AMM Jan 2020 - Alphaliner · 2020-06-04 · Carrier Financial Performance

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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: h ps://www.alphaliner.com/resources/Alphaliner_Terms.pdf Please send your feedback, comments and questions to [email protected]

January 2020 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 January 2020…..………….. 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 LNG/Scrubber Watch ‐ Fleet Breakdown………. 30 LNG/Scrubber Watch ‐ Carrier Breakdown…… 31 Top 30 Ports………………………………………………... 32 China Ports Watch……………………………………….. 32 Global Port Throughput….……………………………. 33 Trade Summary: Asia‐EC North America..…..... 34 Carrier Financial Performance……………............ 35 Carriers’ Share Price/Liner Equity Index.………. 36

Market Monitor

Size Dec 19 $/day

Nov 19 $/day

Change % Trend

4,000 teu 13,500 13,250 +2%

2,500 teu 10,000 10,250 ‐2%

1,700 teu 8,300 8,500 ‐2%

1,000 teu 6,200 6,100 +2% Note : Rates based on 6‐12 month fixtures

5,600 teu 19,000 20,000 ‐5%

8,500 teu 30,000 30,000 0%

No. of liner ships incl. non‐cellular 6,149 units Total liner capacity (teu) 23.613 Mteu Year‐on‐year increase % 3.9%

Liner Fleet as at 1 January 2020

10‐Year Alphaliner Charter Rate Index and Freight Rate Indices

Cellular Fleet Growth vs Global Throughput

No. of cellular ships 5,337 units Total cellular capacity (teu) 23.228 Mteu Year‐on‐year increase % 4.0% Chartered fleet % 55.7% Cellular fleet as % of liner total 98.4% % of cellular fleet idle 6.1% Orderbook 2.424 Mteu Orderbook as % of current fleet 10.4% Deliveries Jan‐Dec 2019 148 units/1,059,381 teu Dele ons Jan‐Dec 2019 114 units/207,518 teu New Orders Jan‐Dec 2019 97 units/783,901 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%

1.8%

3.7%

5.8%

4.0%

3.5%

2.1%

12.2%

5.4%

13.0%

13.4%

14.4%

10.0%

10.8%

12.5%

5.7%

‐8.2%

14.1%

8.3%

4.7%

3.7%

5.1%

1.4%

2.8%

6.7%

5.2%

2.5%

2.2%

2.7%

0

5

10

15

20

25

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

(F)202

0

(F) 2

021

TEU M

illions

Fleet Capacity (year end) Forecast% Annual Capacity Growth % Global Throughput Growth

200

400

600

800

1,000

1,200

1,400

1,600

20

40

60

80

100

120

140

160

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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)

NEW


ALPHALINER Monthly Monitor January 2020

Cellular Fleet Breakdown As at 1 Jan 2020

Cellular Orderbook Fleet Breakdown As at 1 Jan 2020

18,000‐24,000 36%

12,500‐15,199 NPX 28%

10,000‐12,499 17%

5,100‐7,499 0%

3,000‐3,999 2%

2,000‐2,999 11%

<1,999 6%

Orderbook Fleet Capacity Breakdown by TEU size range

18,000‐24,000 10%

15,200‐17,999 3%

12,500‐15,199 NPX 15%

10,000‐12,499 8%

7,500‐9,999 18%

5,100‐7,499 12%

4,000‐5,099 12%

3,000‐3,999 4%

2,000‐2,999 7%

1,500‐1,999 4%

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 73 ships for 119,099 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 18,000‐24,000 115 2,311,433 48 983,490 42.5% 15,200‐17,999 42 703,681 9 153,489 21.8% 12,500‐15,199 NPX 252 3,469,931 148 2,041,110 58.8% 10,000‐12,499 164 1,760,937 110 1,169,788 66.4% 7,500‐9,999 480 4,235,592 273 2,421,749 57.2% 5,100‐7,499 448 2,791,383 246 1,522,263 54.5% 4,000‐5,099 631 2,859,792 362 1,631,157 57.0% 3,000‐3,999 252 878,393 155 544,982 62.0% 2,000‐2,999 675 1,723,100 420 1,074,536 62.4% 1,500‐1,999 601 1,034,715 321 557,009 53.8% 1,000‐1,499 709 817,562 417 489,092 59.8% 500‐999 786 582,565 431 332,109 57.0% 100‐499 182 59,413 53 17,077 28.7% TOTAL 5,337 23,228,497 2,993 12,937,851 55.7%

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

18,000‐24,000 37 860,900 1 23,756 2.8% 37.2% 15,200‐17,999 0 0 0 0 0.0% 0.0% 12,500‐15,199 NPX 47 689,374 29 419,374 60.8% 19.9% 10,000‐12,499 34 402,350 26 306,350 76.1% 22.8% 7,500‐9,999 0 0 0 0 0.0% 0.0% 5,100‐7,499 2 10,590 2 10,590 0.0% 0.4% 4,000‐5,099 1 4,011 0 0 0.0% 0.1% 3,000‐3,999 13 39,788 1 3,100 7.8% 4.5% 2,000‐2,999 106 260,933 35 86,866 33.3% 15.1% 1,500‐1,999 57 102,841 44 79,136 76.9% 9.9% 1,000‐1,499 41 47,366 9 11,340 23.9% 5.8% 500‐999 9 5,824 0 0 0.0% 1.0% 100‐499 2 420 0 0 0.0% 0.7% TOTAL 349 2,424,397 147 940,512 38.8% 10.4%

*

*

* 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 Capacity 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% 4.4%

11.0%

27.1%

29.4%

26.9%

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

Average Age of Cellular Fleet : Gross ‐ 12.7 years TEU Weighted ‐ 10.0 years

125

106

150

140

105

77

47 33 23 21 14

30 18

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

TEU

Age in years

Units7,500‐10,0005,100‐7,5004,000‐5,100 teu3,000‐4,000 teu2,000‐3,000 teu1,000‐2,000 teu<1,000 teu

Total fleet above 20 years : 889 units/1,667,062 teu (7.2% of current fleet capacity)

Overaged Cellular Fleet Capacity Profile (Built 2000 or earlier)

ALPHALINER

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

2019

2018

2017

2016

2015

2014

2013

2012

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

1995

1994

1993

1992

1991

1990

Pre‐19

90

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‐1984 > 35 16 26,885 1984‐1988 31‐35 22 32,554

1989 31 10 18,744 1990 30 14 27,801 1991 29 21 24,748 1992 28 23 26,463 1993 27 33 55,572 1994 26 47 52,322 1995 25 77 97,933 1996 24 105 164,209 1997 23 140 238,626 1998 22 150 284,172 1999 21 106 232,948 2000 20 125 384,085 2001 19 157 517,390 2002 18 176 552,363 2003 17 159 504,668 2004 16 165 596,421 2005 15 265 929,927 2006 14 365 1,346,188 2007 13 418 1,375,938 2008 12 466 1,589,179 2009 11 272 1,062,807 2010 10 272 1,391,687 2011 9 205 1,256,316 2012 8 221 1,278,373 2013 7 236 1,416,329 2014 6 210 1,489,791 2015 5 234 1,743,527 2016 4 147 946,946 2017 3 160 1,195,393 2018 2 172 1,308,811 2019 1 148 1,059,381



Newbuilding Delivery Projec ons ‐ Cellular Fleet

Cellular Fleet Projec ons

37%

16%

23%

27%

15%

11%

13%

13%

17%

17%

27%

17%

2%

33%

35%

26%

36%

27%

32%

19%

6%

0%

30%

49%

49%

30%

42%

25%

42%

43%

31%

31%

32%

57%

56%

1%

8%

16%

31%

27%

38%

52%

52%

41%

25%

42%

0.00 0.50 1.00 1.50 2.00

2010201120122013201420152016201720182019

2020(f)2021(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 January 2020. Adjusted fleet includes forecast jumboisa ons, scrapping and expected delivery slippage.

0 5 10 15 20 25

end 2022F

end 2021Fend 2020F

end 2019A

end 2018Aend 2017A

end 2016Aend 2015A

end 2014Aend 2013A

end 2012Aend 2011A

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

26% 25%

25% 23%

23% 22%

20% 21%

20% 19%

35% 13% 1%

35% 20% 6%

36% 18% 5%

36% 17% 3%

36% 14% 1%

33% 21% 8% 18% 19%

19% 17% 32% 22% 11%

15%

18%

29% 23% 14%

35% 9% 1% 27% 28%

18%

16% 30% 23% 13%

18% 15% 28% 24% 15%

18% 15% 27% 25% 15%

2019 Deliveries 2020F Deliveries 2021F Deliveries 2022F Deliveries Nominal TEU No. TEU No. TEU No. TEU No. TEU 18,000‐24,000 23 502,874 20 461,540 9 208,752 8 190,608 15,200‐17,999 3 45,846 0 0 0 0 0 0

10,000‐12,499 4 47,522 16 188,750 14 166,200 4 47,400 7,500‐9,999 0 0 0 0 0 0 0 0 5,100‐7,499 0 0 1 5,295 1 5,295 0 0 4,000‐5,099 0 0 1 4,011 0 0 0 0 3,000‐3,999 7 24,828 6 18,472 7 21,316 0 0 2,000‐2,999 20 53,231 63 158,371 39 94,410 4 8,152 1,500‐1,999 34 61,279 52 93,705 5 9,136 0 0 1,000‐1,499 23 27,375 24 27,416 17 19,950 0 0 500‐999 14 10,622 9 5,824 0 0 0 0 100‐499 0 0 1 120 1 300 0 0 Total 148 1,059,381 205 1,136,438 114 835,175 30 452,784 Slippage (Net Est) ‐10 ‐25,000 10 25,000 Adjusted total 148 1,059,381 195 1,111,438 124 860,175 30 452,784 Scrapping (Est) 300,000 350,000 400,000

12,500‐15,199 NPX 20 285,804 12 172,934 21 309,816 14 206,624

Fleet as at : 31 Dec 2019 31 Dec 2020 31 Dec 2021 31 Dec 2022 Nominal TEU No. TEU No. TEU No. TEU No. TEU 18,000‐24,000 115 2,311,433 135 2,772,973 144 2,981,725 152 3,172,333 15,200‐17,999 42 703,681 42 703,681 42 703,681 42 703,681

10,000‐12,499 164 1,760,937 180 1,949,687 194 2,115,887 198 2,163,287 7,500‐9,999 480 4,235,592 480 4,243,320 480 4,243,320 480 4,243,320 5,100‐7,499 448 2,791,383 449 2,796,678 450 2,801,973 450 2,801,973 4,000‐5,099 631 2,859,792 632 2,863,803 632 2,863,803 632 2,863,803 3,000‐3,999 252 878,393 258 896,865 265 918,181 265 918,181 2,000‐2,999 675 1,723,100 738 1,881,471 777 1,975,881 781 1,984,033 1,500‐1,999 601 1,034,715 653 1,128,420 658 1,137,556 658 1,137,556 1,000‐1,499 709 817,562 733 844,978 750 864,928 750 864,928 500‐999 786 582,565 795 588,389 795 588,389 795 588,389 100‐499 182 59,413 183 59,533 184 59,833 184 59,833 Total 5,337 23,228,497 5,542 24,372,663 5,656 25,207,838 5,686 25,660,622 Adjusted Total 5,337 23,228,497 5,422 24,047,663 5,421 24,557,838 5,301 24,610,622 Annual Growth 4.0% 3.5% 2.1% 0.2%

12,500‐15,199 NPX 252 3,469,931 264 3,642,865 285 3,952,681 299 4,159,305

* 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 Cellular Fleet / Average Vessel Size

Deleted during year Of which scrapped Year Units TEU Units TEU Ave. TEU Ave. Age 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 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 64 110,223 56 102,308 1,827 24 2019 114 207,518 105 197,858 1,884 23

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

2018

2019

YTD20

20

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

2019

2020

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

5,17

8

5,18

0

5,29

1

5,33

7

5,42

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

3,101

3,273

3,444

3,632

3,847

3,929

4,074

4,222

4,352

4,435

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 New Ship Deliveries in October‐December 2019 (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

2020

‐ Q 1

Q 3

2021

‐ 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

Oct

2020

Jan

Apr

Jul

OctTEU

TEU DeliveredTo be delivered (Forecasts)

