container intelligence monthly · 2020. 5. 22. · container intelligence monthly volume 21, no. 5...

Container Intelligence MonthlyVolume 21, No. 5 ISSN: 1467-0488

Containership Timecharter Rate Index Container Supply and Demand2019 (f'cast) 3.6% 2020 (f'cast) 3.9%

2019 (f'cast) 2.7% 2020 (f'cast) 3.4%

Containership Market Indicators (Apr-19)$7,938/day 2,750 teu gls 10yo Price

$147.5m Orderbook % of Fleet

May-2019

Container Trade % growth (teu)

Total Containership Capacity % growth (teu)

6-12m 1,700 teu grd TC (down 27% y-o-y) $12.00m

21,000 teu N/B Price (up 4% y-o-y) 12.3%

30

35

40

45

50

55

60

65

70

75

80

Apr

-09

Apr

-10

Apr

-11

Apr

-12

Apr

-13

Apr

-14

Apr

-15

Apr

-16

Apr

-17

Apr

-18

Apr

-19

New York/New Jersey

Le Havre

Rotterdam

Vancouver

Colon

Balboa

Savannah

Oakland

Long Beach Los Angeles

Felixstowe

Bremen/Bremerhaven

HamburgZeebrugge

Antwerp

Algeciras Marsaxlokk

Santos

San Juan

Valencia

Port Said

Buenos Aires

Colombo

Dubai

Jawaharlal Nehru

Salalah

Gioia Tauro

Lagos

Luanda

Durban

Selection of major container ports

Dalian

Ho Chi Minh

Liangyungang

Tanjung Priok

Singapore

Tianjin

Hong Kong

Melbourne

Manila

Sydney

Ningbo

Tanjung Pelepas

BusanTokyo

Laem Chebang

Port Klang

Qingdao

New York/New Jersey

Vancouver

Colon

Balboa

Savannah

Oakland

Long Beach Los Angeles

Santos

San Juan

Buenos Aires

ShenzenGuangzhou

Shanghai

XiamenKaohsiung

Selection of major container ports

Clarksons Research is respected worldwide as the most authoritative provider of intelligence for the global shipping industry. Clarksons Research is part of the Clarksons group, the world’s largest provider of shipbroking and integrated shipping services. For more detail about the Clarksons group visit www.clarksons.com.

CONTENTS

Industry News p2

Container Trade & Capacity p3

Charter Market p4

Containership Fixtures p5

Secondhand Prices p6

Sale & Purchase Market p7

Newbuilding Market p8

Containership Building pi

Containership Fleet Age Profile

& Characteristics pii

Containership Fleet Ownership piii

Top Containership Operators piv

Top Containership Charter Owners pv

Container Freight Market pvi

Container Freight Rate Indices pvii

Liner Trade Indicators pviii

Liner Investment p9

Demolition Market p10

Economic Indicators p11

Container Trade Outlook p12

World Container Ports p13

World Container Capable Fleet p14

World Container Capable Orderbook p15

Container Commentary p16

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No

5 Licensed to Clarksons. D

istribution is restricted; please remem

ber to acknowledge the source. C

ontainer Intelligence Monthly, V

olume 21 N

o 5

Industry News

Clarksons Research May-19

US-China trade tensions escalated in May, as the two sides failed to reach a deal in talks earlier in the month. The US raised trade tariffs from 10% to 25% on $200bn worth of imports of Chinese goods, while China responded with plans to raise current tariffs on $60bn worth of imports from the US to 5-25% (these tariffs currently stand at 5-10%) from the start of June. The US has also threatened to impose 25% tariffs on a further $325bn of imports from China.

Container trade volumes on mainlane routes out of Asia were partly amplified in March by the timing of Lunar New Year in 2019 compared to last year. According to latest CTS data, Peak leg Transpacific container trade volumes increased 17.5% y-o-y in March, while in Q1 2019 overall, container volumes on this route totalled 4.3m TEU, rising by 2.0% y-o-y. On the peak leg Far East-Europe route, container trade in March stood at 1.4m TEU, an increase of 24% y-o-y. In the first three months of 2019, container volumes on this trade expanded by 7.1% compared to the same period of 2018, to stand at 4.1m TEU overall.

While month-on-month trends in spot container freight rates were largely mixed in April, rates have generally remained under pressure relative to start year levels across much of the spot freight market (see this month’s Container Commentary). Average spot freight rates on the eastbound Transpacific trade lanes saw m-o-m increases in April. On the Shanghai-US West Coast route, spot freight rates averaged $1,584/FEU, increasing by 10% m-o-m, while on the Shanghai-US East Coast route, average spot freight rates in April grew by 7% m-o-m to stand at $2,655/FEU. Spot container freight rates on the Shanghai-North Europe route averaged $717/TEU in April, according to the Shanghai Containerized Freight Index. While this represented a drop of 5% m-o-m, this was a gentler m-o-m decline compared to that recorded in March.

At the top ten Chinese ports, container throughput in April stood at 15.7m, rising by 4% y-o-y. In the first four months of the year, total box handling at these ports reached 60.2m TEU, also representing growth of 4% y-o-y.

At the top five ports on the US West Coast, Long Beach, Los Angeles, Oakland, and Seattle-Tacoma, container throughput in April 2019 stood at 1.9m TEU, an increase of 5% y-o-y. Total box handling at these ports in the first four months of the year stood at 7.5m TEU, up 3% y-o-y. During January-April 2019, total imports of loaded containers at these ports stood at 3.4m TEU (up by 0.2% y-o-y). In Europe, at the port of Hamburg, container throughput during January-March 2019 totalled 2.3m TEU, rising by 6% y-o-y. Meanwhile, at the port of Antwerp, box handling in Q1 2019 declined by 3% y-o-y to stand at c.2.7m TEU. The mixed trade signals in Q1 were reflected in reports by carriers of transported volumes during this period. Hapag-Lloyd transported 2.9m TEU overall in Q1, up by 2% y-o-y, while total volumes transported by Yang Ming stood at 1.3m TEU, rising by 5% y-o-y. Total volumes transported in Q1 by HMM stood at 1.1m TEU, an increase of 11% y-o-y. Meanwhile, OOCL, part of China

COSCO, reported a totalof 1.6m TEU in Q1,rising by 2% y-o-y. Hapag-Lloyd andArkas Lines(respectively the 5th and20th largest carriers, bydeployed containershipfleet capacity, as at thestart of May), havefinalised a vesselsharing agreement(VSA). The VSA iscentred on a jointservice connecting theWestern Black Sea withTurkey, Greece andMorocco, based uponthe previous service(“WBS”) offered byEMES, a ‘feeder’ branchof Arkas. The fourcontainerships of 1,400-1,600 TEU whichoperated “WBS” werereplaced by four largerboxships of 2,500-2,700TEU (two each operatedby Hapag Lloyd andArkas Line).

As of the 20th May, therewere 369 containershipsin the fleet (includingdelivered newbuilds,completed retrofits andpending retrofits) fittedwith SOx scrubbers,totalling 3.0m TEU(equivalent to 13% oftotal fleet capacity). Afurther 441containerships totalling2.7 TEU currently onorder (equivalent to 50%of total orderbookcapacity) are due to bedelivered fitted with theequipment.

1.0

1.5

2.0

2.5

Apr 16 Apr 17 Apr 18 Apr 19

Top 5 US West Coast Ports Box Throughput

mTEU

0

200

400

600

800

1,000

1,200

1,400

Apr-16 Apr-17 Apr-18 Apr-19

$/TEU

Source: SCFI

Shanghai-N. Europe Spot Container Freight Rate

0.8

1.0

1.2

1.4

1.6

1.8

2.0

Jan-14 Jan-16 Jan-18

m TEU

Peak Leg Transpacific Container Trade

Source: CTS

0%20%40%60%80%

100%15

,000

+

12-1

4,9

99

8-11

,99

9

3-7,

999

<3,0

00

TO

TA

L

Fleet Obk

Fleet includes pending retrofitsSource: Clarksons Research

% TEU

Scrubber Fitted Boxships by TEU Size Range

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Container Trade and CapacitySeaborne Container Trade Containership Supply-Demand Trends

Container Supply & Demand Highlights

Volumes 2016 2017 2018 2019 2020 2019 % 2020 %

m. teu lifts N America 54 57 60 62 64 3.6% 3.4%

Europe 113 117 119 122 125 2.5% 2.6%

China (incl. HK) 213 233 247 264 281 6.5% 6.7%

Asia excl. China 169 179 190 197 205 3.8% 3.9%

Other 133 139 144 147 150 2.3% 2.1%

Total, m. teu lifts 682 725 760 791 825 4.2% 4.3%

m. teu* Transpacific 24.2 25.0 25.8 25.9 26.5 0.5% 2.3%

Far East-Europe 22.7 23.8 23.9 24.4 24.9 2.0% 2.1%

Other East-West' 26.6 27.9 29.0 30.2 31.5 4.1% 4.3%

North-South 30.9 32.9 34.4 35.7 37.2 3.7% 4.3%

Other'' 73.8 78.6 83.1 87.1 91.1 4.9% 4.6%

TOTAL TRADE, m. teu 178 188 196 203 211 3.6% 3.9%

% growth 4.4% 5.7% 4.2% 3.6% 3.9%

Total est. bn TEU miles 860 907 937 966 999 3.0% 3.5%

% growth 3.9% 5.4% 3.3% 3.0% 3.5%

Containership ,000 teu, end

Supply^ 2016 2017 2018 2019 2020 2019 % 2020 %

Containerships <3,000 teu 3,938 3,942 4,034 4,032 4,110 -0.1% 1.9%

3-7,999 teu 6,927 6,679 6,662 6,529 6,318 -2.0% -3.2%

8-11,999 teu 5,257 5,540 5,736 5,760 5,869 0.4% 1.9%

12,000+ teu 3,976 4,708 5,604 6,302 7,086 12.5% 12.4%

TOTAL CONTAINERSHIPS 20,098 20,868 22,037 22,623 23,384 2.7% 3.4%

% growth 1.3% 3.8% 5.6% 2.7% 3.4%

Multi-Purpose 1,540 1,520 1,521 1,531 1,511 0.6% -1.3%

Ro-Ro 250 248 253 252 247 -0.1% -2.2%

Other Liner 349 331 323 310 291 -4.1% -6.1%

Total Container Capacity 22,237 22,968 24,134 24,716 25,433 2.4% 2.9%

% growth 0.9% 3.3% 5.1% 2.4% 2.9%

Market % growth

Balance 2016 2017 2018 2019 2020

Container Trade 4% 6% 4% 4% 4% WEAKER...

Containership Capacity 1% 4% 6% 3% 3% WEAKER...

Balance 3% 2% -1% 1% 1% STRONGER....


Est. m teu lifts/teu Trade Growth Trend

Capacity Growth Trend

Supply/Demand

2019 vs 2018

* Trade lane figures include volumes in both directions. ' Trade between N.America/Eur./Far East and M.East/ISC, and Transatl. trade. '' Intra-regional and south-south trade.

^Fleet growth forecasts above basis ‘total’ fleet capacity. Vessel time out of service for scrubber retrofit likely to impact ‘active’ capacity growth in 2019-20 (see commentary).

• In 2019 so far, demand side figures have appeared mixed, and despite some softer signals, at this stage downward revisions to trade projections remain marginal (see page 12). Nevertheless, with recent escalation in the US-China ‘trade war’, the peak leg Transpacific trade growth projection has been downgraded to 0.9% in the full year. Overall, ‘base case’ global seaborne box trade growth is expected to reach 3.6% in 2019 in TEU terms (and 3.0% in TEU-miles). However, risks have built from the world economy, including threats by the US to impose tariffs on a further $325bn of imports from China, and much remains uncertain; as a result, a much ‘lower case’ for trade growth remains a possible outcome this year. Meanwhile, the current projection for global box trade growth in 2020 stands at 3.9%.

• Non-mainlane trade overall is still expected to grow steadily in 2019 in the ‘base case’, by 4.5%. Although intra-Asian volumes may be subject to a ‘knock-on’ effect from the US-China trade war, they are still expected to grow by 4.6% this year.

• During January-April 2019, fleet capacity rose by just 1.1%. In the full year, it is currently expected to grow by 2.7%, although growth in ‘active’ capacity in 2019-20 could be further limited by time ‘out of service’ for scrubber retrofits. Across 2019, c.1.0% of containership capacity is currently estimated to be absorbed by scrubber retrofitting.

• In the ‘base case’, slower supply growth is projected to support a return to fundamental rebalancing in 2019-20. While demand side risks must be monitored closely, the outlook for the boxship sector remains cautious and there remains potential for progress in the charter and freight markets. ‘Wildcards’ related to the IMO 2020 global sulphur cap may also provide a positive influence as a whole, including through scrubber retrofit time, slower operating speeds and a faster pace of recycling.

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

0

40

80

120

160

200

240

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

(e)

2019

(f)

2020

(f)

m.TEU Intra-RegionalNorth-SouthNon-Mainlane East-WestMainlaneGlobal Trade Growth (RHS)

% y-o-y

0%

2%

4%

6%

8%

10%

12%

2012

2013

2014

2015

2016

2017

2018

2019

(f)

2020

(f)

Container Trade Growth (TEU-mile)Containership Fleet Growth^Adjusted Supply Growth (2019)^

^Vessel time 'out of service' for scrubber retrofitting estimated to reduce 'active'

capacity growth in 2019 by 1.0%.

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Charter MarketContainership Timecharter Rates ($/Day) Charter Market Commentary

Intermediate Avg $/Day $/Day Intermediate MarketMarket 2017 2018 2019 Jan Feb Mar Apr This Month

3 Year Timecharter

Neo-Panamax 9,000 teu g'less 27,146 33,583 35,412 35,000 35,500 35,500 35,625 UP BY… 0.4%

Intermediate 6,800 teu g'less 15,229 18,138 17,118 16,688 16,313 17,400 18,000 UP BY… 3.4%

6-12 Months Timecharter

Neo-Panamax 9,000 teu g'less 18,929* 28,000 32,074 29,000 31,125 33,700 34,063 UP BY… 1.1%

Intermediate 8,250 teu g'less 21,167^ 16,625 19,063 22,300 24,125 UP BY… 8.2%

Intermediate 6,800 teu g'less 13,171* 14,542 14,935 10,750 14,113 16,790 17,625 UP BY… 5.0%

Narrow Beam Avg $/Day $/Day Narrow Beam MarketMarket 2017 2018 2019 Jan Feb Mar Apr This Month


Narrow Beam 4,400 teu g'less 7,692 11,096 8,381 8,438 8,213 8,250 8,656 UP BY… 4.9%

Narrow Beam 3,500 teu g'less 8,046 10,942 8,556 8,550 8,425 8,530 8,725 UP BY… 2.3%

Feeder Avg $/Day $/Day Feeder MarketMarket 2017 2018 2019 Jan Feb Mar Apr This Month


Feeder 2,750 teu g'less 8,800 10,813 8,726 8,875 8,438 8,600 9,025 UP BY… 4.9%

Feeder 2,500 teu geared 8,288 10,642 9,232 9,125 9,213 9,260 9,325 UP BY… 0.7%

Feeder 2,000 teu g'less 7,154 9,508 7,500 7,313 7,375 7,550 7,750 UP BY… 2.6%

Feeder ECO 1,750 teu geared 9,700* 12,483 10,859 10,550 10,625 10,830 11,438 UP BY… 5.6%



Feeder 725 teu geared 5,258 5,588 4,903 4,813 4,888 4,910 5,000 UP BY… 1.8%

Containership T/C Rate Index 47 60 52 50 51 52 54 UP BY… 3.7%

y-o-y change 17% 28% -12% -9% -10% -13% -16%

Multi-Purpose Avg $/Day $/Day MPP MarketMarket 2017 2018 2019 Jan Feb Mar Apr This Month


MPP (liner) 21,000 dwt 8,538 10,721 10,625 10,750 10,750 10,500 10,500 STEADY 0.0%



MPP T/C Rate Index 69 86 83 84 84 82 82 STEADY 0.0%

y-o-y change -4% 24% -4% 2% -4% -7% -7%


Note: Containership rates basis average of weekly assessments from Jan-19 onwards, and end month assessments previously. * 2017 average basis June-December data.

