,709 4.8% 81%
Aug 22 ‐ 2016 53 51 56 107 25 16 308 1,031,420 5.1% 80%
Aug 8 ‐ 2016 49 49 55 98 27 18 296 1,019,937 5.0% 80%
Jul 25 ‐ 2016 54 46 42 85 27 15 269 906,167 4.5% 82%
Jul 11 ‐ 2016 51 47 40 79 27 22 266 948,293 4.7% 73%
Jun 27 ‐ 2016 50 45 36 72 28 23 254 923,771 4.6% 72%
Jun 13 ‐ 2016 45 44 44 68 36 27 264 1,005,955 5.0% 71%
May 30 ‐ 2016 39 42 36 67 39 33 256 1,037,647 5.1% 70%
May 16 ‐ 2016 35 42 39 74 45 34 269 1,128,703 5.6% 70%
May 2 ‐ 2016 34 48 52 84 54 46 318 1,380,175 6.9% 66%
Apr 18 ‐ 2016 28 46 52 95 54 43 318 1,398,731 6.9% 70%
Apr 4 ‐ 2016 23 50 52 91 54 55 325 1,480,039 7.4% 67%
Mar 21 ‐ 2016 24 44 52 97 55 50 322 1,471,514 7.3% 66%
Mar 7 ‐ 2016 25 54 62 99 57 55 352 1,569,720 7.8% 62%
Feb 22 ‐ 2016 31 59 68 81 61 46 346 1,431,292 7.1% 67%
Feb 8 ‐ 2016 32 55 56 76 56 31 306 1,193,979 6.0% 70%
Jan 25 ‐ 2016 32 66 61 72 58 37 326 1.289,549 6.4% 70%
Jan 11 ‐ 2016 43 64 53 80 57 40 337 1,349,436 6.8% 67%
Dec 28 ‐ 2015 33 63 57 81 53 44 331 1,359,400 6.8% 64%
Dec 14 ‐ 2015 28 58 48 74 50 48 306 1,331,666 6.7% 62%
Nov 30 ‐ 2015 38 66 47 76 51 51 329 1,397,219 7.0% 61%
Nov 16 ‐ 2015 40 68 40 69 49 40 306 1,241,759 6.3% 63%
Nov 2 ‐ 2015 41 59 46 58 46 28 278 1,044,314 5.3% 72%
Oct 19 ‐ 2015 37 65 45 50 43 23 263 934,706 4.7% 76%
Oct 5 ‐ 2015 47 57 46 38 40 15 243 779,829 4.0% 82%
Sep 21 ‐ 2015 42 53 34 31 34 14 208 673,337 3.4% 78%
Sep 7 ‐ 2015 51 52 32 25 29 10 199 579,777 3.0% 77%
Aug 24 ‐ 2015 50 48 28 17 23 9 175 483,884 2.5% 73%
Aug 10 ‐ 2015 46 35 31 13 20 4 149 377,303 1.9% 76%
Jul 27 ‐ 2015 38 28 29 10 15 7 127 345,916 1.8% 68%
Jul 13 ‐ 2015 32 20 28 11 10 11 112 342,881 1.8% 57%
Jun 29 ‐ 2015 39 20 22 8 10 9 108 297,632 1.6% 59%
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
TEU
Millions
Idle Fleet Breakdown by Non‐Operating Owner/Carrier NOO TEU Carrier TEU % Charter free
ALPHALINER
ALPHALINER
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
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
Average size in
TEU
Vessel Cou
nt
Idle containership (units idle breakdown by size range)
Over 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)
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ALPHALINER Monthly Monitor September 2016
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
$/TE
U
Shanghai to Dubai
0
500
1,000
1,500
2,000
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
$/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
$/TE
U
Shanghai to Lagos
0
500
1,000
1,500
2,000
2,500
3,000
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16$/
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
$/FEU
Shanghai to USEC
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
$/TE
U
Shanghai to Santos
0
100
200
300
400
500
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
$/TE
U
Shanghai to North Asia West Japan (Osaka/Kobe)East Japan (Tokyo/Yokohama)Korea (Busan)
0
100
200
300
400
500
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
$/TE
U
Shanghai to HK/Twn Taiwan (Kaohsiung)Hong Kong
0
500
1,000
1,500
2,000
2,500
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
$/TE
U
Shanghai to N Europe
0
500
1,000
1,500
Jan‐09
Jan‐10
Jan‐11
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
14 Sep 2016 : 794 (+28% yoy) SCFI (Oct 2009 = 1,000)
0
500
1,000
1,500
2,000
2,500
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
$/TE
U
Shanghai to Mediterranean
050
100150200250300350400450500
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
$/TEU
Shanghai to Singapore
‐60%
‐40%
‐20%
0%
20%
40%
60%
80%
‐60%
‐40%
‐20%
0%
20%
40%
60%
80%
Jan‐11
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
Year on year cha
nge %
Wee
k on
wee
k chan
ge %
0
500
1,000
1,500
2,000
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
$/TE
U
Shanghai to Melbourne Shanghai Container Freight Index 14‐Sep‐16
Change vs 1 week 1 month 3 months 1 year
9‐Sep‐16 % 19‐Aug‐16 % 17‐Jun‐16 % 18‐Sep‐15 % SCFI 794 781 2% 597 33% 522 52% 623 28%
Europe (Base port) 966 943 2% 691 40% 540 79% 456 112% Mediterranean (Base port) 860 702 23% 594 45% 660 30% 448 92% USWC (Base port) 1,742 1,749 0% 1,159 50% 770 126% 1,379 26% USEC (Base port) 2,447 2,447 0% 1,694 44% 1,528 60% 2,427 1% Persian Gulf (Dubai) 401 414 ‐3% 230 74% 358 12% 350 15% Australia (Melbourne) 519 516 1% 337 54% 305 70% 344 51% West Africa (Lagos) 1,166 1,173 ‐1% 1,083 8% 982 19% 1,589 ‐27% South Africa (Durban) 901 838 8% 658 37% 330 173% 757 19% South America (Santos) 2,159 2,351 ‐8% 2,832 ‐24% 2,399 ‐10% 270 700% West Japan (Osaka/Kobe) 203 202 0% 195 4% 191 6% 139 46% East Japan (Tokyo/Yokohama) 196 196 0% 188 4% 186 5% 166 18% Southeast Asia (Singapore) 53 53 0% 54 ‐2% 60 ‐12% 178 ‐70% Korea (Busan) 88 86 2% 88 0% 100 ‐12% 159 ‐45% Taiwan (Kaohsiung) 152 152 0% 153 ‐1% 158 ‐4% 176 ‐14% Hong Kong 56 56 0% 56 0% 56 0% 58 ‐3%
Shanghai export freight rates (in US$/TEU except to USEC/USWC in US$/FEU) to:‐
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ALPHALINER Monthly Monitor September 2016
Container Freight Forward Rates
Forward rates of Shanghai Shipping Freight Exchange Co. (SSEFC) as at 14 Sep 2016. LCH.Clearnet ceased to publish container freight forward rates from 11 July 2016.
