dhl global forwarding, freight ocean freight … freight market update dhl global forwarding,...

1

OCEAN FREIGHT MARKET UPDATE

DHL Global Forwarding, Freight

October 2017

2 2

Contents

DHL Global Forwarding | OFR Market Update | Oct 2017

TOPIC OF THE MONTH

Top Carriers Operating Margins, 1H’17

HIGH LEVEL DEVELOPMENT

MARKET OUTLOOK

Freight Rates and Volume Development

ECONOMIC OUTLOOK & DEMAND DEVELOPMENT

CAPACITY DEVELOPMENT

CARRIERS

? DID YOU KNOW ?

Containership Orderbook By Size And Scheduled Delivery Year

3 3

Topic of the Month

Top Carriers Operating Margins, 1H’17

E A R N I N G S R E B O U N D

The average operating earnings of the top carriers that published their

1H’17 results rebounded. Out of 13 carriers, 9 posted positive results, led

by CMA CGM with a 7.1% operating margin off a USD 10.17Bn

revenue. Global average operating margin sits at 1.1%.

Four carriers remain at loss, led by HMM, as seen last month with a

negative 9.5% margin.

Only two carriers (MOL, HMM) actually reported negative operating

margins for Q2, showing improvement over negative Q1, actually

indicating the first generally profitable quarter since July 2015.

Higher freight rates have been the main driver to this acceleration, rates

gains being posted between 4% and 22% by the carriers.

HMM’s average revenue, however, was 6% lower than Q2’16, despite a

46% increase in total liftings, the carrier not being able to secure higher

rates.

Source: Alphaliner


4 4

High Level Market Development – Supply and Demand

2017F 2018F 2019F 2020F 2021FCAGR

(2017-2021)

EURO 1.8% 1.8% 1.7% 1.7% 1.8% 1.7%

MEA 2.6% 3.4% 3.7% 4.1% 4.0% 3.8%

AMER 2.1% 2.6% 2.5% 2.4% 2.4% 2.5%

ASPA 4.8% 4.6% 4.6% 4.5% 4.7% 4.6%

DGF World 3.0% 3.1% 3.1% 3.1% 3.2% 3.1%1’200

1’000

800

600

400

200

0

Q2 Q1

16

Q4 Q3 Q2 Q1

15

Q3 Q1

17

Q4 Q3 Q2

0

500

2’500

2’000

1’500

1’000

Q2 Q3 Q2 Q1

16

Q2 Q1

15

Q4 Q3 Q1

17

Q4 Q3

0

200

400

600

800

Q4 Q4 Q3 Q2 Q1

16

Q1

17

Q2 Q3

Q3 Q2 Q1

15

BIX 380

BIX MGO

SHANGHAI

CONTAINERIZED

FREIGHT INDEX

(SCFI)3)

WORLD

CONTAINER

INDEX (WCI)2)

BUNKER

PRICE

INDEX 5)

ECONOMIC

OUTLOOK 1)

GDP GROWTH

BY REGION

SUPPLY VS

DEMAND

GROWTH 4)

Source: 1)real GDP, Global Insight, Copyright © IHS, Q2 2017 . All rights reserved; 2) Drewry Container Forecaster –

Forecast global supply-demand balance; 3) Shanghai Shipping Exchange, in USD/20ft container and USD/40ft container for

US routes, 15 routes from Shanghai, 4) Global Insight, Drewry, 5) Bunker Index, in USD/metric ton, Bunker Index MGO (BIX

MGO) is the Average Global Bunker Price for all marine gasoil (MGO) port prices published on the Bunker Index website,

Bunker Index 380 CST (BIX 380) is the Average Global Bunker Price for all 380 centistoke (cSt) port prices published on the

Bunker Index website

0.0

2.0

4.0

6.0

8.0

10.0

% Growth

2019F 2018F 2015 2014 2017F 2016 2013 2012 2011

Demand Growth

Supply Growth


5 5

Market Outlook October 2017 – Major Trades

Rates are stabilizing – at a high level

KEY Strong

Increase ++

Moderate

Increase +

No

Change =

Moderate

Decline -

Strong

Decline - -

EXPORT REGION IMPORT REGION CAPACITY RATE

EURO AMNO = =

AMLA - ++

ASPA = -

MENAT = -

SSA = =

AMNO AMLA - +

ASPA = =

EURO - / + +

MENAT = =

SSA = +

EXPORT REGION IMPORT REGION CAPACITY RATE

AMLA AMNO = +

ASPA - =

EURO = +

MENAT = =

SSA = +

ASPA ASPA - =

AMNO - -

AMLA ++ - -

EURO - -

MENAT = -

OCEANIA = +


Source: DGF

6 6

Market Outlook August 2017 – Ocean Freight Rates Major Trades Market outlook on

smaller trades available

in the back-up

O C E A N F R E I G H T R A T E S O U T L O O K

ASPA – EURO Extensive blank sailing program starting in week 39 to cater for the slower Golden Week period. Rates decline on a short-term basis,

however no movement seen on the long-term rates.

