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DYNAMAR B.V.
                                Transport and Shipping Information

                                Address       P.O. Box 440, 1800 AK ALKMAAR, The Netherlands
                                Office        1G Noorderkade, 1823 CJ ALKMAAR, The Netherlands
                                Phone         +31 72 514 7400
                                Fax           +31 72 515 1397
                                E-mail        marketing@dynamar.com
                                Internet      www.dynamar.com


                                             DYNALINERS
                                                01/2011
                                             07 January 2011

            WEEKLY NEWS SUMMARY, ANALYSIS AND COMMENTARY ON LINER SHIPPING
                               Twenty-first Year of Issue

                             Published and distributed by Dynamar B.V.
                         Managing Editor: Dirk Visser - Editor: Frans A.J. Waals
                                          Copyright 2011©

                           May the Best of 2010 be the Worst of 2011!

TRADES
                                                        Statistics      2012 TEU          2011 TEU     2010 TEU
What a difference a year makes!                         Capacity*     15,400,000        14,300,000    13,000,000
                                                        Liftings     154,000,000       144,000,000   131,000,000
                                                       (*capacity as of 1 January of each year)
As much as 2009 hurt, 2010 turned into the wel-
come surprise of one of the stronger growth years
in the history of containerisation. At an estimatedEurope - Latin America
11%+ it is almost on par with the “golden” 2002-7  Effective March CCNI (1 ship), Coscon (1), Hanjin
period of 12% average growth. It was, in particu-  (2) and UASC (2) are to launch a new, joint North
lar, the routes with the Far East that were to     Europe-East Coast South America link, deploying
thank, these showing 2010 full recovery against    six 2,500 TEU ships average. The service is new
the dramatic 2009 downturn, making it a V-         and so are the carriers in this specific trade lane.
shaped crisis for those trade lanes. Many North-   While three serve the ECSA from other areas, the
South routes improved substantially as well.       Arab line will make its first ever appearance here
                                                   as a container carrier. Itinerary has been fixed as
Even when taking slow steaming into account, follows: Algeciras, Rotterdam, Hamburg, Antwerp, Al-
                                                   geciras, Rio de Janeiro, Santos, Itajai, Santos, Salvador
there surely was an urgent need for cargo as the
                                                   and Algeciras again.
arithmetic shows: the effects of re-mobilised idle
ships plus newbuilding deliveries minus scrapping Europe - Mediterranean
saw no less than 2.36 million TEU in capacity (see By the end of January, MSC will switch the Bene-
SHIPS) added to the worldwide liner trades in lux call of its North Europe-Greece and Turkey
2010. With respect to deliveries, it will not be Loop 4 from Rotterdam to Antwerp. The complete
much less in 2011.                                 schedule of the five 3,200 TEU average ships will
                                                   then read: Felixstowe, Hamburg, Rotterdam, Piraeus,
So what to expect for the just started year? Dyna- Thessaloniki, Izmir, back to Felixstowe.
Liners puts the demand growth bet on another
double digit minimum of 10%! Estimate and fore-
cast in figures:
DYNALINERS 01/2011, 07 January 2011


Transatlantic                                             Analyses based on figures sourced from PIERS.
Subject regulatory approval, effective February,          - US: all coasts, i.e. East Coast, Gulf and West Coast.
CCNI (2 ships) and Hamburg Süd (8) will start a           - South East Asia: Brunei, Cambodia, Indonesia, Laos,
                                                            Malaysia, Philippines, Singapore, Thailand and Viet-
Europe-North America West Coast service, a new
                                                            nam
trade lane for both partners. The ships will way-         - North East Asia: China, Hong Kong, Japan, Ko-
port in the Caribbean and Central America West              rea/North, Korea/South, Macau, Mongolia, Russia Far
Coast. It is effectively an extension of WAMS,              East, Taiwan
their existing North and Central America WC-
Caribbean (Cartagena) operation, in which also            Note*: Effective 2009, Myanmar has been removed
CCNI’s compatriot CSAV participates. However,             from the South East Asia section, while North Korea
the latter will not operate the new Europe leg.           and Russia Far East have been added to North East
The (long) rotation of new WAMS’ ten around               Asia. The impact on the figures will be marginal.
1,800 TEU vessels will be as follows: Tangier, Rot-
                                                          PIL added Vancouver to the schedule of CTP, its
terdam, Tilbury, Hamburg, Le Havre, Cartagena, Puerto
Quetzal, Lazaro Cardenas, Long Beach, Oakland, Seat-      standalone Transpacific service. The six-1,600 TEU
tle, Vancouver, Oakland, Long Beach, Manzanillo (Mex-     average ships schedule now reads: Xiamen, Hong
ico W.C.), Lazaro Cardenas, Puerto Quetzal, Cartagena     Kong, Shenzhen (Shekou), Ningbo, Shanghai, Long
(Col), Tangier.                                           Beach, Vancouver and Xiamen again.

Transpacific                                              North America - Latin America
The core Transpacific trade (South East and North         Effective 1 February, Maersk Line will launch
East Asia to/from US all coasts) increased by just        Spondylus, a new direct service between the US
over 13% year-on-year in the first nine months of         East Coast and West Coast South America (WCSA).
2010. Eastbound to the US was particularly                Details of ships and schedule still to be an-
strong: +19% to the Pacific Coast and +14% to the         nounced. At present it serves this trade with tran-
Atlantic seaboard. This represents a break with           shipment at Balboa (Panama Pacific). From this
the recent past as, for a number of years, the lat-       hub, where the Danes are by far the largest cus-
ter had been the stronger grower. Export to the           tomer, it operates four to five feeder links to
Far East is still increasing faster from the East         WCSA destinations, plus another one to Central
Coast (+5.7%) although the volume is 5 times              and North America West Coast. Those links are
smaller than that from the West Coast, where              fed by four to six (dependent on the season)
growth didn’t even reach 3%. Consequently, trade          mainline services, including two (three) Europe-
imbalance went up again to a substantial 52%.             WCSA operations. In late 2005, Maersk Line also
                                                          started a direct US East Coast-WCSA service, but
                    Growth      9M10     9M09    9M08*    that one was cancelled again six months later.
Trade lanes
                     '10/09       TEU      TEU      TEU
All Asia/US WC        19.2%     7,604    6,377    7,869   It may be that Maersk Line, despite its well func-
US WC/All Asia         2.9%     3,522    3,424    3,750   tioning indirect US East Coast/Gulf-West Coast
Total US WC           13.5%    11,126    9,801   11,620
                                                          South America connections, is just not satisfied
All Asia/US EC        13.8%     1,147    1,009    1,170
US EC/All Asia         5.7%       705      667      793
                                                          with its trade share here. While the total 2010 9-
Total US EC           10.5%     1,852    1,675    1,963   month volume increased by 11% year-on-year,
All Asia/US           18.5%     8,752    7,386    9,039   the Danish line’s carryings declined by no less
US/All Asia            3.3%     4,227    4,090    4,543   than 44%, causing it to drop to the 7th carrier spot
Total US              13.1%    12,978   11,477   13,582   here, down from four in 2009. It may hope to re-
Imbalance TEU              -    4,525    3,296    4,495   pair this through a direct, instead of tranship-
Imbalance %                -     52%      45%      50%    ment, service.
(1,000 TEU)