^2019 average basis 18th January onwards.

0

10,000

20,000

30,000

40,000

50,000

60,000

Apr

'02

Apr

'03

Apr

'04

Apr

'05

Apr

'06

Apr

'07

Apr

'08

Apr

'09

Apr

'10

Apr

'11

Apr

'12

Apr

'13

Apr

'14

Apr

'15

Apr

'16

Apr

'17

Apr

'18

Apr

'19

6800 teu g'less

4400 teu g'less

2750 teu g'less

1700 teu grd

• The larger end of the charter market size range continued to tighten in April, with 8,000+ TEU ships still very much in demand. Owners were seen holding out for rates that would challenge carriers to step forward. However, with smaller alternatives remaining an option, it was not clear cut who would win this battle. The 6-12 month timecharter rate for a 9,000 TEU containership averaged $34,063/day during April, rising by 17% from the end December 2018 rate. Meanwhile, containerships in the size range just above the ‘old Panamax’ sector lagged behind larger boxships in terms of popularity. The ‘old Panamax’ market remained dynamic in April, although there remained some concern over securing employment over the quieter summer months, particularly with the market in this sector becoming quieter as it moved into May. Trends were mixed in the sub-3,000 TEU sector, and the average timecharter rate for a gearless 2,000 TEU vessel increased 3% m-o-m at $7,750/day in April. Meanwhile, average period length, a key barometer of market health, has been rising steadily.

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Containership Fixtures

Latest Containership Timecharter FixturesShip Vessel Name Dwt Spd Cons Charterer Rate

Type Nom. Hom. Tonnes Kts t/day $/Day

G'Less Seroja Tiga 8530 5830 90,414 23.3 164.6 EMC 19,000

G'Less Skiathos 6881 4950 80,228 22.5 116.7 MARFRET 25,250

G'Less Aegiali 5928 4320 67,009 23 150 HAPAG-LLOYD 15,750

G'Less E.R. Felixstowe 6008 4193 67,500 24.5 228 NGSS 13,950

G'Less Texas Trader 4990 3384 67,601 20 85 OOCL 8,800

G'Less Maliakos 4498 2810 51,310 21 79.2 KMTC 9,100

G'Less 3091 2400 41,850 22 105 CMA CGM 9,700

G'Less Nikos P 3534 2353 42,164 23.5 122 CMA CGM 8,500

G'Less AS Fenja 1220 924 17,274 17 40 CMA CGM 6,900

G'Less Lantau Arrow 1216 840 15,315 22 66 OOCL 8,500

G'Less Pride Pacific 1060 770 15,100 17.5 36 HMM 6,750

G'Less Elbsailor 1084 732 14,237 18 36.5 UNIFEEDER Euro 7,500

G'Less Vega Vela 1080 700 13,760 16 35 MSC 6,300

G'Less Sky Pride 950 655 13,006 18 34 HEUNG-A 7,850

G'Less Mastery D 917 623 11,000 18 32 BG FREIGHT 6,258

G'Less Max Stability 724 440 8,540 17 29.6 TRANSINSULAR Euro 4,900

Grd Irenes Resolve 3739 2695 50,200 23 105 NILE DUTCH 10,500

Grd Minna 3091 2481 41,800 22 105 CMA CGM 9,400

Grd Ariana 2714 2200 39,100 22.5 85.5 BBC CHARTERING 9,250

Grd Melchior Schulte 2339 1740 30,350 18 38.4 MAERSK LINE 14,000

Grd Nordtiger 1756 1390 23,558 18.5 42.6 SEALAND ASIA 11,350

Grd Acrux N 1740 1290 23,338 20 54 SEABOARD 9,250

Grd Jonni Ritscher 1875 1285 22,450 21 67.2 ARKAS 8,500

Grd San Lorenzo 1714 1257 21,455 19.5 53.15 OOCL 10,500

Grd Marine Bia 1708 1180 21,464 19.7 60.2 OEL 8,200

Grd Smiley Lady 1730 1148 23,075 19.6 54 X-PRESS 7,250

Grd Pocahontas 1294 925 17,250 20 52 CMA CGM 7,700

Grd Lily Star 1162 750 14,148 17.7 30.5 X-PRESS 5,750

Grd Contship Oak 1100 710 13,760 19.5 41 NILE DUTCH 7,000

Grd Tacoma Trader 1102 705 13,000 18 24.5 SINOTRANS 9,000

Grd Atlantic Monaco 1022 606 12,996 19 33.5 UFS 6,350

Grd Acacia Lan 602 385 7,196 15.2 20.5 HEUNG-A 4,500


2008 MALTA 4-7 Months

1996 S KOREA 3-6 Months

2007 W AFRICA 10-12 Months

2015 FE 6-20 Days

2007 W AFRICA 5-7 Months

1996 FE 6-10 Months

2008 SE ASIA 10-12 Months

1999 FE 1-2 Months

2006 E MED 28-42 Days

2014 FE 3-6 Months

2014 FE 4-8 Months

2010 CARIBS 11-13 Months

2006 FE 40-70 Days

2015 CARIBS 12-18 Months

2001 CONT 4-6 Months

2005 CHINA 9-12 Months

2005 UKC 12 Months

2006 MED 40-50 Days

2005 MED 12 Months

2005 FE 2-3 Months

2009 FE 4-6 Months

2012 HAMBURG 12-16 Months

2005 HONG KONG 2-4 Months

2001 N CONT 5-7 Months

EM Kea 2007 CONT 12 Months

2007 FE 12 Months

2005 FE 80-120 Days

2012 FE 40-50 Days

2002 UKC 10-12 Months

2000 CHINA 4.5-6 Months

2010 CHINA 3-4 Months

2013 USG 11-13 Months

Teu Year Delivery Charter Period

Built Loc/Typ

Timecharter Rate Data Fully Cellular Containerships Feeder grd 340/365 teu 220/240@14t 15k on 15 3750/4750 dwt Feeder grd 700/750 teu 430/450@14t 16½k on 21-23 7500/8500 dwt Feeder grd 1000/1100 teu 630/660@14t 18k on 27-30 12/13000 dwt Feeder grd 1650/1750 teu 1080/1120@14t 19k on 48-50 22/23000 dwt Feeder ECO grd 1700/1800 teu 1300/1400@14t 15-17k on 22-32 22/24000 dwt Feeder g’less 1850/2100 teu 1550/1650@14t 19½ k on 50-55 29/30000 dwt Feeder grd 2400/2600 teu 1950/2050@14t 22k on 70-75 34/36000 dwt Feeder g’less 2600/2900 teu 2000/2100@14t 22k on 88-92 36/38000 dwt Narrow Beam g’less 3400/3600 teu 2550/2650@14t 22½k on 100-105 44/46000 dwt Narrow Beam g’less 4200/4500 teu 2750/2900@14t 24k on 150-160 60/62000 dwt Intermediate g’less 6700/7000 teu 5000@14t 22/23 knots 80/85000 dwt Intermediate g’less 8000/8500 teu 6200/6400@14t 22/23 knots100/105000 dwt Neo-P’max g’less 8800/9200 teu 6800/7000@14t 22/23 knots110/115000 dwt Multi-Purpose (MPP) Vessels MPP (liner) 12,000 dwt c.700 teu 500@14t c2x60t 15k on 24t MPP (liner) 17,000 dwt c.950 teu 650@14t c3x60t 15k on 22t MPP (liner) 21,000 dwt c.1200 teu 800@14t c4x60t 15k on 23t Newbuilding & Secondhand prices are also quoted for a selection of the fully cellular containership types listed above. ‘Narrow beam’ refers to the ‘old Panamax’ design.

Price Data Containership Newbuilding/Secondhand Feeder grd 1000/1100 teu 700/740@14t* Feeder grd 1650/1750 teu 1300/1400@14tv Feeder grd 2400/2600 teu 1900/2000@14t# Feeder gls 2600/2900 teu † Wide Beam gls 3600/3800 teu 3000@14t Narrow Beam gls 4300/4500 teu 2800/2900@14t Wide Beam gls 4800 teu 3600@14t Narrow Beam gls 5100 teu 3300@14t Intermediate gls 6600/6800 teu 4900@14t** Neo-P’max gls 8000/9000 teu 7100/7300@14t^ Neo-P’max gls 11000/12000 teu Neo-P’max gls 13000/14000 teu Neo-P’max gls 20000/22000 teu *Resale; 5yo+ 640-740@14t, VResale; 5yo+ 1150-1250@14t, #Resale, 5yo; 10yo 1850@14t, †Resale, 5yo modern ‘eco’ spec; 10yo 2000/2100@14t **Resale, 5yo; 10yo 4500-4700@14t; 15yo 4100-4300@14t, ^Resale; 5yo 6400/6600@14t.

Multi-Purpose (MPP) Newbuilding MPP (liner) 17,000 dwt c.980 teu MPP (liner) 28,000 dwt c.1700 teu

Ro-Ro Newbuilding & Secondhand (euros) Ro-Ro 2300/2500lm 20k 6.8-7m FHT 7/10000 dwt Ro-Ro 3500/4000lm 20k 6.8-7m FHT 10/12000 dwt

Clarksons Research Standard Container Ship Types

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Secondhand Prices

Liner Vessel End Year, $m.* Three Month Asset Play in Focus

Prices 2016 2017 2018 Apr Trend Long Term Price Trends

CONTAINERSHIPS1,000 teu grd 5yo 2014 7.5 8.5 9.0 8.5 STEADY -4%

1,000 teu grd 10yo 2009 4.3 7.0 5.5 5.5 STEADY -3%

1,000 teu grd 15yo 2004 3.0 4.5 4.0 3.8 LOWER -7%

1,700 teu grd 5yo 2014 8.5 12.0 14.0 13.0 LOWER -5%

1,700 teu grd 10yo 2009 5.5 9.0 10.5 9.5 LOWER -7%

1,700 teu grd 15yo 2004 3.5 5.0 7.0 5.8 LOWER -13%

2,500 teu grd* 5yo 2014 10.0 13.8 16.0 20.0 HIGHER 15%

2,500 teu grd 10yo 2009 5.8 10.8 13.5 12.0 LOWER -8%

2,500 teu grd 15yo 2004 3.8 6.5 8.5 6.8 LOWER -12%

2,750 teu gls Resale 26.0 26.0 34.0 33.0 STEADY -2%

2,750 teu gls* 5yo 2014 10.0 13.8 16.0 20.0 HIGHER 15%

2,750 teu gls 10yo 2009 5.8 10.8 13.5 12.0 LOWER -8%

2,750 teu gls 15yo 2004 3.8 6.5 8.5 6.8 LOWER -12%

3,500 teu gls^ 5yo 2014 7.0 12.3 14.0 12.0 LOWER -7%

3,500 teu gls^ 10yo 2009 5.0 9.8 11.0 9.0 LOWER -9%

3,500 teu gls^ 15yo 2004 4.5 7.3 8.0 7.0 LOWER -8%

3,800 teu gls' 30.0 30.0 34.0 33.0 STEADY -2%

4,500 teu gls^ 5yo 2014 7.0 12.5 15.5 14.0 LOWER -4%

4,500 teu gls^ 10yo 2009 5.5 10.0 11.0 9.8 LOWER -5%

4,500 teu gls^ 15yo 2004 5.0 8.0 9.0 8.3 LOWER -6%

4,800 teu gls' 34.0 34.0 38.0 37.0 STEADY -2%

5,100 teu gls^ 5yo 2014 8.0 12.5 15.5 14.0 LOWER -4%

5,100 teu gls^ 10yo 2009 6.3 10.0 11.0 10.3 STEADY -4%

6,600 teu gls 44.0 44.0 55.0 65.0 HIGHER 6%

6,600 teu gls* 5yo 2014 16.0 24.0 30.0 45.0 HIGHER 23%

6,600 teu gls 10yo 2009 9.5 17.0 24.0 22.5 LOWER -4%

8,800 teu gls Resale 68.0 64.0 87.5 87.5 STEADY 0%

8,800 teu gls 5yo 2014 26.0 46.0 42.0 40.0 STEADY -3%

Secondhand Cont'ship Index 25 38 40 39 STEADY -3%

RO-RO TRAILERS, euro m.Ro-Ro 2500 lm 5yo 2014 33.0 33.0 32.0 32.0 STEADY 0%

Ro-Ro 2500 lm 10yo 2009 26.0 26.5 26.3 26.0 STEADY 0%

Ro-Ro 2500 lm 15yo 2004 21.0 21.5 22.0 22.0 STEADY 0%

Ro-Ro 4000 lm 5yo 2014 42.0 42.0 42.0 42.0 STEADY 0%

Ro-Ro 4000 lm 10yo 2009 35.0 35.5 35.5 34.0 STEADY -1%

Ro-Ro 4000 lm 15yo 2004 28.0 28.5 28.5 28.5 STEADY 0%

Secondhand Investment

Volume of Year This Year's

Sales 2016 2017 2018 Apr'' Trend

Containerships, '000 teu< 3,000 teu (Feeder) 139.6 319.3 203.0 27.0 LOWER -20%

3-5,999 teu (Intermediate) 105.3 423.6 134.7 58.3 HIGHER 160%

6-7,999 teu (Intermediate) 14.0 101.3 59.7 19.5 LOWER 96%

8-11,999 teu (Neo-P'max) 114.9 188.1 87.2 40.0 HIGHER 175%

12-14,999 teu (Neo-P'max)* 78.6 52.4 136.5 0.0 LOWER -100%

15,000 + teu (Post-P'max) 0.0 0.0 0.0 0.0 LOWER #####

Containership Total ('000 teu) 452.4 1085 621.1 144.8 LOWER 40%

y-o-y growth -30% 140% -43%

Containership Total (no. sales) 137 309 184 38 LOWER 24%

y-o-y growth -39% 126% -40%

MPP/Ro-Ro ('000 teu) 26.4 36.8 28.7 7.0 LOWER -26%

Other Liner ('000 teu) 8.5 4.9 5.0 1.7 STEADY 0%

Liner Total ('000 teu) 487.4 1126 654.8 153.5 LOWER 41%

Note: This year's trend based on annualised figures. ''Data to end of month.

*May include some ships which are too large to transit the expanded locks of the Panama Canal based on current official dimension restrictions.


Resale

Containership Sales Activity

Resale

Resale

Prices are sourced from Clarksons Platou brokers, based on the ship specifications on page 5.

Container Index based on Jan '96 =100. *Ro-Ro prices in euro m. ^Narrow beam (old "Panamax").

'Wide beam (old "Post-Panamax"). *Based on modern 'eco' design from January 2019 onwards.