EURO – ASPA & MEA October rates are slightly softening due to missing overall export volumes.

ASPA – AMLA

Carriers put in 6 extra loaders to ECSA in September to capitalize on the strong pre-Golden Week loading. This caused the rates to

nosedive from USD 3500/40’ to USD 1800/40’, valid until 14th October 2018. We expect however a strong rate rebound on 15th Oct GRI,

when China factories reopen, jostling for space.

ASPA – AMNO All alliances have introduced void sailings in week 1st half of Oct during Chinese holidays. Expect tight space situation to resume 2nd half

of October

EURO – AMNO Unchanged stable, well utilized vessels

ASPA – MENAT

Declined in rates into EMED & Middle East, except for South Africa.

South Africa rates have increased drastically over the months, and Carriers are still going strong for another GRI starting 15th Oct.

Expected tight vessel utilization after Golden Week.

ASPA – ASPA Space is expected to be tight after the Golden Week due to the planned blank sailings as announced by the carrier on both the Intra-Asia

and IPBC services. Rates are expected to remain relatively stable.

AMNO – EURO Moderate capacity reduction in October from USEC (average 7000 TEUs less than in September)

Moderate capacity increase in October from USWC (average 3000 TEUs more than in September)


Source: DGF

7 7

Economic Outlook & Demand Development

D E V E L O P P E D C O U N T R I E S L E A D A N E X P A N S I O N S H A R E D W O R L D W I D E

EURO

EU 2017 GDP growth should hit 2.2% vs 1.8% in 2016, slowing down in 2018 at 1.9, and in 2019 at 1.7%. Upsides may occur depending on

labor market performance, whereas downside risks lie with a stronger Euro and toxic Brext negotiations.

DE: although Q2 GDP growth only went by 2.5%, domestic demand increased strongly by 4.3%.

UK: Economy growth will slow in 2018, at +1.0% vs 1.5% this year, according to recent data.

AMER

CA: Leads the G7 growth in Q2, with a +4.5% GDP increase q/q

US: Q2 GDP revised up from 2.6 to 3.0%. Hurricanes will hurt near-term growth (damaged infrastructure, logistics constraints, but most

importantly energy and chemical sector disruptions), but reconstrution will boost GDP growth. Q3 Growth down from 3.1 to 2.1 %, but 1H 2018

growth set up from 2.8 to 3.1%.

ASPA

JP: Expansion matches DE ‘s– although Q2 GDP growth is only hitting 2.5% (slowed down by net exports), domestic demand increased

strongly by 3.8%. Bad weather conditions will soften Q3 growth as it refrained consumer spendings. In the future, downside risks lie with the

appreciation of the yen due to North Korean tensions and US policy uncertainties.

CN: Broad slowdown of economic activities in July and August – it does not mark the start of a strong decline however. Government could

support the economic acitivity with demand-friendly measures if the slowdown became too strong.

EMERGING

MARKETS

Rising commodity prices will help strenghten growth in emerging markets – it has already begun to translate into better export earnings.

Moreover, a recent dollar weakness also represents a relief for local central banks.

DEMAND

DEVELOPMENT

The global PMI rose from 53.6 in July to 53.9. This is the highest point since April 2015. The best improvements come from order books and

the employment trends. New business wins showed the largest rise for almost three years, and August saw one of the quickest increases in

backlog of uncompleted orders of the past four years. Since output levels are up, employment prospects are too, especially in the developped

economies (both services and manufacturing). It stagnated in the emerging economies, still improving over the 2016 job market deterioration.

Source: Global Executive Summary, IHS Markit, Aug 2017. The Purchase Manager Index is an IHS proprietary metric that polls purchasing managers to understand if they are to order more or less in the future, hence giving a representative estimation

of the global business sentiment. Assessed monthly, a PMI at 50 is considered neutral, expanding above 50, and shows business shrinking below 50.