                                                                                                               2
DYNALINERS 01/2011, 07 January 2011



Carrier                    '10/'09        3Q10       3Q09     Inchon (South Korea), Bangkok, Laem Chabang, back to
                                                              Hong Kong.
 USAEC/G-WCSA                 +/- %          TEU       TEU
 CCNI                          13%           32.7      28.9
 CSAV                         -16%           49.5      58.8   OOCL joins Yang Ming as a slot operator between
 Evergreen                     74%           37.1      21.3   China and Indonesia on IPCX, a joint service of
 Hamburg Süd                   17%           55.7      47.7   Cheng Lie and T.S. Lines furthermore serving
 Maersk Line                  -44%           24.6      43.7   ports in Hong Kong and the Philippines.
 MSC                            -1%          91.4      92.3
 Seaboard                      51%             Intra-Latin America
                                             40.4      26.8
 Others                        34%             CSAV and affiliate CNP (Consorcio Naviera Perua-
                                           142.2      106.3
 Grand Total                   11%             no) introduced a West Coast South America feed-
                                           473.7      425.7
1,000 TEU - Analysis based on data sourced from PIERS
                                               er service between ports in Ecuador and Peru, us-
                                               ing two 1,200 TEU average vessels. Schedule still
Container trade between the US West Coast and to be fixed but anyway including Callao and
Andean South America is minimal, reaching only Guayaquil.
117,000 TEU during Jan-Sep 2010 (+6%).
                                                              Intra-Mediterranean
Far East - Africa                                             NYK will charter slots on two of Evergreen’s up-
Maersk Line’s last August initiated Far East-West             graded intra-Mediterranean feeder services
Africa FEW3 service no longer calls at Durban, as it          (ADL1/2) out of Taranto to the Adriatic, Levant
used to do in both directions, while Shanghai has             and Turkey, and vice versa. For some while, the
also been skipped. Twelve 2,500 TEU average                   Japanese carrier has operated space on the Tai-
ships are deployed, with the new rotation of: Port            wanese line’s Mediterranean-Far East CES loop
Tanjung Pelepas, Guangzhou (Nansha), Fuzhou, Ningbo,
Shenzhen (Yantian), Guangzhou (Nansha), Port Tanjung
                                                     Intra-Europe
Pelepas, Pointe Noire, Lagos (Tincan), Onne, Douala,
back to Port Tanjung Pelepas.                        MSC initiated Russia Pendulum Service (RPS), a
                                                   new, weekly St. Petersburg link of three 1,400
Far East - Indian Sub Continent                    TEU ships. They will alternate Rotterdam with
Hamburg Süd will charter slots on the new, 3x Bremerhaven as the North Continental ports. The
2,800 TEU China India Express (CIX2 - DL 51/10) of new loop will induce some changes in the carrier’s
vessel operating partners Evergreen and Sima- Baltic Russia links from Antwerp.
tech. It adds to a similar arrangement of the Ger-
man carrier on the Central China India service COMPANIES
(CCI) of Wan Hai, RCL and Sea Consortium.
                                                   Mergers and Takeovers
Intra-Far East                                     As part of a financial restructure, Malaysia Trade
Newcomer Great Eagle Shipping Lines of Hong & Transport Shipping (MTTS) will acquire a mini-
Kong (DL 42/10) plans the 2011 launch of up to mum 30% in listed Swee Joo Sdn Bhd, parent of
four different services, including two North East Kuching-based Johan Shipping, operating East
Asia-South East Asia links, one between China, Malaysia-West Malaysia and Thailand regional
Singapore, Malaysia and Sri Lanka, the other serv- and feeder services.
ing China, South Korea, Vietnam and Thailand. It
so far operates a single 700 TEU-ship Hong Kong- Carriers
Hai Phong service.                                 The 1 January 2011 Top 25 Container Operators
                                                   (by parent or main company, including subsidiaries,
Hyundai is soon to start CHT, a new China Hong affiliates and sister companies) now control 86% of
Kong Thailand service between Hong Kong, Xiamen, the existing container capable fleet deployed in