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

Apr

-09

Apr

-10

Apr

-11

Apr

-12

Apr

-13

Apr

-14

Apr

-15

Apr

-16

Apr

-17

Apr

-18

Apr

-19

Secondhand Containership Price Index

% change y-o-y

0

5

10

15

20

25

30

35

40

45

50

Apr

-11

Apr

-12

Apr

-13

Apr

-14

Apr

-15

Apr

-16

Apr

-17

Apr

-18

Apr

-19

No. sales

0

100

200

300

400

500

Apr

-11

Apr

-12

Apr

-13

Apr

-14

Apr

-15

Apr

-16

Apr

-17

Apr

-18

Apr

-19

US$m, 3mma

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Sale & Purchase Market

Recently Reported Secondhand Sales Vessel Type Vessel Name Dwt Teu Nom/Hom Built Yard Date Price (m.) Buyers

FCC Ambassador Bridge 51,314 4,228 2,810 2009 Hyundai HI (Ulsan) Apr '19 9.0 Clients of Borealis Maritime

FCC Brussels Bridge 52,452 4,432 2011 Hyundai HI (Ulsan) Apr '19 11.5 Clients of Sinokor

FCC Baltimore Bridge* 52,055 4,432 2010 Hyundai HI (Ulsan) Apr '19 10.0 Clients of Sinokor

FCC Astoria Bridge* 51,314 4,228 2,810 2009 Hyundai HI (Ulsan) Apr '19 9.0 Clients of Sinokor

FCC Venice Bridge* 65,038 4,738 2005 Hyundai HI (Ulsan) Apr '19 Clients of Sinokor

FCC 2x45t C Hanse Fortune 13,760 1,118 710 2006 CSC Jinling Shipyard Apr '19 4.5 Undisclosed interests

FCC 3x45t C Saint Nikolaos 34,444 2,490 1,820 2004 Howaldtswerke Werft Apr '19 6.9 Clients of E.R. Schiffahrt

FCC Primavera* 42,250 3,426 2,410 2008 TKMS Nordseewerke Apr '19 8.5 Undisclosed interests

FCC Quadriga* 42,250 3,426 2,410 2008 TKMS Nordseewerke Apr '19 8.5 Undisclosed interests

FCC NYK Athena* 80,270 6,492 2003 I.H.I. (Kure) Apr '19 15.0 Clients of Cyprus Maritime

FCC NYK Aquarius* 81,171 6,492 2003 I.H.I. (Kure) Apr '19 15.0 Clients of Cyprus Maritime

FCC Ital Moderna* 53,592 4,363 2,810 2008 Hyundai Mipo Apr '19 9.6 Clients of Borealis Maritime

FCC Ital Milione* 53,641 4,363 2,810 2008 Hyundai Mipo Apr '19 9.6 Clients of Borealis Maritime

MPP 2x60t C BBC New York 9,821 474 328 2009 Qingdao Heshun Apr '19 4.8 Dutch interests

FCC Eastern Express 12,473 840 600 2004 Dae Sun Shipbuilding Mar '19 Southeast Asian interests

FCC Perth Bridge 17,946 1,025 875 2000 Iwagi Zosen Mar '19 4.1 Clients of Harbour Link

FCC Thetis D 17,850 1,404 1,030 2009 J. J. Sietas Mar '19 12.0 Clients of ICG

FCC 3x40t C Hanse Endurance* 12,400 1,024 655 2008 Dae Sun Shipbuilding Mar '19 7.0 Clients of SITC

FCC Hanse Energy* 12,782 1,024 655 2008 Dae Sun Shipbuilding Mar '19 7.0 Clients of SITC

MPP Sharon 5,050 224 1999 Damen Hoogezand Mar '19 Clients of Peak Shipping

FCC 3x45t C Helene S 32,878 2,450 1,897 2006 Naikai Zosen Setoda Mar '19 9.5 Clients of Tanto Intim Line

FCC NYK Apollo 81,171 6,492 2002 I.H.I. (Kure) Feb '19 Clients of Cyprus Maritime

FCC Independent Concept* 19,500 1,574 1,056 2007 Jiangsu Yangzijiang Feb '19 12.0 Clients of Contships

FCC Independent Accord* 19,500 1,574 1,095 2007 Jiangsu Yangzijiang Feb '19 Clients of Contships

FCC Herma P 65,695 5,041 3,340 2006 Hyundai HI (Ulsan) Feb '19 Clients of Cyprus Maritime

FCC Evolution 13,300 1,050 736 1996 YVC Ysselwerf Jan '19 Hong Kong interests

FCC PL Germany 67,009 5,888 4,170 2003 Koyo Dock Jan '19 Undisclosed interests

FCC 2x45t C Alidra 19,450 1,645 1,200 2000 Hanjin HI (Ulsan) Jan '19 3.0 Clients of Victoria Oceanway

FCC MSC Mirella 25,904 2,058 1,700 1989 Uljanik Brod. Jan '19 Undisclosed interests

MPP 2x40t C MCP Rotterdam 7,664 618 2008 Huanghai SB Jan '19 Undisclosed interests

FCC CSCL Spring* 121,849 10,000 2014 Dalian Shipbuilding Jan '19 267.0 Clients of FPG

FCC CSCL Summer* 121,849 10,000 2014 Dalian Shipbuilding Jan '19 Clients of FPG

FCC CSCL Winter* 121,839 10,000 2014 Dalian Shipbuilding Jan '19 Clients of FPG* En bloc sales. # En bloc price shown under price of first ship of bloc.


• Following subdued monthly levels of containership sales during February and March, liquidity on the containership sale and purchase market picked up in April, albeit mainly in the 4,000-7,000 TEU size range. Over half of capacity sold secondhand in April, and more than a quarter of capacity sold in the first four months of 2019, was accounted for by the ‘old Panamax’ sector. In April, Japanese sellers accounted for eight of the 15 vessels reported sold secondhand. Six of these eight vessels are Korean-built, typically attracting greater levels of interest when compared to their Chinese built counterparts. While these vessels stirred up some competition, reported pricing remained broadly in line with recent sales activity. • Secondhand price assessments saw movements in both directions in April, with price rises seen for both older, smaller tonnage and (to a larger extent) newer tonnage at the upper end of the secondhand market size range. By end April, the Secondhand Containership Price Index stood at 39 points, up by one point m-o-m.

Sale & Purchase Commentary

0

200

400

600

800

1,000

1,200

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

12,000+ TEU8,000-11,999 TEU3,000-7,999 TEU<3,000 TEU

Containership Sales Activity'000 TEU

2019 = year to date

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Newbuilding MarketRecently Reported Orders

S Type Owner/Manager*5 Ro-Ro 30,000 2021 Yantai CIMC Raffles Wallenius SOL5 Ro-Ro 30,000 2021 Yantai CIMC Raffles Wallenius SOL5 Container 150,000 15,000 Jul 2021 Jiangnan SY Group CMB Leasing5 Container 150,000 15,000 Aug 2021 Jiangnan SY Group CMB Leasing5 Container 150,000 15,000 Sep 2021 Jiangnan SY Group CMB Leasing5 Container 150,000 15,000 Oct 2021 Jiangnan SY Group ICBC Leasing5 Container 150,000 15,000 Nov 2021 Jiangnan SY Group ICBC Leasing5 Container 150,000 15,000 Jul 2021 Hudong Zhonghua ICBC Leasing5 Container 150,000 15,000 Aug 2021 Hudong Zhonghua ICBC Leasing5 Container 150,000 15,000 Sep 2021 Hudong Zhonghua ICBC Leasing5 Container 150,000 15,000 Oct 2021 Hudong Zhonghua CMB Leasing5 Container 150,000 15,000 Nov 2021 Hudong Zhonghua CMB Leasing5 MPP 8,000 248 Oct 2019 Krasnoye Sormovo JSC STLC5 MPP 8,000 248 Nov 2019 Krasnoye Sormovo JSC STLC5 MPP 8,000 248 Dec 2019 Krasnoye Sormovo JSC STLC5 MPP 8,000 248 Feb 2020 Krasnoye Sormovo JSC STLC5 MPP 8,000 248 Mar 2020 Krasnoye Sormovo JSC STLC5 MPP 8,000 248 May 2020 Krasnoye Sormovo JSC STLC5 MPP 8,000 248 Jun 2020 Krasnoye Sormovo JSC STLC5 MPP 8,000 248 Aug 2020 Krasnoye Sormovo JSC STLCS = Status, where: 5= confirmed order, 17 = option.

* The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship.

Latest Newbuilding Market News Newbuilding Price Index

Newbuilding Year End, $m.* Three Month

Prices 2016 2017 2018 Apr Trend

Containerships Containership ContractingFeeder 1,000 teu grd 16.3 16.5 19.0 19.8 STEADY 3.1%

Feeder 1,700 teu grd 21.8 22.5 26.0 26.3 STEADY 0.6%

Feeder 2,500 teu grd 27.0 28.5 34.5 34.5 STEADY 0.0%

Feeder 2,750 teu gls 27.0 28.8 35.0 35.0 STEADY 0.0%

Wide Beam 3,700 teu gls 33.0 34.0 39.0 41.5 HIGHER 4.7%

Wide Beam 4,800 teu gls 43.0 44.0 49.8 53.0 HIGHER 4.7%

Intermediate 6,600 teu gls 60.0 60.5 69.0 72.0 STEADY 3.4%

Neo-Panamax 8,800 teu gls 83.0 83.0 89.0 89.5 STEADY 0.4%

Neo-Panamax 11,500 teu gls^ 93.0 92.0 101.0 101.0 STEADY 0.2%

Neo-Panamax 13,000 teu gls 109.0 107.0 115.0 113.0 STEADY -0.6%

Post-Panamax 21,000 teu gls~ 145.5 140.0 149.0 147.5 STEADY -0.2%

Containership NB Price Index 69 70 81 82 STEADY 1.2%

Ro-Ro Vessels, euro m.2,000-2,500 Lane m. 44.0 43.0 43.0 43.0 STEADY 0.0%

3,500-4,000 Lane m. 54.0 53.0 53.0 53.0 STEADY 0.0%

Dry CargoMPP 17,000 dwt 20.0 21.5 24.0 24.8 STEADY 2.1%

MPP 28,000 dwt 26.0 28.0 30.5 31.5 STEADY 2.2%

PCC 6,500 cars 60.0 61.0 63.5 65.0 STEADY 1.8%


Mar-19

Date Dwt/Teu Delivery Builder PriceApr-19Apr-19Mar-19

Mar-19

Mar-19Mar-19Mar-19Mar-19Mar-19Mar-19

Mar-19Mar-19Mar-19

Mar-19

Prices assume a "European spec." and 20/20/20/20/20% payments, basis "competitive yards" quotations. Prices relate

to market contracts where these have taken place and to brokers' best estimates when no contracts have occurred, and

can vary as to country of build, delivery date and ship spec. ~18,500-19,000 TEU prior to October 2018. ^10,000 TEU

prior to October 2018. See page 5 for further details. *Ro-Ro prices in euro m.

Mar-19Mar-19Mar-19Mar-19Mar-19

60

70

80

90

100

110

120

130

140

Jan

'08

Jan

'09

Jan

'10

Jan

'11

Jan

'12

Jan

'13

Jan

'14

Jan

'15

Jan

'16

Jan

'17

Jan

'18

Jan

'19

Index, Dec'96 = 100

ContainershipNewbuilding Price

Index

• Following the wave of activity in March, newbuild ordering in the containership sector was very subdued in April. Boxship capacity contracted in the first four months of 2019 stood at less than half the level recorded in the same period of 2018, totalling 53 vessels of 0.26m TEU overall. Chinese owners accounted for 63% of boxship capacity contracted during January-April 2019, compared to just 16% in full year 2018. While capacity contracted during January-April 2019 was largely accounted for by ten ships of 15,000 TEU (five each ordered by Chinese owners ICBC Leasing and CMB Leasing, to be chartered to CMA CGM), 25% of capacity contracted during this period belonged to the sub-3,000 TEU size range. • Although newbuilding prices for the largest sizes saw marginal declines m-o-m, price assessments were generally steady across the rest of the spectrum. The Newbuilding Price Index remained unchanged at 82 points at the end of April.

1.71.71.7

3.3

1.1

0.1

0.6

1.9

0.4

2.2

1.2

2.4

0.3

0.8

1.3

0.3

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

ytd

m. TEU

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Containership Building

Shipbuilder…

...CountryNo. 000 teu No. 000 teu No. 000 teu No. 000 teu No. 000 teu No. 000 teu No. 000 teu No. 000 teu

Samsung HI South Korea 8 88.0 11 247.0 4 88.0 12 214.0 3 33.0 19 335.0Hyundai HI (Ulsan) South Korea 22 327.2 6 85.2 4 59.8 12 182.2 22 327.2Daewoo (DSME) South Korea 12 271.0 2 44.0 10 227.0 12 271.0Jiangnan SY Group China P.R. 13 30.6 11 205.0 2 42.0 4 88.0 18 105.6 24 235.6Imabari SB Marugame Japan 16 176.0 2 40.3 2 40.3 7 77.0 9 99.0 18 216.3Hyundai Samho HI South Korea 11 163.3 3 45.2 4 59.5 4 58.7 11 163.3Imabari SB Saijo Japan 7 141.1 4 80.6 3 60.5 7 141.1SCS Shipbuilding China P.R. 6 123.5 2 35.5 4 88.0 6 123.5Jiangsu New YZJ China P.R. 31 58.3 5 63.5 15 24.0 18 69.6 3 28.1 36 121.7Huangpu Wenchong China P.R. 52 95.5 2 6.2 17 31.9 19 38.7 18 31.1 54 101.7Imabari SB Hiroshima Japan 5 55.0 3 42.0 1 14.0 2 28.0 5 55.0 8 97.0Hudong Zhonghua China P.R. 5 75.0 5 75.0 5 75.0Imabari SB (Imabari) Japan 34 73.1 7 15.7 24 50.8 3 6.6 34 73.1Jinhai Manufacturing China P.R. 6 72.7 4 48.5 2 24.2 6 72.7Tsuneishi Zhoushan China P.R. 26 65.7 3 8.4 14 32.1 9 25.2 26 65.7Hyundai Mipo South Korea 26 49.0 9 16.3 17 32.7 26 49.0JMU Kure Shipyard Japan 8 24.3 1 14.0 1 14.0 8 24.3 9 38.3CSBC (Kaohsiung) Taiwan 12 31.6 9 23.2 3 8.4 12 31.6COSCO HI Yangzhou China P.R. 2 27.0 2 27.0 2 27.0Nantong COSCO KHI China P.R. 1 19.2 1 19.2 1 19.2COSCO HI (Guangdong) China P.R. 10 17.5 2 3.5 6 10.5 2 3.5 10 17.5Taizhou Sanfu China P.R. 7 16.8 3 7.2 4 9.6 7 16.8Zhoushan Changhong China P.R. 7 15.9 5 11.4 2 4.5 7 15.9Mawei SB (Mawei) China P.R. 14 14.2 8 7.2 6 7.0 14 14.2Chengxi Shipyard China P.R. 10 12.4 2 2.2 8 10.2 10 12.4Jinling Shipyard China P.R. 6 11.4 6 11.4 6 11.4COSCO Zhoushan China P.R. 3 10.5 3 10.5 3 10.5Tsuneishi Cebu Philippines 4 7.6 2 3.8 2 3.8 4 7.6Xiamen Shipbuilding China P.R. 3 7.2 3 7.2 3 7.2Zhejiang Ouhua SB China P.R. 1 1.7 1 5.3 2 7.0 2 7.0Ezhou Guangda SB China P.R. 6 6.8 4 4.6 2 2.2 6 6.8Kyokuyo Shipyard Japan 5 5.1 5 5.1 5 5.1Keppel AMFELS United States 2 5.1 2 5.1 2 5.1Zhejiang Yangfan China P.R. 2 4.6 2 4.6 2 4.6Dae Sun Shipbuilding South Korea 4 4.0 1 1.0 3 3.0 4 4.0Shikoku Dock. Japan 4 3.2 4 3.2 4 3.2Fujian Southeast SB China P.R. 4 2.6 4 2.6 4 2.6Nantong Xiangyu China P.R. 4 2.6 4 2.6 4 2.6CSC Jiangdong China P.R. 3 2.1 3 2.1 3 2.1Wuchang SB Group China P.R. 2 1.4 2 1.4 2 1.4Others(7) 12 4.5 9 3.1 1 0.1 2 1.3 12 4.5Total 304 550.5 14 46.3 29 319.0 105 1,831.8 143 755.5 203 1,264.6 106 727.5 452 2,747.6

Recently Reported DeliveriesType Date Flag

Container COSCO Shipping Azalea Apr-19 H.K. COSCO Shipping Dev COSCO HI Yangzhou $m 116.80Container Maersk Vladivostok Apr-19 PA. Nissen Kaiun Tsuneishi ZhoushanMPP Tasman Apr-19 BB. Tasman Rederij Schps. BodewesGCargo Rukai Benefit Apr-19 PA. Wisdom Marine Group Higaki ZosenContainer Ever Build Apr-19 PA. Evergreen Marine Imabari SB (Imabari)Container COSCO Shipping Solar Apr-19 H.K. COSCO Shipping Lines Jiangnan SY Group $m 140.32Reefer Orange Strait Apr-19 CC. Seatrade Shipmgmt Guangxin SBRo-Ro Red Kestrel Apr-19 BR. Red Funnel Group Cammell LairdContainer COSCO Shipping Galaxy Apr-19 H.K. COSCO Shipping Lines Jiangnan SY Group $m 140.32Ro-Ro Ysaline Apr-19 MA. CLdN Cobelfret Hyundai Mipo $m 58.91Container ONE Apus Apr-19 JA. Nippon Yusen Kaisha JMU Kure ShipyardGCargo Kamiharu Maru No. 2 Apr-19 JA. Nagatani Shokai Miura ZosenshoContainer Tropic Jewel Apr-19 PA. Tropical Shipping Huangpu WenchongContainer Maersk Huacho Apr-19 SG. Maersk Line Hyundai HI (Ulsan)Container Filotimo Apr-19 PA. Lomar Shipping Jiangsu New YZJPCC Traviata Apr-19 MA. Wallenius Lines AB Tianjin Xingang HIMPP Zhong Yuan Hai Yun Chuang Xin Mar-19 PRC COSCO Shpg Spec COSCO Dalian SY RMB222.00Container Suzaku Mar-19 JA. Unknown Japanese Honda HI