Name Teu Gear Managing owner Operator Shipyard Deliveries in November MSC FEBE 23,756 No Doun Kisen K.K. MSC Samsung H.I. CMA CGM CHILE 15,052 No EP Shipping CMA CGM Hyundai Samho H.I. LURLINE 2,750 No Matson Naviga on Matson NASSCO TS PUSAN 1,808 No Prevalence Holding (TS Lines) TS Lines CSBC CONTAINERSHIPS ARCTIC 1,380 No Containerships Containerships OY Guangzhou Wenchong XIN OU 27 800 No Shanghai Xin'ou Shipping Chinese operator Chinese yard TANTO KELUARGA 558 No Tanto In m Line Tanto In m Line Ningbo Boda Deliveries in November MSC MIA 23,756 No China Merchants Bank MSC Samsung H.I. MSC SIXIN 23,656 No Minsheng Financial Leasing MSC Daewoo (DSME) MSC KANOKO 14,272 No Zodiac Mari me MSC Hyundai H.I. (HHI) REN JIAN FU ZHOU 2,444 No Antong Holdings Quanzhou An Sheng Taizhou Sanfu SITC BATANGAS 2,400 No SITC Interna onal SITC Jiangsu New Yangzi ZHONG GU BO HAI 1,912 No Zhonggu Logis cs Zhonggu Logis cs Jinling Shipyard POS BANGKOK 1,809 No Pan Ocean Shipping Hyundai M.M. Hyundai Mipo NORDAMSTEL 1,774 No Reederei 'Nord' Sinokor Jiangsu Yangzijiang LONDON TRADER 1,762 No Lomar Shipping Sealand Asia COSCO Shipyard HONG TAI 217 1,330 No Hong Tai Shipping COSCO Shipping Chinese yard TS YOKOHAMA 1,096 No TS Lines TS Lines Kyokuyo Shipyard XIN OU 23 800 No Shanghai Xin'ou Shipping Chinese operator Chinese yard HUA HANG HAN YA 2 500 No Wuhan Xingang Datong Xingang Datong Jiang Dong Shipyard Deliveries in October MSC NELA 23,656 No Minsheng Financial Leasing MSC Daewoo (DSME) EVER GREET 20,244 No Shoei Kisen Evergreen Imabari MAERSK MONGLA 2,806 No JW Shipping Sealand Asia Tsuneishi (Zhoushan) SITC CEBU 2,400 No SITC Interna onal Holdings SITC Jiangsu Yangzijiang ZHONG GU HUANG HAI 1,912 No Zhonggu Logis cs Zhonggu Logis cs Jinling Shipyard GREEN STAR 1,809 No XT Shipping Gold Star Line Hyundai Mipo GREEN OCEAN 1,809 No XT Shipping HMM Hyundai Mipo TS QINGDAO 1,808 No Prevalence Holding (TS Lines) TS Lines CSBC Corp. GREEN CELESTE 1,800 No Shoei Kisen Evergreen Imabari NORDMAAS 1,774 No Reederei 'Nord' ONE Jiangsu Yangzijiang INCEDA 1,762 No Kotoku Kaiun Heung‐A COSCO Shipyard SPIRIT OF CHENNAI 1,162 No Asian Spirit Steamship MSC Fujian Mawei TANTO KAWAN 558 Yes Tanto In m Line Tanto In m Line Ningbo Boda



Cellular Orderbook as at 1 January 2020 Cellular Orders Placed by Quarter

Orderbook‐to‐Fleet Development 2000‐2020 (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

26.0

28.0

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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 ‐ December 11 97,536

Delivered ‐ December 7 46,104

Deleted from fleet ‐ December 11 12,360

Recent Orders (Cellular ships only excluding unconverted op ons)

Date Owner Shipyard Size (TEU) Delivery Price Dec 19 Eastern Pacific Shipping Daewoo (DSME) 6 x 15,000 2022 $128 M each Dec 19 Evergreen Hyundai Mipo 4 x 1,809 2021 Dec 19 Naviga on Brilliance Qingdao Shipyard 1 x 300 2021 Nov 19 Great Horse Shg (Tiger Inv.) Yangzijiang 3 x 14,000 2022 Oct 19 MSC Daewoo 5 x 23,000 2021 $152 M each Sep 19 Evergreen Marine Corp. Samsung H.I. 2 x 23,764 2022 $153.3 M each Sep 19 Greencompass Marine Samsung H.I. 4 x 23,764 2022 $153.3 M each Sep 19 Greencompass Marine Hudong‐Zhonghua 2 x 23,000 2022 $140‐160 M each Sep 19 Evergreen Marine (HK) Jiangnan Shipyard 2 x 23,000 2022 $140‐160 M each Sep 19 TS Lines Guangzhou Wenchong 2 x 2,700 2021 Sep 19 TVL Marine Kyokuyo 1 x 1,096 2021 Jul 19 Dongjin Shipping Dae Sun 1 x 1,011 2020 Jun 19 XT Shipping Hyundai Mipo 2 x 1,809 2020 May 19 Sinokor Hyundai Mipo 2 x 1,809 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

2020

‐ Q 1

Q 3

TEU

Millions

Orders contracted by Quarter Actual Deliveries by QuarterForecast Deliveries

Orderbook Total Of which chartered %

No. of ships 349 147 42.1%

Total Capacity (teu) 2,424,397 940,512 38.8%

As % of exis ng fleet 10.4% 7.3%



Cellular Containerships Orderbook by Shipyard (Top 20 Yards) as at 1 January 2020

Actual deliveries by yard 2017‐2019 in Mteu Units delivered Shipyard

Orderbook Orderbook by expected year of delivery in Mteu

2017 2018 2019 TEU Units Ave. Size

11 1 5 Samsung H.I. 377,340 20 18,867

6 5 6 Daewoo (DSME) 366,000 18 20,333

6 18 15 Imabari Group 301,050 45 6,690

6 7 4 Jiangnan Changxing 258,976 21 12,332

10 9 8 Hyundai H.I. 240,000 16 15,000

2 0 0 Hudong Zhonghua 215,224 11 19,566

12 23 12 Jiangsu Yangzijiang 139,680 23 6,073

10 8 6 Guangzhou Wenchong 105,304 53 1,987

5 0 4 Hyundai Samho 103,924 7 14,846

5 4 2 Jinhai Intelligent Mfg. 57,500 5 11,500

2 0 13 Hyundai Mipo 50,489 26 1,942

5 5 7 Tsuneishi (Zhoushan) 29,772 14 2,127

10 8 2 CSBC 28,000 10 2,800

4 4 3 Japan Marine United 24,288 8 3,036

9 1 0 Zhejiang Ouhua 17,202 5 3,440

1 3 0 Zhoushan Changhong 15,764 7 2,252

0 0 0 Shanghai Chengxi 13,800 10 1,380

0 0 0 Jiangnan Shipyard 10,000 4 2,500

1 5 0 Xiamen Shipyard 9,776 4 2,444

0 5 11 COSCO Zhoushan 7,048 4 1,762

0.000.200.400.60

2019 2018 2017

0.00 0.20 0.40 0.60

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

222

197

147

146

102

84

70

35

17

13

8

4

3

1

1

3

15

26

30

14

20

13

0 20 40 60 80 100 120 140 160 180 200 220 240

MSCMaersk

COSCO ShgCMA CGM

Hapag‐LloydONE

EvergreenYang Ming

HMMZimPIL

IRISLWan Hai

DALKMTC

Unassigned 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

24 28 35

18

2

5

1

1 2

2

9

1 4 4

3 ‐ ‐ ‐

4

11

20

12 19 26

23 20 9

8

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

215 176

163 94

48 41 38 37 28 26 25 18 16 16 15 15 12 11 11 10 10 9 8 6 4 2

16 20

18 7

0 12 8

21 0 0 0 11

0 0 0 0 0 0 0 5 0 0 0 0 0 0

0 50 100 150 200 250

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

Daewoo (DSME)Hyundai Samho H.I.

OdenseJiangnan ChangxingJiangsu Yangzijiang

Imabari GroupIHI

Hanjin PhilippinesCSBC

Hudong ZhonghuaNantong (NACKS)

STX ShipyardJapan Marine United

Dalian Shipbldg (DSIC)Mitsubishi H.I.New Century

SungdongJinhai Intelligent MfgShanghai Waigaoqiao

Hanjin H.I.Daewoo (DMHI)

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 4,235,592 0 0 10,000‐12,500 TEU 164 1,760,937 34 402,350 12,500‐15,200 TEU NPX 252 3,469,931 47 689,374 15,200‐18,000 TEU 42 703,681 0 0 >18,000 TEU 115 2,311,433 37 860,900 Total 1,053 12,481,574 118 1,952,624



Charter Rates ‐ Cellular Ships September 2014 Fixtures (selected fixtures only ‐ full list available online) Charter Rates ‐ Cellular Ships December 2019 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

2019

Charter R

ate $/da

y

Alphaliner Charter Rates 2000‐2019 (December)

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

Size Dec‐19 Nov‐19 MoM Change %

Dec‐18 YoY Change % $/day $/day $/day

8,500 teu 30,000 30,000 0% 13,000 131% 5,600 teu 19,000 20,000 ‐5% 10,000 90% 4,000 teu (Panamax) 13,500 13,250 2% 9,500 42% 2,500 teu 10,000 10,250 ‐2% 9,500 5% 1,700 teu 8,300 8,500 ‐2% 7,500 11% 1,000 teu 6,200 6,100 2% 6,300 ‐2% Alphaliner Index 80.4 81.6 ‐1% 55.9 44%

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 EGCS Charterer Period

(Mths) US$/ day

SWITZERLAND 2015 9,030 7,452 No Yang Ming 9 39,500

MEDITERRANEAN BRIDGE 2011 8,586 6,100 No Y CMA CGM 10‐12 30,000

RDO CONCEPTION 2006 6,541 4,855 No Global Feeder Shg 4‐5 25,250

E.R. LOS ANGELES 2001 5,762 4,170 No OOCL (COSCO) 4‐6 19,000

CARL SCHULTE 2014 5,466 3,680 No KMTC 6‐9 19,000

MP THE GRONK 2005 5,050 3,386 No Y MSC 24 17,850

MP THE EDELMAN 2005 5,050 3,386 No Y MSC 24 17,900

CSL SOPHIE 2005 4,738 3,272 No Feedertech 5‐9 12,000

ALS FLORA 2009 4,275 2,800 No CMA CGM 8‐10 13,900

TEJAS 2010 4,250 2,800 No Y MSC 24 15,500

MERKUR OCEAN 2013 3,765 2,950 Yes CMA CGM 9‐12 15,100

GH CHINOOK 2010 3,426 2,410 No Maersk A/S 8‐12 10,000

SONGA ANTOFAGASTA 2008 2,797 2,150 No Oman Shipping 8‐10 10,000

CAPE MORETON 2005 2,742 2,115 Yes Oman Shipping 5‐6 10,900

HAMMONIA EMDEN 2006 2,556 1,850 Yes Hapag‐Lloyd 4‐6 9,950

HSL NIKE 2005 2,556 1,860 Yes Hapag‐Lloyd 5‐7 10,000

EVRIDIKI G. 2001 2,556 1,850 Yes Hapag‐Lloyd 7‐10 10,000

MOLLY SCHULTE 2017 2,357 1,780 Yes Hapag‐Lloyd 9‐11 13,000

GSL MANET 2001 2,226 1,750 Yes COSCO Shg 4‐6 8,800

LADY OF LUCK 1998 2,226 1,750 Yes Samudera 9‐12 8,150

CAPE FORTIUS 2017 2,202 1,570 Yes OOCL (COSCO) 4‐6 12,500

HANSA FALKENBURG 2008 1,732 1,275 Yes Sinokor 4‐7 8,300

VITA N 2010 1,732 1,275 Yes Sinokor 4‐7 8,300

PENANG BRIDGE 2009 1,708 1,243 No X‐Press Feeders 5‐7 8,500

FESCO ASKOLD 2006 1,118 700 Yes Maersk A/S 12‐24 6,000

LANTAU BRIDE 2008 1,049 655 No Shanghai Pan Asia (COSCO) 12 7,850

SIRI BHUM 2013 1,043 660 No Heung‐A 12‐13 7,850

INTRA BHUM 2013 1,043 660 No Heung‐A 4‐6 7,800

ANNE 2007 957 604 Yes CMA CGM 9‐12 6,000

VICTORY STAR 1998 706 No FESCO 6‐9 5,200



Sales and Purchase (Cellular Containerships : Reported Sales in Oct 2019‐Jan 2020) 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 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

2019

Jan Jul

TEU

TEU capacity of containerships sold by month

0

10

20

30

40

50

60

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

2019

Jan Jul

Units Sold

Units sold by month

Ship name Blt Teu Seller Buyer Price US$ M Month

ATHOS 2011 9,954 Capital Mari me & Trading Corp. Capital Product Partners 54.2 Dec ATHENIAN 2011 9,954 Capital Mari me & Trading Corp. Capital Product Partners 54.2 Dec ARISTOMENIS 2011 9,954 Capital Mari me & Trading Corp. Capital Product Partners 54.2 Dec ROBIN HUNTER 2010 4,380 Delphis Hunter (c/o CMB) TS Lines priv Dec JOHANNES‐S 2008 2,546 H. Schepers Foroohari Schiffahrt 8.65 Dec