                                                                                                                3
DYNALINERS 01/2011, 07 January 2011


liner services, 3% more than a year ago. With 3.5        (1,000 TEU, analysis based on data sourced from AXS-
million TEU their orderbook stands at almost 28%         Alphaliner)
of the existing fleet, constituting 93%(!) of the 3.8
                                                         Compared to one year ago, total fleet size was up
million TEU world orderbook. The top 10 contains
                                                         8.5% to 14.8 million TEU, which was 13.4% for the
virtually the same carriers as before the Septem-
                                                         Top 25 carriers. At 3.8 million TEU, the current or-
ber 2008 collapse of Lehman Brothers with its
                                                         derbook is (a steep) 19.4% lower than in January
dramatic effects on liner shipping. The exception
                                                         2010.
is CSAV now ranking 7 now, having pushed NYK
out. Recently, CCNI and T.S. Lines entered the list,
                                                                                   Operated fleet     Order book
replacing feeder operators RCL and Sea Consor-           2010 versus 2009
                                                                                    Ships    TEU Ships      TEU
tium. Maersk Line may have the largest order-
                                                         Jan ’09 Top-25            3,196 11,262     504   3,857
book by number of vessels, but by capacity the           Jan ’09 World             5,892 13,642     770   4,721
Danes lag behind super-expansive MSC, appar-             Share Top-25                54%     83%    65%     82%
ently on the hunt for the top position. By capacity,     Top 25 change              9.4% 13.4%      -9%   -8.6%
Coscon has still the largest share of its existing       World change               1.0%    8.5% -23.7% -19.4%
fleet (58%) on order, followed by UASC (56%) and         (1,000 TEU)
Hanjin and ZIM (48% each).
                                                         The Top 25 ranking is a snapshot of the situation at the
Parent/main            Operated fleet       Order book   moment it was compiled. Chartering or redelivery of
No                      Ships    TEU    Ships     TEU    vessels has its immediate impact on an individual car-
1 Maersk Line            577 2,146         54     345    rier’s operated fleet. Capacity on order may not simply
2 MSC                    449 1,862         40     459    be added to the existing fleet to determine the future
3 CMA CGM                399 1,207         26     273
                                                         ranking of a line as new ships may, in part, replace ei-
                                                         ther own tonnage or chartered vessels. *Orders by non-
4 Evergreen              158     604       20     176
                                                         operating owners of ships over 4,000 TEU (invariably to
5 Hapag-Lloyd            136     597       10     131
                                                         be operated by Top 25 carriers) have been included in
6 APL                    146     585       22     201
                                                         the above overview. The previous top 25 ranking was
7 CSAV                   155     579        8      63
                                                         published in DL 35/10.
8 Coscon                 138     544       38     314
9 Hanjin                 104     477       22     228    Individually operating subsidiaries or sister companies:
10 China Shipping        140     457       16     150    1 Maersk Line includes MCC, Mercosul Line, OACL
11 MOL                     98    402       14      83         and Safmarine
12 NYK                     98    387        5      29    3 CMA CGM includes ANL, Cagéma, Cheng Lie, Co-
13 Hamburg Süd           116     371       20     102         MaNav, Delmas, FAS, MacAndrews, OTAL and US
14 OOCL                    79    354        8      71         Lines
15 "K" Line                78    328       12      77    7 Compania Sudamericana de Vapores includes CSAV
16 ZIM                     94    323       14     156         Norasia and Libra (Brazil/Uruguay)
17 Yang Ming               79    322       17     109    8 Coscon includes Coheung and Shanghai Panasia
18 Hyundai                 55    287        5      65    10 China Shipping includes Shanghai Puhai
19 PIL                   141     260       14      40    13 Hamburg Süd includes Aliança
20 UASC                    55    217       10     122    19 Pacific International Lines includes Advance Con-
21 Wan Hai                 87    185       14      38         tainer Line, Pacific Eagle Line and Pacific Direct Line
22 T.S. Lines              41      84       0       0
23 HDS Lines               22      74       0       0    Swire Shipping is no longer an independently op-
24 MISC                    28      68       2      17    erating subsidiary of China Navigation Co, but has
25 CCNI                    24      58       0       0    become one of the brands under which latter’s
* >4,000 TEU unknown        -       -      35     279    Singapore-based CNCo Pte Ltd offers its Pacific
Total Top 25           3,497 12,778      426    3,527    Asia and Australasia-focused liner services. The
World liner fleet      5,953 14,799      587    3,806    others include New Guinea Pacific Line (NGPL)
Share Top 25             59%     86%     73%      93%    and Tasman Orient Line (TOL), while it manages


                                                                                                                   4
DYNALINERS 01/2011, 07 January 2011


Greater Bali Hai (GBH), in which it holds a 25% in-
terest. CNCo acts as the deepsea shipping arm of Having purchased shares worth USD 733 million in
London-based John Swire & Sons Ltd.                 the two facilities indirectly held by China Re-
                                                    sources, Hutchison Port Holdings (HPH) now
IRISL (Islamic Republic of Iran Shipping Lines) re- owns 76.5% in its flagship Hong Kong Internation-
gained control over the three HDS Lines-operated al Terminals (HIT) and 53.4% in Yantian Interna-
ships arrested in Singapore last year September tional Terminals (YIT) of Shenzhen. Before the
(DL 50/10). The 5,100 TEU units were close to be- deal it stood at 66.5% and 48%, respectively. PSA
ing auctioned before IRISL was able to convince International holds a strategic 20% share in HPH.
the Singapore High Court that the transfer of USD
235 million was actually delayed through the ef- Port throughput
fects of the UN sanctions placed upon the carrier. Some first, including preliminary, full year 2010
Those were also the reason of a change of P&I TEU port handling figures, comparing with both
cover to Iranian Moallem Insurance, inducing 2009 and 2008:
Crédit Agricole to demand repayment of its loan.
                                                                        Growth     2010     2009     2008
For similar reasons, two more of IRISL’s HDS            Port/Terminal   ‘10/’09      TEU      TEU      TEU
Lines-operated vessels are under arrest: the 3,300      Antwerp          16.1%     8,483    7,310    8,664
TEU “Dandle” (Malta) and the 6,500 TEU “Decre-          Bremerhaven       8.0%     4,900    4,536    5,501
tive” (Hong Kong), both through HSH Nordbank -          Busan            18.6%    14,180   11,954   13,420
amount concerned: USD 268 million. Further add-         Colombo          18.4%     4,100    3,464    3,687
ing to the troubled carrier’s worries is the hijack-    Inchon           19.1%     1,880    1,578    1,703
                                                        Kwangyang        13.8%     2,060    1,810    1,810
ing, by Somali pirates, of the single 1,100 TEU ves-
                                                        Le Havre          7.0%     2,400    2,241    2,489
sel of HDS Lines’ just started Pakistan-Iran-UAE-
                                                        Montreal          4.8%     1,320    1,260    1,474
East Africa service (DL 48/10).
                                                        Rotterdam        14.0%    11,100    9,743   10,784
                                                        Zeebrugge         7.4%     2,500    2,328    2,210
NYK again confirmed to reduce its operated con-        (1,000 TEU)
tainer ship fleet capacity to around 360,000 TEU.
Including newbuildings, it currently stands at Europe
416,000 TEU.                                         As reported, the European Commission (EC) is
                                                     once again considering legislation to achieve fur-
China’s economic growth will translate into ther liberalisation in the European Union’s port
stronger domestic demand, leading to a further industry. Two previous attempts to introduce a
increase of containerised imports, much of which so-called Port Package were blocked in Parlia-
originates elsewhere in Asia, Maersk Line thinks. ment under pressure of dockers unions.
It consequently decided to reinforce its relevant
sales and customer services staff in the region.     Bremen Ports, the Bremen and Bremerhaven port
                                                     authority, received the long awaited governmen-
 PORTS                                               tal approval for the deepening from 12.8 metres
                                                     to 13.8 metres of the River Weser fairway. Work,
Global Terminal Operators                            costing USD 40 million, should be completed by
Citi Infrastructure Investors (CII), having acquired the end of the year.
a 75% stake in DP World Australia is part of Citi
Capital Advisors, a unit of Citibank. The deal, de- Wilhelmshaven’s 16.5-metre draught JadeWe-
scribed as a strategic partnership, will see DP serPort, a joint venture between Eurogate and
World continue to operate the five Australian fa- APM Terminals, signed for eight ship-to-shore
cilities. DL 51/10 refers.                           container gantries capable of handling 25-boxes