SSEFC Container Freight Forward Rates and Traded Volumes
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
100
200
300
400
500
600
700
800
900
1,000
Mar‐16
Apr‐16
May‐16
Jun‐16
Jul‐1
6
Aug‐16
Sep‐16
$/teu
FEU
SSEFC Forward Rates ‐ US West Coast (Nov 2016)
USWC Nov 16 Vol TradedUSWC Nov 16 Forward RateUSWC Spot Rate
0
200
400
600
800
1,000
1,200
1,400
0
100
200
300
400
500
600
700
800
900
1,000
Mar‐16
Apr‐16
May‐16
Jun‐16
Jul‐1
6
Aug‐16
Sep‐16
$/teu
TEU
SSEFC Forward Rates ‐ North Europe (Nov 2016)
NEUR Nov 16 Vol TradedNEUR Nov 16 Forward RateNEUR Spot Rate
0
200
400
600
800
1,000
1,200
1,400
0
100
200
300
400
500
600
700
800
900
1,000
Mar‐16
Apr‐16
May‐16
Jun‐16
Jul‐1
6
Aug‐16
Sep‐16
$/teu
TEU
SSEFC Forward Rates ‐ North Europe (Sep 2016)
NEUR Sep 16 Vol TradedNEUR Sep 16 Forward RateNEUR Spot Rate
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
100
200
300
400
500
600
700
800
900
1,000
Mar‐16
Apr‐16
May‐16
Jun‐16
Jul‐1
6
Aug‐16
Sep‐16
$/teu
FEU
SSEFC Forward Rates ‐ US West Coast (Sep 2016)
USWC Sep 16 Vol TradedUSWC Sep 16 Forward RateUSWC Spot Rate
0
200
400
600
800
1,000
1,200
1,400
0
100
200
300
400
500
600
700
800
900
1,000
Jan‐16
Feb‐16
Mar‐16
Apr‐16
May‐16
Jun‐16
Jul‐1
6
$/teu
TEU
SSEFC Forward Rates ‐ North Europe (Jul 2016) NEUR Jul 16 Vol TradedNEUR Jul 16 Forward RateNEUR Spot RateNEUR Jul 16 Closing Rate
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
100
200
300
400
500
600
700
800
900
1,000
Jan‐16
Feb‐16
Mar‐16
Apr‐16
May‐16
Jun‐16
Jul‐1
6
$/teu
FEU
SSEFC Forward Rates ‐ US West Coast (Jul 2016) USWC Jul 16 Vol TradedUSWC Jul 16 Forward RateUSWC Spot RateUSWC Jul 16 Closing Rate
0
500
1,000
1,500
2,000
2,500
3,000
$/TE
U
SCFI Spot Freight Rates ex Shanghai to North Europe
SCFI Spot Rate SSEFC Forward Rates
0
500
1,000
1,500
2,000
2,500
3,000
Jan‐09
Jul‐0
9
Jan‐10
Jul‐1
0
Jan‐11
Jul‐1
1
Jan‐12
Jul‐1
2
Jan‐13
Jul‐1
3
Jan‐14
Jul‐1
4
Jan‐15
Jul‐1
5
Jan‐16
Jul‐1
6
Jan‐17
Jul‐1
7
$/FEU
SCFI Spot Freight Rates ex Shanghai to USWC
SCFI Spot Rate SSEFC Forward Rates
Shanghai ‐ North Europe $/TEU Shanghai – US West Coast S/FEU Current Index 966 Current Index 1,742 Month SSEFC LCH Month SSEFC LCH Oct‐2016 n.a. Oct‐2016 n.a. Nov‐2016 606 n.a. Nov‐2016 1,693 n.a. Dec‐2016 n.a. Dec‐2016 n.a. Jan‐2017 389 n.a. Jan‐2017 900 n.a. Feb‐2017 n.a. Feb‐2017 n.a. Mar‐2017 400 n.a. Mar‐2017 960 n.a.