LAXFOSS 1995 1,467 Eimskip Unnamed buyers 1.95 Dec

GODAFOSS 1995 1,467 Eimskip Unnamed buyers 1.95 Dec APL SOUTHAMPTON 2012 10,798 China Merchants Bank Seaspan Corp. priv Nov APL DUBLIN 2012 10,798 China Merchants Bank Seaspan Corp. priv Nov APL PARIS 2012 10,798 China Merchants Bank Seaspan Corp. priv Nov MSC ROMANE 2017 9,408 Sinoceanic ASA CDB Leasing priv Nov MSC ELMA 2016 9,408 Sinoceanic ASA CDB Leasing priv Nov APL MEXICO CITY 2014 9,326 China Merchants Bank Seaspan Corp. priv Nov APL NEW YORK 2013 9,326 China Merchants Bank Seaspan Corp. priv Nov APL VANCOUVER 2013 9,326 China Merchants Bank Seaspan Corp. priv Nov VERDI 2004 6,080 Technomar Shg Global Ship Lease 12.25 Nov STRAUSS 2004 6,080 Technomar Shg Global Ship Lease 12.25 Nov SYNERGY ANTWERP 2008 4,253 Synergy Holdings Euroseas Ltd 10 Nov SYNERGY KEELUNG 2009 4,253 Synergy Holdings Euroseas Ltd 10 Nov SYNERGY OAKLAND 2009 4,253 Synergy Holdings Euroseas Ltd 10 Nov SYNERGY BUSAN 2008 4,253 Synergy Holdings Euroseas Ltd 10 Nov NORDSERENA 2016 2,500 Reederei 'Nord' Xiang L43 HK Int'l Ship Lease priv Nov NORDISABELLA 2016 2,500 Reederei 'Nord' Xiang L42 HK Int'l Ship Lease priv Nov ASTERIX 2008 1,878 Capital Liberty Invest Admiral Container Lines priv Nov PACATU 2004 1,118 Harren & Partner Schiffahrts Interests linked to Contships priv Nov BC SINGAPORE 2007 1,118 Buss Capital Interests linked to Contships priv Nov FESCO VOYAGER 1998 1,060 FESCO Fonway Shipping priv Nov INES BOLTEN 2009 974 August Bolten Irish Con nental Group priv Nov ACACIA LEO 2007 878 Haitong Container Shin Yang Shipping priv Nov RITA 2OO5 657 First Fleet Rita UG (c/o Brise Schif.) Romes Shipping priv Nov FRANCOP 2003 822 Reederei Bartels FESCO priv Oct ICE SUN 2007 679 Clients of Briese Schiffahrt GS Lines (Grupo Sousa) priv Oct

FILOXENIA 2020 1,774 Lomar Shipping Kotoku Kaiun priv Dec

MALTE RAMBOW 2005 1,118 Ernst Russ/Rambow Element Shipmanagemnt priv Jan

SENDAI VOYAGER 1997 580 Sinokor Unnamed buyers priv Dec



Demoli on Sales (Cellular Containerships : Reported Sales in Jul 2019‐Jan 2020) 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 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

2019

Jan Jul

TEU

TEU capacity of containerships sold for demolition by month

0

10

20

30

40

50

60

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

2019

Jan Jul

Units Sold

Units sold for demolition by month

Ship Name Built Age Teu Ldt $/ldt Last Trading Owner Scrap loca on Sold

EVER DEVELOP 1998 21 4,211 Evergreen Marine Corp. India Dec EVER DIAMOND 1998 21 4,211 21,820 $385 Evergreen Marine Corp. India Dec EVER DYNAMIC 1998 21 4,211 Evergreen Marine Corp. India Dec NEAPOLIS 2000 19 1,645 Costamare Dec

SAWASDEE LAEM CHABANG 1994 25 1,512 6,952 $432 Sinokor India Dec

KOTA HADIAH 1997 22 1,088 5,313 $399 PIL Bangladesh Dec SINOKOR ULSAN 1990 29 255 2,942 $432 Sinokor India Dec SPIRIT OF MANILA 2000 19 2,262 11,630 $422 PT Shipmanagement Bangladesh Nov MSC NAMIBIA II 1991 28 2,024 8,309 Costamare India Nov WAN HAI 202 1990 29 1,244 6,884 Wan Hai India Nov UNI‐ANGEL 1997 22 1,164 7,129 $345 Evergreen Marine Corp. India Nov UNI‐AHEAD 1997 22 1,164 7,129 $338 Evergreen Marine Corp. India Nov MARINA STAR 1 1983 36 844 5,473 $345 Meratus India Nov DAMAI SEJAHTERA 2 1995 24 841 4,310 Jayakusuma Perdana Lines Nov HAI SU 1 2002 17 698 3,760 $396 Forever Rich Shipping Bangladesh Nov MSC REUNION 1992 27 2,024 8,309 $390 Costamare India Sep MSC SIERRA II 1991 28 2,024 8,338 $419 Costamare India Sep ASIA IPSA 2003 16 1,850 10,599 $410 IPSA Capital Bangladesh Sep JACOB 2006 13 1,844 10,794 $410 Hermes Mari me Bangladesh Sep MATSON PRODUCER 1974 45 1,751 12,387 Matson US Sep EASLINE SHANGHAI 1994 25 1,012 5,250 $369 EAS Interna onal Marine Bangladesh Sep LILY QUEEN 1995 24 1,162 5,695 $395 Erdinger Shipping Bangladesh Sep WONDER I 1990 29 362 3,250 Transport Projects Turkey Sep EVER UNIQUE 1997 22 5,364 24,048 $372 Evergreen Marine (Sin) India Aug EVER UNISON 1996 23 5,364 24,039 $397 Evergreen Marine (Sin) Bangladesh Aug EVER DELIGHT 1998 21 4,211 21,820 $372 Evergreen Marine Corp. India Aug WAN HAI 203 1990 29 1,244 6,884 $355 Wan Hai India Aug WAN HAI 205 1990 29 1,244 6,898 $355 Wan Hai India Aug UNI‐AMPLE 1997 22 1,164 7,129 $372 Evergreen Marine Corp. India Aug APL KOREA 1995 24 5,108 24,132 $380 APL India Jul APL SINGAPORE 1995 24 5,108 24,132 $380 APL India Jul

MERATUS AMBON 1992 27 650 3,334 $370 Meratus Indonesia Jul

HUNSA BHUM 1995 24 1,228 RCL Dec GANTA BHUM 1995 24 1,228 RCL Dec

APL THAILAND 1995 25 5,108 24,250 $390 NOL (CMA CGM Group) Jan



Top 30 Carriers As at 1 January 2020

Total exis ng Owned Chartered Orderbook Market Rank Operator TEU Ships TEU Ships TEU Ships % Chart. TEU Ships O/E % Share 1 APM‐Maersk 4,192,742 707 2,356,393 314 1,836,349 393 44% 42,670 18 1% 17.8% 2 MSC 3,766,049 565 1,047,480 178 2,718,569 387 72% 256,256 15 7% 15.9% 3 COSCO Group 2,938,030 481 1,552,917 174 1,385,113 307 47% 0 0 0% 12.4% 4 CMA CGM Group 2,695,863 507 998,815 125 1,697,048 382 63% 471,036 31 17% 11.4% 5 Hapag‐Lloyd 1,717,889 240 1,050,736 111 667,153 129 39% 0 0 0% 7.3% 6 ONE 1,581,368 221 543,028 75 1,038,340 146 66% 0 0 0% 6.7% 7 Evergreen 1,276,568 200 566,051 109 710,517 91 56% 557,002 69 44% 5.4% 8 Yang Ming 646,630 100 192,497 42 454,133 58 70% 198,100 24 31% 2.7% 9 PIL 392,410 119 157,057 69 235,353 50 60% 0 0 0% 1.7% 10 HMM 388,526 63 137,598 16 250,928 47 65% 396,000 20 102% 1.6% 11 Zim 292,303 61 4,992 1 287,311 60 98% 0 0 0% 1.2% 12 Wan Hai 274,036 97 160,636 66 113,400 31 41% 48,744 20 18% 1.2% 13 Zhonggu Logis cs 161,068 113 96,600 37 64,468 76 40% 4,964 3 3% 0.7% 14 IRISL Group 152,419 48 94,387 44 58,032 4 38% 0 0 0% 0.6% 15 KMTC 146,734 63 58,262 26 88,472 37 60% 12,500 5 9% 0.6% 16 Antong (QASC) 146,152 117 114,353 61 31,799 56 22% 14,780 9 10% 0.6% 17 SITC 117,812 82 83,826 61 33,986 21 29% 17,700 7 15% 0.5% 18 X‐Press Feeders 115,137 79 50,633 28 64,504 51 56% 5,564 2 5% 0.5% 19 UniFeeder 85,067 57 5,042 1 80,025 56 94% 0 0 0% 0.4%

20 TS Lines 79,673 35 17,171 10 62,502 25 78% 7,592 4 10% 0.3%

21 SM Line 73,882 17 55,690 11 18,192 6 25% 0 0 0% 0.3% 22 Arkas / EMES 64,517 38 57,441 36 7,076 2 11% 12,400 4 19% 0.3% 23 Sinokor 63,937 48 31,366 28 32,571 20 51% 34,436 24 54% 0.3% 24 Sinotrans 59,339 37 26,193 17 33,146 20 56% 1,140 1 2% 0.3% 25 RCL 54,058 29 29,016 24 25,042 5 46% 0 0 0% 0.2% 26 Salam Pacific 52,121 52 52,121 52 0 0 0% 558 1 1% 0.2% 27 Matson 45,634 25 41,173 21 4,461 4 10% 2,750 1 6% 0.2% 28 Emirates Shg 42,672 8 0 0 42,672 8 100% 0 0 0% 0.2% 29 Grimaldi (Napoli) 41,756 38 41,756 38 0 0 0% 3,600 12 9% 0.2% 30 Swire Shg 40,815 25 28,297 17 12,518 8 31% 20,524 8 50% 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 January 2020

14%

17%

19%

2%

7%

8%

18%

11%

7%

3%

11%

3%

14%

26%

27%

31%

37%

29%

22%

43%

24%

29%

25%

13%

38%

25%

20%

26%

17%

18%

24%

23%

27%

19%

18%

18%

6%

20%

14%

9%

9%

9%

14%

21%

15%

19%

10%

25%

10%

17%

35%

19%

13%

14%

13%

18%

11%

19%

16%

12%

14%

5%

10%

43%

23%

35%

21%

30%

4%

24%

36%

20%

27%

27%

16%

9%

5%

3%

5%

5%

4%

9%

3%

6%

2%

5%

21%

23%

16%

19%

17%

29%

19%

17%

6%

3%

4%

6%

7%

2%

1%

5%

6%

17%

4%

6%

28%

47%

7%

32%

47%

71%

61%

60%

43%

7%

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

APM‐MaerskMSC

COSCO GroupCMA CGM Group

Hapag‐LloydONE

EvergreenYang Ming

PILHMMZim

Wan HaiZhonggu Logistics

IRISL GroupKMTC

Antong (QASC)SITC

X‐Press FeedersUniFeeder

TS Lines

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 January 2020

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 31 19 36 95 91 115 68 141 51 32 12 0 707

MSC 30 6 17 111 56 58 42 73 32 50 30 2 565

COSCO Group 28 0 16 57 47 120 6 31 53 49 28 0 481

CMA CGM Group 3 17 49 55 40 59 47 58 41 58 53 5 507

Hapag‐Lloyd 6 0 15 47 36 31 19 30 12 8 2 0 240

ONE 6 0 10 42 53 46 0 23 6 9 0 0 221

Evergreen 11 0 0 39 31 15 0 41 33 8 2 0 200

Yang Ming 0 0 1 15 20 14 1 7 21 2 0 0 100

PIL 0 0 8 0 6 22 20 9 23 9 21 1 119

HMM 0 0 2 8 15 19 0 3 6 2 1 0 63

Zim 0 0 7 6 5 21 2 6 4 9 1 0 61

Wan Hai 0 0 3 0 8 13 0 22 27 23 1 0 97

Zhonggu Logis cs 0 0 0 0 0 8 3 15 14 14 41 18 113

IRISL Group 0 0 0 0 9 0 2 10 0 4 3 16 48

KMTC 0 0 0 1 5 8 0 10 16 15 3 5 63

Antong (QASC) 0 0 0 0 0 12 0 10 13 6 39 37 117

SITC 0 0 0 0 0 0 0 13 20 32 17 0 82

X‐Press Feeders 0 0 0 0 0 5 0 9 13 16 36 0 79

UniFeeder 0 0 0 0 2 4 1 0 5 24 21 0 57

TS Lines 0 0 0 0 2 5 0 5 14 8 1 0 35

Total Top 20 115 42 164 476 426 575 211 516 404 378 312 84 3,955

Total Liner Fleet incl. non‐cellular 115 42 164 480 448 631 252 679 612 716 872 513 5,776

Top 20 % 100% 100% 100% 99% 95% 91% 84% 76% 66% 53% 36% 16% 68%

12,500‐15,199

16

58

46

22

34

26

20

19

0

7

0

0

0

4

0

0

0

0

0

0

252

252

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 January 2020

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 0 0 0 0 0 0 0 18 0 0 0 0 18