                                                                                                         5
DYNALINERS 01/2011, 07 January 2011


wide. Those should be big enough to serve the
18,000 TEU leviathans rumoured to be negotiated Oman Container Lines, a brand of Oman Shipping
by Maersk Line.                                    Company SAOC (DL 49/10) opted for Sohar (in-
                                                   stead of Muscat) as the Omani port of its just
Pilotage in all Dutch ports may go up by up to started Oman-East Med/Levant (Egypt, Lebanon,
6.6% to correct last year’s wrongly applied reduc- Syria, Turkey, Libya) box service.
tion of 3%. Port of Rotterdam, having restricted
the ultimate increase of its 2011 harbour dues to Indian Sub Continent
3% (DL 46/10), considers an appeal.                The commissioning of DP World’s India Gateway
                                                   Terminal (IGT) at Kochi, Vallarpadam island
Mediterranean                                      should -finally- occur later this month. Once in full
Despite the first half opening of Hanjin’s Total swing, the port’s current Rajiv Gandhi Container
Terminal International (TTI) in Algeciras, Terminal (RGCT) will become a bulk facility.
throughput in the south Spanish port fell by 20%
in the second half of 2010. It is the result of North America
Maersk Line having shifted, at the expense of Having studied various options varying from jack-
APM Terminals Algeciras, a substantial amount of ing up the 78 year-old span to building a new one
transhipment to opposite Tangier-Med Port, or constructing a tunnel by a higher bridge or a
where the cost of labour is said to be 20% to 40% tunnel, the Port Authority of New York and New
lower. Notwithstanding, Algeciras’ 2010 through- Jersey decided to elevate the Bayonne Bridge’s
put is estimated at 2.9 million TEU (-5% year-on- roadway. Currently, maximum air draft is be-
year).                                             tween 46 and 48 metres, translating into a
                                                   Bayonne-max vessel size of around 8,000 TEU.
The Supreme Economic Court of Ukraine over- Considerably bigger ships will come to the US East
ruled the decision in favour of National Container Coast once the much larger set of locks in the Pa-
Company (NCC) of the Odessa Regional Court of nama Canal are completed by early 2015. Costs:
Appeal and confirmed that instead Sea Commer- to be between USD 1.5 and USD 2 billion.
cial Port of Illichevsk (SCPI) rightfully withdrew
Ukrtranscontainer’s (UTC, a subsidiary of NCC) Charleston is seeking funds from the US federal
operating licence of the Illichevsk container ter- government for dredging the port from 13.7 to
minal. DL 42 refers. It is understood that no fur- 15.2 metres, also to be ready for the bigger ships
ther appeal is possible.                           expected in 2015.

Africa                                                Latin America
South Africa’s newest port of Ngquara handled         Last month, just in pre-planned 2010, PSA Inter-
259 box ships and 288,800 TEU during its first 12     national commissioned its PSA Panama Interna-
months of operation since October 2009. MOL           tional Terminal (PPIT), built at the former Rod-
and MSC are the Ngqura Container Terminal’s           man Naval Station in Panama City. The 450,000
(NCT) main users with a current total of nine         TEU capacity, 330-meter quay length box facility
mainline and feeder services.                         at 14.5 metres draught and equipped with three
                                                      ship-to-shore container gantries is situated at the
Middle East                                           Pacific side of the Panama Canal. Ultimate capac-
Abu Dhabi Terminals (ADT) will henceforth stand ity is 750,000 TEU. The first ship handled dis-
in for the operation of Mina Zayed, Abu Dhabi’s charged 10,000 tons of steel bars ...
main port. The 5-year contract of DP World, hav-
ing managed the facility for the last five years, ex- There are (remote) plans for two more container
pired effective 1 January 2011.                       terminals in the Panama Canal zone, one at Palo


                                                                                                       6
DYNALINERS 01/2011, 07 January 2011


Seco/Farfan, directly on the Pacific Ocean, anoth- Shipowners
er one at Isla Margarita on the Atlantic breakwa- Greek Diana Shipping listed 55% of its 2010 set
ter. Both sites are former US military bases too.    up subsidiary Diana Containerships Inc on the
                                                     Nasdaq effective 3 January. Established a year ago
In April next, when two postPanamax ship-to- with lots of fanfare, the non-operating shipowning
shore container gantries have been installed, San- company currently controls just two 2009/2010-
ta Marta’s (Colombia) dedicated container ter- built 3,400 TEU vessels on charter by CSAV Nora-
minal is to be commissioned. Operator is SMITCO sia and Maersk Line.
(Santa Marta International Terminal Company
Inc), a joint venture between SSA Marine’s Man- Newbuilding
zanillo International Terminal (MIT, Colon) and lo- After 20 months, the first substantial orders for
cal SPSM (Sociedad Portuaria de Santa Marta). container ships were placed in June 2010. The-
Some 120,000 TEU were handled at the current reafter, no month passed without one or more
facility in 2009, including nearly 20,000 reefer TEU fresh orders, almost like in the good(?) old days
of bananas.                                          prior to the downturn. Altogether, operators and
                                                     non-operating owners signed for 132 fully cellular
In a joint venture with Sociedad Portuaria del box ships of 5,900 TEU average, total 778,000
Norte (SPN), SSA Marine is also to develop a box TEU. Overview by size category:
terminal in Barranquilla (Colombia).
                                                                Size                Number     Average     Total
COUNTRIES/AREAS                                                 TEU                   Ships        TEU       TEU
                                                                >13,000                  14     13,100   183,000
Europe                                                          >10,000                   2     10,700    21,400
                                                                >9,000                    6      9,000    54,000
Effective 1 January, Estonia has become the 17th
                                                                >8,000                   38      8,700   329,300
European Union member to introduce the Euro. Its
                                                                >6,000                    3      6,500    19,500
former currency, the Litas (LTL), had been pegged
                                                                >3,000                   32      3,700   119,600
to the Euro since 2004.                                         >2,000                    6      2,500    15,300
                                                                >1,000                   29      1,200    33,600
Middle East                                                     >500                      2      1,000     1,900
The United Nations Security Council’s decision to               Total                  132       5,900   777,700
lift international sanctions on Iraq, imposed in
1991, is expected to boost trade (including mari- It was not only cellular units, also quite a number
time) with this country.                            (46) of multipurpose vessels plus 2 Ro/Ro units, all
                                                    with TEU space, were ordered in 2010. Their total
World                                               capacity is 70,300 TEU:
It is anticipated that this year, South Africa will
join BRIC (to become BRICS(A?)), the club of lead- Size/type           Number       Average      Total
ing emerging and developing nations, currently TEU                       Ships           TEU       TEU
consisting of Brazil, Russia, India and China.       >2,000 MP               8         2,100    16,700
                                                                >1,000 MP               38       1,400    53,000
SHIPS                                                           100-500 RO               2         300       700
(Details on newbuilding, sales and demolition are given in      Total                   48       1,500    70,300
good faith but without guarantee. Unless specified otherwise,
all cellular containership capacities stated throughout Dy-
naLiners are nominal TEU)                                       Without an orderbook since 2008, with 176,000
                                                                TEU (23% of all new cellular space) Evergreen or-
                                                                dered the largest capacity in 2010. At 13,100 TEU
                                                                each, Hapag-Lloyd took the biggest ships by indi-