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ALPHALINER Monthly Monitor September 2016
Bunker Watch
BAF Surcharge Survey ‐ Far East to North Europe ($/teu)
0
100
200
300
400
500
600
700
800
900
1000
Jan‐05
Jan‐06
Jan‐07
Jan‐08
Jan‐09
Jan‐10
Jan‐11
Jan‐12
Jan‐13
Jan‐14
Jan‐15
Jan‐16
BAF $/TE
U ‐ Far E
ast to North Europ
e
BAF : Far East‐North Europe 2005‐2016Rotterdam 380 cSt $/tonHighestLowest (non‐zero)Average
‐
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
Bunker Price : 380 cSt $/ton
SingaporeRotterdam
Carrier Aug 2015
Sep Oct Nov Dec Jan 2016
Feb Mar Apr May Jun Jul Aug Sep Oct
APL 305 268 215 206 206 194 145 124 135 148 159 191 208 212 207 CMA CGM 304 273 221 205 204 192 150 121 130 143 153 186 205 211 201 COSCO 388 388 263 231 234 208 148 94 123 123 168 168 168 168 169 Evergreen EBS (Emergency bunker surcharge) applied from Jul 2009
Hanjin 464 392 300 265 271 252 202 145 100 155 180 240 260 265 n.a. Hapag Lloyd 365 339 329 329 329 303 303 303 263 263 263 293 293 293 348 HMM 352 289 207 200 200 174 111 74 83 113 130 179 205 205 202 K Line 579 579 579 501 501 0 0 0 0 0 0 0 0 0 0 Maersk 430 430 400 400 400 380 380 380 360 360 360 405 405 405 430 MOL 293 258 293 152 158 142 93 55 65 77 94 137 164 167 156 MSC BAF rolled into Ocean Freight from Jun 2013
NYK 313 267 195 168 171 153 98 58 68 88 102 148 171 181 169 OOCL 227 227 190 144 117 117 117 80 47 47 47 70 96 117 117 UASC 357 320 241 197 207 171 133 119 127 144 161 190 193 183 206 Yang Ming 304 282 208 205 198 177 110 63 82 76 146 198 218 217 184 Average 360 332 280 246 246 205 166 135 132 145 164 200 218 217 217 % Change MoM ‐2% ‐8% ‐16% ‐12% 0% ‐17% ‐19% ‐19% ‐2% 10% 13% 23% 9% 0% 0%
% Change YoY ‐44% ‐48% ‐55% ‐60% ‐55% ‐57% ‐55% ‐54% ‐58% ‐56% ‐51% ‐46% ‐40% ‐35% ‐22%
Highest 579 579 579 501 501 380 380 380 360 360 360 405 405 405 430 Lowest (non‐zero) 227 227 190 144 117 117 93 55 47 47 47 70 96 117 117
380 cSt bunker ‐ average monthly prices Ro erdam $/ton 237 227 227 205 157 126 145 158 173 211 230 232 231 % Change MoM ‐19% ‐4% 0% ‐10% ‐23% ‐20% 15% 9% 9% 22% 9% 1% 0%
% Change YoY ‐58% ‐59% ‐53% ‐53% ‐53% ‐51% ‐52% ‐47% ‐45% ‐39% ‐30% ‐21% ‐3%
Singapore $/ton 247 239 238 230 185 164 161 178 193 225 242 243 242
% Change MoM ‐19% ‐3% 0% ‐3% ‐20% ‐11% ‐2% 11% 8% 17% 8% 0% 0%
% Change YoY ‐58% ‐59% ‐53% ‐51% ‐50% ‐43% ‐54% ‐45% ‐42% ‐39% ‐32% ‐21% ‐2%
From Jan 2015, only the 16 main carriers on the FE‐N Europe route are included in the survey
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ALPHALINER Monthly Monitor September 2016
Top 30 Ports
China Container Ports Watch ‐ August 2016
Rankings based on 2015 throughput (2014 ranking in brackets) including transshipment, empty containers and restows.
Rank Port 1Q 2016 Growth % Full Year 2015 Growth % TEU 1Q 16/15 TEU 15/14 1 (1) Shanghai 8,533,800 ‐1.7% 36,537,000 3.5% 2 (2) Singapore 7,390,200 ‐9.0% 30,922,300 ‐8.7% 3 (3) Shenzhen 5,569,200 ‐2.6% 24,204,600 0.7% 4 (5) Ningbo‐Zhoushan 5,385,400 5.1% 20,626,000 6.0% 5 (4) Hong Kong 4,324,000 ‐12.1% 20,073,000 ‐9.7% 6 (6) Busan 4,808,373 ‐0.8% 19,468,664 4.2% 7 (8) Guangzhou 3,985,600 5.3% 17,570,000 5.7% 8 (7) Qingdao 4,428,400 4.8% 17,435,600 5.2% 9 (9) Dubai 3,649,000 ‐5.9% 15,592,000 2.2% 10 (10) LA/LB 3,593,438 9.0% 15,352,407 1.3% 11 (11) Tianjin 3,281,700 ‐2.1% 14,111,300 0.4% 12 (12) Ro erdam 3,004,921 ‐3.9% 12,234,535 ‐0.5% 13 (13) Port Kelang 3,197,098 8.6% 11,866,685 8.4% 14 (14) Kaohsiung 2,431,069 ‐2.7% 10,264,420 ‐2.8% 15 (17) Antwerp 2,459,847 4.6% 9,653,511 7.5% 16 (15) Dalian 2,131,400 ‐1.9% 9,448,600 ‐6.7% 17 (19) Tanjung Pelepas 2,199,449 3.1% 9,117,026 7.0% 18 (18) Xiamen 