MSC 6 0 5 0 0 0 0 0 0 0 0 0 15

COSCO Group 0 0 0 0 0 0 0 0 0 0 0 0 0

CMA CGM Group 9 0 0 0 0 0 0 2 1 2 0 0 31

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 0

Evergreen 10 0 20 0 0 0 0 14 25 0 0 0 69

Yang Ming 0 0 9 0 0 0 0 10 0 0 0 0 24

PIL 0 0 0 0 0 0 0 0 0 0 0 0 0

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 8 12 0 0 0 0 20

Zhonggu Logis cs 0 0 0 0 0 0 0 0 2 1 0 0 3

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

KMTC 0 0 0 0 0 0 0 5 0 0 0 0 5

Antong (QASC) 0 0 0 0 0 0 0 5 0 0 4 0 9

SITC 0 0 0 0 0 0 0 7 0 0 0 0 7

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

UniFeeder 0 0 0 0 0 0 0 0 0 0 0 0 0

TS Lines 0 0 0 0 0 0 0 2 0 2 0 0 4

Total Top 20 37 0 34 0 0 0 8 77 28 5 4 0 227

Total Orderbook 37 0 34 0 2 1 13 106 57 41 9 2 349

Top 20 % 100% 0% 100% 0% 0% 0% 62% 73% 49% 12% 44% 0% 65%

12,500‐15,199

0

4

0

17

0

0

0

5

0

8

0

0

0

0

0

0

0

0

0

0

34

47

72%

0 20 40 60 80Units On Order

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



2021 Scheduled Deliveries


4,19

3

3,76

6

2,93

8

2,69

6

1,71

8

1,58

1

1,27

7 647

392

389

292

274

161

152

147

146

118

115

85

80

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

TEU

Tho

usan

ds


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

© Alphaliner

Already delivered

Operated Fleet As at 1 Jan 2020

Top 20 Carriers Newbuilding Delivery Schedule As at 1 January 2020

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usan

ds



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

4.00

4.50

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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

2019

2020

Capa

city Ope

rated in TEU

Millions CMA CGM Group

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Capa

city Ope

rated in TEU

Millions COSCO Group

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.0020

0920

1020

1120

1220

1320

1420

1520

1620

1720

1820

1920

20

Capa

city Ope

rated in TEU

Millions MSC

0.000.200.400.600.801.001.201.401.601.802.00

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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

0.80

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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

1020

1120

1220

1320

1420

1520

1620

1720

1820

1920

20

Capa

city Ope

rated in TEU

Millions Evergreen

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

2017

2018

2019

2020

Capa

city Ope

rated in TEU

Millions ONE

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

2017

2018

2019

2020

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

2019

2020

Capa

city Ope

rated in TEU

Millions Wan Hai

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

2017

2018

2019

2020

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

2019

2020

Capa

city Ope

rated in TEU

Millions HMM

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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

2019

2020

Capa

city Ope

rated in TEU

Millions Antong (QASC)

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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

0.18

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

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

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Capa

city Ope

rated in TEU

Millions SITC

0.000.010.020.030.040.050.060.070.080.090.10

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Capa

city Ope

rated in TEU

Millions TS Lines

0.00

0.01

0.02

0.03

0.04

0.05

0.06

0.07

0.08

0.09

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Capa

city Ope

rated in TEU

Millions UniFeeder

0.00

0.02

0.04

0.06

0.08

0.10

0.12

0.14

0.16

0.18

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Capa

city Ope

rated in TEU

Millions X‐Press Feeders

Change in operated capacity Jan 2020 vs Jan 2019

CSCL consolidated in COSCO Group 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 consolidated in ONE from 1 Apr 2018. Pro‐forma combined fleet shown for pre‐Apr 2018.

Feedertech consolidated in Unifeeder from 1 Jan 2020

No. Operator % 1 APM‐Maersk 3.1% 2 MSC 13.7% 3 COSCO Group 6.0% 4 CMA CGM Group 1.2% 5 Hapag‐Lloyd 4.0% 6 ONE 4.4% 7 Evergreen 7.1% 8 Yang Ming 2.3% 9 PIL ‐6.2% 10 HMM ‐5.9% 11 Zim ‐13.4% 12 Wan Hai 9.5% 13 Zhonggu Logis cs 16.3% 14 IRISL Group ‐1.3% 15 KMTC 2.6% 16 Antong (QASC) 0.2% 17 SITC 9.6% 18 X‐Press Feeders ‐4.3% 19 UniFeeder 132.6% 20 TS Lines 5.4%



Top 30 Non‐Opera ng Owners (Managing Owners ‐ Cellular Containerships only) As at 1 January 2020

Market share for non‐opera ng owners calculated based on current charter fleet which stands at 12.94 Mteu as at January 2020

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 7.1% 2 Shoei Kisen 545,876 47 265,050 30 49% 810,926 77 11,614 8,835 4.2% 3 Costamare 477,220 68 63,450 5 13% 540,670 73 7,018 12,690 3.7% 4 BoCom Leasing 429,999 40 0% 429,999 40 10,750 3.3% 5 Minsheng Financial Leasing 417,103 40 0% 417,103 40 10,428 3.2% 6 Offen, Claus Peter 398,419 48 0% 398,419 48 8,300 3.1% 7 Danaos 361,142 60 0% 361,142 60 6,019 2.8% 8 Zodiac Mari me 344,437 41 120,000 8 35% 464,437 49 8,401 15,000 2.7% 9 Peter Döhle/Hammonia 337,716 86 2,782 1 1% 340,498 87 3,927 2,782 2.6% 10 Eastern Pacific Shg (EPS) 330,871 36 193,924 13 59% 524,795 49 9,191 14,917 2.6% 11 SFL Corp. 325,330 48 0% 325,330 48 6,778 2.5% 12 Global Ship Lease 236,194 43 0% 236,194 43 5,493 1.8% 13 V. Ships 227,639 44 0% 227,639 44 5,174 1.8% 14 CIMC Financial Leasing 221,813 24 0% 221,813 24 9,242 1.7% 15 MPC Group 215,605 87 0% 215,605 87 2,478 1.7% 16 Navios Group 209,036 46 0% 209,036 46 4,544 1.6% 17 Nissen Kaiun 207,998 32 15,012 8 7% 223,010 40 6,500 1,877 1.6% 18 Zeaborn 202,866 33 0% 202,866 33 6,147 1.6% 19 Schulte Group 195,257 44 0% 195,257 44 4,438 1.5% 20 China Merchants Bank 185,316 14 0% 185,316 14 13,237 1.4% 21 NSB Niederelbe 153,895 27 0% 153,895 27 5,700 1.2% 22 NSC Schiffahrt 141,884 27 0% 141,884 27 5,255 1.1% 23 Borealis Mari me 137,617 49 0% 137,617 49 2,809 1.1% 24 Lomar 135,542 57 7,072 4 5% 142,614 61 2,378 1,768 1.0% 25 Doun Kisen 123,652 12 23,756 1 19% 147,408 13 10,304 23,756 1.0% 26 Capital Ship Mgmt 108,359 18 0% 108,359 18 6,020 0.8% 27 Seamax Capital Mgmt 99,960 12 0% 99,960 12 8,330 0.8% 28 Niki Group 97,432 14 0% 97,432 14 6,959 0.8% 29 Interna onal Mari me Ent, 96,061 14 0% 96,061 14 6,862 0.7% 30 China Construc on Bank 92,652 7 0% 92,652 7 13,236 0.7%

0.00 0.20 0.40 0.60 0.80TEU Millions

Current TEU Orderbook TEU



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 (January 2020 vs 2019/2018)

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

1 Dec 18 420,159 477,449 141,030 1 Jan 19 419,302 470,354 141,884 1 Feb 19 426,234 467,218 141,994 1 Mar 19 407,791 459,179 142,403 1 Apr 19 412,396 458,066 142,451 1 May 19 431,366 460,797 143,739 1 Jun 19 435,310 460,601 143,310 1 Jul 19 436,794 460,029 143,177 1 Aug 19 428,793 459,600 142,369 1 Sep 19 417,392 468,660 146,890 1 Oct 19 393,298 465,648 145,303 1 Nov 19 393,863 451,217 147,474 1 Dec 19 408,229 440,990 147,058

Jan 20 vs 19% ‐0.1% ‐5.3% +4.3% 1 Jan 20 419,055 445,315 147,990

‐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 Jan

Apr

Jul

Oct Jan

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

% 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

450,000

% Cha

nge yo

y

Far East ‐ Europe Weekly Capacity (TEU)

Change vs Jan 2018 : +4% Change vs Jan 2019 : ‐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)

Change vs Jan 2018 : +1% Change vs Jan 2019 : ‐5%

‐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)

Change vs Jan 2018 : +10% Change vs Jan 2019 : +4%



Trade Capacity Breakdown by Carrier (Far East‐Europe and Far East‐US as at 1 January 2020 )

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

86,812

77,582

64,378

48,361

42,822

41,111

35,717

22,273

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

MSC

Maersk

COSCO Group

CMA CGM Group

ONE

Hapag‐Lloyd

Evergreen

Yang Ming

HMM

Zim

FE ‐ Europe Weekly Capacity in nominal TEU

ALPHALINER

FE‐Europe (TEU/week) Jan‐20 Dec‐19 MoM %

Change Jan‐19 YoY % Change

2M 162,894 159,688 2.0% 162,845 0.0% OCEAN Alliance 148,456 147,640 0.6% 145,416 2.1% THE Alliance 106,205 100,901 5.3% 101,247 4.9% Other Non‐Alliance 1,500 0 9,794 ‐84.7% Total 419,055 408,229 2.7% 419,302 ‐0.1%

FE‐N America (TEU/week) Jan‐20 Dec‐19 MoM %

Change Jan‐19 YoY % Change

2M 86,565 85,286 1.5% 86,501 0.1% OCEAN Alliance 173,305 171,580 1.0% 179,207 ‐3.3% THE Alliance 108,404 102,158 6.1% 120,500 ‐10.0% Other Non‐Alliance 77,043 81,966 ‐6.0% 84,147 ‐8.4%

Total 445,315 440,990 1.0% 470,354 ‐5.3%

80,746

65,013

63,109

60,047

47,064

24,784

23,573

23,455

18,099

12,919

10,967

6,845

4,929

2,821

945

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

COSCO Group

CMA CGM Group

APM‐Maersk

ONE

Evergreen

Yang Ming

Hapag‐Lloyd

MSC

HMM

Zim

SM Line

PIL

Wan Hai

Matson

Westwood

FE ‐ North America Weekly Capacity in nominal TEU

2M 20%

OCEAN Alliance 39%

THE Alliance 24%

Other Non‐

Alliance 17%

FE‐N. America Capacity Share by Alliance

OOCL consolidated in COSCO Group from 1 Aug 2018

ALPHALINER



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

Jan2019

Jan2020

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

1,800

Jan2009

Jan2010

Jan2011

Jan2012

Jan2013

Jan2014

Jan2015

Jan2016

Jan2017

Jan2018

Jan2019

Jan2020

Utilisation (Est)

Dem

and/Su

pply in

TEU

Tho

usan

ds

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

FE‐US TEU 2017 2018 2019 19/18% 18/17% 17/16% Jan 1,234,319 1,367,701 1,419,349 3.8% 10.8% 4.5% Feb 1,020,907 1,283,309 1,205,428 ‐6.1% 25.7% ‐11.9% Mar 1,008,171 1,070,669 1,066,347 ‐0.4% 6.2% 12.0% Apr 1,186,689 1,166,200 1,227,604 5.3% ‐1.7% 11.3% May 1,328,836 1,215,195 1,202,692 ‐1.0% ‐8.6% 12.3% Jun 1,197,031 1,315,919 1,312,113 ‐0.3% 9.9% ‐1.7% Jul 1,324,490 1,434,746 1,480,024 3.2% 8.3% 7.1% Aug 1,423,770 1,421,925 1,443,954 1.5% ‐0.1% 6.9% Sep 1,331,464 1,408,559 1,386,616 ‐1.6% 5.8% 8.8% Oct 1,305,453 1,464,864 1,408,064 ‐3.9% 12.2% 1.2% Nov 1,301,819 1,392,235 1,265,161 ‐9.1% 6.9% 6.8% Dec 1,173,162 1,524,319 1,252,114 ‐17.9% 29.9% ‐2.0% Q1 3,263,397 3,721,680 3,691,125 ‐0.8% 14.0% 0.7% Q2 3,712,555 3,697,314 3,742,409 1.2% ‐0.4% 7.0% Q3 4,079,724 4,265,229 4,310,594 1.1% 4.5% 7.6% Q4 3,780,434 4,381,417 3,925,339 ‐10.4% 15.9% 2.0%

YTD Dec 14,836,110 16,065,640 15,669,466 ‐2.5% 8.3% 4.4% Full Year 14,836,110 16,065,640 15,669,466 ‐2.5% 8.3% 4.4%

FE‐Eur TEU 2017 2018 2019 19/18% 18/17% 17/16% Jan 1,457,537 1,474,424 1,616,717 9.7% 1.2% 4.4% Feb 926,115 1,208,096 1,012,773 ‐16.2% 30.4% ‐10.0% Mar 1,306,864 1,137,000 1,360,766 19.7% ‐13.0% 7.6% Apr 1,290,276 1,317,866 1,422,489 7.9% 2.1% 2.1% May 1,409,820 1,384,467 1,465,681 5.9% ‐1.8% 7.9% Jun 1,383,871 1,393,096 1,446,269 3.8% 0.7% 6.8% Jul 1,446,455 1,437,134 1,493,345 3.9% ‐0.6% 5.3% Aug 1,418,328 1,424,460 1,452,864 2.0% 0.4% 4.4% Sep 1,319,991 1,399,543 1,353,472 ‐3.3% 6.0% 9.3% Oct 1,207,020 1,264,095 1,274,767 0.8% 4.7% 1.5% Nov 1,225,514 1,229,355 1,205,139 ‐2.0% 0.3% 3.8% Dec 1,472,880 1,517,053 3.0% 8.0% Q1 3,690,516 3,819,520 3,990,256 4.5% 3.5% 1.4% Q2 4,083,967 4,095,429 4,334,439 5.8% 0.3% 5.6% Q3 4,184,774 4,261,137 4,299,681 0.9% 1.8% 6.2% Q4 3,905,414 4,010,503 2.7% 4.6%

YTD Nov 14,391,791 14,669,536 15,104,282 3.0% 1.9% 4.2% Full Year 15,864,671 16,186,589 2.0% 4.5%

Retr

oac

ve d

ata

adju

stm

ents

are

freq

uent

ly m

ade

by C

TS.