Clarksons Research Page i

Containership Orderbook, May 2019

100-2,999 teu 3-7,999 teu 8-11,999 teu 12,000+ teu 2019 2020 2021+ Total

Vessel Name Teu Dwt Owner Yard Price13,500 146,5882,806 37,621215 4,785

14,0402,910 36,97220,988 197,820

8,1201,324

20,988 198,07020,000

14,026 139,3352,200

1,148 20,30615,226 162,0511,774 23,200

May-19

21,5002,000 62,042250 1,800

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Containership Fleet Age Profile & Characteristics

Fleet Age ,000 TEU Fleet Ratios

Profile Age Profile (years) May 20 yrs+/ O'book/

(by TEU size range) 25+ 20-24 15-19 10-14 5-9 0-4 25+ 20-24 15-19 10-14 5-9 0-4 2019 Fleet Fleet

100/999 149 266 140 312 79 83 62 143 97 230 51 35 617 33% 3%

1000/1999 62 197 177 404 215 170 89 268 253 566 299 248 1,723 21% 13%

2000/2999 21 68 151 244 64 114 49 164 375 642 169 287 1,685 13% 19%

Feeder <3,000 232 531 468 960 358 367 200 574 724 1,438 518 570 4,025 19% 14%

3000/3999 Narrow Beam 17 14 30 84 37 5 54 48 100 284 127 17 630 16% 5%

4000&+ Narrow Beam 5 19 77 273 154 24 82 339 1,238 686 2,369 4%

3000/4999 Wide Beam 1 6 6 4 97 55 5 29 26 16 427 222 725 5% 1%

5000/5999 Wide Beam 11 81 61 30 15 61 453 346 164 81 1,104 5% 0%

Intermediate 3-5,999 23 50 194 422 318 75 82 220 917 1,885 1,405 320 4,828 6% 1%

6000/6999 4 66 82 70 6 27 429 535 463 41 1,495 2%

7000/7999 6 4 22 10 44 29 163 71 307 14%

Intermediate 6-7,999 10 70 104 80 6 71 457 698 534 41 1,802 4%

8000/8999 1 13 117 140 34 8 108 973 1,200 295 2,584 0%

9000/9999 6 9 50 31 78 58 87 468 294 731 1,637 4%

10000/11999 31 34 79 338 361 839 1,539 21%

Neo-P'max 8-11,999 7 22 198 205 191 66 194 1,779 1,855 1,865 5,760 1% 6%

12000/13999 3 121 35 41 1,599 478 2,118 8%

14000/14999 19 62 267 889 1,156 29%

Neo-P'max 12-14,999* 3 140 97 41 1,866 1,367 3,274 16%

15000/17999 8 11 22 136 186 354 677 54%

18000&+ 7 91 128 1,787 1,915 50%

Post-P'max 15,000+ 8 18 113 136 314 2,142 2,592 51%

TOTAL 255 598 754 1695 1119 849 282 932 2,293 5,976 6,493 6,304 22,280 5% 12%

*Includes some ships which are too large to transit the expanded locks of the Panama Canal based on current official dimension restrictions.

Fleet

Characteristics Nom Hom Dwt Dwt Age

(by TEU size range) TEU TEU per TEU LOA Beam Draft Years Knots t/day

100/999 600 442 8,043 13.4 19.6 6.9 17.6 16.0 25.8

1000/1999 1,406 1,008 18,901 13.4 25.6 9.3 13.2 19.2 47.6

2000/2999 2,545 1,924 34,943 13.7 30.7 11.3 12.8 21.4 80.4

Feeder <3,000 1,380 1,052 18,711 13.6 24.6 8.9 14.7 18.6 49.6

3000/3999 Narrow Beam 3,368 2,443 43,250 12.8 32.2 11.7 14.0 22.7 109.4

4000&+ Narrow Beam 4,487 2,988 56,456 12.6 32.2 12.8 12.2 24.2 145.7

3000/4999 Wide Beam 4,289 3,192 56,368 13.1 37.0 12.7 6.8 21.6 117.8

5000/5999 Wide Beam 5,577 4,113 68,302 12.2 39.8 13.6 13.9 24.5 184.4

Intermediate 3-5,999 4,462 3,088 56,327 12.6 34.3 12.7 12.0 23.6 143.7

6000/6999 6,556 4,827 80,871 12.3 40.5 14.1 12.0 24.9 218.1

7000/7999 7,308 5,787 90,639 12.4 42.8 14.1 13.6 24.5 214.1

Intermediate 6-7,999 6,673 4,968 82,390 12.3 40.9 14.1 12.3 24.8 217.4

8000/8999 8,472 6,451 103,030 12.2 44.4 14.3 9.4 24.4 236.1

9000/9999 9,410 7,246 110,620 11.8 46.3 14.5 7.8 23.6 219.0

10000/11999 10,685 7,837 122,543 11.5 46.9 14.7 5.7 24.0 225.3

Neo-P'max 8-11,999 9,245 6,986 109,660 11.9 45.5 14.4 8.1 24.1 230.0

12000/13999 13,320 9,289 146,845 11.0 49.3 15.1 6.1 24.0 255.6

14000/14999 14,273 9,885 149,398 10.5 50.6 15.7 3.6 23.4 262.1

Neo-P'max 12-14,999* 13,642 9,445 147,707 10.8 49.7 15.3 5.3 23.9 256.5

15000/17999 16,502 11,394 173,524 10.5 53.7 15.6 5.3 23.7 288.0

18000+ 19,540 13,390 196,496 10.1 58.8 15.8 2.5 22.4 195.5

Post-P'max 15,000+ 18,644 12,438 189,720 10.2 57.3 15.8 3.3 22.8 230.2

TOTAL 4,228 2,754 50,833 12.0 31.9 11.1 12.5 20.9 108.4*Includes some ships which are too large to transit the expanded locks of the Panama Canal based on current official dimension restrictions.

Clarksons Research Page ii

8%

10%

May-19

263.2

298.0

223.3

305.4

299.1

325.4

322.0

52%

47%

26%

29%

Speed/Cons

Average Size

Number

Age Profile (years)

Average

Dimensions (m.)

Average

121.2

165.2

Geared

%

Nom TEU

36%

47%

206.1

159.0

234.3

274.2

246.6

275.2

399.4

395.5

339.6

327.7

366.0

366.6

366.2

386.2

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Operator

Owner Fleet(by TEU size) No. TEU No. TEU No. TEU No. TEU No. TEU % No % TEU

100/999 619 335,735 26 12,986 21 10,560 3 1,120 2 1,306 4% 4%

1000/1999 602 836,000 51 68,854 18 27,701 18 22,513 15 18,640 8% 8%

2000/2999 289 732,862 74 181,510 18 44,042 31 79,612 25 57,856 26% 25%

Feeder <3,000 1,510 1,904,597 151 263,350 57 82,303 52 103,245 42 77,802 10% 14%3000/3999 Narrow Beam 74 239,735 10 30,488 10 30,488 14% 13%

4000&+ Narrow Beam 289 1,304,884

3000/4999 Wide Beam 108 461,810 3 10,512 3 10,512 3% 2%

5000/5999 Wide Beam 102 569,435

Intermediate 3-5,999 573 2,575,864 13 41,000 3 10,512 10 30,488 2% 2%6000/6999 113 740,901

7000/7999 27 192,477

Intermediate 6-7,999 140 933,3788000/8999 180 1,527,323

9000/9999 86 806,058

10000/11999 81 884,093 8 88,000 5 55,000 3 33,000 10% 10%

Neo-P'max 8-11,999 347 3,217,474 8 88,000 5 55,000 3 33,000 2% 3%12000/13999 92 1,229,766 3 40,500 3 40,500 3% 3%

14000/14999 48 688,863 1 14,026 1 14,026 2% 2%

Neo-P'max 12-14,999* 140 1,918,629 4 54,526 4 54,526 3% 3%15000/17999 32 527,552 14 212,626 1 15,226 13 197,400 44% 40%

18000&+ 70 1,368,814 35 777,126 10 215,126 25 562,000 50% 57%

Post-P'max 15,000+ 102 1,896,366 49 989,752 11 230,352 25 562,000 13 197,400 48% 52%

TOTAL 2,812 12,446,308 225 1,436,628 75 377,693 92 750,733 58 308,202 8% 12%*Includes some ships which are too large to transit the expanded locks of the Panama Canal based on current official dimension restrictions.

Charter

Owner Fleet(by TEU size) No. TEU No. TEU No. TEU No. TEU No. TEU % No % TEU

100/999 410 281,165 5 3,450 1 250 4 3,200 1% 1%

1000/1999 623 886,703 96 149,997 41 60,631 53 85,866 2 3,500 15% 17%

2000/2999 373 952,098 52 133,744 7 18,410 28 72,494 17 42,840 14% 14%

Feeder <3,000 1,406 2,119,966 153 287,191 49 79,291 85 161,560 19 46,340 11% 14%3000/3999 Narrow Beam 113 389,994

4000&+ Narrow Beam 239 1,064,495

3000/4999 Wide Beam 61 262,970

5000/5999 Wide Beam 96 534,783 1 5,300 1 5,300 1% 1%

Intermediate 3-5,999 509 2,252,242 1 5,300 1 5,300 0% 0%6000/6999 115 753,808

7000/7999 15 114,459

Intermediate 6-7,999 130 868,2678000/8999 125 1,056,559

9000/9999 88 831,329

10000/11999 63 654,507 21 231,000 7 77,000 14 154,000 33% 35%

Neo-P'max 8-11,999 276 2,542,395 21 231,000 7 77,000 14 154,000 8% 9%12000/13999 67 888,109 11 136,164 4 48,476 5 62,308 2 25,380 16% 15%

14000/14999 33 467,276 22 319,702 6 84,000 8 117,170 8 118,532 67% 68%

Neo-P'max 12-14,999* 100 1,355,385 33 455,866 10 132,476 13 179,478 10 143,912 33% 34%15000/17999 9 149,025 10 150,260 3 45,156 2 30,104 5 75,000

18000+ 28 546,138 9 181,350 6 120,900 3 60,450 32% 33%

Post-P'max 15,000+ 37 695,163 19 331,610 9 166,056 5 90,554 5 75,000 51% 48%

TOTAL 2,458 9,833,418 227 1,310,967 68 377,823 111 513,892 48 419,252 9% 13%Note : Operator owned fleets are fleets owned by service providers. Charter owner fleets are owned by non-service providers. *Includes some ships which are too large to

transit the expanded locks of the Panama Canal based on current official dimension restrictions.

Clarksons Research Page iii May-19

Fleet OrderbookFor delivery in:

O/B % Fleet2019 2020 2021+

Containership Fleet Ownership

Fleet OrderbookFor delivery in:

O/B % Fleet2019 2020 2021+

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Top Containership Operators

May-19 May-19

No. teu No. teu No. teu No. teu No. teu % flt

1 Maersk 782 4,177,603 724 4,035,608 723 4,079,894 328 2,419,744 1 15,226 1%

2 MSC 480 3,090,839 492 3,237,901 505 3,297,283 207 1,274,503 11 242,000 19%

3 China COSCO Shipping 318 1,824,656 432 2,765,325 430 2,818,326 242 2,031,316 6 101,626 5%

4 CMA CGM 484 2,540,928 502 2,698,717 486 2,619,971 146 1,165,325 15 215,112 18%

5 Hapag-Lloyd 219 1,537,843 235 1,624,047 235 1,639,535 112 1,036,9986 ONE* 230 1,432,785 226 1,535,071 222 1,541,271 121 969,139 1 14,026 1%

7 Evergreen 190 1,063,787 202 1,201,937 202 1,235,779 114 574,704 15 106,730 19%

8 Yang Ming 101 606,114 98 629,755 105 693,187 47 224,319 10 28,000 12%

9 PIL 120 342,303 129 435,425 126 430,077 126 436,86910 HMM 63 358,814 74 436,660 73 422,324 24 192,291 20 398,400 207%

11 Zim 79 376,727 66 323,803 69 346,894 16 100,98512 Wan Hai 95 243,103 110 275,501 105 262,972 76 179,511 20 48,744 27%

13 KMTC 69 137,359 73 156,052 73 170,160 34 67,631 3 7,500 11%

14 X-Press Feeders 99 160,273 79 126,033 78 111,553 30 49,983 2 5,400 11%

15 SITC 76 100,732 83 117,508 77 105,014 54 72,424 10 23,511 32%

16 IRISL 24 85,872 24 85,872 24 85,872 24 85,87217 Quanzhou Ansheng 19 52,057 30 82,904 31 85,304 32 86,002 22 31,680 37%

18 TS Lines 33 73,296 38 80,763 34 81,939 6 11,207 6 7,600 68%

19 SM Line 17 54,190 21 83,127 19 79,932 21 116,71120 Arkas 47 80,874 45 74,116 46 76,526 53 96,375 2 6,200 6%

21 Zhonggu Shipping 12 42,444 22 69,804 22 69,804 20 61,730 8 13,728 22%

22 RCL 29 55,023 31 59,180 33 68,279 37 51,000 2 3,336 7%

23 Reach Shipping Lines 4 57,904 4 57,90424 Transworld Group 35 62,839 31 57,807 31 54,960 25 46,04225 Sinokor 38 52,120 47 60,126 36 50,833 35 94,212 22 30,800 33%

26 Salam Pacific 38 46,677 40 48,277 39 46,478 39 46,47827 China Merchants 31 47,945 29 45,560 28 44,391 31 129,544 8 78,420 61%

28 Matson 20 40,774 18 39,267 19 42,887 19 42,88729 Unifeeder 39 42,457 34 37,861 36 38,59330 Nile Dutch 9 31,767 10 36,804 11 36,560 2 7,016

Total Top 10 2,987 16,975,672 3,114 18,600,446 3,107 18,777,647 1,467 10,325,208 79 1,121,120 11%

% of Total Containership Flt/Obk 58% 81% 59% 84% 59% 84% 28% 46% 17% 41%

Total Top 30 3,796 18,762,201 3,949 20,518,715 3,922 20,694,502 2,021 11,670,818 184 1,378,039 12%


Total Containership Fleet 5,164 20,868,327 5,269 22,036,929 5,270 22,279,726 5,270 22,279,726 452 2,747,595 12%

Clarksons Research Page iv May-19

(by teu deployed)

Known deployment of fully cellular containerships only. Listed at group company level. For full listing of top 50 containership operators, see the 'Top Containership

Operators' table on Shipping Intelligence Network. *ONE owned fleet and orderbook totals are comprised of combined NYK, Mitsui OSK and K-Line owned vessels.

Historical deployment totals based on combined operated fleets.

