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Page 1
The Shipping Industry
G.Skrimizeas Athens University of Economics and Business
Page 2
The Shipping Industry
Represents 90% of world trade
Reflects world economy
In 2016, about 10.000 millιon tonnes of cargo were
transported
Page 3
World Seaborne Trade
Total World Seaborne Trade
2017(f) World Seaborne Trade Breakdown
0,00
2000,00
4000,00
6000,00
8000,00
10000,00
12000,00
Mill
ion
Tonn
es
18%
18%
30%
4%
30%Minor Bulk Trade( Scrap etc) (1.886 million tonnes)
Container Trade ( 1.794 million tonnes)
Oil Trade( 3.035 million tonnes)
Gas Trade ( 377 million tonnes)
Major Bulk Trade( iron etc .) ‐ (3.094 million tonnes)
Page 4
Main Dry bulk Routes
Major Coal Trades
Australia – Far East
Australia – W. Europe
S. Africa – W. Europe
Colombia – W. Europe
Major Iron Ore Trades
Australia – Japan
Australia – China
Brazil - China
Brazil – W. Europe
Major Grain Trades
U.S. Gulf – Latin America
U.S. Gulf - Japan
U.S. Gulf - China
Argentina – Middle / Far East Asia
Coal
Grains
Iron Ore Coal
Iron Ore
Coal
Grains
Grains
Coal
Page 5
Main Tanker & Product Routes
Major Crude Oil Routes
Arabian Gulf – USA Black Sea – Europe
Arabian Gulf – Far East North Sea – Europe
West Africa – USA North Africa – Europe
West Africa – Far East South America – USA
Major Oil Products Routes
Arabian Gulf – USA North Sea – Europe
Arabian Gulf – Far East North Africa – Europe
Arabian Gulf – Europe South America – USA
Europe – USA South Korea – USA
Europe – West Africa Inter – Far East
Black Sea – Europe
Products
Crude Oil
Crude Oil
Products
Crude Oil Products
Products
Crude Oil
Products
Crude Oil
Page 6
Main Container Routes
Trans-Pacific
Trans-AtlanticEurope-Asia
Eastbound
Asia-EuropeWestbound
Container
Container
Container
Intra-Asia
Major Container Routes
Trans – Pacific
Trans – Atlantic
Asia – Europe (Westbound)
Europe – Asia (Eastbound)
Intra – Asia
Page 7
Vessel Sizes – Dry bulk Carriers
Vessel Size DWT Range
VLOC > 200,000
35% of World Fleet(By % of GT)
Capesize 110,000 199,999
Post-Panamax 90,000 109,999
Panamax / Kamsarmax 68,000 89,999
Ultramax 60,000 67,999
Handymax / Supramax 40,000 59,999
Handysize < 39,999
Page 8
Vessel Sizes – Tankers
Vessel Size DWT Range
VL/ULCC > 200,000
25% of World Fleet(By % of GT)
Suezmax 120,000 199,999
Aframax 80,000 119,999
Panamax 60,000 79,999
MRs 30,000 59,999
Handy < 30,000
Page 9
Vessel Sizes – Containerships
Vessel Size TEU Range
Very Large > 10,000
18% of World Fleet(By % of GT)
Large 8,000 9,999
Post-Panamax 5,000 7,999
Panamax 3,000 4,999
Sub-Panamax 2,000 2,999
Handy 1,000 1,999
Feeder < 999
Page 10
Greek Shipping Cluster About 5.150 vessels – Bss GT, 16% of Global & 44% of EU fleet
About 650 ship-owning companies
15.000 Greek Seafarers
165.000 shore personnel ( directly or indirectly)
58% of US listed shipping companies are of Greek interest
World Champion
Page 11
Ship Type Analysis of The Greek – owned Fleet in Dwt
Page 12
Fleet Percentage held by Each Size Group –DWT Terms
Page 13
Number of Greek Shipping Companies in operation 1998-2016
Page 14
Number of Greek Shipping Companies in terms of fleet size
Page 15
Greek Shipping Powers
Page 16
Benefits for Greece
€13.4 billion annually – 6% of Greek GDP
Employs approximately 165.000 people – 3.5% of total Greek employment
€136 billion receipts in Services Balance for the past decade
Invests shipping funds in basic sectors of Greek economy
Example for other sectors
Reverses negative stereotypes for Greece
Page 17
Strategic Decisions
Sector Selection
Revenue - Cash Management
Leverage
Equity
Timing
Slide 18
Corporate
Strategy
CURRENT ASSETS
- Chartering strategy (spot or period)
- Counterparty risk
FIXED ASSETS (Fleet)
- Sector
- Type
- Age
- Timing
FINANCE
- Leverage, how much?