8 8

Capacity Development

Source: Alphaliner, carriers

C A P A C I T Y D E V E L O P M E N T

On the Intra-Asia and Africa-related routes, several services were upsized from 2’800 TEE to 4’200 TEU (Panamax) scale over the last 18 months. The upsized

ships are often chartered at lower rates than the smaller ships they have replaced. With the opening of the larger Panama locks in Jun’16, Panamax ships had

become obsolete and were struggling to find alternative employment.

Only 6 ex-Hanjin ships have been scrapped, while all others but one of the remaining ships were taken up by other carriers, SM Line being the most active buyer.

Each of the 3 alliances have revealed their blank sailing programs for Chinese Golden Week holidays (1-8 Oct) and the week after. Total capacity withdrawn on

the Asia-Europe route will only reach about 29-46% of the average weekly capacity deployed, with 2M taking out the most this year. In 2016 the removed capacity

was over 50% of the average weekly capacity on that route.

OCEAN Alliance increases its number of direct Far East-New York links to five as of 12 Oct ’17.

Hapag-Lloyd and MSC team up on new Med-ECSA trade with the launch of a weekly joint service in Oct’17. The new service will supersede the current Med-

ECSA service offered through a joint operation of MSC + Hamburg Süd with Hapag-Lloyd taking slots. The restructuring was necessary after the European

Commission had ruled that Hamburg Süd must terminate its arrangement with MSC on the trade prior to the absorption of Hamburg Süd by Maersk Line in Q4.

MSC has launched a newbuilding program for 11 Megamax units of 22’000 TEU. The ships will be delivered from late 2019 to Mar 2020. MSC’s current 20

Megamax units are financed by CN, SG & US interests under leasing or bare-boat terms, with MSC managing the ships. It is probable that the 11 ships of the new

program will be financed similarly.

Based on projections from Alphaliner the idle container ship fleet will only be eliminated in Q3 ’19. However, the announcement of CMA CGM and MSC of new

orders of 20 vessels of 22’000 TEU with deliveries starting from H2 ’19 could potentially trigger a wave of new orders thus further extending the supply overhang.



9 9

Carriers


C A R R I E R S

Maersk’s parent company A.P. Møller-Maersk announced the sale of Maersk Tankers to its subsidiary APMH Invest, the investment arm of the AP Møller

Foundation, for $1.17bn. The transaction follows Maersk Oil’s sale to Total S.A. in August.

The group still plans to sell Maersk Drilling and Maersk Supply Service by 2018, as a part of the company’s divestment from energy. According to analysts, Maersk

could sell these last two business units for up to $6bn.

FMC has cleared the establishment of THE Alliance’s contingency fund. The fund is meant to help member carriers manage and recover from insolvency or

financial distress of a participating carrier by ensuring that the affected carrier could:

• Continue to make port calls, pay costs/losses/liabilities as a result of arrested vessels

• Advance funds related to carriage, handling, storage, delivery of containers

• Pay claims which could lead to arrest or detention of a vessel

• Reimburse the non-affected alliance members for costs, losses, liabilities incurred.

Out of the total amount of USD 50m each member will initially contribute USD 1m into the fund and a further USD 9m in additional funds or through a letter of credit.

Brazil’s anti-trust regulator has approved the acquisition of Hamburg Süd by Maersk Line without restrictions. Maersk had already agreed on 13 Jun ’17 to

sell its Brazilian coastal shipping unit Mercosul Line to CMA CGM in order to obtain approval from Brazilian authorities for the Hamburg Süd acquisition.



10 10

Carriers – Drewry’s Altman Z-Score as at August ’17

Company Period Period End Unit Net Sales EBIT Asset Total Asset

Current

Book Value of

Equity

Liabilities

Total

Liabilities

Current

Retainted

Earnings Z-Score

AP Moller-Maersk 6 months 30-Jun-17 mn US$ 18’567 1’002 61’3100 11’294 32’349 28’961 8’583 27’749 2.07

OOIL (parent of OOCL) 6 months 30-Jun-17 mn US$ 2’898 110 9’693 2’783 4’592 5’101 1’437 4’529 2.03

CMA CGM 3 months 31-Mar-17 mn US$ 4’620 260 18,812 5,940 5,029 13’783 6’006 4’637 1.72

Wan Hai 6 months 30-Jun-17 mn NT$ 29’156 1’020 75’266 30’716 32’935 42’331 20’833 9’866 1.67