Top Containership Containerships Deployed Containerships Owned

Operators end'17 end '18 On Order

0.0 1.0 2.0 3.0 4.0 5.0

Maersk

MSC

China COSCO Shpg

CMA CGM

Hapag-Lloyd

ONE*

Evergreen

Yang Ming

PIL

HMM

Deployed Capacity

Capacity Owned

Top Operators By Deployed Capacity

m teu

30%

40%

50%

60%

70%

80%

90%

0

5

10

15

20

25

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

May

-19

Other Operators

Top 10 Operators

% Top 10

Total Containership Fleet By Operatorm teu, end year

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Top Containership Charter Owners

No. teu No. teu No. teu No. teu No. teu % flt

1 Seaspan 100 786,159 105 853,507 112 909,900 112 909,9002 Costamare 64 409,764 68 455,622 73 487,378 71 480,288 5 63,450 13%

3 C-P Offen 48 365,731 65 499,860 60 471,982 60 471,9824 Shoei Kisen Kaisha 37 164,691 42 248,453 47 361,495 50 423,777 58 471,650 111%

5 BoCom Leasing 27 308,378 31 357,158 31 357,158 31 357,1586 Danaos Shipping 58 346,268 58 346,268 58 346,268 58 346,2687 Zodiac Maritime 43 343,743 42 338,751 42 338,751 42 338,751 13 189,616 56%

8 Peter Dohle 102 442,543 92 400,075 82 338,276 80 332,588 1 2,782 1%

9 Fredriksen Group 21 129,354 22 148,554 28 233,546 28 233,54610 Norddeutsche 50 241,787 47 227,885 46 226,153 44 223,00511 Zeaborn 35 219,655 35 219,65512 Minsheng Bank 7 114,720 13 190,118 15 208,918 15 208,91813 Navios Mtime 20 95,805 40 169,611 45 196,686 45 196,68614 Schulte Group 44 189,619 46 192,695 47 195,922 47 195,659 1 2,339 1%

15 Global Ship Lease 18 82,232 18 82,232 38 195,184 38 195,18416 Eastern Pacific Shpg 30 209,141 26 185,851 27 192,351 27 192,351 11 163,346 85%

17 Nissen Kaiun 11 64,880 17 130,034 24 175,081 29 187,117 18 32,51418 MPC Group 49 127,733 51 114,936 83 182,810 82 181,13119 Borealis Maritime 33 81,822 35 88,052 48 128,208 48 128,20820 Lomar Shipping 51 120,131 52 125,862 51 124,652 52 127,389 14 24,668 19%

21 SinOceanic Shipping 10 72,734 16 132,281 16 132,281 15 121,898 6 72,714 60%

22 N.S. Lemos 14 176,736 14 176,736 10 121,512 10 121,51223 Rickmers 69 348,171 29 126,791 26 119,525 25 117,79724 Capital Maritime 14 75,751 19 125,521 18 115,567 19 117,44525 Quantum Scorpio Box 4 76,616 6 114,924 6 114,924 6 114,92426 NSC Schiffahrt 32 143,002 25 119,150 21 101,918 21 101,91827 CIMC Capital 10 98,222 10 98,222 10 98,222 10 98,22228 MC Seamax Shipping 10 80,500 12 96,773 12 96,773 12 96,77329 Embiricos Group 14 94,627 14 94,627 14 94,627 14 94,62730 Doun Kisen 12 42,347 8 33,896 9 47,766 11 75,506

Total Top 10 550 3,538,418 572 3,876,133 579 4,070,907 576 4,117,263 77 727,498 18%


Total Top 30 1,002 5,833,207 1,023 6,274,445 1,134 6,933,489 1,137 7,010,183 127 1,023,079 13%


Total Charter Owned Fleet 2,559 9,481,112 2,452 9,463,668 2,442 9,729,325 2,458 9,833,418 227 1,310,967 13%


Total Containership Fleet 5,153 20,097,658 5,164 20,868,327 5,269 22,036,929 5,270 22,279,726 452 2,747,595 12%

Note: Table includes fully cellular containership ownership only. Data reflects currently known company information.

Clarksons Research Page v May-19

Fleets

Top Containership Containership Fleet Owned On Order

Charter Owner end'16 end'17 end '18 May-19 May-19

0.0 0.2 0.4 0.6 0.8 1.0

Seaspan

Costamare

C-P Offen

Shoei Kisen Kaisha

BoCom Leasing

Danaos Shipping

Zodiac Maritime

Peter Dohle

Fredriksen Group

Norddeutsche

Fleet

Orderbook

Top Charter Owners

m teu 0.0 1.0 2.0 3.0 4.0

Germany

Greece

Japan

China P.R.

Canada

United Kingdom

Norway

Singapore

United States

Turkey

m teu

<3,000 TEU

3-7,999 TEU

8,000+ TEU

Top Charter Owner Nationalities

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Container Freight Market

Transpacific $/FEU Freight Rate $/FEU Freight Rate Transpacific Market

Freight Market Avg. Avg. Avg. 2019 This Month2017 2018 2019* Jan Feb Mar Apr

Shanghai - US West Coast 1,485 1,736 1,697 1,995 1,849 1,456 1,584 UP BY… 8.8%

% change y-o-y 17% 17% 30% 36% 25% 33% 31%

Shanghai - US East Coast 2,457 2,806 2,776 3,121 2,953 2,490 2,655 UP BY… 6.7%

% change y-o-y 17% 14% 14% 18% 6% 17% 19%

Far East-Europe $/TEU Freight Rate $/TEU Freight Rate F.East-Europe Market


Shanghai - N. Europe 876 822 803 976 899 720 663 DOWN.… -7.9%

% change y-o-y 27% -6% 1% 9% -1% -3% 4%

Shanghai - Mediterranean 817 797 832 978 913 758 717 DOWN.… -5.4%

% change y-o-y 20% -2% 17% 29% 15% 13% 14%

North-South $/TEU Freight Rate $/TEU Freight Rate North-South Market


Shanghai - South America 2,679 1,703 1,396 1,457 1,319 1,467 1,305 DOWN.… -11.0%

% change y-o-y 63% -36% -38% -42% -48% -29% -32%

Shanghai - Australia/New Zealand 677 827 433 560 501 377 326 DOWN.… -13.4%

% change y-o-y 29% 22% -61% -58% -62% -61% -62%

Shanghai - West Africa 1,770 1,920 2,611 2,553 2,534 2,657 2,670 UP BY… 0.5%

% change y-o-y 49% 9% 72% 76% 41% 84% 92%

Shanghai - South Africa 1,155 888 747 851 818 704 642 DOWN.… -8.8%

% change y-o-y 99% -23% -35% -31% -37% -37% -30%

Intra-Asian $/TEU Freight Rate $/TEU Freight Rate Intra-Asian Market


Shanghai - Singapore 148 146 149 155 152 148 144 DOWN.… -2.6%

% change y-o-y 112% -1% -1% 1% -6% 2% 1%

Shanghai - East Japan 215 223 229 228 224 229 233 UP BY… 1.6%

% change y-o-y 16% 4% 5% 8% 3% 5% 4%

Shanghai - West Japan 215 223 228 227 224 227 232 UP BY… 1.8%

% change y-o-y 15% 4% 6% 7% 4% 6% 5%

Shanghai - Korea 141 163 144 146 153 150 128 DOWN.… -14.7%

% change y-o-y 36% 16% -8% -4% -5% 2% -25%

Shanghai- ME Gulf/Red Sea 618 463 699 779 705 621 712 UP BY… 14.7%

% change y-o-y 55% -25% 50% 49% 21% 59% 86%

Transpacific Freight Rates Far East-Europe Freight Rates

Spot freight rate data source SCFI, Shanghai Shipping Exchange. See www1.chineseshipping.com.cn for information and weekly data. *Average year to date

Clarksons Research Page vi May-19

0

500

1,000

1,500

2,000

2,500

3,000

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Jan-

17

Jan-

18

Jan-

19

US$/FEU

Shanghai-WC North America (SCFI weekly)

0

400

800

1,200

1,600

2,000

2,400

Jan-

11

Jan-

12

Jan-

13

Jan-

14

Jan-

15

Jan-

16

Jan-

17

Jan-

18

Jan-

19

US$/TEU

Shanghai-N.Europe (SCFI weekly)

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Container Freight Rate Indices

Index

Year Avg.

/ Month Index % y-o-y Index % y-o-y Index %y-o-y Index % y-o-y Index % y-o-y

2011 67.3 -22.7% 53.6 -48.5% 92.1 -12.2% 94.5 -3.9%2012 85.8 27.5% 79.2 47.6% 99.4 7.9% 98.1 3.8%2013 78.6 -8.4% 65.1 -17.8% 93.4 -6.0% 94.1 -4.1%2014 81.0 3.1% 72.5 11.5% 83.0 -11.1% 79.4 -15.6%2015 65.0 -19.7% 39.2 -45.9% 63.8 -23.1% 50.1 -37.0%2016 49.7 -23.5% 40.0 1.9% 70.5 10.4% 46.4 -7.4%2017 58.2 16.9% 50.3 25.7% 85.8 21.8% 60.9 31.4%2018 68.6 17.9% 47.7 -5.1% 72.1 -16.1% 61.9 1.6%2019* 67.8 23.6% 48.4 7.2% 68.5 -15.5% 62.4 2.0%

Apr-17 56.0 59.3% 52.4 104.4% 82.3 41.2% 60.3 28.1%May-17 54.9 61.5% 56.3 36.4% 91.2 39.6% 65.3 38.0%Jun-17 50.4 50.3% 54.1 31.4% 98.1 33.8% 65.6 41.7%Jul-17 54.5 15.5% 54.2 -1.5% 99.2 25.5% 65.3 42.9%Aug-17 62.3 39.2% 52.7 23.2% 88.6 8.6% 63.0 37.6%Sep-17 55.4 -12.7% 45.0 -3.6% 77.8 2.6% 61.9 32.6%Oct-17 50.9 -28.2% 40.2 -10.0% 87.2 7.8% 62.0 28.2%Nov-17 48.7 -26.2% 40.3 -14.0% 90.4 6.6% 64.0 20.0%Dec-17 47.7 -22.7% 43.0 -27.7% 91.1 15.6% 62.6 15.3%Jan-18 60.4 -27.3% 49.9 -19.3% 86.6 6.2% 60.4 13.1%Feb-18 62.0 -17.5% 51.3 -4.9% 89.5 23.7% 62.8 20.1%Mar-18 46.7 -20.5% 42.1 -14.3% 76.4 8.4% 59.8 7.5%Apr-18 50.2 -10.4% 37.4 -28.7% 71.9 -12.6% 61.6 2.1%May-18 54.9 -0.1% 47.1 -16.4% 73.6 -19.3% 63.4 -2.9%Jun-18 55.0 9.0% 51.6 -4.6% 74.4 -24.2% 64.1 -2.3%Jul-18 65.9 20.9% 52.2 -3.8% 70.0 -29.4% 61.7 -5.5%Aug-18 81.8 31.3% 54.5 3.5% 68.4 -22.8% 61.1 -3.0%Sep-18 88.5 59.8% 47.5 5.5% 61.4 -21.0% 61.6 -0.5%

Oct-18 91.9 80.6% 43.9 9.2% 64.5 -26.0% 61.7 -0.4%

Nov-18 92.0 88.9% 44.2 9.7% 67.0 -25.8% 62.3 -2.7%

Dec-18 73.3 53.8% 50.7 18.0% 61.1 -33.0% 62.2 -0.5%

Jan-19 77.2 27.9% 57.4 15.0% 71.2 -17.7% 63.0 4.2%

Feb-19 72.2 16.4% 53.1 3.6% 67.9 -24.2% 62.5 -0.4%

Mar-19 58.5 25.4% 43.0 2.3% 68.9 -9.8% 62.4 4.3%

Apr-19 63.1 25.7% 40.0 7.1% 66.1 -8.2% 61.6 0.1%Indices derived from component regional freight rate data and calculated using fixed trade volume weights, basis avg. 2004=100. *Average year to date.

Freight rate index time-series components are basis SCFI/CCFI, source Shanghai Shipping Exchange. See www1.chineseshipping.com.cn for information and weekly data.

North-South index based on data from Container Trades Statistics (www.containerstatistics.com) in addition to SCFI/CCFI data.

SCFI includes BAF/FAF, EBS/EBA, CAF/YAS, PSS, WRS, PCS, SCS/SCF/PTF/PCC surcharges. For surcharges excluded see SSE website as detailed above.

CTS freight rates include all surcharges and ancillary charges. SCFI freight rate components based on a wide range of base ports. See www1.chineseshipping.com.cn.g

Note: Historical mainlane index data re-calculated Nov-2011 basis recalibration of relationship between historical SCFI and CCFI data.

Clarksons Research Page vii May-19

Mainlane Freight Rate Indices Regional Freight Rate Indices

62.6 10.4%

50.7 14.2%

51.4 17.6%

67.7 52.0%

61.9 36.5%

67.2 21.9%

68.0 18.1%67.7 34.6%

67.5 48.0%

51.0 -8.3%53.4 2.2%59.0 8.5%

56.6 -12.4%44.4 -17.7%43.7 -19.3%

44.6 -21.2%45.4 -25.1%55.2 -24.1%

57.6 31.5%50.3 -8.9%45.6 -21.3%

55.6 47.9%52.2 40.0%54.4 6.5%

54.3 20.8%58.0 6.9%

54.2 78.0%

58.0 16.0%

76.8 6.8%52.3 -31.9%44.9 -14.1%

60.6 -36.5%82.5 36.3%71.9 -12.8%

Mainlane Freight Rate Indices Regional Freight Rate Indices

Transpac. E/B F.East-Eur W/B Mainlane Index North-South Intra-Asia

0

20

40

60

80

100

120

140

160

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

2004=100

Transpacific Eastbound Index

Far East-Europe Westbound Index

30

40

50

60

70

80

90

100

110

120

130

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

2004=100

Intra-Asian Index

North-South Index

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Year /Month US$bn y-o-y US$bn y-o-y US$bn US$bn y-o-y2010 55.7 20.3% 51.4 31.4% 57.5 17.2% 133.2 25.5%

2011 58.2 4.5% 60.8 18.2% 55.8 -2.9% 145.0 8.9%

2012 58.7 0.8% 62.7 3.2% 57.8 3.6% 160.1 10.4%

2013 59.4 1.3% 64.5 2.8% 60.3 4.2% 166.0 3.6%

2014 59.5 0.1% 70.4 9.3% 63.2 4.8% 175.6 5.8%

2015 60.5 1.7% 72.2 2.4% 68.9 9.1% 178.2 1.5%

2016 53.7 -11.2% 69.2 -4.1% 69.5 0.9% 169.0 -5.1%

2017 52.1 -3.0% 73.7 6.5% 75.5 8.6% 195.7 15.8%

2018 52.6 0.8% 82.1 11.3% 82.3 8.9% 202.2 3.3%

Jan-19 4.89 1.7% 6.59 -5.9% 6.59 0.6% 13.44 -20.0%

Feb-19 3.92 -6.7% 5.17 -16.8% 5.41 -12.4% 10.41 -21.0%

Mar-19 2.46 -12.6% 5.01 -18.0% 4.06 -14.3% 11.98 -22.7%

"Incl. head, foot & leatherware; ^ Iron/steel products, machinery, electronics & plastics; * Incl. toys/sports; ' Incl. white goods & household electronics.

Year /Month US$bn y-o-y US$bn y-o-y US$bn US$bn y-o-y2010 57.2 9.4% 74.8 49.3% 38.3 10.1% 107.4 21.1%

2011 62.6 9.5% 81.9 9.6% 39.6 3.5% 114.2 6.4%

2012 54.7 -12.6% 68.7 -16.1% 36.1 -8.9% 113.3 -0.8%

2013 54.3 -0.7% 65.4 -4.8% 35.6 -1.3% 115.1 1.6%

2014 57.6 6.1% 69.9 6.9% 40.4 13.6% 120.4 4.6%

2015 52.2 -9.4% 66.7 -4.7% 39.6 -2.2% 124.6 3.5%

2016 49.1 -6.1% 67.5 1.2% 39.5 -0.1% 124.7 0.1%

2017 49.2 0.3% 73.7 9.3% 43.2 9.3% 141.3 13.3%

2018 50.6 2.7% 83.6 13.4% 44.2 2.4% 153.7 8.8%

Jan-19 4.93 -3.9% 8.45 6.9% 3.98 -2.7% 13.88 -7.4%

Feb-19 4.14 -3.1% 7.37 13.3% 3.74 6.5% 10.30 -0.8%

Mar-19 3.47 -8.3% 7.06 3.7% 3.03 -11.9% 11.25 3.0%

China export data source: US and EU customs statistics.