- Type of borrowing (bilateral, syndicate, bonds etc.)
EQUITY
- Private
- Public
CURRENT ASSETS
- Chartering strategy (spot or period)
- Counterparty risk
FIXED ASSETS (Fleet)
- Sector
- Type
- Age
- Timing
FINANCE
- Leverage, how much?
- Type of borrowing (bilateral, syndicate, bonds etc.)
EQUITY
- Private
- Public
LIABILITIES & EQUITYASSETS
Balancing Fleet Investment
Page 19
Main Drivers
Changes in Demand
Changes in Supply
Page 20
Changes in Demand
Political Decisions – Bans, Boycotts, War, Trade Agreements
Global Economy
Environmental Regulations
Natural Phenomena
Unexpected Crises
NO Control over Demand
Page 21
Changes in Supply
Scrapping
Lay-Up
Slow Steaming
New Deliveries (Ordering)
• Future Prospects
• New building Prices
• Access to Finance
• Interest Rates
• Technological Improvements of New Designs
Owners CAN Control
Page 22
The Shipping Cycle
LOW:
Surplus of Ships
Deliveries: Depending on
Yard Capacity
Strong Market
Weak Market
Average
Demand: Unknown
Scrapping:
Ordering:
Scrapping:
Ordering:
Demand: Unknown
Global Fleet Shrinks
HIGH:
Shortage of
Ships
Page 23
TIMING !!
Investment Environment
Funding
Demand
Supply
Asset Values & Charter Levels
Page 24
0
25
50
75
100
0
15.000
30.000
45.000
60.000
75.000
90.000
2004 2007 2010 2013 2016
1 Yr TC Rate Average 5 Yr Old Value Average
0
25
50
75
100
0
15.000
30.000
45.000
60.000
75.000
90.000
2004 2007 2010 2013 2016
1 Yr TC Rate Average 5 Yr Old Value Average
0
25
50
75
100
0
15.000
30.000
45.000
60.000
75.000
90.000
2004 2007 2010 2013 2016
1 Yr TC Rate Average 5 Yr Old Value Average
Panamax – Drybulk Carrier Aframax – Tankers
3,500 TEU – Containerships
Source: Clarkson’s Research
Asset Values
TC Rates
Bulk Carriers -53% -57%
Tankers -32% -21%
Containers -76% -54%
USD
Per
Day
USD
Million
USD
Per
Day
USD
MillionU
SD P
er D
ay USD
Million
Asset Values & Charter Levels
Page 25
Challenges Ahead
• Crewing
• Compliance
• Capital Markets
• Demand
Page 26
Key Takeaways
• Shipping is a very dynamic, yet demanding industry.
• Greek Shipping : The Global Leader.
• Greek Shipping is mainly “ International Shipping”.
• Shipping should be one of the driving forces for the
Greek Economy.
Page 27
15, Karamanli Avenue,
Voula, GR 166 73,
Athens, Greece
Telephone: +30 210 8914 600 Fax : +30 210 8955 140
Email: [email protected]
Web Site: www.allseas.gr - www.box-ships.com - www.paragonship.com
Thank you