2,056,800 3.0% 9,182,815 7.1% 19 (15) Hamburg 2,224,722 ‐3.7% 8,852,525 ‐9.5% 20 (20) Laem Chabang 1,691,442 4.4% 6,821,336 3.6% 21 (22) NY/NJ 1,496,353 2.0% 6,371,720 10.4% 22 (23) Yingkou 1,525,000 2.6% 5,922,500 5.5% 23 (21) Bremerhaven 1,404,721 1.9% 5,546,657 ‐4.3% 24 (25) Ho Chi Minh City 1,259,215 ‐1.2% 5,308,377 3.0% 25 (24) Jakarta n.a. 5,201,118 ‐8.9% 26 (27) Colombo 1,399,960 11.5% 5,185,467 5.7% 27 (26) Lianyungang 1,311,200 3.1% 5,009,200 0.1% 28 (31) Valencia 1,138,352 ‐2.6% 4,615,196 3.9% 29 (28) Tokyo 1,122,556 2.5% 4,628,590 ‐5.4% 30 (30) Algeciras 1,160,629 14.2% 4,515,768 ‐0.9%
Growth % 1H 16/15 ‐0.8% ‐5.1% ‐1.0% 2.8% ‐10.1% ‐1.4% 4.8% 4.0% ‐6.1% 2.9% 0.2% ‐2.3% 12.2% ‐0.2% 4.4% 1.2% ‐2.8% 2.7% ‐1.2% 3.2% ‐1.7% 1.7% 3.9% 0.0%
11.2% 5.4% 0.9% 2.0% 13.1%
1H 2016 TEU
17,891,000 15,181,400 11,435,600 10,790,100 9,195,000 9,628,048 8,701,800 8,932,100 7,404,000 7,418,778 7,258,700 6,094,336 6,476,608 5,101,293 5,047,468 4,745,700 4,314,862 4,481,300 4,459,000 3,477,309 3,041,287 3,030,900 2,843,668 2,670,471
n.a. 2,785,764 2,653,300 2,373,193 2,289,755 2,354,067
No. Port Aug 2016 Mteu
y‐o‐y change %
Jan‐Aug 2016 Mteu
y‐o‐y change %
1 Shanghai 3.30 4.8% 24.47 0.7% 2 Shenzhen 2.24 ‐1.3% 15.80 ‐1.1% 3 Ningbo 1.99 11.7% 14.74 4.6% 4 Qingdao 1.51 3.4% 11.96 3.8% 5 Guangzhou 1.54 7.4% 11.70 5.6% 6 Tianjin 1.20 36.4% 9.75 3.6% 7 Dalian 0.93 0.6% 6.61 1.9% 8 Xiamen 0.86 6.4% 6.20 3.5% 9 Yingkou 0.53 0.3% 4.06 1.4% 10 Lianyungang 0.35 ‐12.5% 3.23 ‐2.4% Total Top 10 Ports 14.44 6.0% 108.53 2.2% Total Coastal Ports 17.11 7.1% 128.33 3.2% Total River Ports 2.01 4.4% 15.12 4.3% Total All China Ports 19.12 6.8% 143.45 3.3%
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Jan‐14
Apr‐14
Jul‐1
4
Oct‐14
Jan‐15
Apr‐15
Jul‐1
5
Oct‐15
Jan‐16
Apr‐16
Jul‐1
6
TEU
Millions
Top 10 Container Ports ‐ Monthly Throughput 2014‐2016 (Aug)
Singapore
Shanghai
Hong Kong
Shenzhen
LA/LB
Busan
Guangzhou
Ningbo
Qingdao
Tianjin
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ALPHALINER Monthly Monitor September 2016
Global Port Throughput
China + Hkg 32.6%
Other NE Asia 8.8% SE Asia
13.8% Middle East
5.9%
S Asia 3.2%
N Europe 9.3%
S Europe 6.2%
N America 7.6%
C+S America 6.6%
Africa 4.3%
Oceania 1.6%
Regional Share of Global Container Activity (2015F) 11
.8%
5.5%
12.9%
13.3%
14.0%
10.0%
10.8%
12.4%
5.9%
‐8.3%
14.2%
8.3%
4.8%
3.6%
5.2%
1.5%
0.8%
‐10%
‐5%
0%
5%
10%
15%
20%
0
100
200
300
400
500
600
700
80020
00
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
F
2016
F
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 + Hkg
Annual Growth
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 2011 2012 2013 2014 2015F 2016F
Annual Growth 2014 2015F 2016F
China & Hkg 40.7 44.5 56.4 69.1 83.8 98.2 117.2 138.4 152.8 143.4 169.8 188.1 200.6 212.6 224.7 231.6 236.7 5.7% 3.1% 2.2% Other NE Asia 33.6 35.8 39.7 42.7 46.4 47.9 50.2 53.4 53.1 46.7 53.5 57.1 58.7 60.3 63.0 62.5 63.4 4.5% ‐0.8% 1.4% SE Asia 36.2 37.8 42.4 46.8 52.8 56.3 61.0 68.7 73.5 69.2 78.0 84.6 89.6 92.2 97.7 98.1 98.8 5.9% 0.4% 0.8% Middle East 11.1 12.3 13.9 16.7 20.2 22.7 24.5 28.1 32.0 32.1 34.3 36.7 39.2 38.9 40.6 42.1 41.6 4.4% 3.8% ‐1.4% S Asia 5.6 6.1 6.8 7.9 8.9 10.0 11.9 13.4 14.7 14.6 16.8 17.9 17.9 18.8 21.2 22.4 24.5 12.7% 6.0% 9.0% N Europe 33.6 34.7 37.4 40.4 45.2 49.0 53.3 60.3 61.5 51.3 58.0 62.2 62.8 63.9 67.3 65.8 66.7 5.3% ‐2.3% 1.4% S Europe 19.2 20.0 22.4 25.2 28.4 30.3 32.8 36.8 37.3 32.2 35.4 38.7 40.9 42.7 44.2 43.9 45.6 3.7% ‐0.9% 4.1% N America 33.0 33.4 35.9 39.7 43.2 46.7 49.0 50.0 47.9 41.8 47.1 47.6 49.0 49.9 52.0 54.1 53.6 4.1% 4.0% ‐0.8% C+S America 15.6 16.9 17.9 20.1 23.5 26.6 29.9 33.6 36.3 32.5 37.7 42.6 45.5 45.8 46.5 47.0 44.9 1.5% 1.2% ‐4.6% Africa 7.8 8.6 9.6 11.2 12.7 14.4 16.2 18.7 21.7 22.3 25.1 27.1 27.3 29.4 31.2 30.8 27.8 6.3% ‐1.2% ‐10.0% 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 11.8 4.0% 2.8% 1.4% Total 242.0 255.4 288.3 326.5 372.4 409.7 453.9 510.3 540.3 495.3 565.6 612.8 642.1 665.2 699.6 709.9 715.3 5.2% 1.5% 0.8% Growth (YoY) 11.8% 5.5% 12.9% 13.3% 14.0% 10.0% 10.8% 12.4% 5.9% ‐8.3% 14.2% 8.3% 4.8% 3.6% 5.2% 1.5% 0.8%