Decid. Other FruitFruit & Veg

2010 28.4 20.9 25.1 24.2 11.8 70.2 197.62011 29.3 21.3 26.5 25.3 12.1 74.0 206.32012 29.5 21.0 27.2 26.3 12.5 77.4 211.52013 30.1 21.2 28.4 26.5 12.8 80.1 217.62014 31.0 21.8 29.2 26.1 12.3 82.0 221.72015 31.1 21.4 29.7 27.6 12.9 85.6 227.92016 34.0 21.9 30.9 27.6 13.5 88.6 236.42017 34.3 22.8 32.4 28.9 13.7 93.6 247.1

2018 (e) 35.3 23.7 32.8 28.4 14.2 95.7 252.02019 (f) 36.9 24.6 33.8 29.3 14.8 99.1 261.42020 (f) 38.7 25.6 35.2 30.2 15.5 102.4 271.6

Data includes both seaborne and landborne reefer trade. * Includes eggs. Source: various.

'000 ISO containers000 cars Japan China Korea US Canada EU-25 to: EU-27 Japan S. Korea H.Kong World

2010 5,037 796 2,862 5,717 1,148 2,646 2011 734 448 252 764 3,2402011 4,676 1,007 3,263 5,882 1,150 2,622 2012 521 360 101 475 2,4792012 5,070 1,114 3,348 6,812 1,274 2,322 2013 413 466 179 470 2,6992013 5,007 1,109 3,240 6,908 1,259 2,392 2014 456 382 138 660 3,0222014 4,885 1,087 3,190 7,038 1,330 2,559 2015 509 470 113 536 2,7192015 4,988 958 3,092 7,656 1,385 2,817 2016 249 462 50 435 1,9912016 5,048 1,076 2,799 7,763 1,362 3,231 2017 397 392 90 677 3,0052017 5,230 1,416 2,759 7,966 1,383 3,742 2018 472 481 74 784 3,403Jan-19 392.1 114.0 241.6 601.9 90.2 314.3 Jan-19 73.2 47.1 14.3 41.6 258.0Feb-19 458.0 58.6 196.6 622.1 106.2 0.0 Feb-19 14.8 24.9 8.7 35.6 136.9Mar-19 0.0 103.1 243.7 0.0 0.0 0.0 Mar-19 53.6 43.7 1.7 60.3 243.1

'Includes landborne trade. Source: JAMA, KAMA, customs data. ''Chinese exports of manufactured intermodal containers.

Clarksons Research Page viii May-19

y-o-y

Liner Trade Indicators

China Exports to the US ($ billion) Chinese Exports to the US ($ billion)Clothing/Textiles" Industrial^ Household* Appliances'

y-o-y

China Exports to the EU-25 ($ billion) Chinese Exports to the EU ($ billion)Clothing/Textiles" Industrial^ Household* Appliances'

Global Reefer Trade (estimated million tonnes) World Trade: Perishable Commodities (mt)

Year Meat Fish Dairy* Citrus Bananas TOTAL

17.117.817.618.419.219.619.921.421.922.824.0

Car Trade Indicators' Chinese ISO Container Exports''EXPORTS IMPORTS

US580651

29.119.630.9

578896493426892849

0

100

200

300

400

500

2010

2011

2012

2013

2014

2015

2016

2017

2018

Household* Industrial^

Clothing/Textiles" Appliances'

0

50

100

150

200

250

300

350

400

450

500

2010

2011

2012

2013

2014

2015

2016

2017

2018

Household* Industrial^

Clothing/Textiles" Appliances'

0

50

100

150

200

250

300

350

400

2012

2013

2014

2015

2016

2017

2018

(e)

2019

(f)

2020

(f)

MeatFishDairyDecid.,Citrus & Ban.Other Fruit & Veg.

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Liner InvestmentContainership Deliveries Investment Scene This Month

Liner Vessel No. 000 teu Ordering Trends

Ordering 2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* This Year %**

Containerships, 000 teu Feeder 100-2,999 teu 126 82 109 137 39 191.6 141.8 187.3 262.8 63.7 LOWER... -27%

Intermediate 3-5,999 teu 21 8 0 10 0 85.9 26.4 0.0 30.5 0.0 LOWER... -100%

Intermediate 6-7,999 teu 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 #DIV/0! #DIV/0!

Neo-Panamax 8-11,999 teu 31 0 0 25 4 344.7 0.0 0.0 275.0 44.0 LOWER... -52%

Neo-Panamax 12-14,999 teu" 26 9 5 19 0 353.1 128.0 70.0 271.2 0.0 LOWER... -100%

Post-P'max 15,000+ teu 70 0 26 21 10 1375.2 0.0 530.7 413.5 150.0 HIGHER... 9%

Containership Total 274 99 140 212 53 2350.6 296.3 788.0 1252.9 257.7 LOWER... -38%% growth 62% -64% 41% 51% 102% -87% 166% 59%

Multi-Purpose 36 13 25 19 23 30.3 4.9 17.8 13.6 18.7 HIGHER... 314%

Other Liner 151 53 52 61 16 1.9 9.1 1.1 1.0 0.0 LOWER... -100%

Liner Total 461 165 217 292 92 2382.8 310.3 806.9 1267.5 276.4 LOWER... -35%

Investment Avg Est. Contract Value $m Total Est. Value $bn Investment Trends

Trends 2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* This Year %**

ContainershipsFeeder 100-2,999 teu 20 19 20 26 24 2.5 1.6 2.2 3.5 0.9 LOWER... -20%

Intermediate 3-5,999 teu 42 35 0 39 0 0.9 0.3 0.0 0.4 0.0 LOWER... -100%

Intermediate 6-7,999 teu 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 #DIV/0! #DIV/0!

Neo-Panamax 8-11,999 teu 101 0 0 95 101 3.1 0.0 0.0 2.4 0.4 LOWER... -49%Neo-Panamax 12-14,999 teu" 109 103 102 103 0 2.8 0.9 0.5 2.0 0.0 LOWER... -100%Post-P'max 15,000+ teu 144 0 130 140 120 10.1 0.0 3.4 2.9 1.2 HIGHER... 23%

Containership Total 71 28 43 53 48 19.4 2.8 6.0 11.2 2.6 LOWER... -32%% growth 17% -60% 53% 23% 90% -86% 116% 86%

Multi-Purpose 0.9 0.2 0.5 0.3 0.5 HIGHER... 414%

Other Liner 3.9 1.6 1.2 1.5 0.5 HIGHER... -7%

Liner Total 24.2 4.6 7.7 13.0 3.5 HIGHER... -19%

Liner Vessel No. 000 teu Delivery Trends

Deliveries 2015 2016 2017 2018 Apr* 2015 2016 2017 2018 Apr* 2019 (f) 2020 (f)

Containerships, 000 teuFeeder 100-2,999 teu 67 67 78 95 22 99.6 96.2 126.8 163.1 36.9 138.9 220.1Intermediate 3-5,999 teu 21 2 6 10 4 91.5 8.1 23.8 37.4 14.3 18.0 31.0Intermediate 6-7,999 teu 3 0 1 0 0 20.5 0.0 6.9 0.0 0.0 0.0 0.0Neo-Panamax 8-11,999 teu 75 34 27 18 2 704.5 328.9 282.4 196.6 23.6 23.6 109.5Neo-Panamax 12-14,999 teu" 19 16 20 22 8 270.3 230.2 284.7 309.3 109.3 247.2 174.7Post-P'max 15,000+ teu 26 13 23 30 8 474.4 245.4 447.4 586.4 152.4 451.3 609.4Containership Total 211 132 155 175 44 1660.9 908.8 1171.8 1292.9 336.5 879.0 1144.7% growth 2% -37% 17% 13% 9% -45% 29% 10% -32% 30%

Multi-Purpose 41 27 15 27 9 40.5 27.3 13.0 16.0 8.8 21.9 13.8Other Liner 78 84 102 70 25 22.1 9.5 9.4 9.6 1.0 5.5 3.1Liner Total 330 243 272 272 78 1723.5 945.6 1194.2 1318.5 346.3 906.5 1161.6* To end of the month quoted. ** Annualised figures for current year vs previous year.

"Includes some ships which are too large to transit the expanded locks of the Panama Canal based on current official dimension restrictions.

Note: 'Other Liner' ordering subject to revision as teu capacity of orders becomes known. Delivery projections account for historical and expected delivery performance.

Clarksons Research Page 9 May-19

• Containership contracting reported in the first four months of 2019 stood at 53 ships of 0.26m TEU. This represented less than half of the capacity ordered in the same period of 2018.

• Containership deliveries have continued at a more moderate pace in 2019 so far. Deliveries into the fleet reported in April stood at nine containerships of 93,366 TEU overall. During January-April 2019, boxship deliveries stood at 44 vessels of 0.34m TEU, a decline of 38% relative to January-April 2019, in capacity terms. Large boxships are expected to account for the majority of capacity delivered into the fleet in full year 2019; in the first four months of the year, 85% of delivered boxship capacity belonged to the 12,000+ TEU fleet. Total deliveries are projected to total 0.9m TEU in full year 2019. In 2020, containership deliveries are expected to increase slightly to 1.1m TEU, still remaining well below levels recorded in 2013-15.

654

958

13681366

1521

11001380

12261266

13671522

1661

909

11721293

8791145

0

250

500

750

1000

1250

1500

1750

2000

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

,000 teu

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Demolition Market

Recently Reported ScrappedType TEU Ldt Built Date Break-Up Loc. Buyer $/ldt $m

Container Noble Breeze 1,162 14,191 5,765 1997 FTN Shipping Apr-19 Bangladesh Bangladesh 473 2.73MPP Tanto Hawari 300 4,584 1985 Tanto Intim Line Apr-19 Bangladesh BangladeshContainer Eve 1,164 15,606 7,097 1997 Nabeel Apr-19 Bangladesh BangladeshContainer Bao Cheng 1,550 20,630 7,428 2002 China Trade Group Apr-19 Bangladesh BangladeshContainer Spring Mas 1,560 24,341 7,296 1997 Temas Line Apr-19 Bangladesh Bangladesh 465 3.39Container Selat Mas 1,048 18,106 5,722 1995 Temas Line Apr-19 Bangladesh Bangladesh 462 2.64MPP Harbour Hornbill 298 4,946 1996 Harbour Link Marine Apr-19 Bangladesh BangladeshContainer Vera 5,364 63,388 23,638 1997 Unknown Apr-19 Bangladesh BangladeshContainer Wan Hai 206 1,368 23,724 6,938 1991 Wan Hai Lines Apr-19 India As is Kaohsiung 400 2.78Container Orca 2 724 8,675 3,729 1991 Avena Maritiem SA Apr-19 Pakistan Pakistan 430 1.60Container Robert Rickmers 1,728 23,067 2003 Rickmers Reederei Apr-19 Bangladesh BangladeshContainer OEL Transworld 4,038 52,250 16,160 2000 Orient Express Lines Apr-19 India India 480 7.76MPP Oasis III 187 7,059 2,251 1985 Oasis Global Marine Apr-19 India IndiaContainer Claes Maersk 1,734 28,550 8,965 1994 Maersk Line Apr-19 India IndiaMPP Rainbow-H 164 4,450 1,756 1976 AMJ Marine Apr-19 India IndiaContainer Ever Ally 1,164 15,605 7,082 1996 Evergreen Marine Apr-19 Bangladesh BangladeshContainer HH Tina 1,131 14,717 1995 Container Leasing Apr-19 Bangladesh BangladeshGCargo SSH 35 782 1979 Civil Engineering Apr-19 Turkey TurkeyGCargo Kilic 1 94 2,887 1986 Kilic Deniz Urunleri Apr-19 Turkey TurkeyGCargo Tabark 74 3,097 1974 Ayadaldeen / Gzal Apr-19 India India

Type 2016 2017 2018 Apr* 2019 2020

100-999 teu 10.4 10.4 14.8 1.3 18.5 20.31-2,999 teu 152.4 109.7 51.3 45.3 123.1 121.83,000+ teu (Narrow Beam) 299.9 182.9 32.3 41.7 105.7 128.33-5,999 teu (Wide Beam) 127.6 76.6 21.5 5.4 22.5 65.56,000+ teu 64.1 19.1 0.0 0.0 23.2 47.9Containership Total 654.4 398.6 119.9 93.7 293.0 383.9% change 232% -39% -70% 144% 31%

Containership Total (No.) 194 142 67 43

MPP/Ro-Ro (000 teu) 40.1 42.1 17.9 1.6 15.9 41.5Other Liner (000 teu) 36.3 19.0 9.9 3.7 14.5 19.6Liner Total (000 teu) 730.8 459.8 147.7 99.0 323.4 444.9

Scrap

Prices 2016 2017 2018 Latest

India 325 470 450 455 UP... 1%

Bangladesh 325 460 445 445 0%

Note: Scrap prices ($/ldt) above based on prices for a c. 2,000 teu containership vessel.

*Year to end of the quoted month.

Clarksons Research Page 10

Containership Demolition Activity

Year End ($/ldt)

Containerships, 000 teu

May-19

Year Forecast

This Year

% change

Vessel Name Owner

Size &

Dwt

Demolition Market News Scrapping Price Trends

100

200

300

400

500

600

700

800

Jan-08 Jan-10 Jan-12 Jan-14 Jan-16 Jan-18

US$ per ldt

Dry Cargo, Indian Sub-Cont

2000 TEU Containership, India

101

378

13378

335

444

373

197

654

399

120

293

384

0

100

200

300

400

500

600

700

800

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

'000 teu

• In April, reported boxship demolition totalled 13 vessels of 23,735 TEU overall. This brings total scrapping in the first four months of the year to stand at 0.1m TEU, more than three times the capacity sold for demolition during January-April 2018. Although representing 44% of capacity scrapped in the first four months of 2019, ‘old Panamax’ ships accounted for 78% of boxship capacity demolished in the same period of 2018. During January-April 2019, the average age of an ‘old Panamax’ sold for scrap stood at 15 years, compared to 22 years for all containerships sold for demolition during this period. In full year 2019, boxship demolition is projected to total 0.29m TEU, a significant acceleration from the 2018 level. • The guideline scrap price for a c.2,000 TEU containership sold for demolition in India stood at $460/ldt by the end of April, rising by 3% from the end of March.

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Economic Indicators

GDP: OECD & World Quarterly GDP Growth TrendsYear UK Germ. Euro Area US OECD World

2012 1.4% 0.7% -0.9% 2.2% 1.4% 3.5%

2013 2.0% 0.6% -0.2% 1.8% 1.6% 3.5%

2014 2.9% 2.2% 1.4% 2.5% 2.2% 3.6%

2015 2.3% 1.5% 2.1% 2.9% 2.6% 3.4%

2016 1.8% 2.2% 2.0% 1.6% 1.8% 3.4%

2017 1.8% 2.5% 2.4% 2.2% 2.5% 3.8%

2018 (e) 1.4% 1.5% 1.8% 2.9% 2.4% 3.6%

2019 (f) 1.2% 0.8% 1.3% 2.3% 2.1% 3.3%

2020 (f) 1.4% 1.4% 1.5% 1.9% 1.9% 3.6%

GDP: Developing WorldSub-S. Latin

Africa Am.

2012 7.9% 5.5% 7.0% 4.7% 4.8% 2.9%

2013 7.8% 6.4% 6.9% 5.2% 2.6% 2.9%

2014 7.3% 7.4% 6.8% 5.1% 2.9% 1.3%

2015 6.9% 8.0% 6.8% 3.2% 2.6% 0.3%

2016 6.7% 8.2% 6.7% 1.4% 5.2% -0.6%

2017 6.8% 7.2% 6.6% 2.9% 2.2% 1.2%

2018 (e) 6.6% 7.1% 6.4% 3.0% 1.8% 1.0%

2019 (f) 6.3% 7.3% 6.3% 3.5% 1.5% 1.4%

2020 (f) 6.1% 7.5% 6.3% 3.7% 3.2% 2.4%

GDP figures sourced from the IMF/OECD.