                                                                                                               7
DYNALINERS 01/2011, 07 January 2011


vidual capacity for its account. Other carriers hav- lion TEU at the start of 2011. Carriers accounted
ing ordered ships larger than 4,000 TEU (average) for 52 units; charter owners 93 ships.
include:
                                                       TEU Category        %idle     Number   TEU Capacity
Carrier               Number     Average      Total    >7,500                             3              -
>4,000 TEU              Ships        TEU        TEU    <7,500                            14              -
APL                        12      8,800    105,400    <5,000                            24              -
CSAV                        2      8,000     16,000    <3,000                            19              -
Evergreen                  20      8,800    176,000    <2,000                            43              -
Hapag-Lloyd                10     13,100    131,000    <1,000                            42              -
MSC                         6      9,000     54,000    3 Jan 2011           2.4%        145       336,000
OOCL                        2      8,900     17,800    7 Dec                2.5%        147       356,000
SCI                         3      6,500     19,500    23 Nov               2.4%        142       336,000
Not indicated              37      4,300    160,700    4 Jan 2010          11.6%        581       1,510,00
Total                      92      7,400    680,400
                                                  The share of its idle capacity per individual carrier
In late December 2010, Singapore-based China varies between 0% (not shown) and 9.4% of its ex-
Navigation Co (CNCo) ordered eight 31,000-dwt isting fleet. For the largest carriers, the picture
multipurpose vessels at Zhejiang Ouhua Ship- was as follows:
building. Delivery: January through August 2013.
Three of the five holds are cellular, giving each Carrier                 Idle     Share     Fleet size
ship a capacity for 2,100 TEU. There is an option                         TEU          %           TEU
for eight more identical bottoms.                  Coscon              40,800       7.5%       544,000
                                                       CSAV                10,400      1.8%        579,000
                                                       Hamburg Süd          4,500      1.2%        371,000
The above Zhejiang Ouhua Shipbuilding yard of
                                                       Hanjin               2,900      0.6%        477,000
Zhoushan, China is also assumed to be on the           Hapag-Lloyd         20,300      3.4%        597,000
verge of booking four 4,800 TEU box ships from a       Maersk Line         10,700      0.5%      2,146,000
German non-operating shipowner and to be nego-         NYK                  4,300      1.1%        387,000
tiating with another party on eight 1,700 TEU ves-     PIL                  3,100      1.2%        260,000
sels.                                                  Yang Ming            7,700      2.4%        322,000
                                                       ZIM                 30,400      9.4%        323,000
SITC Container Lines ordered, in the dying days of     Others             201,000      2.4%      8,264,000
                                                       Total              336,000      2.4%     14,270,000
2010, another two 1,100 TEU cellular ships from a
yet to be announced Japanese yard at USD 39.6
million en bloc, delivery: 4th quarter 2012. Alto-     What a difference with early 2010 when on 4 Jan-
gether, it signed for seven such vessels since early   uary 581 idle vessels/1,510,000 TEU were
November. When listed in last October (DL              counted, making up for 11.6% of the then existing
39/10), the company said to spend around half of       overall capacity. It should be considered that, in
the USD 400 million raised on new and second           the same period, some 120 ships, 1,190,000 TEU
hand ships.                                            were added to the liner fleet (net of scrapping and
                                                       removals otherwise). This means that altogether,
Lay-up/idle                                            at present some 550 vessels/2,360,000 TEU more
As of 3 January, an estimated 145 ships with a to-     are active in the worldwide liner trades than a
tal capacity of 326,000 TEU (2.3% of the existing      year ago! It goes without saying that Slow Steam-
fleet) were in lay-up, according to an AXS-            ing has helped to absorb this glut. By mid-July
Alphaliner assessment. It is 2 vessels and 30,000      2010, 180 units/1,060,000 TEU were employed as
TEU less than in early December last. Mid-2010,        extra vessels in slow steaming operations since
some had forecasted an idle fleet of around 1 mil-     when their number will have increased by 10%.


                                                                                                         8
DYNALINERS 01/2011, 07 January 2011


                                                                 RATES OF EXCHANGE
AVERAGE RATES OF EXCHANGE
                                                                 USD 1 =      06Jan11         30 Dec10        23 Dec10      07Jan 10
1 USD =           2010     2009      2008      2007     2006     BRL              1.67            1.68            1.70          1.73
                                                                 CAD              1.00            1.00            1.01          1.03
BRL              1.76       2.00      1.83      1.92     2.18
                                                                 CHF              0.95            0.95            0.95          1.03
CAD              1.03       1.14      1.06      1.07     1.14
                                                                 CNY              6.58            6.61            6.64          6.83
CHF              1.04       1.10      1.08      1.20     1.25
                                                                 EUR              0.76            0.76            0.76          0.70
CNY              6.76       6.70      6.95      7.60     7.97
                                                                 GBP              0.64            0.65            0.65          0.63
EUR              0.76       0.72      0.68      0.73     0.80
                                                                 JPY            82.42            82.12           82.97         92.89
GBP              0.65       0.64      0.54      0.50     0.54
                                                                 ZAR              6.70            6.66            6.77          7.40
JPY             87.83      93.49    103.53    117.72   116.33
ZAR                         8.28      8.23      7.05     6.75    Indicative exchange rates of 06 January
                 7.32
                                                                 CRUDE OIL PRICES
AVERAGE BUNKER MARKET PRICES
For 380 CST in USD per metric ton                                Month                        Year                        USD
                                                                 February                     2011                       95.98
 Port           2010     2009   2008           2007       2006   March                        2011                       95.79
 Rotterdam        453     356    474            348        292   April                        2011                       95.85
 Genoa1)          470     374    498            368        312   Thursday's prices (per barrel) for Brent
 Fujairah         467     367    507            373        311
 Singapore                372    507            373        314
                                                                 BUNKER MARKET PRICES
                  465
 Tokyo            469     403    573            410        338   Type                     380 Cst                180 Cst         MDO
 Durban2)         490     394    551            376        320   Port                      USD                    USD            USD
 Houston1)*       456     367    497            353        302   Rotterdam                 510                     534            733
 L. Beach1)*      469     376    524            380        319   Genoa
                                                                        1)
                                                                                           513                     538
                                                                                                                                 2
                                                                                                                                  812
1)          2)        *)
  Ex-wharf - 180 CST - Wednesday                                 Fujairah                  517                    527             800
                                                                 Singapore                 516                    524             773
AVERAGE CRUDE OIL VERSUS BUNKER PRICES                           Tokyo                     571                    579             802
                                                                         1)
                                                                 Durban                    N/A                     570            801
Average Thursday indicative future USD prices                    Houston*
                                                                            1)
                                                                                           508                     528            763
                                                                               1)
(per barrel) for Brent for delivery during the                   Long Beach*               542                     562            787
month as stated versus average bunker USD                        Historical Rotterdam prices
prices (per ton) for 380 CST at Rotterdam in the                 30 Dec 2010               495                     519           740
same month, since January 2008:                                  07 Jan 2010               475                     488           651
                                                                 Thursday’s indicative spot bunker prices for bunker oil
Month         2010              2009               2008          with more than 1% to maximum 4.5%.sulphur content.
                                                                                         1)              2)
          Crude    CST      Crude       CST    Crude      CST    *Wednesday’s prices - Ex-wharf - Gasoil
                                                                 Source: Oil Shipping (Bunkering), Rotterdam
Dec          82      487       75       445       85      197
Nov          78      476       72       472      105      227    RECENTLY-ISSUED CREDIT REPORTS
Oct          77      470       70       445      120      404
Sep          77      433       69       411      130      549    Company                                                     Ref. No
Aug          79      439       65       427      130      627    American President Lines Ltd.                                    37
Jul          78      426       57       380      123      675    Borchard Lines Ltd.                                             652
Jun          81      427       53       380      112      591    Co. Chilena de Navegación Interoceánica SA                    1891
May          81      440       48       337      100      528    Empros Lines Shipping Co., SP SA                             45712
Apl          79      466       46       271       97      495    Great Eagle Shipping Lines Limited                           53812
Mar          77      457       45       244       94      476    Hanjin Shipping Co., Ltd.                                    17660
Feb          79      455       51       241       92      439    United Arab Shipping Company                                  1826
Jan          76      456       69       226       88      446    Yang Ming Marine Transport Corporation                        6946