K Line Group 3 months 30-Jun-17 bn Yen 287 4 1’056 388 253 802 229 65 1.59

NYK Group 3 months 30-Jun-17 bn Yen 522 4 2’072 606 587 1’486 481 330 1.56

Hapag-Lloyd Holding 3 months 31-Mar-17 mn EUR 2’132 4 11’206 1’573 4’940 6’266 2’386 3’090 1.54

Pacific International Lines Annual 30-Dec-15 mn US$ 3’732 146 5’830 1’215 1’979 3’851 1’493 1’184 1.26

Evergreen Marine Corp 6 months 30-Jun-17 mn NT$ 71’543 2’871 189’505 58’751 55’095 134’410 43’342 8’071 1.26

MOL Group 3 months 30-Jun-17 bn Yen 403 1 2,199 478 679 1,519 445 361 1.26

China Cosco1) 3 months 31-Mar-17 mn RMB 20’101 566 120’574 46’136 38’531 82’044 35’473 8’576 1.22

Yang Ming 6 months 30-Jun-17 million NT$ 63’483 -1’047 132’694 25’215 16’260 116’435 42’504 -3’016 0.80

Hyundai Merchant Marine 6 months 30-Jun-17 bn Won 2’544 -259 3’419 1’295 702 2’718 744 -2’400 0.35

Zim 3 months 31-Mar-17 mn US$ 655 25 1’723 512 -110 1’833 562 -1’901 0.09

• Slight improvement in all carrier results, as most of them are now stretched over a shorter period of time. HMM now scores a positive 0.35, whilst OOIL went back to the grey zone

(scoring above 2.00). Hapag-Lloyd is marginally down vs. their annual results published in March. Again, none of the carriers manage to reach the > 2.99 “safe“ zone.

• The Z-score is a statistical analysis to predict a company’s probability of failure in the next 2 years, using data from the company’s financial statement.

• A Z-score ≥ 2.99 company is “safe”.

• A Z-score between 1.8 and 2.99 exercise caution (“grey zone”).

• A Z-score ≤ 1.8 higher risk of the company going bankrupt (“distress zone”). All indications based on these financial figures only.

Source: Drewry Sea & Air Shipper Insight, June 2017; 1) parent of Cosco Container Lines; Z-score is calculated as follows: T1 = (Current Assets - Current Liabilities) / Total Assets, T2 = Retained Earnings / Total

Assets, T3 = Annualized EBIT / Total Assets, T4 = Book Value of Equity / Total Liabilities, T5 = Annualized Sales / Total Assets, Z-score bankruptcy rating = 1.2*T1 + 1.4*T2 + 3.3*T3 + 0.6*T4 + 1.0*T5


11 11

Did You Know ?

Source: Drewry Sea & Air Shipper Insight

CONTAINERSHIP ORDERBOOK BY SIZE AND SCHEDULED DELIVERY YEAR TEU CAPACITY


• Most of the new vessels are

scheduled to be delivered until

end of 2018.

• The vast majority of ordered

container vessels falls in the

>10’000 TEU category. Drewry

states that «adding even more

ships to this top-heav pool will

make the task of deployment

and cascading harder than it

already is».

• The >10’000 TEU category on

order would replace, if

delivered, 41% of the current

fleet capacity.

• No orders for Panamax size

vessel (4’000-4’999), which

became obsolete with the

opening of the new Panama

locks.

Size (TEU) 2017 2018 2019 2020 Total % of

orderbook current fleet% of

current fleet

<500 260 2'000 2'260 0.10% 99'301 2.30%

500-999 1'200 600 1'800 0.10% 529'909 0.30%

1,000-1,499 18'624 33'618 3'486 55'728 2.00% 802'422 6.90%

1,500-1,999 37'360 32'690 18'200 3'500 91'750 3.30% 929'861 9.90%

2,000-2,499 29'684 23'350 16'550 69'584 2.50% 599'945 11.60%

2,500-2,999 54'010 87'636 24'700 5'400 171'746 6.20% 960'466 17.90%

3,000-3,999 33'000 55'400 14'400 102'800 3.70% 833'238 12.30%

4,000-4,999 - 0.00% 2'505'578 0.00%

5,000-5,999 26'201 10'600 36'801 1.30% 1'600'039 2.30%

6,000-6,999 6'882 6'882 0.20% 1'487'755 0.50%

7,000-7,999 - 0.00% 364'566 0.00%

8,000-8,999 - 0.00% 2'642'515 0.00%

9,000-9,999 65'822 9'400 75'222 2.70% 1'618'145 4.60%

10,000+ 645'023 1'130'331 183'652 204'026 2'163'032 77.90% 5'258'195 41.10%

Total 918'066 1'385'625 246'588 227'326 2'777'605 20'231'935 13.70%

12 12 B A C K - U P

13 13

Source: DGF

Market Outlook October 2017 – Ocean Freight Rates Additional Trades (1/2)