FE‐E

ur d

ata

are

ther

efor

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bjec

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chan

ges.



Main Carriers ‐ Breakdown of Capacity Operated by Trade (as at 1 January 2020)

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 / Inac ve refers to ships unemployed and ships removed from market for scrubber retrofits * NOO ‐ Non‐Opera ng Owners’ vessels that are charter free.

3%

8%

2%

2%

14%

5%

1%

3%

12%

4%

2%

4%

14%

5%

20%

20%

11%

34%

28%

30%

12%

21%

44%

13%

17%

4%

15%

21%

26%

24%

21%

26%

28%

31%

35%

1%

22%

20%

10%

10%

14%

10%

14%

5%

9%

11%

17%

34%

9%

21%

47%

49%

40%

19%

12%

13%

12%

13%

12%

4%

12%

3%

4%

2%

29%

9%

3%

6%

8%

5%

8%

19%

14%

8%

16%

21%

10%

9%

3%

12%

3%

2%

11%

9%

13%

9%

12%

4%

3%

5%

7%

2%

3%

1%

2%

9%

2%

5%

4%

2%

4%

5%

2%

18%

5%

7%

13%

10%

8%

11%

6%

54%

100%

38%

71%

98%

100%

9%

75%

10%

38%

13%

3%

2%

4%

3%

1%

2%

10%

27%

4%

8%

4%

2%

1%

1%

2%

3%

1%

2%

4%

6%

4%

1%

1%

2%

3%

2%

5%

10%

2%

3%

3%

5%

3%

10%

23%

3%

12%

2%

5%

14%

6%

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

APM‐MaerskMSC

COSCO GroupCMA CGM Group

Hapag‐LloydONE

EvergreenYang Ming

PILHMMZim

Wan HaiZhonggu Logistics

IRISL GroupKMTC

Antong (QASC)SITC

X‐Press FeedersUniFeeder

TS Lines

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 Inactive



Global Capacity Deployment Breakdown by Trade (as at 1 January 2020)

Eur‐N. Am 4%

FE‐N. Am 15%

FE‐Europe 20%

ME/ISC related 12%

Africa related * 8% Lat Am related

12% Oceania related

4%

Intra‐FE 13%

Intra‐Europe 4%

Other/ Unassigned

2% Inactive

6%

Eur‐N. Am 3%

FE‐N. Am 8%

FE‐Europe 6%

ME/ISC related 10%

Africa related * 9%

Lat Am related 11% Oceania related

4%

Intra‐FE 32%

Intra‐Europe 11% Other/

Unassigned 2%

Inactive 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 / * Inac ve refers to ships unemployed and ships removed from market for scrubber retrofits

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 TEU

Non‐cellular

Total Liner TEU

%

Eur‐N. Am 0 3,756 38,731 59,881 334,673 231,031 273,979 0 0 0 0 942,051 0 942,051 4%

FE‐N. Am 0 0 18,349 17,776 172,039 599,604 1,337,447 631,034 789,359 0 19,437 3,585,045 8,192 3,593,237 15%

FE‐Europe 0 0 0 10,717 0 61,676 144,885 164,318 1,729,103 633,946 1,882,204 4,626,849 0 4,626,849 20%

ME/ISC related 22,867 184,845 168,139 54,363 248,975 781,726 635,789 229,952 350,257 0 99,414 2,776,327 8,879 2,785,206 12%

Africa related * 30,932 104,968 260,577 221,625 607,574 189,390 287,317 21,933 82,584 0 0 1,806,900 14,156 1,821,056 8%

Lat Am related 41,118 153,083 260,619 190,064 199,808 398,143 978,094 564,230 133,120 0 0 2,918,279 7,753 2,926,032 12%

Oceania related 11,133 57,049 32,663 87,586 268,491 185,367 225,196 0 0 0 0 867,485 8,062 875,547 4%

Intra‐FE 350,214 916,739 656,383 96,687 731,537 112,963 17,060 0 58,032 0 0 2,939,615 118,978 3,058,593 13%

Intra‐Europe 152,330 313,592 168,847 64,794 136,158 116,358 44,325 0 0 0 0 996,404 19,019 1,015,423 4%

Other trades 4,638 9,827 15,834 3,620 0 0 0 0 0 0 0 33,919 2,692 36,611 0%

Unassigned 3,540 17,397 20,750 14,963 42,399 37,066 69,239 21,985 81,649 0 77,430 386,418 1,213 387,631 2%

Inac ve 26,606 89,621 82,208 56,317 118,138 78,059 222,261 127,485 245,827 69,735 232,948 1,349,205 0 1,349,205 6%

Total 643,378 1,850,877 1,723,100 878,393 2,859,792 2,791,383 4,235,592 1,760,937 3,469,931 703,681 2,311,433 23,228,497 188,944 23,417,441 100%

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 2 15 17 72 37 32 0 0 0 0 175 0 175 3%

FE‐N. Am 0 0 7 5 38 92 152 59 58 0 1 412 4 416 7%

FE‐Europe 0 0 0 3 0 10 16 15 124 38 93 299 0 299 5%

ME/ISC related 37 124 66 16 55 127 73 22 26 0 5 551 21 572 10%

Africa related * 39 71 102 63 136 30 33 2 6 0 0 482 20 502 9%

Lat Am related 52 105 104 55 44 63 108 53 10 0 0 594 23 617 11%

Oceania related 15 40 13 25 59 32 26 0 0 0 0 210 13 223 4%

Intra‐FE 576 652 255 28 162 20 2 0 4 0 0 1,699 318 2,017 35%

Intra‐Europe 197 235 67 19 30 19 5 0 0 0 0 572 35 607 11%

Other trades 7 6 6 1 0 0 0 0 0 0 0 20 3 23 0%

Unassigned 6 12 8 4 9 6 8 2 6 0 4 65 2 67 1%

Inac ve 40 62 32 16 26 12 25 11 18 4 12 258 0 258 4%

Total 969 1,309 675 252 631 448 480 164 252 42 115 5,337 439 5,776 100%



Evolu on of capacity deployed by Trade 2010‐2020 ‐ Cellular containerships only Year‐on‐Year Growth for January 2020 vs January 2019

0.00

0.20

0.40

0.60

0.80

1.00

1.20

Capa

city Dep

loyed 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

Capa

city Dep

loye

d 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

Capa

city Dep

loye

d 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

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

Capa

city Dep

loye

d 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

Capa

city Dep

loye

d 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

1.00

2.00

3.00

4.00

5.00

6.00

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

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

Capa

city Dep

loye

d 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 = ‐2%

Far East ‐ North America : YoY Growth = ‐7%

Sub‐Saharan Africa related : YoY Growth = +3%

Intra‐Far East : YoY Growth = +6%

Far East ‐ Europe : YoY Growth = +2%

La n America related : YoY Growth = ‐3%

Intra‐Europe : YoY Growth = +9%



Cellular Containerships ‐ Assignment by Trade

0

200

400

600

800

1,000

1,200

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units dep

loyed by

trad

e

100‐999 TEU ships ‐ Assignment by trade

InactiveOther/Unassigned

Oceania relatedME/ISC relatedLat Am related

Intra‐FEIntra‐Europe

FE‐N. AmFE‐Europe

Eur‐N. AmAfrica related

0

200

400

600

800

1,000

1,200

1,400

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units dep

loye

d by

trad

e

1,000‐1,999 TEU ships ‐ Assignment by trade Inactive

Other/Unassigned

Oceania related

ME/ISC related

Lat Am related

Intra‐FE

Intra‐Europe

FE‐N. Am

FE‐Europe

Eur‐N. Am

Africa related

0

100

200

300

400

500

600

700

800

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units dep

loye

d by

trad

e


Other/Unassigned

Oceania related

ME/ISC related

Lat Am related

Intra‐FE

Intra‐Europe

FE‐N. Am

FE‐Europe

Eur‐N. Am

Africa related

0

50

100

150

200

250

300

350

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units dep

loye

d by

trad

e

3,000‐3,999 TEU ships ‐ Assignment by trade


Oceania relatedME/ISC related

Lat Am relatedIntra‐FEIntra‐Europe

FE‐N. AmFE‐EuropeEur‐N. Am

Africa related

0

100

200

300

400

500

600

700

800

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units dep

loye

d by

trad

e

4,000‐5,099 TEU ships ‐ Assignment by trade


Oceania relatedME/ISC related

Lat Am relatedIntra‐FEIntra‐Europe

FE‐N. AmFE‐EuropeEur‐N. Am

Africa related

0

100

200

300

400

500

600

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units dep

loye

d by

trad

e


Other/Unassigned

Oceania related

ME/ISC related

Lat Am related

Intra‐FE

Intra‐Europe

FE‐N. Am

FE‐Europe

Eur‐N. Am

Africa related

0

100

200

300

400

500

600

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units dep

loye

d by

trad

e


Other/Unassigned

Oceania related

ME/ISC related

Lat Am related

Intra‐FE

Intra‐Europe

FE‐N. Am

FE‐Europe

Eur‐N. Am

Africa related

0

50

100

150

200

250

300

350

400

450

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units dep

loye

d by

trad

e


Other/Unassigned

Oceania related

ME/ISC related

Lat Am related

Intra‐FE

Intra‐Europe

FE‐N. Am

FE‐Europe

Eur‐N. Am

Africa related

0

20

40

60

80

100

120

140

160

180

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Units dep

loyed by

trad

e


Other/Unassigned

Oceania related

ME/ISC related

Lat Am related

Intra‐FE

Intra‐Europe

FE‐N. Am

FE‐Europe

Eur‐N. Am

Africa related



Inac ve Capacity Tracker

Units inac ve 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

Jan 6 ‐ 2020 33 58 34 41 12 75 253 1,405,489 6.1% 21% Dec 23 ‐ 2019 27 57 32 39 12 71 238 1,368,526 5.9% 22% Dec 9 ‐ 2019 23 48 32 37 13 73 226 1,384,048 6.0% 21% Nov 25 ‐ 2019 29 51 27 29 18 71 225 1,324,168 5.7% 22% Nov 11 ‐ 2019 24 55 24 26 14 53 196 1,037,782 4.5% 24% Oct 28 ‐ 2019 30 64 22 23 17 54 210 1,122,725 4.9% 23% Oct 14 ‐ 2019 38 68 28 26 13 38 211 898,759 3.9% 31% Sep 30 ‐ 2019 35 62 27 17 8 31 180 753,819 3.3% 26% Sep 16 ‐ 2019 26 53 24 11 7 27 148 641,259 2.8% 23% Sep 2 ‐ 2019 24 48 27 11 4 17 131 476,136 2.1%. 35% Aug 19 ‐ 2019 27 47 35 11 3 22 145 552,920 2.4% 33% Aug 5 ‐ 2019 36 44 30 14 4 23 151 564,112 2.5% 33% Jul 22 ‐ 2019 35 42 26 12 4 19 138 486,778 2.1% 33% Jul 8 ‐ 2019 24 39 25 13 5 12 118 371,676 1.6% 45% Jun 24 ‐ 2019 28 39 18 17 5 10 117 336,241 1.5% 51% Jun 10 ‐ 2019 30 40 16 23 7 7 123 351,325 1.5% 64% May 27 ‐ 2019 29 39 12 29 6 5 120 326,800 1.4% 68% May 13 ‐ 2019 29 42 13 25 9 8 126 369,080 1.6% 57% Apr 29 ‐ 2019 25 36 15 16 6 7 105 292,943 1.3% 59% Apr 15 ‐ 2019 21 39 15 18 8 7 108 321,337 1.4% 60% Apr 1 ‐ 2019 19 35 18 31 9 14 126 461,475 2.1% 43% Mar 18 ‐ 2019 25 54 24 45 16 23 187 709,659 3.2% 60% Mar 3 ‐ 2019 27 60 31 59 19 29 225 908,479 4.0% 60% Feb 18 ‐ 2019 30 78 44 61 12 24 249 871,756 3.9% 63% Feb 4 ‐ 2019 26 72 39 46 12 12 207 653,953 2.9% 67% Jan 21 ‐ 2019 29 80 40 39 11 13 212 649,215 2.9% 64% Jan 7 ‐ 2019 26 81 33 41 3 11 195 561,187 2.5% 64% Dec 24 ‐ 2018 33 79 32 41 7 13 205 627,937 2.8% 57% Dec 12 ‐ 2018 30 71 33 37 9 14 194 624,048 2.8% 54% Nov 26 ‐ 2018 27 77 34 37 5 14 194 600,172 2.7% 61% Nov 12 ‐ 2018 28 79 25 37 10 9 188 531,868 2.4% 71% Oct 29 ‐ 2018 31 82 27 37 18 14 209 662263 3.0% 68%

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

2019

2020

TEU

Millions

Inactive 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

7,000

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

2019

Jan Jul

2020

Jan

Average size in

TEU

Vessel Cou

nt

Inactive containership (units 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)

The inac ve ships include ships undergoing scrubber retrofits beyond usual maintenance me.