                                                                                                                                        9
The West Africa Container Trades
No country and region in the world that has escaped from the recent economic downturn. Africa
not either, but the impact here, also on shipping, has decidedly been less severe than elsewhere.
For a long time West Africa, with its rich resources, has been considered a promising future con-
tainer trade - a future that is nearing …

    This new, key data-focused Dynamar Markets and Trades publication examines the current
                                 West Africa Container Trades
                  with North Europe, the Mediterranean, Asia and the Americas

The report, amongst others, covers the following topics:
    - Key Facts and Figures of each West African container trade lane
    - Introduction to the trade: developments re carriers, ships, ports and trade structure
    - Summary of countries and ports served in all regions
    - 5-year total container throughput (TEU) of all relevant ports of call
    - 5-year full container (TEU) statistics for each trade lane as follows:
       2007 through 2009 - estimate 2010 - forecast 2011 through 2013
    - More than 30 trade-relevant carrier profile briefs
    - Details of over 60 shipping services (container/RoRo/multipurpose/reefer) accepting con-
       tainers: carrier/grouping, rotation, frequency, ships/capacity, relevant notes, including re-
       lay- and intra-Africa feeder operations
    - Service grids: at-a-glance overview of all shipping services/base schedules per area
    - Capacity/share analysis by carrier per individual trade lane and overall
    - Main moving commodities by trade lane; brief assessments of the all-important cocoa and
       oil-production and markets
    - Economic developments, including GDP, population data, short country economy profiles
    - Overview of private terminal operators; investments in West African ports

            All information in this report has been collected, researched and analysed in the months
                                         October through December 2010

      Please mail or fax your order to Dynamar B.V., P.O. Box 400, 1800 AK ALKMAAR - The Netherlands
                 Phone +31 72 5147400 - Fax +31 72 5151397 - E-mail: sales@dynamar.com
                                          Thank you for your order!

             YES: I would like to order Dynamar's new West Africa Container Trades report

  .PDF/E-mail EUR 925                 Bound/priority: EUR 945                 .PDF+bound: EUR 990
Full name
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Country
Phone, fax, E-mail
V.A.T. number (EU countries)

                                                                                                       10
Dynamar (2010) Reefer Analysis - Market Structure, Conventional, Containers
The latest edition of our Dynamar Reefer Analysis is available NOW! This fresh report constitutes a considera-
ble expansion of our previous studies on the subject. It now comprises three parts: two separate sections on
the different conventional and container reefer trades, these being based on an extensive write up on the
structure of the market.

Part I - Reefer market structure(s)
After a brief historical overview on the background and development of reefer shipping, this chapter provides
extensive overviews, statistics and concise descriptions of:
    -     The world perishable trades: volumes by main produce and export and import regions - transport
          modes and characteristics - temperature settings - modern techniques
    -     Trading patterns: conventional ships versus container vessels - main export areas - exports by product
          and individual country
    -     Major reefer ports: perishable exports by country - description of relevant reefer handling facilities by
          mode of transportation - port throughput statistics

Part 2 - Conventional reefer shipping
Opens with the characteristics of the conventional reefer market, followed by a 3-year recent reefer seasons
(2010/2009/2008) review, including statistics and graphics of relevant time charter equivalents, as well as:
    -     Extensive conventional reefer ship overviews and statistics (existing fleet, orderbook, age profile, de-
          molition, future development)
    -     Identically structured profiles of the world’s 15 largest conventional reefer ship operators, including
          markets/trade lanes and operated fleet

Part 3 - Container reefer shipping
The introduction clarifies the main containerized reefer routes, invariably part of the South-North structure.
Furthermore, this section provides:
    -     Extensive overviews and statistics of the composition and development of the container fleet and or-
          derbook, reefer TEU capacity, plugs/capacity ratios by size category, box fleet and refrigerated con-
          tainer fleet by main carrier
    -     Inventory of container shipping services on the most relevant reefer routes
    -     Refrigerated container box fleet, size categories, production data, capacity by carrier
    -     Identically structured profiles of the world’s 15 largest reefer container carriers

Dynamar (2010) Reefer Analysis - Market Structure, Conventional, Containers uses the most recent FAO sta-
tistics on reefer commodity export and import data by country (7 consecutive years), supplemented with up-
to-date port, vessel, box and carrier fleet statistics and gives a profound insight into the background, character-
istics and goings of the worldwide shipping market of perishables and the relevant players.

      Please mail or fax your order to Dynamar B.V., P.O. Box 400, 1800 AK ALKMAAR - The Netherlands
             Fax +31 72 515 1397 - E-mail: marketing@dynamar.com. We appreciate your order!

      YES: I would like to order the fresh Dynamar (2010) Reefer Analysis
        .PDF/E-mail EUR 765                   Bound/priority: EUR 785             .PDF+bound: EUR 830
      Full name
      Position
      Company
      Delivery and invoice address
      Postal code and City
      Country
      Phone, fax, E-mail
      V.A.T. Number (EU countries)


                                                                                                                11
SLOW STEAMING ...
                                    A transient fashion or here to stay?

Slow Steaming encompasses the operation of vessels at slower than maximum commercial speed, while add-
ing a ship to the container service to keep the original frequency.

Certainly not a new issue, the Slow Steaming phenomenon has returned to the liner trades in full force since
2007. Initially, this was driven by the need of saving fuel costs, soon thereafter followed by other imperatives
of addressing over-capacity, reducing harmful emissions and ... empty pockets.