Ocean Freight Rates Outlook

EURO – AMLA Increases to ECSA due to drop of capacity. Another increase announced for November. WCSA still stable.

EURO – SSA Unchanged stable, well utilized vessels

AMNO – MENAT No change in the current market situation. Space is still tight from USEC & USGC Ports but only 1 or 2 weeks out this months. It appears that

current rates will stay the same until end of October.

AMNO – SSA

Space is available to all destinations in South & West Africa.

East Africa is tighter due to routing via congested transshipment ports.

APL & CMA announced GRIs to most African destinations.

AMNO – AMLA

Rate trending upward all US to WCSA.

Rate trending upward Gulf to all AMLA

Capacity reduced slightly w/CMA cancelling Gulf to CL on Brasex

AMLA Exports

FCL market is facing extreme space issues from the SAEC. Rates have doubled and tripled in some cases on certain trade lanes.

Situation could last through December 2017. Bookings should be placed 2-4 weeks out to ensure space.

Space ex WCSA tight to the US and along the WCS.

Source: DGF team

Source: DGF team

Source: DGF team


14 14

Market Outlook October 2017 – Ocean Freight Rates Additional Trades (2/2)

Freight Rates Outlook

EURO MED - AMNO Unchanged/slight increases can occur depending on the provider

EUR MED – AMLA Unchanged/stable rates

EURO MED – ASPA Stable/some slight reductions can occur depending on the provider.

EURO MED – MENAT Stable/some slight reductions can occur depending on the provider.

EURO MED – SSA Unchanged/stable rates.

ASPA-SPAC GRI quantum of USD 300-500/TEUs announced for North Asia-Australia effective 15 Oct 2017. Lack of equipment, Maersk and COSCO

blank sailings, and smaller Maersk vessels will cause rates for ex Asia to remain high/increase after the October holiday.


Source: DGF

15 15

Market Outlook – Volume Outlook in Main Trade Lanes, 2017 Estimate & Growth

Forecast 2017/20 in %

N O R T H

A M E R I C A I n c l .

M E X I C O

3.5 mTEU +1.2%

1.7 mTEU +0.9%

1.7 mTEU +1.3%

0.2 mTEU +3.0%

N O R T H

A M E R I C A I n c l .

M E X I C O

L A T I N

A M E R I C A

E U R O P E

I n c l . M E D

11.9 mTEU +1.6%

7.0 mTEU +0.9%

7.6 mTEU +0.7%

15.8 mTEU +0.9%

7.0 mTEU +0.9%

4.5 mTEU +2.8%

2017e, in mTEU 2017e-2021e CAGR, in %

F A R E A S T

I N T R A A S I A

excl. Oceania

35.1 mTEU +3.1%

3.5 mTEU

+1.3%

2.0 mTEU

+0.7%

L A T I N

A M E R I C A

G L O B A L C O N T A I N E R T R A D E 2 0 1 7 e 1 3 8 . 5 m T E U + 2 . 3 % C A G R 2 0 1 7 e - 2 0 2 0 e

Mid-term growth is mainly driven by Asian tradelanes.

Source: Drewry


16 16

Global Capacity Development all Trades

20 19 23 23 23 24

28 28 27

Highest scrapping level ever Idling remains high

[TTEU]

602

(May 2017)

1,324

Q4

2016

Q4

2015

1,359

Q4

2014

228

Q4

2013

779

Q4

2012

809

Q4

2011

595

Q4

2010

356

Q4

2009

1,480

Returning

capacity

well

absorbed

by

demand

3.0%

[TTEU]

381

2013

444

2012

332

2011

75

2010

131

2009

351

+239%

Apr 17

YTD

205

2016

654

2015

193

2014

Average age Net capacity growth remains low

Net capacity growth 2017E

Scrapping Net capacity

growth

2.7%

-3.3%

-1.8%

Scheduled

capacity growth

Post-ponements

7.7%

Orders placed by year [TEU m] Vessel deliveries by year [TEU m]