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

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20

$/TEU

Shanghai to Durban

0

500

1,000

1,500

2,000

2,500

3,000

3,500

Jan‐12

Jan‐13

Jan‐14

Jan‐15

Jan‐16

Jan‐17

Jan‐18

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20$/

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

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20

$/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

Jan‐19

Jan‐20

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

Jan‐19

Jan‐20

17 Jan 2020 : 991 (+2% yoy) SCFI (Oct 2009 = 1,000)

Shanghai Container Freight Index 17‐Jan‐20

Change vs 1 week 1 month 3 months 1 year

10‐Jan‐20 % 20‐Dec‐19 % 18‐Oct‐19 % 18‐Jan‐19 % SCFI 991 1,003 ‐1% 905 9% 747 33% 968 2%

Europe (Base port) 1,010 1,058 ‐5% 944 7% 580 74% 970 4% Mediterranean (Base port) 1,180 1,179 0% 1,096 8% 715 65% 978 21% USWC (Base port) 1,562 1,543 1% 1,342 16% 1,368 14% 2,114 ‐26% USEC (Base port) 2,943 2,888 2% 2,451 20% 2,374 24% 3,187 ‐8% Persian Gulf (Dubai) 1123 1175 ‐4% 1158 ‐3% 642 75% 778 44% Australia (Melbourne) 949 937 1% 774 23% 1,121 ‐15% 542 75% West Africa (Lagos) 2,897 2,873 1% 2,335 24% 2,320 25% 2,627 10% South Africa (Durban) 1,084 1,150 ‐6% 1,012 7% 939 15% 828 31% South America (Santos) 1,989 2,136 ‐7% 2,000 ‐1% 1,798 11% 1,506 32% West Japan (Osaka/Kobe) 226 226 0% 226 0% 234 ‐3% 226 0% East Japan (Tokyo/Yokohama) 243 243 0% 240 1% 236 3% 227 7% Southeast Asia (Singapore) 193 191 1% 163 18% 114 69% 158 22% Korea (Busan) 120 120 0% 121 ‐1% 117 3% 146 ‐18%

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 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec *LSS Jan

CMA CGM 285 285 240 240 240 255 255 255 240 240 240 120 COSCO 56 56 94 94 94 94 75 75 42 61 105 105 Evergreen EBS applied from Jul 2009. 141 Hapag Lloyd 249 194 208 208 208 226 226 226 224 224 224 135 HMM 376 391 446 458 469 438 395 454 353 440 328 112 Maersk 240 240 233 233 233 255 255 255 231 231 231 116 MSC BAF rolled into Ocean Freight from Jun 2013. New BRC from Jan 2019. 106 ONE 85 63 57 68 77 78 68 67 95 95 90 140 OOCL 360 283 283 330 330 330 330 294 342 264 264 106 Yang Ming 322 288 406 413 417 400 335 343 361 361 361 125 Average 247 225 246 256 259 260 242 246 236 240 230 121 % Change MoM ‐25% ‐9% 9% 4% 1% 0% ‐7% 2% ‐4% 1% ‐4% 11% % Change YoY ‐29% ‐31% ‐32% ‐29% ‐30% ‐35% ‐41% ‐41% ‐45% ‐44% ‐49% Highest 376 391 446 458 469 438 395 454 361 440 361 141 Lowest (non‐zero) 56 56 57 68 77 78 68 67 42 61 90 105

*Low Sulphur Surcharge (LSS) where applicable from 1 Dec 2019

380 cSt bunker ‐ average monthly prices Ro erdam $/ton 395 411 422 404 371 386 310 348 288 259 269 % Change MoM 13% 4% 3% ‐4% ‐8% 4% ‐20% 12% ‐17% ‐10% 4% % Change YoY 11% 15% 12% ‐4% ‐13% ‐11% ‐27% ‐20% ‐39% ‐37% ‐22% Singapore $/ton 424 433 434 421 391 454 391 467 375 338 336 % Change MoM 8% 2% 0% ‐3% ‐7% 16% ‐14% 19% ‐20% ‐10% ‐1% % Change YoY 12% 16% 9% ‐5% ‐13% ‐3% ‐16% ‐1% ‐27% ‐29% ‐12% 0.1% ULSFO ‐ average monthly prices Ro erdam $/ton 540 568 587 592 534 554 515 554 533 535 557 % Change MoM 7% 5% 3% 1% ‐10% 4% ‐7% 8% ‐4% 0% 4% % Change YoY 0% 5% 0% ‐6% ‐12% ‐9% ‐15% ‐13% ‐20% ‐8% 12% 0.5% VLSFO (IMO2020 Grade) ‐ average monthly prices Note : Data only available from July 2019 Ro erdam $/ton 539 510 532 510 501 541 % Change MoM ‐5% 4% ‐4% ‐2% 8% % Change YoY Singapore $/ton 566 539 552 544 552 634 % Change MoM ‐5% 2% ‐1% 1% 15% % Change YoY

Jan 2020 330 266

260 281 323

137 274 361 279 21% ‐15% 361 137

Jan 2019 285 94

564 477 240

101 415 464 330 ‐27% ‐6% 564 94

0

100

200

300

400

500

600

700

800

900

1,000

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

Jan‐19

Jan‐20

BAF $/TE

U ‐ Far E

ast to North Europ

e

BAF : Far East‐North Europe 2005‐2019 Rotterdam 380 cSt $/ton HighestAverage Lowest (non‐zero)

0

100

200

300

400

500

600

700

800

Jan‐19

Feb‐19

Mar‐19

Apr‐19

May‐19

Jun‐19

Jul‐1

9

Aug‐19

Sep‐19

Oct‐19

Nov

‐19

Dec‐19

Jan‐20

Bunker Price : 380 cSt and VLSFO ‐ $/ton

IFO380 Singapore IFO380 Rotterdam0.5% VLSFO Singapore 0.5% VLSFO RotterdamVLSFO spread Singapore VLSFO spread Rotterdam



LNG Fuel and Scrubber Watch ‐ Fleet Breakdown

LNG Fuel container ships Scrubber Fi ed container ships

Ships TEU capacity Ships TEU capacity

Fi ed at delivery (newbuildings) Fi ed at delivery (newbuildings)

8 16,520 68 559,939

Retrofit completed Retrofit completed

1 1,020 222 1,915,610

Retrofit in progress Retrofit in progress

0 0 86 762,994

Total (fi ed and ongoing) Total (fi ed and ongoing)

9 17,540 376 3,238,543

As % of current fleet As % of current fleet

LNG fuel ships (excluding ongoing) Scrubber fi ed (excluding ongoing)

0.2% 0.1% 5.4% 10.7%

Total (including retrofits ongoing) Total (including retrofits ongoing)

0.2% 0.1% 7.0% 13.9% Based on fleet data as at 18 Jan. Ongoing retrofits in progress subject to verifica on.

Breakdown by LNG Fuel containerships Scrubber Fi ed container ships

TEU size range Units TEU Units TEU

18,000‐24,000 0 0 44 893,049

15,200‐17,999 0 0 14 240,884

12,500‐15,199 NPX 0 0 29 398,072

10,000‐12,499 0 0 11 123,278

7,500‐9,999 0 0 39 351,010

5,100‐7,499 0 0 17 114,712

4,000‐5,099 0 0 25 112,662

3,000‐3,999 2 6,200 12 45,558

2,000‐2,999 2 4,800 45 123,413

1,500‐1,999 0 0 24 42,469

1,000‐1,499 5 6,540 20 21,647

500‐999 0 0 10 8,795

100‐499 0 0 0 0

TOTAL 9 17,540 290 2,475,549

Completed units only. Excludes ongoing retrofits and newbuildings not yet delivered

Fleet breakdown by units

Conventional 92.8%

Scrubber fitted 7.0%

LNG fuel 0.2%

Fleet breakdown by TEU

Conventional 86.1%

Scrubber fitted 13.9%

LNG fuel 0.1%

0 20 40 60 80 100

< 2.000 teu

2,000‐5,100 teu

5,100‐10,000 teu

10,000‐15,200 teu

15,200‐18,000 teu

> 18,000 teu

Completed units

Breakdown of LNG Fuel/Scrubber Fitted Ships by Size

LNG fuelScrubber fitted

ALPHALINER



LNG Fuel and Scrubber Watch ‐ Carrier Breakdown (Based on operated fleet incl. owned and chartered units as at 18 January 2020 ‐ excl. ongoing retrofits)

LNG Fuel container ships Breakdown of units by TEU size range

Carrier Units TEU 18,000‐24,000

15,200‐17,999

12,500‐15,199

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

CMA CGM 4 5,520 0 0 0 0 0 0 0 0 0 0 4 0 0 Tote Mari me 2 6,200 0 0 0 0 0 0 0 2 0 0 0 0 0 Crowley 2 4,800 0 0 0 0 0 0 0 0 2 0 0 0 0 Unifeeder 1 1,020 0 0 0 0 0 0 0 0 0 0 1 0 0 Scrubber Fi ed container ships Breakdown of units by TEU size range

Carrier Units TEU 18,000‐24,000

15,200‐17,999

12,500‐15,199

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

MSC 66 786,229 21 0 6 2 19 3 0 2 9 0 3 1 0 Evergreen 45 310,472 5 0 1 0 8 8 0 0 20 3 0 0 0 Maersk 36 467,563 13 2 5 5 6 1 1 0 3 0 0 0 0 CMA CGM 35 391,817 3 12 6 0 1 1 1 0 4 2 0 5 0 HMM 19 138,289 0 0 2 2 5 3 5 0 0 2 0 0 0 PIL 12 67,533 0 0 0 2 0 1 4 5 0 0 0 0 0 COSCO/OOCL 11 85,192 2 0 1 0 0 0 8 0 0 0 0 0 0 Hapag‐Lloyd 8 106,160 0 0 8 0 0 0 0 0 0 0 0 0 0 Grimaldi 5 19,045 0 0 0 0 0 0 0 5 0 0 0 0 0 KMTC 5 11,634 0 0 0 0 0 0 1 0 0 4 0 0 0 Matson 5 10,784 0 0 0 0 0 0 0 0 2 3 0 0 0 Seaboard Marine 5 10,261 0 0 0 0 0 0 0 0 2 3 0 0 0 Tropical Shg 4 4,592 0 0 0 0 0 0 0 0 0 0 4 0 0 BG Freight 4 4,016 0 0 0 0 0 0 0 0 0 0 4 0 0 Dongjin Shg 3 3,798 0 0 0 0 0 0 0 0 0 1 1 1 0 Heung‐A 3 3,209 0 0 0 0 0 0 0 0 0 0 3 0 0 X‐Press Feeders 2 9,230 0 0 0 0 0 0 2 0 0 0 0 0 0 RCL 2 4,382 0 0 0 0 0 0 0 0 1 1 0 0 0 TS Lines 2 4,214 0 0 0 0 0 0 0 0 1 1 0 0 0 SCA Transforest 2 2,050 0 0 0 0 0 0 0 0 0 0 2 0 0 Unifeeder 2 1,845 0 0 0 0 0 0 0 0 0 0 1 1 0 ONE 1 4,253 0 0 0 0 0 0 1 0 0 0 0 0 0 Del Monte 1 2,797 0 0 0 0 0 0 0 0 1 0 0 0 0 Royal Arc c Line 1 2,148 0 0 0 0 0 0 0 0 1 0 0 0 0 Pan Ocean 1 1,809 0 0 0 0 0 0 0 0 0 1 0 0 0 Pan Con nental Shg 1 1,804 0 0 0 0 0 0 0 0 0 1 0 0 0 King Ocean 1 1,794 0 0 0 0 0 0 0 0 0 1 0 0 0 MTT Shipping 1 1,162 0 0 0 0 0 0 0 0 0 0 1 0 0 Eimskip 1 875 0 0 0 0 0 0 0 0 0 0 0 1 0 World Direct Shg 1 704 0 0 0 0 0 0 0 0 0 0 0 1 0 Not assigned 5 15,888 0 0 0 0 0 0 2 0 1 1 1 0 0



Top 30 Ports

China Container Ports Watch Monthly ‐ Dec 2019

Rankings based on preliminary 2019 throughput (2018 ranking in brackets) including transshipment, empty containers and restows.