By mid-2008 half of the 31 North Europe-Far East slings had slowed down, plus a handful of others. An exten-
sive assessment in the publication shows that 2 years later, modern box vessels cruising slower than ships in
the era of sail can be found be found in all major East-West and North-South trades. The joint capacity of all
slowed down bottoms is nearly half of that of the total containership fleet, with the number of extra vessels
tight into the Slow Steaming services making up for some 8%.

Slow Steaming is a multi-faceted strategy, affecting many sectors of the liner trades and raising a multitude of
questions, including:
    - the actual speed                               -   the container box fleet
    - the effect on the total fleet                  -   the level of savings
    - the logistics effect                           -   the number of ships and carriers involved
    - the possible alternatives                      -   the scheduling and integrity of services
    - the technical side of the matter               -   how it serves the environment
    -   what’s in it for the shipper, and the future of Slow Steaming once full recovery is present, capacity
        tightens again, or fuel prices sink.

        These topics and more are brought together in a unique, just published, comprehensive report:
                            SLOW STEAMING, A transient fashion or here to stay?

All information in this study, presented in the form of a wealth of tables and concise write-ups, has been col-
lected, researched and analysed in June/August 2010.

             Please mail or fax your order to Dynamar B.V., P.O. Box 400, 1800 AK ALKMAAR - The Netherlands
                       Phone +31 72 514 7400 - Fax +31 72 515 1397 - E-mail: sales@dynamar.com
                                                 Thank you for your order!

     Yes, I would like to order a copy of SLOW STEAMING - A transient fashion or there to stay?
I wish to receive the report by the following mode:
     E-mail in .PDF format - EUR 295 (excl. VAT)
     Printed/bound by priority surface mail - EUR 315 (excl. VAT)
     .PDF and printed/bound - EUR 355 (excl. VAT)

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                                                                                                              12
ORDERFORM
                                    Please mail or fax your order to: marketing@dynamar.com
                                          Fax: +31 72 515 1397 or call +31 72 514 7424


                                  DYNAMAR B.V. - off-the-shelf consultancy reports
      Title                                                                                                      .PDF       Bound           Bound
                                                                                                  Issued     ?    EUR        EUR ?          & .PDF
 PU   Special Companies & Trades Reports                                                                                                     EUR
0282 Dynamar (2010) Reefer Analysis - Market Structure, Conventional, Containers                  Sep-10           765         785            830
0281 Slow Steaming - A transient fashion or here to stay?                                         Aug-10           295         315            360
0278 Container Throughput & Terminal Capacity in Europe                                           Jun-10           365         385            430
0270 DynaLiners Trades Review (2010) (extra copies subscribers EUR 70)                            Mar-10             -         130              -
0277 Breakbulk 2010 - Operators, Fleets, Markets                                                  Jan-10           495         515            560
0276 Top 25 (2009) Container Liner Operators                                                      Aug-09           475         495            540
0253 Panama Canal Container Trades: Past, Present and Future                                      Dec-08           475         495            540
0114 Shipping Innovation (a textbook by Niko Wijnolst & Tor Wergeland) (excl. po stages)          Dec-08             -         150              -
0240 Emerging Maritime Nations (II): Russia                                                        Oct-08          475         495            540
0191 Containers - Makers, Lessors, Users                                                          May-08           475         495            540
0217 Feedering and Transhipment - Trades, Top Operators & Ships                                   Aug-07           355         375            420
0210 Emerging Maritime Nations I: Vietnam - including 6 postPublication updates                   Feb-07           345         365            410

 PU   Container Liner Trades Reports - discounted prices!
      These reports are available "as is" and/or can be fully updated/customised
0248 West Africa Container Trades (Europe/Mediterranean/Far East/Americas)                        Dec-10           925         945            990
0274 Black Sea Container Trades, Ports and Terminals, Hinterland                                  Jun-09           595         615            660
0272 The 2009 Far East - East Coast South America Container Trade (full report)                   May-09           750         770            815
0271 The 2009 Australasia Container Trades - Europe, N. America, Far East                         Apr-09           750         770            815
0257 Far East-South & West Africa Container Trades (full report)                                  Jan-09           750         770            815
0260 Europe/Mediterranean-Indian Sub Continent Container Trade (full report)                      Nov-08           650         670            715
0268 Europe/Med-East Coast South America Container Trade (full report)                            Sep-08           750         770            815
0244 Europe/Med-West Africa Container Trade (full report)                                         Sep-08           750         770            815
0247 Europe/Med-Southern Africa 2008 Container Trade (full report)                                Aug-08           650         670            715
0250 West Coast South America 2008 Container Trades (full report)                                  Jul-08          750         770            815

       The Container Liner Trades Reports prices reflect the cost of a full report, constituting 15% discount on the separately available
                          parts I and II of such report - please contact us for further information on this unique facility
         All prices are excluding VAT and publications and invoices w ill be issued w ithing 2 w orking days of receipt of your order
           If you require a flyer w ith additional information prior to ordering, please contact us on mail and/or phone number above

Full name
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                                                                                                                                            Dec-10
                          Please visit www.dynamar.com for many more publications and information