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ALPHALINER Monthly Monitor September 2016
Trade Summary : Far East‐North America West Coast services as at September 2016 For latest service updates and news : see www.alphaliner.com
Operator Svc Code Ships Deployed Ave. TEU per week
Port Kelan
g
Sing
apore
Tj Pelep
as
Laem
Cha
bang
Cai M
ep
Nan
sha
Hong
Kon
g
Yantian
Chiw
an
Shek
ou
Dachan
Bay
Keelun
g
Taipei
Kaoh
siun
g
Xiam
en
Fuzhou
Ningb
o
Shan
ghai
Qingd
ao
ang
Dalian
Busan
Kwan
gyan
g
Osaka
Kobe
Nagoy
a
Shim
izu
Nah
a
Hakata
Send
ai
Yoko
hama
Tokyo
Los A
ngeles
Long
Bea
ch
Oakland
Seattle
Tacoma
Vancou
ver
Prince Rup
ert
Dutch Ha
rbou
r
Hawaii/Gu
am
G6 SE2 7 x 8100‐8700 8,341 2 3 1/4 1 2
NYK SE3 8 x 6500‐6600 6,576 6 5/7 8 4/9 3 2 1 1 2
G6 SC1 6 x 9200 9,200 4 3 1/5 2 1 2
G6 SC2 6 x 8800 8,888 3/5 6 4 1/7 2 1
G6 CC2 6 x 6500‐8800 7,936 3 4 2 1/6 5 1 2
APL EX1 6 x 5100‐5500 5,175 5 4 2/6 3 1 1 2 3
G6 CC4 5 x 6300‐6500 6,406 2 1 3 1 2
G6/Zim NP1 7 x 10000 10,066 3 4 6 7 5 2 1 3 2 1
G6 NP2 6 x 8000‐8800 8,458 4 5 6 7 2/8 3 1 2 1 3
G6 NP3 6 x 8600‐8750 8,719 5 6 4 7 3 2 1 2 1
G6 AP1 15 x 4800‐5000 4,919 3 2 4 5 1 6 4(1) 3(2) 2 1
NYK/OOCL JPX 5 x 3300‐5000 4,261 3 2/4 6 1/5 1 2
MOL/KL PSW3/Calco‐A 5 x 5600‐6300 5,754 2 3 4 1/5 1 2
CKY (KL) Calco‐B 6 x 4432 4,432 5 4 3 2 1 1 2
KL/WH/PIL Calco‐C/TP2 7 x 8200‐9000 8,832 4 5 2 3/6 1/7 1
YM/KL PSW‐4/Calco‐E 6 x 4200‐4600 4,397 3 2 1 1 2
CKY (YM/COSCO) PSW‐2 6 x 8200‐8600 8,449 5 6 3/8 4/7 1 2 1 2
CKY (COSCO) PM1/CPM 16 x 9500‐10100 9,940 1 2(7) 3 (6) 4(4) (5) 6(3) 5(2) (1) 1 2
CKY (COSCO) CEN/AAN 7 x 10000‐13000 12,653 3 2 1 2 3 1
CKY (YM) PNY 5 x 5500‐6600 6,248 2 3 1/4 1 2
CKY (KL) Nowco‐A/PNW 6 x 5600‐5900 5,666 6 7 4 5 3 2/8 1/9 1 2
CKY (COSCO) CMEX 12 x 5400‐5800 5,547 1 2(5) 3 5 4 (4) (3) 6(2) (1) 2 1
Evergreen HTW 6 x 5300‐5600 5,460 4 3 1 2 1 2
Evergreen CPS 6 x 8000‐8500 8,335 4 3 2 1 1 2
Evergreen TPS 7 x 7000 7,024 3 2 5 1/4 1 2 3
Evergreen TPN 6 x 5300‐6300 5,525 6 5 7 9 8 4 3 2 1 1 2
O3 (CC) PRX/AAS2/AWS4 7 x 11000‐11400 11,317 3 4 5 2 1 1 2
O3 (UASC)/PIL YangTse/AAC3/AWS1 5 x 8200‐10000 9,079 2 1 3 1
O3 PNW/AWN1/AWN1 18 x 8100‐9400 8,615 1(6) 2(5) 3(3) 4(4) 6(1) 5(2) 7 1 2
2M (Maersk) TP2/Jaguar 15 x 9700‐11300 10,173 (6) 1 2 3(4) 4(3) 5(2) (1) 6 1 2
2M TP‐6/Pearl 17 x 13000‐13500 13,076 1 (8) 2(6) 3 4(7) (5) 5(4) (2) (3) (1) 1 2
2M TP‐8/New Orient 17 x 8400‐9600 8,615 1(6) (5) (5) (4) (3) (2) 3(1) 2 4 2 1
2M TP‐9/Eagle 6 x 6300‐7200 6,622 4 5 3 6 2/7 1 2 1
Maersk Dutch Harbour 3 x 2000‐2500 1,708 5 4 3 2 1 1
Matson CLX 5 x 2200‐2900 2,688 1 2 3 1 2
Services suspended following Hanjin Shipping's bankruptcy filing on 31 Aug 2016
CKYH (Hanjin) PNH 6 x 4500‐5700 4,958 4 5 2/6 3 1 2 3 1
CKYH (Hanjin) PSX/HPM 15 x 9900‐10100 10,012 1 2 3 5(1) 4(2) 1 2
Hanjin CAX 5 x 4200 4,270 3 4 2 1 1
Replacement services launched in September 2016 following Hanjin Shipping's service suspensions
HMM HNS/TTP * 4 x 4700‐6700 5,465 adhoc 2 1 1
2M TP‐1/Maple 6 x 7000‐9500 8,889 1 2 3 1
Sequence of port cal ls indicated for both Far East and WCNA port range (Numbers in brackets denote westbound calls) only. Far East‐WCNA strings of conbulk services are excluded.