0.2

2015

0.0

2016

2.2

2014

1.1

2013

2.0

2012

0.4

2011

1.8

2010

0.6

2009

0.1

2008

1.2

2007

3.2

Apr17

YTD

+33%

1.2

2017E 2016

0.9

2015

1.7

2014

1.5

2013

1.3

2012

1.3

2011

1.2

2010

1.4

2009

1.2

2008

1.4

2007

1.4 15,300 TEU

Very few deliveries expected post 2017

Source: Alphaliner (May 2017), carrier views


17 17

Carrier Mergers, Acquisitions and Alliances

M E R G E R S A N D A Q U I S I T I O N S

China

Shipping Cosco

OOCL TBC

Evergreen APL CMA

CGM Hapag

Lloyd

United

Arab

Shipping

Hyundai

Merchant

Marine

Hamburg

Süd Maersk

Line MSC K Line MOL NYK

Yang

Ming Hanjin

Shipping

CHINA COSCO SHIPPING EVER

GREEN CMA CGM HAPAG-LLOYD/UASC

HYUNDAI

MERCHANT

MARINE MAERSK LINE MSC

OCEAN NETWORK

EXPRESS (ONE) YANG

MING Bankrupt

A L L I A N C E S

F O R M E R A L L I A N C E S P R E S E N T A L L I A N C E S

2M MAERSK LINE

MSC OCEAN 3

CMA CGM

CHINA SHIPPING

UNITED ARAB

SHIPPING COMPANY

2M

MAERSK LINE

MSC

HMM (strategic

cooperation)

OCEAN

ALLIANCE

OOCL

CMA CGM

CHINA COSCO SHIPPING

EVERGREEN

G6

HAPAG-LLOYD

MOL

NYK

APL

HYUNDAI

MERCHANT

MARINE

OOCL

CKYHE

COSCO

EVERGREEN

HANJIN

SHPPING

K-LINE

YANG MING THE ALLIANCE

HAPAG-LLOYD/UASC

ONE

YANG MING

Source: Carriers


18

Acronyms and Explanations

2M - Carrier Alliance: Maersk / MSC OCRS - Operational Cost Recovery surcharge

AMLA - Latin America OWS - Overweight Surcharge

AMNO - North America PH - Philippines

AR - Argentina PNW - Pacific North West

ASPA - AsiaPacific Ppt. - Percentage points

BR - Brazil PSW - Pacific South West

CAGR - Compound Annual Growth Rate RR(I) - Rate Restoration

CENAC - Central Amercia and Caribbean SAEC - South America East Coast

CKYHE - Carrier Alliance: Cosco, K-Line, YangMing, Hanjin and Evergreen SAWC - South America West Coast

CNC - CNC Line (Cheng Lie Navigation Co. Ltd.) SOLAS - Safety of Life at Sea

DG - Dangerous Goods SPRC - South People’s Republic of China – South China

DWT - Dead Weight Tonnage SSA - Sub-Saharan Africa

EB - Eastbound SSL - Steam Ship Line

ECSA - East Coast South America T - Thousands

EURO - Europe TEU - Twenty foot equivalent unit (20‘ container)

FMC - US Federal Marine Commission TP - Trans Pacific

G6 - Carrier Alliance: APL, Hapag Lloyd, Hyundai, MOL, NYK and OOCL TSA - Trans Pacific Stabilization Agreement

GRI - General Rate Increase ULCS - Ultra Large Container Ship

HJS - Hanjin Shipping USGC - US Gulf Coast

HMM - Hyundai US FMC - US Federal Maritime Commission

HSUD - Hamburg Süd USEC - US East Coast

HWS - Heavy Weight Surcharge USWC - US West Coast

IA - Intra Asia VGM - Verified Gross Mass

IPBC - India Pakistan Bangladesh Colombo VLCS - Very Large Container Ship

IPI - Inland Point Intermodal VSA - Vessel Sharing Agreement

ISC - Indian Sub Continent WB - Westbound

MENAT - Middle East and North Africa WCSA - West Coast South America

mn - Millions YML - Yang Ming Line

MoM - Month-on-Month YoY - Year-on-Year

NOO - Non-operating (vessel) owners YTD - Year-to-Date

Ocean 3 - Carrier Alliance: CMA, UASC, China Shipping


dhl global forwarding, freight ocean freight … freight market update dhl global forwarding,...

Documents