No. Port Dec 2019 Mteu

y‐o‐y change %

Jan‐Dec 2019 Mteu

y‐o‐y change %

1 Shanghai 3.27 ‐7.9% 43.30 3.1% 2 Ningbo 1.94 3.5% 27.53 4.5% 3 Shenzhen 2.18 3.0% 25.77 0.1% 4 Guangzhou 2.01 8.8% 22.83 4.1% 5 Qingdao 1.77 6.7% 21.01 8.8% 6 Tianjin 1.18 ‐3.5% 17.30 8.1% 7 Xiamen 0.93 2.8% 11.12 3.9% 8 Dalian 0.68 ‐2.2% 8.76 ‐10.3% 9 Yingkou 0.43 ‐26.3% 5.48 ‐15.6% 10 Lianyungang 0.34 ‐10.5% 4.78 0.7% Total Top 10 Ports 14.73 ‐0.8% 187.88 2.8% Total Coastal Ports 18.83 ‐1.7% 230.92 3.9% Total River Ports 2.74 55.2% 30.15 8.5% Total All China Ports 21.57 2.9% 261.07 4.4%

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

Jan‐16

Apr‐16

Jul‐1

6Oct‐16

Jan‐17

Apr‐17

Jul‐1

7Oct‐17

Jan‐18

Apr‐18

Jul‐1

8Oct‐18

Jan‐19

Apr‐19

Jul‐1

9Oct‐19

TEU M

illions

Top 10 Container Ports : Monthly Throughput (to Dec 2019)

ShanghaiSingaporeShenzhenNingboGuangzhouBusanQingdaoHong KongLA/LBTianjin

Rank Port 1‐3Q 2019 Growth % 1H 2019 Growth % FY 2018 Growth %

TEU 3Q 19 vs 18 TEU 1H 19 vs 18 TEU 18/17

1 (1) Shanghai 32,856,000 4.8% 21,536,000 5.0% 42,010,200 4.4% 2 (2) Singapore 27,493,374 0.7% 18,030,424 0.1% 36,599,281 8.7% 3 (3) Ningbo‐Zhoushan 21,260,000 5.6% 13,906,000 4.5% 26,350,800 7.1% 4 (4) Shenzhen 19,321,700 1.1% 12,411,700 2.8% 25,735,900 2.1% 5 (5) Guangzhou 16,840,000 5.6% 10,940,000 4.7% 21,922,100 7.7% 6 (6) Busan 16,377,131 1.7% 10,861,339 2.1% 21,662,572 5.7% 7 (8) Qingdao 15,690,000 9.4% 10,300,000 9.8% 19,315,400 5.5% 8 (7) Hong Kong 13,714,000 ‐6.3% 9,096,000 ‐7.8% 19,596,000 ‐5.7% 9 (10) Tianjin 13,089,000 8.0% 8,331,100 6.7% 16,006,900 6.2% 10 (9) LA/LB 12,770,139 ‐0.2% 8,224,273 ‐0.5% 17,549,775 3.9% 12 (12) Ro erdam 11,193,235 3.8% 7,529,000 6.4% 14,512,661 5.7% 11 (11) Dubai 10,719,000 ‐5.5% 7,156,000 ‐7.5% 14,954,116 ‐2.7% 13 (13) Port Kelang 10,052,653 11.4% 6,601,600 12.4% 12,316,003 2.8% 14 (14) Antwerp 8,870,235 6.4% 5,840,980 4.9% 11,100,408 6.2% 15 (15) Xiamen 8,361,980 4.4% 5,550,000 7.5% 10,702,300 3.1% 16 (16) Kaohsiung 7,790,660 0.2% 5,200,750 0.3% 10,445,726 1.7% 17 (19) Hamburg 7,040,000 6.9% 4,680,000 7.5% 8,770,000 ‐1.0% 18 (18) Tanjung Pelepas 6,756,691 2.5% 4,582,977 4.6% 8,960,865 7.0% 19 (17) Dalian 6,720,000 ‐12.0% 4,360,000 ‐9.6% 9,767,380 0.6% 20 (20) Laem Chabang 5,981,499 ‐0.2% 3,999,308 1.3% 8,074,591 3.7% 21 (21) NY/NJ 5,620,381 5.5% 3,652,841 5.9% 7,179,792 7.0% 22 (22) Colombo 5,427,818 3.9% 3,591,395 5.2% 7,047,486 13.5% 23 (23) Jakarta 5,164,165 4.7% 3,289,386 2.8% 6,743,523 10.9% 24 (25) Ho Chi Minh City 5,093,601 8.7% 3,325,167 6.8% 6,332,265 6.8% 25 (31) Piraeus 4,207,000 16.2% 2,766,000 18.8% 4,907,900 18.4% 26 (24) Yingkou 4,161,000 ‐12.8% 2,810,000 ‐10.0% 6,487,360 3.3% 27 (27) Valencia 4,136,146 8.3% 2,739,198 8.7% 5,182,665 7.3% 28 (29) Manila 3,947,227 5.3% 2,604,912 5.9% 5,052,223 4.7% 29 (30) Nhava Sheva 3,895,301 3.6% 2,629,626 5.9% 5,051,805 7.2% 30 (26) Bremerhaven 3,725,881 ‐9.4% 2,486,121 ‐8.6% 5,483,222 ‐0.6%

Growth %

19/18

3.1% 1.6% 4.5% 0.1% 4.1% 1.1% 8.8% ‐6.3% 8.1%

3.9%

‐10.3%

2.6%

13.3%

‐15.6%

1.0%

FY 2019

TEU

43,300,000 37,195,636 27,530,000 25,770,000 22,830,000 21,909,994 21,010,000 18,364,000 17,300,000

11,120,000

8,760,000

7,228,337

7,182,564

5,480,000

5,100,889

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%

12.5%

5.7%

‐8.2%

14.1%

8.3%

4.7%

3.7%

5.1%

1.4%

2.8%

6.7%

5.2%

2.5%

‐10%

‐5%

0%

5%

10%

15%

20%

0

100

200

300

400

500

600

700

800

900

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

(E)201

9

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 2017

Annual Growth 2017 2018E 2019E

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 8.0% 4.5% 3.2% Other NE Asia 32.4 34.2 38.0 41.4 45.8 47.4 49.7 52.8 52.5 46.7 53.5 57.0 58.6 60.2 62.9 62.5 63.6 66.6 4.7% 4.1% 0.8% SE Asia 36.4 37.9 42.5 46.9 53.0 56.5 61.1 68.8 73.5 69.5 78.0 84.5 89.1 91.8 97.4 97.3 100.7 106.4 5.7% 7.3% 3.5% 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 39.4 40.0 1.5% ‐1.3% ‐3.0% 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 27.4 11.0% 10.2% 3.7% N Europe 33.6 34.6 37.3 40.4 45.2 49.0 53.3 60.3 61.5 51.3 58.1 62.2 62.8 64.0 67.3 65.9 67.5 71.1 5.4% 3.9% 3.1% 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 6.7% 6.5% 3.9% 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 59.1 8.0% 5.6% 3.0% C+S America 15.6 17.0 18.0 20.1 23.6 26.7 30.1 33.7 36.4 32.6 37.7 42.6 45.5 46.0 46.3 47.2 46.3 50.0 8.0% 7.4% 2.9% Africa 7.8 8.6 9.6 11.2 12.8 14.4 16.2 18.5 21.4 22.0 24.7 26.6 26.7 28.7 30.6 30.0 29.3 31.0 5.8% 6.1% ‐2.3% 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 12.6 5.8% 4.9% ‐1.9% Total 240.9 253.9 286.9 325.5 372.4 409.7 453.9 510.4 539.6 495.5 565.5 612.4 641.1 664.6 698.8 708.9 728.5 777.2 6.7% 5.2% 2.5% Growth (YoY) 12.2% 5.4% 13.0% 13.4% 14.4% 10.0% 10.8% 12.5% 5.7% ‐8.2% 14.1% 8.3% 4.7% 3.7% 5.1% 1.4% 2.8% 6.7%

2018E

270.7 69.3 114.2 39.5 30.2 73.9 57.5 62.4 53.7 32.8 13.2 817.4 5.2%

2019E

279.4 69.9 118.2 38.3 31.3 76.2 59.7 64.3 55.3 32.1 12.9 837.6 2.5%

China + HK 33.4%

Other NE Asia 8.3%

SE Asia 14.1% Middle East 4.6%

S Asia 3.7%

N Europe 9.1%

S Europe 7.1%

N America 7.7%

C+S America 6.6%

Africa 3.8%

Oceania 1.5%

Global Container Throughput Breakdown by Region (2019E)



Trade Summary : Asia‐East Coast North America Services as at 1 January 2020 For latest service updates and news : see www.alphaliner.com

As at 1 Jan 2020Alphaliner ‐ Port Matrix ‐ Far East‐East Coast North America

Operator Service Name Ships DeployedAve. TEU per week

Sing

apore

Tanjun

g Pe

lepa

s

Port Kelan

g

Jakarta

Laem

Cha

bang

Cai M

ep

Hon

g Ko

ng

Yantian

Nan

sha

Shek

ou

Kaoh

siun

g

Xiam

en

Ningb

o

Shan

ghai

Xing

ang

Qingd

ao

Busan

Kobe

Tokyo

Jebe

l Ali

Salalah

Colombo

Colon‐Co

co Solo

Man

zanillo

(Pan

)

Balboa

Cristoba

l

King

ston

Free

port(Bah

)

Hou

ston

Mob

ile

Tampa

New

Orle

ans

Miami

Jacksonv

ille

Savann

ah

Charleston

Wilm

ington

(NC)

Norfolk

Baltimore

New

York

Boston

Halifa

x

Pendulum Services via Panama Canal

OA AWE1/MTX 11x13,000‐14,400 13,909 2 3 1 4 3 2 1

OA AWE2/TWS 10x8,400‐14,400 10,092 3 4 2 1 ew 1 3 4 2

OA AWE4/Vespucci 10x8,400‐9,400 8,781 2 3 1 4 ew 1 2 4 3

OA AWE7/GME 9x4,200‐4,500 4,281 4 3 2 1 1 2 3

THE EC1/EC3 (winter) 11x8,100‐9,500 8,817 6 7 4 5 8 3/9 2 1/10 ew w 2 1 3 4

THE EC2 10x9,900‐10,100 10,009 3 4 2 1/5 ew 4 5 3 1 2

Zim/2M TP‐10/Amberjack/ZCP 12x5,000‐11,000 10,167 (inc. 2 ships of 5,000 teu running in tamdem) 5 4 2 3 1/6 ew 3 1 2 4

2M/Zim TP‐18/Lone Star/ZGC 10 x 6,400‐7,000 6,707 2 3 1/4 w 5 1 3 2 4

2M/Zim TP‐88/Pelican/ZGX 10 x 4,100‐5,000 4,604 3 2 1/4 w w 1 2 3

Round the World (RTW) Services via Panama Canal (Headhaul) & Suez Canal (Backhaul)

OA AWE5/SAX 11x13,000‐13,800 13,284 1 2 3 4 5 e 2 3 1

OA AWE6/PEX3 12x6,300‐8,500 7,933 1 2 3 4 5 6 7 1 2 4 3 5

2M/Zim TP‐12/Empire/ZBA 11x8,600‐11,000 10,359 1 2 3 4 5 6 e e 3 2 1/4

2M/Zim TP‐16/Emerald/ZSA 11x8,400‐9,600 8,687 1 4 3 2 5 6 e 1 3 2 4

Pendulum Services via Suez Canal

OA AWE3/Columbus 18x9,300‐11,300 10,002 3(2) 4(1) (3) (4) 2(5) 1 w 4 5 3 2 1

THE EC4 12x8,200‐14,100 13,076 1/6 5 3 4 2 3 4 2 1/5

THE EC5 11x5,600‐7,500 6,515 1/4 2 3 e w 4 3 5 2 1/6

2M/Zim TP‐17/America/Z7S 11x8,400‐9,900 8,802 7 1 6 2 5 3 4 5 4 3 2 1

2M/Zim TP‐11/Elephant/ZNF 11x6,600‐9,900 7,368 3 1/4 2 w w 4 3 2 1

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

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

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

SE Asia S. China/Taiwan C&N. China N. Asia Wayports ECNA



Carrier Financial Performance

1Q 18 2Q 18 3Q 18 4Q18 FY 2018 1Q 19 2Q19 3Q19Maersk Group incl. Ocean/Logistics/Terminals/ManufacturingRevenue US$ m 9,305 9,568 10,149 10,235 39,257 9,540 9,627 10,055EBITDA 931 1,162 1,456 1,449 4,998 1,236 1,357 1,656EBITDA Margin % 10.0% 12.1% 14.3% 14.2% 12.7% 13.0% 14.1% 16.5%EBIT 7 65 60 277 409 230 416 737EBIT Margin % 0.1% 0.7% 0.6% 2.7% 1.0% 2.4% 4.3% 7.3%Net Profit ‐311 ‐153 ‐219 ‐72 ‐755 ‐104 154 520Ave. TEU Operated '000 4,197 4,123 4,030 4,040 4,097 4,061 4,115 4,171Liftings in '000 TEU 6,441 6,798 6,668 6,706 26,613 6,301 6,894 6,810Ave. rate ($/TEU) 916 920 965 957 940 952 934 930