Total no. of weekly calls at each port (incl. double calls) 5 11 2 3 8 6 18 27 5 2 2 2 2 13 11 1 20 28 11 1 1 24 4 1 5 8 1 1 1 1 8 11 17 11 20 5 8 10 3 2 1
All information above is given as guidance only and in good faith without guarantee © Alphaliner
WCNAS.E. Asia S. China/Taiwan C. China N. China Korea Japan
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ALPHALINER Monthly Monitor September 2016
Carrier Financial Performance
1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016
Maersk (container shipping only, excluding logistics and terminals)Revenue US$ m 6,254 6,263 6,018 5,194 4,974 5,061EBITDA 1,202 998 765 359 486 365EBITDA Margin % 19.2% 15.9% 12.7% 6.9% 9.8% 7.2%Core EBIT 732 522 282 ‐121 11 ‐111Core EBIT Margin % 11.7% 8.3% 4.7% ‐2.3% 0.2% ‐2.2%Net Profit 714 507 264 ‐182 37 ‐151TEU Operated (Ave.) 2,935,790 2,945,153 3,067,115 3,010,255 3,008,878 3,070,014Liftings in '000 TEU 4,414 4,968 4,854 4,808 4,722 5,310
CMA CGM (including logistics and terminals); inc. APL from 14 Jun 2016Revenue US$ m 4,013 4,111 3,977 3,574 3,399 3,538EBITDA 490 404 244 116 95 23.3EBITDA Margin % 12.2% 9.8% 6.1% 3.2% 2.8% 0.7%Core EBIT 406 325 158 22 3 ‐81Core EBIT Margin % 10.1% 7.9% 4.0% 0.6% 0.1% ‐2.3%Net Profit 406 156 51 ‐46 ‐100 129TEU Operated (Ave.) 1,665,029 1,730,861 1,776,941 1,797,399 1,818,548 1,802,027Liftings in '000 TEU 3,095 3,325 3,284 3,291 3,183 3,549
APL (excluding logistics, including terminals) until 13 Jun 2016 onlyRevenue US$ m 1,601 1,325 1,207 1,277 1,138 836EBITDA 115 110 21 39 18 ‐92EBITDA Margin % 7.2% 8.3% 1.7% 3.1% 1.6% ‐11.0%Core EBIT 13 20 ‐66 ‐65 ‐84 ‐153Core EBIT Margin % 0.8% 1.5% ‐5.5% ‐5.1% ‐7.4% ‐18.3%Net Profit ‐36 ‐10 ‐96 ‐77 ‐105 ‐264TEU Operated (Ave.) 555,985 551,886 553,954 539,455 533,915 537,082Liftings in '000 TEU 1,334 1,164 1,154 1,286 1,2481,150 (est)
Hapag‐Lloyd (including logistics and terminals)Revenue Euro m 2,302 2,367 2,137 2,036 1,926 1,860EBITDA 284 210 197 140 123 73EBITDA Margin % 12.3% 8.9% 9.2% 6.9% 6.4% 3.9%Core EBIT 161 80 68 4 5 ‐45Core EBIT Margin % 7.0% 3.4% 3.2% 0.2% 0.2% ‐2.4%Net Profit 128 28 2 ‐47 ‐44 ‐100TEU Operated (Ave.) 980,217 964,221 959,993 929,764 926,384 921,248Liftings in '000 TEU 1,774 1,945 1,861 1,822 1,811 1,892
Zim (including logistics and terminals)Revenue US$ m 792 763 749 687 630EBITDA 85 74 38 20 8EBITDA Margin % 10.7% 9.7% 5.1% 2.9% 1.3%Core EBIT 61 50 12 ‐5 ‐16Core EBIT Margin % 7.7% 6.5% 1.6% ‐0.7% ‐2.5%Net Profit 11 10 11 ‐30 ‐58TEU Operated (Ave.) 333,123 326,453 355,563 361,432 355,399 342,920Liftings in '000 TEU 560 577 581 590 577
Currency 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016
Evergreen Marine Corp. (not consolidated for Evergreen Group; IFRS from 2012)Revenue TWD m 35,304 34,800 33,036 30,673 28,604 29,734EBITDA 3,785 2,148 ‐579 ‐1,309 ‐1,965 ‐702EBITDA Margin % 10.7% 6.2% ‐1.8% ‐4.3% ‐6.9% ‐2.4%Core EBIT 1,777 137 ‐2,648 ‐3,427 ‐4,124 ‐2,777Core EBIT Margin % 5.0% 0.4% ‐8.0% ‐11.2% ‐14.4% ‐9.3%Net Profit 1,526 ‐153 ‐2,414 ‐3,367 ‐3,840 ‐557TEU Operated (Ave.) 950,097 961,620 948,170 942,271 936,110 933,967Liftings in '000 TEU n/a n/a n/a n/a n/a n/a
Yang Ming (IFRS from 2012)Revenue TWD m 33,155 32,589 31,903 29,912 27,121 27,771EBITDA 1,897 1,449 ‐1,939 ‐1,860 ‐2,005 ‐3,133EBITDA Margin % 5.7% 4.4% ‐6.1% ‐6.2% ‐7.4% ‐11.3%Core EBIT 376 ‐117 ‐3,559 ‐3,513 ‐3,623 ‐4,759Core EBIT Margin % 1.1% ‐0.4% ‐11.2% ‐11.7% ‐13.4% ‐17.1%Net Profit 304 ‐12 ‐4,232 ‐3,781 ‐3,656 ‐4,806TEU Operated (Ave.) 425,867 474,114 525,932 539,954 523,649 533,826Liftings in '000 TEU n/a n/a n/a n/a n/a n/a