Currency Trends

2012 1.59 1.29 79.86 6.31 1,126.5 53.47

2013 1.56 1.33 97.56 6.15 1,095.2 58.54

2014 1.65 1.33 105.77 6.16 1,052.3 61.04

2015 1.53 1.11 121.07 6.28 1,131.7 64.10

2016 1.36 1.11 108.91 6.64 1,159.8 67.17

2017 1.29 1.13 112.15 6.75 1,129.5 65.12

2018 1.34 1.18 110.46 6.62 1,100.0 68.45

Dec 1.27 1.14 112.37 6.85 1,119.1 70.90

Jan 1.28 1.14 108.47 6.80 1,123.8 70.68

Feb 1.30 1.14 109.99 6.73 1,121.8 71.20

Mar 1.32 1.13 111.11 6.70 1,129.4 69.74

Apr 1.30 1.12 111.63 6.72 1,142.8 69.49

17-May 1.28 1.12 109.94 6.88 1,191.5 70.03 Exchange rates sourced from the Financial Times. Currency units per US$ except £ and Euro.

Bunker Prices

Rott. Sing. L. A. Hamburg Fujairah Gibraltar Japan Rott. Sing. L. A. Hamburg Fujairah Gibraltar

2014 532 560 568 605 562 557 606 817 857 926 875 960 890

2015 264 292 288 543 292 286 339 480 498 566 512 692 534

2016 213 233 234 273 233 227 263 383 402 472 403 491 427

2017 305 329 338 222 324 324 363 474 493 555 494 566 525

2018 400 432 435 316 430 429 463 614 641 690 643 715 673

2019* 392 419 430 416 411 426 450 566 597 672 612 733 630

12-Apr 420 432 451 432 432 453 481 593 623 760 635 746 659

19-Apr 422 428 451 426 428 442 471 601 626 774 639 740 651

26-Apr 444 456 451 441 460 459 482 618 644 755 660 748 679

3-May 424 430 449 433 439 455 472 611 628 765 635 731 663

10-May 403 416 427 426 421 435 463 605 617 779 631 720 659

17-May 403 419 423 431 426 440 451 614 625 775 648 731 666* Year to date


Average MGO Price, $/tonneAverage 380 cst Price, $/tonne

India

Middle East

Euroavg:

Year China IndiaDev. Asia

UK KoreaChinaJapan

avg:

70

80

90

100

110

120

130

May

'17

Jul '

17

Sep

'17

Nov

'17

Jan

'18

Mar

'18

May

'18

Jul '

18

Sep

'18

Nov

'18

Jan

'19

Mar

'19

$/Sterling$/Yen$/Euro

Index Jan'00=100

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

Q1

2009

Q3

2009

Q1

2010

Q3

2010

Q1

2011

Q3

2011

Q1

2012

Q3

2012

Q1

2013

Q3

2013

Q1

2014

Q3

2014

Q1

2015

Q3

2015

Q1

2016

Q3

2016

Q1

2017

Q3

2017

Q1

2018

Q3

2018

Q1

2019

Euro Area

US

China

% y-o-y

Exchange Rate Trends

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Container Trade OutlookMainlane Eastbound

Year m TEU % growth m TEU % growth m TEU % growth2012 13.3 0.5% 6.5 4.3% 2.6 -4.7%

2013 13.8 4.2% 6.9 5.5% 2.7 2.1%

2014 14.7 5.9% 7.0 2.0% 2.7 1.7%

2015 15.6 6.4% 7.1 1.6% 2.6 -5.3%

2016 16.3 4.6% 7.5 5.2% 2.6 0.3%

2017 17.0 4.5% 7.9 5.6% 2.7 5.5%

2018 (e) 18.3 7.2% 7.7 -2.1% 2.9 6.4%

2019 (p) 18.4 0.9% 7.7 0.3% 3.0 4.0%

2020 (p) 19.0 2.8% 7.8 0.8% 3.1 2.9%

'Far East-North America including via Suez.

Mainlane Westbound

Year m TEU % growth m TEU % growth m TEU % growth2012 7.6 -0.4% 13.6 -4.2% 3.5 5.5%

2013 7.9 3.8% 14.3 5.2% 3.6 2.8%

2014 7.6 -3.9% 15.2 6.4% 3.9 9.8%

2015 7.3 -3.2% 14.8 -3.2% 4.2 6.7%

2016 7.8 7.3% 15.2 2.9% 4.3 3.5%

2017 8.0 1.8% 15.9 4.5% 4.7 8.3%

2018 (e) 7.5 -6.1% 16.2 2.0% 5.0 6.3%

2019 (p) 7.5 -0.5% 16.6 2.8% 5.2 3.5%

2020 (p) 7.5 0.8% 17.1 2.6% 5.3 3.0%

'North America-Far East including via Suez.

Non-Mainlane East/West

Year m TEU % growth m TEU % growth m TEU % growth 2012 8.0 4.5% 5.8 2.9% 2.1 3.7%

2013 8.3 3.6% 6.0 3.6% 2.1 2.9%

2014 8.9 6.5% 6.5 8.6% 2.3 5.6%

2015 9.4 5.7% 6.8 4.5% 2.3 3.0%

2016 9.9 5.8% 7.3 6.9% 2.4 4.7%

2017 10.4 5.1% 7.5 3.2% 2.6 5.3%

2018 (e) 10.3 -1.3% 7.8 4.1% 3.0 15.5%

2019 (p) 10.6 2.9% 8.2 4.8% 3.2 7.6%

2020 (p) 11.0 4.1% 8.6 4.6% 3.4 7.4%

* Combined trade in both directions.

North-South Trades

Year m TEU % growth m TEU % growth m TEU % growth2012 12.7 -2.2% 9.3 4.1% 5.5 4.9%

2013 13.3 4.4% 10.2 8.6% 5.7 3.2%

2014 13.5 2.1% 10.6 4.1% 6.2 7.8%

2015 13.7 1.0% 10.2 -3.2% 6.4 3.9%

2016 14.2 3.4% 10.1 -1.5% 6.6 3.7%

2017 15.0 5.9% 10.8 7.6% 7.1 7.0%

2018 (e) 15.7 4.7% 11.5 5.6% 7.3 2.0%

2019 (p) 16.1 2.8% 12.1 5.9% 7.4 2.5%

2020 (p) 16.7 3.3% 12.9 6.1% 7.7 3.5%

"Total trade between these regions and Northern Hemisphere regions (Asia, Europe, North America).

Container Trade Summary, m TEUTrans- Far East- Total % Non-ML % % Intra % Other World %

Date pacific Europe* Mainlane growth E-W growth growth Asia growth Trades^ Total growth2012 20.8 20.1 47.1 -0.5% 15.9 3.8% 1.2% 42.1 7.7% 18.4 151.1 3.1%2013 21.7 21.2 49.1 4.4% 16.5 3.5% 5.6% 45.2 7.2% 18.9 158.9 5.1%2014 22.2 22.2 51.1 4.0% 17.6 7.1% 3.9% 47.9 6.0% 20.3 167.2 5.2%2015 22.9 21.9 51.5 0.8% 18.5 4.9% 0.1% 49.3 3.0% 20.9 170.6 2.0%2016 24.2 22.7 53.7 4.3% 19.6 6.1% 1.8% 52.1 5.7% 21.7 178.0 4.4%2017 25.0 23.8 56.2 4.6% 20.5 4.4% 6.7% 55.8 7.2% 22.8 188.3 5.7%

2018 (e) 25.8 23.9 57.6 2.4% 21.1 2.8% 4.4% 59.0 5.6% 24.1 196.2 4.2%2019 (p) 25.9 24.4 58.4 1.5% 22.0 4.3% 3.7% 61.7 4.6% 25.4 203.3 3.6%2020 (p) 26.5 24.9 59.8 2.3% 23.0 4.8% 4.3% 64.5 4.5% 26.6 211.2 3.9%

*Combined trade in both directions. ^Other trades include: intra-Europe, other intra-regional, ME/ISC-South and South-South. Subject to revision.

Note: Data is estimated using a variety of sources including: CTS/ELAA, PIERS, MDS, Containersation International, Zepol, GTIS, ADB, Customs and port statistics.


30.932.934.435.7

May-19

37.2

North-South27.629.130.330.3

ME/ISC-Asia* ME/ISC-Europe* ME/ISC-N.Am*

Latin America" Africa" Oceania"

CommentaryTranspacific' Far East-Europe Transatlantic

Transpacific' Far East-Europe Transatlantic

• In the year so far, demand side figures have been highly mixed, with steady growth apparent in a number of keymetrics. Meanwhile, some industry trade statistics away fromthe mainlanes have looked a little soft, although these aretypically subject to some retrospective revision. Overall,despite some negative signals, at this stage downwardrevisions to our trade projections remain marginal. Nevertheless, the Transpacific trade volume growth projectionhas been downgraded (to 0.9% in this full year on the peak leg) following the escalation of the US-China trade war (see page 2). The ‘base case’ projection for total global seaborne container trade growth now stands at 3.6% in TEU terms(revised down from 3.8%) and at 3.0% in terms of TEU-miles. Risks, however, have clearly built, not least from the US threat to impose further tariffs on imports from China, and a much ‘lower case’ remains a possible outcome.

-2%

0%

2%

4%

6%

8%

2012 2013 2014 2015 2016 2017 2018(e)

2019(p)

2020(p)

Container Trade Growth

MainlaneOtherWorld Total

0%

1%

2%

3%

4%

5%

6%

7%

8%

Mainlane Non-MainlaneEast-West

North-South Intra Asia WORLDTOTAL

Regional Growth Trends

5 Year Avg Growth (2013-18)2019(p) Growth2020(p) Growth

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

World Container PortsSelected Container Port Throughput Port News This Month

Year-on-Year2014 2015 2016 2017 2018 Growth %

Algeciras 4.56 4.52 4.76 4.39 4.77 UP BY... 9%

Ambarli 3.49 3.22 2.80 3.13 3.17 UP BY... 1%

Antwerp 8.98 9.65 10.04 10.45 11.03 UP BY... 5%

Bremen/Bremerhaven 5.80 5.48 5.54 5.51 5.48 DOWN BY... -1%

Felixstowe 4.07 3.98 4.10 4.30 3.93 DOWN BY... -9%

Hamburg 9.73 8.82 8.91 8.82 8.70 DOWN BY... -1%

London Gateway 0.27 0.47 0.71 0.95 1.30 UP BY... 36%

Piraeus 3.59 3.33 3.74 4.15 4.91 UP BY... 18%

Rotterdam 12.30 12.23 12.39 13.73 14.51 UP BY... 6%

Valencia 4.44 4.62 4.72 4.83 5.18 UP BY... 7%


Colon 3.29 3.58 3.26 3.89 4.35 UP BY... 12%

Long Beach 6.82 7.19 6.78 7.54 8.09 UP BY... 7%

Los Angeles 8.34 8.16 8.86 9.34 9.46 UP BY... 1%

NY/NJ 5.77 6.37 6.25 6.71 7.18 UP BY... 7%

Santos 3.68 3.78 3.56 3.85 4.22 UP BY... 10%

Savannah 3.03 3.74 3.64 4.05 4.35 UP BY... 8%

Seattle-Tacoma 3.43 3.53 3.62 3.70 3.75 UP BY... 1%

Vancouver 2.91 3.05 2.93 3.25 3.40 UP BY... 4%

Middle East/ Year-on-Year ISC/Africa 2014 2015 2016 2017 2018 Growth %Colombo 4.91 5.19 5.73 6.21 7.00 UP BY... 13%

Dubai 15.20 15.59 14.77 15.37 14.95 DOWN BY... -3%

Durban 2.66 2.77 2.62 2.70 2.88 UP BY... 7%

Jawaharlal Nehru 4.45 4.48 4.52 4.71 5.05 UP BY... 7%

Jeddah 4.22 4.22 3.96 4.15 4.12 DOWN BY... -1%

Mundra 2.72 2.90 4.80 4.24 4.42 UP BY... 4%

Port Said 3.96 3.46 3.04 2.97 3.10 UP BY... 4%

Salalah 3.03 2.57 3.33 3.95 3.39 DOWN BY... -14%

Tangier 3.07 2.96 2.96 3.31 3.47 UP BY... 5%


Busan 18.68 19.47 19.46 20.49 21.59 UP BY... 5%

Dalian 10.13 9.30 9.59 9.70 9.77 UP BY... 1%

Guangzhou 16.16 17.57 18.58 20.10 21.62 UP BY... 8%

Haiphong 3.45 3.87 4.10 4.45 4.76 UP BY... 7%

Ho Chi Minh 5.37 5.79 5.99 6.16 7.57 UP BY... 23%

Hong Kong 22.23 20.11 19.58 20.77 19.64 DOWN BY... -5%

Kaohsiung 10.59 10.26 10.46 10.27 10.45 UP BY... 2%

Laem Chabang 6.58 6.82 7.23 7.78 8.07 UP BY... 4%

Lianyungang 5.01 5.01 4.69 4.72 4.75 UP BY... 1%

Manila 3.65 3.98 4.52 4.78 5.05 UP BY... 6%

Nanjing 2.76 2.94 3.08 3.17 3.21 UP BY... 1%

Ningbo 19.45 20.63 21.57 24.64 26.35 UP BY... 7%

Port Klang 10.95 11.89 13.17 11.98 12.30 UP BY... 3%

Qingdao 16.62 17.34 18.01 18.30 19.32 UP BY... 6%

Rizhao 2.42 2.81 3.01 3.24 4.02 UP BY... 24%

Shanghai 35.29 36.54 37.13 40.23 42.01 UP BY... 4%

Shenzhen 24.03 24.21 24.11 25.25 25.74 UP BY... 2%

Singapore 33.87 30.92 30.90 33.67 36.60 UP BY... 9%

Tanjung Pelepas 8.60 9.13 8.28 8.26 8.96 UP BY... 8%

Tanjung Perak 3.11 3.12 3.35 3.55 3.87 UP BY... 9%

Tanjung Priok 6.50 5.20 5.51 6.09 6.08 DOWN BY... 0%

Tianjin 14.05 14.11 14.50 15.04 16.01 UP BY... 6%

Tokyo 4.89 4.63 4.70 5.05 5.11 UP BY... 1%

Xiamen 8.57 9.18 9.60 10.40 10.70 UP BY... 3%

Yingkou 5.77 5.92 6.01 6.27 6.49 UP BY... 3%

Source: Clarksons Research, various including AAPA, CEPAL, CEMIL, ports.


M. teu lifts

M. teu lifts

M. teu lifts

M. teu lifts Asia Pacific

Americas

Europe• Towards the end of April, APM Terminals Barcelonareceived two ship to shore “Super Post Panamax” gantrycranes with an outreach of 23 rows, planned to comeonline in June 2019. The two ZPMC-built cranes will jointhree cranes of a similar size already at the APMTerminals facility at Barcelona, with the aim of improvingthe port’s capability to handle containerships with largercapacities, particularly those operating on mainlanetrades. The newly received cranes were refurbished andupdated at ZPMC, Shanghai after being acquired fromAPM Terminals Los Angeles. Container throughput atthe port of Barcelona totalled 0.28m TEU in April 2019,rising by 7% y-o-y. Total box handling at the portreached 1.1m TEU during January-April, up by 7% y-o-y,still firm, following growth of 15% in full year 2018.

-5%

0%

5%

10%

15%

20%

25%

Mar

-12

Mar

-13

Mar

-14

Mar

-15

Mar

-16

Mar

-17

Mar

-18

Mar

-19

y-o-y % growth

Asian Port Throughput Indicator

Basis basket of key Asian ports, including total Chinese port throughput, and throughput at Hong Kong,

Singapore, Busan and a range of other Asian ports.