CMA CGM (Shipping activities only excl. CEVA Logistics)Revenue US$ m 5,411 5,703 6,062 6,300 23,476 5,743 5,971 5,886EBITDA 219 209 388 341 1,157 635 808 870EBITDA Margin % 4.0% 3.7% 6.4% 5.4% 4.9% 11.1% 13.5% 14.8%Core EBIT 86 75 252 195 608 129 267 320Core EBIT Margin % 1.6% 1.3% 4.2% 3.1% 2.6% 2.2% 4.5% 5.4%Net Profit ‐77 23 103 ‐15 34 ‐22 ‐68 90Ave. TEU Operated '000 2,522 2,548 2,637 2,659 2,592 2,635 2,672 2,714Liftings in '000 TEU 4,949 5,187 5,260 5,321 20,717 5,165 5,515 5,528Ave. Rev ($/TEU) 1,093 1,099 1,153 1,184 1,133 1,112 1,083 1,065

Hapag‐Lloyd (incl. UASC from 24 May 2017)Revenue Euro m 2,620 2,812 3,036 3,087 11,554 3,063 3,175 3,244EBITDA 216 211 385 324 1,138 489 467 554EBITDA Margin % 8.3% 7.5% 12.7% 10.5% 9.8% 16.0% 14.7% 17.1%Core EBIT 51 40 209 142 430 214 176 253Core EBIT Margin % 1.9% 1.4% 6.9% 4.6% 3.7% 7.0% 5.5% 7.8%Net Profit ‐38 ‐70 112 32 37 92 46 149Ave. TEU Operated '000 1,545 1,595 1,592 1,611 1,586 1,658 1,686 1,689Liftings in '000 TEU 2,861 2,987 3,052 2,974 11,874 2,929 3,038 3,045Ave. rate ($/TEU) 1,029 1,010 1,055 1,079 1,044 1,079 1,063 1,084

ZimRevenue US$ m 751 803 841 853 3,248 796 834 842EBITDA 28 24 50 49 151 69 94 107EBITDA Margin % 3.7% 3.0% 5.9% 5.8% 4.6% 8.7% 11.3% 12.7%Core EBIT 0 ‐3 22 21 39 22 39 41Core EBIT Margin % 0.0% ‐0.4% 2.6% 2.4% 1.2% 2.8% 4.6% 4.8%Net Profit ‐36 ‐35 ‐8 ‐47 ‐126 ‐25 4 4Ave. TEU Operated '000 372 377 414 348 378 326 308 289Liftings in '000 TEU 698 772 730 714 2,914 668 731 725Ave. rate ($/TEU) 938 907 1,006 1,045 973 1,019 993 1,009

Currency 1Q 18 2Q 18 3Q 18 4Q18 FY 2018 1Q 19 2Q19 3Q 19Evergreen Marine Corp. (not consolidated for Evergreen Group)Revenue TWD m 36,841 38,287 44,907 49,201 169,237 45,697 47,112 49,856EBITDA 1,119 366 3,837 3,750 9,071 6,367 6,068 6,738EBITDA Margin % 3.0% 1.0% 8.5% 7.6% 5.4% 13.9% 12.9% 13.5%Core EBIT ‐855 ‐1,743 1,452 1,344 198 1,347 969 1,476Core EBIT Margin % ‐2.3% ‐4.6% 3.2% 2.7% 0.1% 2.9% 2.1% 3.0%Net Profit 137 ‐1,244 708 693 294 560 ‐355 136Ave. TEU Operated '000 1,067 1,089 1,140 1,187 1,121 1,201 1,255 1,290Liftings in '000 TEU 1,466 n.a. n.a. n.a. n.a. 1,645 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 31,035 33,599 38,715 38,484 141,833 35,076 40,399 37,785EBITDA ‐442 ‐1,999 958 2,256 773 4,035 3,898 5,135EBITDA Margin % ‐1.4% ‐5.9% 2.5% 5.9% 0.5% 11.5% 9.6% 13.6%Core EBIT ‐2,008 ‐3,581 ‐677 532 ‐5,734 79 ‐304 750Core EBIT Margin % ‐6.5% ‐10.7% ‐1.7% 1.4% ‐4.0% 0.2% ‐0.8% 2.0%Net Profit ‐1,950 ‐3,815 ‐910 83 ‐6,591 ‐682 ‐1,265 ‐1,377Ave. TEU Operated '000 594 642 638 631 626 643 659 644Liftings in '000 TEU 1,224 1,288 1,406 1,314 5,232 1,290 1,350 1,440Ave. rate ($/TEU) 865 876 898 950 898 882 962 842

Wan HaiRevenue TWD m 14,918 15,939 17,328 18,593 66,779 17,295 18,382 18,397EBITDA 1,237 1,164 1,307 1,592 5,300 2,242 1,825 2,060EBITDA Margin % 8.3% 7.3% 7.5% 8.6% 7.9% 13.0% 9.9% 11.2%Core EBIT 175 124 282 548 1,130 946 498 693Core EBIT Margin % 1.2% 0.8% 1.6% 2.9% 1.7% 5.5% 2.7% 3.8%Net Profit 144 262 431 281 1,118 1,042 698 651Ave. TEU Operated '000 244 252 254 256 252 243 262 267Liftings in '000 TEU 973 1,068 1,091 1,128 4,260 1,041 1,106 1,127Ave. rate ($/TEU) 523 501 518 534 519 539 534 524

HMM (container segment only, excl. terminals. Net Proft for Group)Revenue KRW Bn 972 1,089 1,280 1,272 4,613 1,165 1,242 1,253EBITDA ‐134 ‐158 ‐87 ‐32 ‐412 ‐8 ‐8 n.a.EBITDA Margin % ‐13.8% ‐14.5% ‐6.8% ‐2.5% ‐8.9% ‐0.7% ‐0.6% n.a.Core EBIT ‐152 ‐178 ‐110 ‐56 ‐496 ‐96 ‐101 ‐72Core EBIT Margin % ‐15.6% ‐16.4% ‐8.6% ‐4.4% ‐10.8% ‐8.2% ‐8.1% ‐5.7%Net Profit (Group) ‐176 ‐225 ‐167 ‐223 ‐791 ‐178 ‐190 ‐124Ave. TEU Operated '000 343 371 410 412 411 424 433 418Liftings in '000 TEU 981 1,154 1,182 1,142 4,459 1,087 1,159 1,073Ave. rate ($/TEU) 924 873 966 988 940 952 919 978

Currency 1Q 18 2Q 18 3Q 18 4Q18 FY 2018 1Q 19 2Q 19 3Q 19Ocean Network Express (Operating since April 2018)Revenue US$ m 2,066 2,963 3,025 2,826 2,875 3,109EBITDA 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 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.Net Profit ‐120 ‐192 ‐179 ‐96 5 121Ave. TEU Operated '000 1,538 1,558 1,532 1,531 1,522 1,538 1,559Liftings in '000 TEU n.a. n.a. n.a. n/a n.a. n.a. n.a.Ave. rate ($/TEU) n.a. n.a. n.a. n/a n.a. n.a. n.a.

COSCO Shg (incl OOCL from 7 Aug 2018, excl terminals)Revenue RMB m 20,603 21,765 35,709 36,682 114,759 33,454 35,453 37,953Gross Profit 1,243 677 2,513 3,398 7,831 3,217 3,130 3,597Gross Profit Margin % 6.0% 3.1% 7.0% 9.3% 6.8% 9.6% 8.8% 9.5%EBIT 2,143 1,824EBIT Margin 6.0% 4.8%Net Profit 1,383 809Ave. TEU Operated '000 1,838 1,954 2,546 2,804 2,286 2,781 2,838 2,918Liftings in '000 TEU 4,124 5,166 6,733 5,769 21,792 5,882 6,578 6,643Ave. rate ($/TEU) 706 653 723 782 730 762

FY 2018OOCL; included in COSCO Shg from 7 Aug 2018Revenue US$ m 6,547EBITDA 596EBITDA Margin % 9.1%Core EBIT 210Core EBIT Margin % 3.2%Net Profit 55Ave. TEU Operated '000 697 690Liftings in '000 TEU 1,580 1,692 1,710 1,716 6,697 1,606 1,769 1,781Ave. rate ($/TEU) 873 865 910 913 890 909 886 924

PIL (incl container manufacturing activities of Singamas)Revenue US$ mEBITDAEBITDA Margin %Core EBITCore EBIT Margin %Net ProfitAve. TEU Operated '000 392 416 417 420 411 416 401 392Liftings 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

‐0.1%‐77

3,1022056.6%

3,445391

11.3%

Currency

‐3

1H 2018

Currency

2H 2018

79

‐1.9%‐141

3.5%‐43

2,244

1H 2019

3,298364

11.0%1534.6%64

incl. in COSCO

2136.2%132



Carriers’ Share Price and Liner Equi es Index

02,0004,0006,0008,000

10,00012,00014,00016,00018,000

2013

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2019

2020

Maersk B (DKK)

0102030405060708090

2013

2014

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2018

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2020

Hapag‐Lloyd (€)

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

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HMM (KRW)

0102030405060708090

2013

2014

2015

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2017

2018

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2020

OOIL (HKD)

0.00

2.00

4.00

6.00

8.00

10.00

2013

2014

2015

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2017

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2020

COSCO Shg. Holdings (HKD)

0.00

2.00

4.00

6.00

8.00

10.00

12.00

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2020

SITC (HKD)

0

5

10

15

20

25

30

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EMC (TWD)

0

10

20

30

40

50

2013

2014

2015

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2017

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YM (TWD)

05

1015202530354045

2013

2014

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2020

WHL (TWD)

0

1,000

2,000

3,000

4,000

5,000

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NYK (JPY)

0

1,000

2,000

3,000

4,000

5,000

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MOL (JPY)

0

1,000

2,000

3,000

4,000

5,000

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KL (JPY)

0

10

20

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50

60

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Matson (US$)

02468

1012141618

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RCL (THB)

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

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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 (17 Jan 2020) 8,642 76.70 3,745 38.40 3.18 9.95 13.00 7.25 18.20 1,924 2,947 1,663 40.07 3.30 0.153Share Price (17 Jan 2019) 8,734 23.26 3,810 53.70 3.17 6.88 12.00 8.75 15.60 1,782 2,516 1,437 33.60 4.70 0.1952 week change ‐1.1% 229.8% ‐1.7% ‐28.5% 0.3% 44.6% 8.3% ‐17.1% 16.7% 8.0% 17.1% 15.7% 19.3% ‐29.8% ‐18.2%52 week low 6,716 21.66 2,640 26.56 2.63 6.43 11.52 6.90 15.55 1,542 2,234 1,032 31.66 3.26 0.13552 week high 1,056,000 82.00 4,595 45.27 3.97 10.00 14.60 9.29 23.40 2,066 3,155 1,981 42.16 5.25 0.195Market Cap (Local $ M) 175,199 13,481 1,185,488 24,030 61,913 26,638 62,569 16,842 40,373 327,186 355,493 156,219 1,718 2,735 82Market Cap (US$ M) 26,009 14,955 1,021 3,094 7,970 3,429 2,089 562 1,348 7 8 4 1,718 90 61Price‐to‐Book (mrq) 0.93 2.01 1.68 0.65 1.17 3.25 0.88 1.17 1.13 0.69 0.69 1.34 2.15 0.36 0.33P/E Ratio (ttm) 380.99 42.28 loss 13.00 15.41 15.85 60.46 loss 15.21 loss 7.53 loss 14.68 loss 9.70P/E Ratio (FY 2019 est) 34.87 44.62 loss 6.07 11.02 15.25 53.50 loss 12.77 13.32 8.71 17.40 20.76 na na

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1 Jan 2013 = 100 17 Jan 2020 = 129

Alphaliner Liner Index

AMM Jan 2020 - Alphaliner · 2020-06-04 · Carrier Financial Performance

Documents

Transcript of AMM Jan 2020 - Alphaliner · 2020-06-04 · Carrier Financial Performance