Wan Hai (IFRS from 2012)Revenue TWD m 17,161 16,497 15,272 14,929 14,053 14,339EBITDA 3,517 2,416 1,213 1,353 1,299 1,528EBITDA Margin % 20.5% 14.6% 7.9% 9.1% 9.2% 10.7%Core EBIT 2,396 1,314 94 215 205 470Core EBIT Margin % 14.0% 8.0% 0.6% 1.4% 1.5% 3.3%Net Profit 2,074 1,086 1,055 ‐272 43 254TEU Operated (Ave.) 203,026 216,774 225,477 206,770 213,943 226,830Liftings in '000 TEU 842 901 884 896 860 n/a
Hanjin Shg (container segment only)Revenue KRW Bn 1,968 1,834 1,773 1,574 1,481 1,346EBITDA n.a. n.a. n.a. n.a. n.a. n.a.EBITDA Margin % n.a. n.a. n.a. n.a. n.a. n.a.Core EBIT 164 63 21 ‐121 ‐89 ‐188Core EBIT Margin % 8.3% 3.4% 1.2% ‐7.7% ‐6.0% ‐14.0%Net Profit n.a. n.a. n.a. n.a. n.a. n.a.TEU Operated (Ave.) 612,949 629,359 620,860 634,508 619,410 615,764Liftings in '000 TEU 1,110 1,157 1,183 1,174 1,090 1,169
Hyundai Merchant Marine (container segment only)Revenue KRW Bn 1,192 1,134 1,158 979 969 818EBITDA 54 ‐15 ‐16 ‐89 ‐75 ‐183EBITDA Margin % 4.6% ‐1.3% ‐1.4% ‐9.1% ‐7.7% ‐22.3%Core EBIT 19 ‐49 ‐53 ‐126 ‐112 ‐218Core EBIT Margin % 1.6% ‐4.4% ‐4.6% ‐12.8% ‐11.5% ‐26.7%Net Profit n.a. n.a. n.a. n.a. n.a. n.a.TEU Operated (Ave.) 379,220 370,507 376,302 385,708 390,853 403,095Liftings in '000 TEU 708 728 767 727 700 678
Currency 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016
K Line (container segment including logistics and terminals)Revenue JPY Bn 174 172 166 145 132 122EBITDA n.a. n.a. n.a. n.a. n.a. n.a.EBITDA Margin % n.a. n.a. n.a. n.a. n.a. n.a.Ordinary Income 2 4 ‐1 ‐7 ‐6 ‐12Ordinary Income Margin % 1.4% 2.4% ‐0.6% ‐5.1% ‐4.4% ‐10.1%Net Profit n.a. n.a. n.a. n.a. n.a. n.a.TEU Operated (Ave.) 379,799 401,276 396,239 381,819 378,770 383,718Liftings in '000 TEU 717 779 761 722 694 752
MOL (container segment including logistics and terminals)Revenue JPY Bn 202 195 195 172 158 147EBITDA n.a. n.a. n.a. n.a. n.a. n.a.EBITDA Margin % n.a. n.a. n.a. n.a. n.a. n.a.Ordinary Income ‐3 ‐5 ‐4 ‐9 ‐11 ‐12Ordinary Income Margin % ‐1.6% ‐2.6% ‐2.1% ‐5.4% ‐7.2% ‐7.9%Net Profit n.a. n.a. n.a. n.a. n.a. n.a.TEU Operated (Ave.) 598,282 616,075 590,631 562,807 558,323 540,474Liftings in '000 TEU 1,045 1,036 1,027 972 959 1,031
NYK (container segment excluding logistics, terminals included from 2Q 2013)Revenue JPY Bn 181 184 194 169 159 141EBITDA n.a. n.a. n.a. n.a. n.a. n.a.EBITDA Margin % n.a. n.a. n.a. n.a. n.a. n.a.Ordinary Income 4 4 4 ‐7 ‐1 ‐9Ordinary Income Margin % 2.1% 2.2% 2.0% ‐4.2% ‐0.7% ‐6.3%Net Profit n.a. n.a. n.a. n.a. n.a. n.a.TEU Operated (Ave.) 492,123 489,778 498,955 518,065 492,044 486,845Liftings in '000 TEU n/a n/a n/a n/a n/a n/a
COSCON (incl CSCL fr 1 Mar 2016); (1H 2015)Revenue RMB mEBITDA (est)EBITDA Margin %Core EBITCore EBIT Margin %Net ProfitTEU Operated (Ave.) 818,686 835,967 861,185 858,418 1,088,591 1,548,301Liftings in '000 TEU 2,345 2,449 2,491 2,543 3,024 4,389
OOCL (incl logistics and terminals); (1H 2015)Revenue US$ mEBITDAEBITDA Margin %Core EBITCore EBIT Margin %Net ProfitTEU Operated (Ave.) 527,387 557,133 587,435 564,331 567,757 586,637Liftings in '000 TEU 1,318 1,422 1,447 1,388 1,374 1,516
(2H 2015) (1H 2016)
‐109
2,5471355.3%‐66
‐2.6%
Currency
n.a.