-20%

-10%

0%

10%

20%

30%

40%

Mar

-13

Mar

-14

Mar

-15

Mar

-16

Mar

-17

Mar

-18

Mar

-19

% y-o-y growthUS Port Throughput Indicator

Basis basket consisting of the top 5 US West Coast and top 5 US East Coast ports by volume

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

World Container Capable Fleet

Container Capable Fleet & Capacity

Containership Numbers, start million dwt, start ,000 teu capacity, start

Fleet 2016 2017 2018 2019 May 2016 2017 2018 2019 May 2016 2017 2018 2019 May

100-2,999 teu (Feeder) 2,925 2,896 2,890 2,927 2,916 54.6 53.5 53.5 54.7 54.6 4,010 3,938 3,942 4,034 4,025

3-5999 teu (Intermediate) 1,234 1,141 1,090 1,088 1,082 70.2 64.6 61.6 61.4 60.9 5,532 5,113 4,877 4,861 4,828

6-7999 teu (Intermediate) 282 272 270 270 270 23.2 22.4 22.2 22.2 22.2 1,878 1,814 1,802 1,802 1,802

8-11,999 teu (Neo-P'max) 542 576 603 621 623 58.6 62.5 65.8 68.1 68.3 4,928 5,257 5,540 5,736 5,760

12-14,999 teu (Neo-P'max*) 174 190 210 232 240 25.8 28.1 31.1 34.3 35.5 2,341 2,571 2,855 3,165 3,274

15,000+ teu (Post-P'max) 65 78 101 131 139 12.1 14.7 19.1 24.9 26.4 1,160 1,405 1,853 2,439 2,592

Total Containerships 5,222 5,153 5,164 5,269 5,270 244.6 245.9 253.2 265.6 267.9 19,849 20,098 20,868 22,037 22,280

% growth y-o-y / ytd 2.2% -1.3% 0.2% 2.0% 0.0% 6.9% 0.5% 3.0% 4.9% 0.9% 7.9% 1.3% 3.8% 5.6% 1.1%

Fleet Value ($ bn)^ 107.0 75.0 93.1 105.7 99.3

*Includes some ships which are too large to transit the expanded locks of the Panama Canal based on current official dimension restrictions.

Other Liner Numbers, start million dwt, start ,000 teu capacity, start

Fleet 2016 2017 2018 2019 May 2016 2017 2018 2019 May 2016 2017 2018 2019 May

Multi-Purpose 100-499 teu 2,147 2,120 2,078 2,066 2,063 11.65 11.44 11.23 11.15 11.13 541 533 522 518 518

500-999 teu 798 791 777 780 782 9.80 9.68 9.49 9.52 9.54 549 544 535 537 538

1000+ teu 319 324 325 327 333 8.28 8.55 8.63 8.69 8.83 455 463 463 466 473

Total Multi-Purpose 3,264 3,235 3,180 3,173 3,178 29.74 29.68 29.34 29.36 29.50 1,544 1,540 1,520 1,521 1,529

% growth y-o-y / ytd -0.5% -0.9% -1.7% -0.2% 0.2% 0.3% -0.2% -1.1% 0.1% 0.5% 0.8% -0.3% -1.3% 0.0% 0.5%

Ro-Ro <10,000 dwt 609 614 619 611 614 2.65 2.65 2.69 2.66 2.67 92 91 91 88 88

10,000+ dwt 219 217 219 228 231 4.19 4.16 4.19 4.34 4.38 160 160 157 165 163

Total Ro-Ro 828 831 838 839 845 6.84 6.81 6.88 7.00 7.06 252 250 248 253 251

% growth y-o-y / ytd 0.7% 0.4% 0.8% 0.1% 0.7% 3.5% -0.5% 1.0% 1.8% 0.8% 7.0% -0.5% -1.1% 1.9% -0.6%

General Cargo 1,766 1,759 1,767 1,778 1,780 13.83 13.79 13.89 14.02 14.05 21.0 19.9 18.3 18.0 18.0

Conbulker 205 178 163 155 153 8.05 7.07 6.66 6.43 6.35 287.4 253.1 240.3 232.7 230.1

Barge/Heavy Lift 30 31 31 31 31 0.34 0.35 0.35 0.35 0.35 17.3 17.3 17.3 17.3 17.3

PCC 785 780 782 785 783 12.38 12.28 12.47 12.56 12.56 2.6 2.6 1.8 1.8 1.8

Note:For ro-ros, general cargo vessels, conbulkers, barge/heavy lifts and PCCs, total teu capacity based on vessels with recorded teu capacity.

Reefer Numbers, start m.cu ft, start ,000 teu capacity, start

Fleet 2016 2017 2018 2019 May 2016 2017 2018 2019 May 2016 2017 2018 2019 May

<200,000 cu.ft. 1,038 1,035 1,027 1,019 1,017 46.7 46.1 45.1 44.1 43.9 3.8 3.7 3.6 3.5 3.5

200-449,999 cu.ft. 247 245 244 239 240 74.0 73.0 72.8 70.7 70.7 8.5 8.1 7.8 7.5 7.2

450,000+ cu.ft. 187 185 171 162 159 103.8 102.6 95.4 91.6 90.2 44.8 44.6 42.3 42.5 42.4

Total Reefer 1,472 1,465 1,442 1,420 1,416 224.5 221.7 213.3 206.4 204.8 57.1 56.4 53.7 53.6 53.0

% growth y-o-y / ytd 0.2% -0.5% -1.6% -1.5% -0.3% -0.5% -1.3% -3.8% -3.2% -0.8% -0.4% -1.2% -4.8% -0.3% -1.0%

Cont'ship Rfr. Cap. 4,954 4,852 4,819 4,871 4,865 4,224 4,261 4,381 4,541 4,572 4,113 4,149 4,266 4,421 4,452

Note:Reefership teu capacity based on vessels with a recorded box capacity.Containership figures based on vessels with recorded reefer capacity only.

Global Liner Numbers, start million dwt, start ,000 teu capacity, start

Fleet 2016 2017 2018 2019 May 2016 2017 2018 2019 May 2016 2017 2018 2019 May

Total 13,572 13,432 13,367 13,450 13,456 320.7 320.8 327.5 339.9 342.3 22,030 22,237 22,968 24,134 24,380

% growth y-o-y / ytd 0.6% -1.0% -0.5% 0.6% 0.0% 5.1% 0.0% 2.1% 3.8% 0.7% 7.1% 0.9% 3.3% 5.1% 1.0%


May-19

^Value based on estimates of the value of each vessel based on type, size and age. Orderbook value based on reported newbuilding contract prices wherever possible

and estimated contract prices adjusted for vessel type, size and date of the contract elsewhere.

May-19

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

World Container Capable Orderbook

Container Capable Orderbook & Capacity

Containership No. ,000 % Delivery schedule: Est. fleet, start Forecast

Orderbook ships teu fleet 2019 2020 2021+ 2020 2021 2015 2016 2017 2018 2019 2020

100-2,999 teu (Feeder) 304 550.5 14% 161.6 264.8 124.1 4,032 4,110 0.0% -1.8% 0.1% 2.4% -0.1% 1.9%

3-5999 teu (Intermediate) 14 46.3 1% 10.5 35.8 4,751 4,588 -0.2% -7.6% -4.6% -0.3% -2.3% -3.4%

6-7999 teu (Intermediate) 1,778 1,731 1.1% -3.4% -0.7% 0.0% -1.3% -2.7%

8-11,999 teu (Neo-P'max) 29 319.0 6% 132.0 187.0 5,760 5,869 16.7% 6.7% 5.4% 3.5% 0.4% 1.9%

12-14,999 teu (Neo-P'max*) 37 510.4 16% 187.0 179.5 143.9 3,412 3,587 13.1% 9.8% 11.1% 10.8% 7.8% 5.1%

15,000+ teu (Post-P'max) 68 1,321.4 51% 396.4 652.6 272.4 2,890 3,500 69.2% 21.2% 31.8% 31.7% 18.5% 21.1%

Total Containerships 452 2,747.6 12% 755.5 1264.6 727.5 22,623 23,384 7.9% 1.3% 3.8% 5.6% 2.7% 3.4%

% growth y-o-y 2.7% 3.4%

Orderbook Value ($ bn)^ 23.3 6.2 10.6 6.5*Includes some ships which are too large to transit the expanded locks of the Panama Canal based on current dimension restrictions.

Other Liner No. ,000 teu % Delivery schedule: Est. fleet, start Containership Orderbook

Orderbook ships /m dwt fleet 2019 2020 2021+ 2020 2021

Multi-Purpose 100-499 teu 41 9.8 2% 6.4 3.4 517 513

500-999 teu 20 14.8 3% 10.8 4.0 539 532

1000+ teu 22 33.1 7% 7.1 11.0 15.0 475 466

Total MPP ('000 teu) 83 57.6 4% 24.3 18.4 15.0 1,531 1,511

% growth y-o-y 0.6% -1.3%

Ro-Ro <10,000 dwt 5 0.03 1% 0.01 0.01 2.62 2.51

10,000+ dwt 30 0.58 13% 0.18 0.22 0.18 4.48 4.61

Total Ro-Ro (m dwt) 35 0.61 9% 0.19 0.23 0.18 7.10 7.12

% growth y-o-y 1.4% 0.3%

General Cargo (m dwt) 82 0.65 9% 0.36 0.29 0.01 14.04 13.91

Conbulker (m dwt) 6.17 5.87

Barge/Heavy Lift (m dwt) 0.35 0.35

PCC (m dwt) 21 0.32 3% 0.14 0.10 0.07 12.46 12.29

Note: Capacity figures based on units used for vessel size ranges.

Reefer No. m.cu ft % Delivery schedule Est. fleet, start

Orderbook ships ,000teu fleet 2019 2020 2021+ 2020 2021

<200,000 cu.ft. 3 0.5 1% 0.5 43.8 42.2

200-449,999 cu.ft. 2 0.5 1% 0.5 68.5 62.5

450,000+ cu.ft. 2 1.3 1% 0.6 0.7 84.8 71.9

Total Reefer (m cu. ft.) 7 2.2 1% 1.0 0.6 0.7 197.0 176.6

% growth y-o-y -5% -10%

C'ship Rfr. Cap. ('000 teu) 157 174.1 4% 65.5 63.2 45.4 4,443 4,430

Note: Containership reefer teu subject to revision as reefer teu capacity of orderbook becomes known.

Global Liner No. ,000 % Delivery schedule Est. fleet, start

Orderbook ships teu fleet 2019 2020 2021+ 2020 2021

Total ('000 teu) 680 2,817.8 12% 785.8 1,288.3 743.7 24,716 25,433

% growth y-o-y 2.4% 2.9%

Note: Global fleet figures based on the sum of liner vessel numbers and teu figures and reefer fleet numbers and teu figures.


Orderbook/Fleet % by Sector

Fleet growth

May-19

May-19

Fleet projections take into account historical and expected delivery performance in terms of slippage and cancellation.

Fleet forecasts exclude impact of vessel time out of service for scrubber retrofit, which is likely to impact ‘active’ capacity in 2019-20 (see page 3).

10%

15%

20%

25%

30%

0

1

2

3

4

5

Jan-

16

May

-16

Sep

-16

Jan-

17

May

-17

Sep

-17

Jan-

18

May

-18

Sep

-18

Jan-

19

May

-19

% fleetm teu

Containership Orderbook

Orderbook as % of Fleet

0% 20% 40% 60% 80%

15,000+ teu (P-P'max)

12-14,999 teu (Neo-P'max)

8-11,999 teu (Neo-P'max)

6-7,999 teu (Intermediate)

3-5,999 teu(Intermediate)

100-2,999 teu(Feeder)

Total MPP

Chart shows containership and MPP orderbook as a % of the fleet by

TEU size range

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

Container Commentary

The container spot freight market appeared to bottom out in 2016, improve in 2017, and then a more mixed year in 2018 followed. In 2019 so far, at a high level this market appears to have been under pressure (although year-on-year comparisons on a number of routes look more positive), but with a range of trends in play the freight market as a whole is quite hard to interpret. Let’s take a closer look...

Container Intelligence Monthly, May 2019 Published by: Clarkson Research Services Limited Commodity Quay, St Katharine Docks London E1W 1BF, England. Tel: + (44) (0) 20 7334 3134 E-mail: [email protected] On-line Shop: www.crsl.com Website: www.clarksons.com/services/research Shipping Intelligence Network: www.clarksons.net World Fleet Register: www.clarksons.net/wfr Container Intelligence Monthly is published 12 times a year. It is available on subscription at a price of £925/£940 per year (within Europe/outside Europe) including postage.

Editorial Board: Managing Director Stephen Gordon Research Director Trevor Crowe Editor Camilla Miles Publisher Rob Benson Production George Hearn Fleet Data Karen McBride Clarksons Platou Container Contacts: Europe Steve Goodrich Asia Chris Smith Chartering Henry Wilsher S&P Victor Heal Newbuilding Peter Love

Mainlane Messages The mainlane spot box freight index aver-aged 51 points in April 2019, down by 17% on December 2018. On the major trades softening was more extensive on the westbound Far East-Europe route than on the eastbound Transpacific. Trade growth on the Far East-Europe this year (despite a seemingly positive year-on-year performance in Q1 2019), with volumes, partly seasonally, slowing since Q3, has been outpaced by expansion in deployed capacity, after early year big ship deliveries. As a result, spot freight rates on the peak leg Far East-Europe route have fallen, by 21% since Decem-ber 2018. Meanwhile, unsurprisingly, fol-lowing the pre-tariff rush of 2H 2018, vol-umes on the peak leg Transpacific have slowed; although the year to date has seen liner company efforts to manage running capacity levels (down in the year to start May), spot freight levels have fallen by 14% since December. North-South Noise The situation on the north-south trades is much harder to read. Overall, spot freight rates on north-south routes have been up on late 2018 levels; the north-south spot rate index rose 8% between December 2018 and April 2019, but gains seem to have been gradually eroding, on the back of what appear, in aggregate, to be soft volumes, even though total running ca-pacity is fairly flat versus the start year. However, these statistics hide a multitude of trends, and spot rates on some north-south trade routes are well down, with most trending southwards recently, and north-south spot rates in the main down heavily year-on-year.

Regional Runes Elsewhere, spot freight rates on intra-Asian routes have largely remained flat in 2019 so far; the index stood at 62 points in April, a similar level to December 2018. There is limited volume visibility and little hard and fast data to go on so far in 2019, but with another year of steady growth expected, increased supply ap-peared to be absorbed by liner company service requirements. What Does It All Mean? So, led by the mainlanes, the trends on the spot container freight market broadly

appear to have remained challenging so far this year. Against a backdrop of rising bunker prices (Rotterdam 380cst fuel oil up c.9% y-o-y so far this year), and signif-icantly rising charter rates in some sec-tors, liner company financials have been put under further pressure. However, spot freight rates on many trades were still up on a year-on-year basis across the first four months of the year, and it is worth remembering the improvements in spot freight rates seen by the liner companies in Q2 and Q3 last year. Against the backdrop of such con-fusing trends, just like last year, all eyes will be on the reaction to the Q1 environ-ment. Good luck in reading the patterns!

Source : Clarksons Research

Graph of the Month Untangling The Trends - Spot Box Freight Rates In ’19

The lines on the graph represent movements in the monthly Main-lane, North-South and Intra-Asia spot box freight rate indices (2004 avg=100) since the begin-ning of 2018. These indices are reported each month on page vii of Container Intelligence Monthly and are also available on the Shipping Intelligence Network.

Difficult To Decipher: Freight Market Trends This Year

The material and the information contained herein are provided for general information purposes, and may not be reproduced without the written permission of Clarksons Research. To the maximum extent permitted by law, Clark-sons Research shall not be liable to the recipient or any third party for any loss, liability or damage, cost or expense including without limitation, direct, indirect, consequential loss or damage, any loss of profit, loss of use, loss of or interruption in business, loss of goodwill, loss of data aris-ing out of, or in connection with, the use of and the reliance on the information whether in contract, tort, negligence, bailment, breach of statutory duty or otherwise, even if foreseeable. This disclaimer shall be governed by and construed in accordance with English law.

The author of this feature article is Camilla Miles. Any views or opinions presented are solely those of the author and do not necessarily repre-sent those of the Clarksons group.

40

50

60

70

80

90

100

Jan-

18

Feb

-18

Mar

-18

Apr

-18

May

-18

Jun-

18

Jul-1

8

Aug

-18

Sep

-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19

Feb

-19

Mar

-19

Apr

-19

Mainlane IndexNorth-South IndexIntra-Asia Index

Index, 2004 avg=100

Lice

nsed

to C

lark

sons

. Dis

trib

utio

n is

res

tric

ted;

ple

ase

rem

embe

r to

ack

now

ledg

e th

e so

urce

. Con

tain

er In

telli

genc

e M

onth

ly, V

olum

e 21

No





olume 21 N

o 5

container intelligence monthly · 2020. 5. 22. · container intelligence monthly volume 21, no. 5...

Documents