9943.6%
3,032 2,895380 234
12.5% 8.1%222 727.3% 2.5%184 34
(2H 2015) (1H 2016)27,353 27,966
‐2,754‐9.8%
‐12.6%n.a.
244 ‐3,5300.9%
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ALPHALINER Monthly Monitor September 2016
Carriers’ Share Price and Liner Equi es Index
0.00
5.00
10.00
15.00
20.00
25.00
2013
2014
2015
2016
Hapag‐Lloyd replaced NOL in the Index from August 2016
Hapag‐Lloyd (€)
0
10
20
30
40
50
60
70
2013
2014
2015
2016
OOIL (HKD)
0
5,000
10,000
15,000
20,000
2013
2014
2015
2016
HJS (KRW)
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2013
2014
2015
2016
CSCL (HKD)
0
246
8101214
1618
2013
2014
2015
2016
RCL (THB)
0
5
10
15
20
25
30
2013
2014
2015
2016
YM (TWD)
0
100
200
300
400
500
600
2013
2014
2015
2016
MOL (JPY)
020,00040,00060,00080,000
100,000120,000140,000160,000180,000200,000
2013
2014
2015
2016
Adjusted for 1:7 stock split on 20 Apr 2016
HMM (KRW)
0.001.002.003.004.005.006.007.008.009.00
10.00
2013
2014
2015
2016
China COSCO (HKD)
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
2013
2014
2015
2016
Samudera (S$)
05
10
152025303540
45
2013
2014
2015
2016
WHL (TWD)
0
100
200
300
400
50020
13
2014
2015
2016
KL (JPY)
0
10
20
30
40
50
60
70
2013
2014
2015
2016
CSAV (CHP)
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
2013
2014
2015
2016
SITC (HKD)
0
10
20
30
40
50
60
2013
2014
2015
2016
Matson (US$)
0
5
10
15
20
25
30
2013
2014
2015
2016
EMC (TWD)
0
100
200
300
400
500
2013
2014
2015
2016
NYK (JPY)
02,0004,0006,0008,000
10,00012,00014,00016,00018,000
2013
2014
2015
2016
Maersk B (DKK)
60
80
100
120
140
160
180
2013
2014
2015
2016
1 Jan 2013 = 100 16 Sep 2016 = 87
Alphaliner Liner Index Maersk B Hapag- Lloyd OOIL CSCL C.COSCO SITC HJS HMM EMC YM WHL NYK MOL KL Matson CSAV RCL SamuderaTicker MAERSKB:CO HLAG.DE 0316.HK 2866.HK 1919.HK 1308.HK 117930.KS 011200.KS 2603.TT 2609.TT 2615.TT 9101.JP 9104.JP 9107.JP MATX:US VAPORES:CI RCL:TB SAMU.SP
Currency DKK € HKD HKD HKD HKD KRW KRW TWD TWD TWD JPY JPY JPY US$ CHP THB S$Share Price (16 Sep 2016) 10,020 18.5 30.30 1.83 2.89 4.5 1,285 8,050 12.90 7.1 15.75 188 234 255 37.88 10.97 5.15 0.172Share Price (1 Jan 2016) 8,975 20.14 37.25 2.16 3.52 4.11 3,635 28,910 13.25 8.69 18.25 295 307 260 42.63 13.70 5.20 0.22Change since 1 Jan 2016 11.6% ‐8.1% ‐18.7% ‐15.3% ‐17.9% 9.5% ‐64.6% ‐72.2% ‐2.6% ‐18.3% ‐13.7% ‐36.3% ‐23.8% ‐1.9% ‐11.1% ‐19.9% ‐1.0% ‐21.8%52 week low 7,355 14.60 25.75 1.34 2.56 3.30 870 6,420 10.90 6.99 14.80 166 183 168 30.54 10.55 4.90 0.1752 week high 11,490 22.20 40.10 3.11 4.94 4.98 5,830 56,840 15.35 10.50 23.25 337 343 291 53.18 21.80 7.45 0.25Market Cap (Local $ M) 204,605 2,185 18,962 43,493 52,653 11,759 315,172 1,431,789 45,309 21,332 35,160 319,704 282,271 239,542 1,627 336,745 4,268 93Market Cap (US$ M) 30,919 2,459 2,444 5,606 6,786 1,516 280 1,272 1,431 674 1,110 3,134 2,767 2,348 1,627 501 122 68Price‐to‐Book (mrq) 0.92 0.46 0.52 1.33 1.25 1.80 0.55 1.33 0.85 0.96 1.05 0.44 0.54 0.78 3.75 0.25 0.43 0.27P/E Ratio (ttm) na loss loss loss loss 11.08 loss loss loss loss 32.53 loss loss loss 14.56 loss loss lossP/E Ratio (FY 2016 est) 22.93 na 30.04 27.62 na 10.36 na na na na 23.45 na 20.86 na 18.51 8.12 11.98 8.38