                                                                                                                                               13

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Dl0111

  • 1. DYNAMAR B.V. Transport and Shipping Information Address P.O. Box 440, 1800 AK ALKMAAR, The Netherlands Office 1G Noorderkade, 1823 CJ ALKMAAR, The Netherlands Phone +31 72 514 7400 Fax +31 72 515 1397 E-mail marketing@dynamar.com Internet www.dynamar.com DYNALINERS 01/2011 07 January 2011 WEEKLY NEWS SUMMARY, ANALYSIS AND COMMENTARY ON LINER SHIPPING Twenty-first Year of Issue Published and distributed by Dynamar B.V. Managing Editor: Dirk Visser - Editor: Frans A.J. Waals Copyright 2011© May the Best of 2010 be the Worst of 2011! TRADES Statistics 2012 TEU 2011 TEU 2010 TEU What a difference a year makes! Capacity* 15,400,000 14,300,000 13,000,000 Liftings 154,000,000 144,000,000 131,000,000 (*capacity as of 1 January of each year) As much as 2009 hurt, 2010 turned into the wel- come surprise of one of the stronger growth years in the history of containerisation. At an estimatedEurope - Latin America 11%+ it is almost on par with the “golden” 2002-7 Effective March CCNI (1 ship), Coscon (1), Hanjin period of 12% average growth. It was, in particu- (2) and UASC (2) are to launch a new, joint North lar, the routes with the Far East that were to Europe-East Coast South America link, deploying thank, these showing 2010 full recovery against six 2,500 TEU ships average. The service is new the dramatic 2009 downturn, making it a V- and so are the carriers in this specific trade lane. shaped crisis for those trade lanes. Many North- While three serve the ECSA from other areas, the South routes improved substantially as well. Arab line will make its first ever appearance here as a container carrier. Itinerary has been fixed as Even when taking slow steaming into account, follows: Algeciras, Rotterdam, Hamburg, Antwerp, Al- geciras, Rio de Janeiro, Santos, Itajai, Santos, Salvador there surely was an urgent need for cargo as the and Algeciras again. arithmetic shows: the effects of re-mobilised idle ships plus newbuilding deliveries minus scrapping Europe - Mediterranean saw no less than 2.36 million TEU in capacity (see By the end of January, MSC will switch the Bene- SHIPS) added to the worldwide liner trades in lux call of its North Europe-Greece and Turkey 2010. With respect to deliveries, it will not be Loop 4 from Rotterdam to Antwerp. The complete much less in 2011. schedule of the five 3,200 TEU average ships will then read: Felixstowe, Hamburg, Rotterdam, Piraeus, So what to expect for the just started year? Dyna- Thessaloniki, Izmir, back to Felixstowe. Liners puts the demand growth bet on another double digit minimum of 10%! Estimate and fore- cast in figures:
  • 2. DYNALINERS 01/2011, 07 January 2011 Transatlantic Analyses based on figures sourced from PIERS. Subject regulatory approval, effective February, - US: all coasts, i.e. East Coast, Gulf and West Coast. CCNI (2 ships) and Hamburg Süd (8) will start a - South East Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand and Viet- Europe-North America West Coast service, a new nam trade lane for both partners. The ships will way- - North East Asia: China, Hong Kong, Japan, Ko- port in the Caribbean and Central America West rea/North, Korea/South, Macau, Mongolia, Russia Far Coast. It is effectively an extension of WAMS, East, Taiwan their existing North and Central America WC- Caribbean (Cartagena) operation, in which also Note*: Effective 2009, Myanmar has been removed CCNI’s compatriot CSAV participates. However, from the South East Asia section, while North Korea the latter will not operate the new Europe leg. and Russia Far East have been added to North East The (long) rotation of new WAMS’ ten around Asia. The impact on the figures will be marginal. 1,800 TEU vessels will be as follows: Tangier, Rot- PIL added Vancouver to the schedule of CTP, its terdam, Tilbury, Hamburg, Le Havre, Cartagena, Puerto Quetzal, Lazaro Cardenas, Long Beach, Oakland, Seat- standalone Transpacific service. The six-1,600 TEU tle, Vancouver, Oakland, Long Beach, Manzanillo (Mex- average ships schedule now reads: Xiamen, Hong ico W.C.), Lazaro Cardenas, Puerto Quetzal, Cartagena Kong, Shenzhen (Shekou), Ningbo, Shanghai, Long (Col), Tangier. Beach, Vancouver and Xiamen again. Transpacific North America - Latin America The core Transpacific trade (South East and North Effective 1 February, Maersk Line will launch East Asia to/from US all coasts) increased by just Spondylus, a new direct service between the US over 13% year-on-year in the first nine months of East Coast and West Coast South America (WCSA). 2010. Eastbound to the US was particularly Details of ships and schedule still to be an- strong: +19% to the Pacific Coast and +14% to the nounced. At present it serves this trade with tran- Atlantic seaboard. This represents a break with shipment at Balboa (Panama Pacific). From this the recent past as, for a number of years, the lat- hub, where the Danes are by far the largest cus- ter had been the stronger grower. Export to the tomer, it operates four to five feeder links to Far East is still increasing faster from the East WCSA destinations, plus another one to Central Coast (+5.7%) although the volume is 5 times and North America West Coast. Those links are smaller than that from the West Coast, where fed by four to six (dependent on the season) growth didn’t even reach 3%. Consequently, trade mainline services, including two (three) Europe- imbalance went up again to a substantial 52%. WCSA operations. In late 2005, Maersk Line also started a direct US East Coast-WCSA service, but Growth 9M10 9M09 9M08* that one was cancelled again six months later. Trade lanes '10/09 TEU TEU TEU All Asia/US WC 19.2% 7,604 6,377 7,869 It may be that Maersk Line, despite its well func- US WC/All Asia 2.9% 3,522 3,424 3,750 tioning indirect US East Coast/Gulf-West Coast Total US WC 13.5% 11,126 9,801 11,620 South America connections, is just not satisfied All Asia/US EC 13.8% 1,147 1,009 1,170 US EC/All Asia 5.7% 705 667 793 with its trade share here. While the total 2010 9- Total US EC 10.5% 1,852 1,675 1,963 month volume increased by 11% year-on-year, All Asia/US 18.5% 8,752 7,386 9,039 the Danish line’s carryings declined by no less US/All Asia 3.3% 4,227 4,090 4,543 than 44%, causing it to drop to the 7th carrier spot Total US 13.1% 12,978 11,477 13,582 here, down from four in 2009. It may hope to re- Imbalance TEU - 4,525 3,296 4,495 pair this through a direct, instead of tranship- Imbalance % - 52% 45% 50% ment, service. (1,000 TEU) 2
  • 3. DYNALINERS 01/2011, 07 January 2011 Carrier '10/'09 3Q10 3Q09 Inchon (South Korea), Bangkok, Laem Chabang, back to Hong Kong. USAEC/G-WCSA +/- % TEU TEU CCNI 13% 32.7 28.9 CSAV -16% 49.5 58.8 OOCL joins Yang Ming as a slot operator between Evergreen 74% 37.1 21.3 China and Indonesia on IPCX, a joint service of Hamburg Süd 17% 55.7 47.7 Cheng Lie and T.S. Lines furthermore serving Maersk Line -44% 24.6 43.7 ports in Hong Kong and the Philippines. MSC -1% 91.4 92.3 Seaboard 51% Intra-Latin America 40.4 26.8 Others 34% CSAV and affiliate CNP (Consorcio Naviera Perua- 142.2 106.3 Grand Total 11% no) introduced a West Coast South America feed- 473.7 425.7 1,000 TEU - Analysis based on data sourced from PIERS er service between ports in Ecuador and Peru, us- ing two 1,200 TEU average vessels. Schedule still Container trade between the US West Coast and to be fixed but anyway including Callao and Andean South America is minimal, reaching only Guayaquil. 117,000 TEU during Jan-Sep 2010 (+6%). Intra-Mediterranean Far East - Africa NYK will charter slots on two of Evergreen’s up- Maersk Line’s last August initiated Far East-West graded intra-Mediterranean feeder services Africa FEW3 service no longer calls at Durban, as it (ADL1/2) out of Taranto to the Adriatic, Levant used to do in both directions, while Shanghai has and Turkey, and vice versa. For some while, the also been skipped. Twelve 2,500 TEU average Japanese carrier has operated space on the Tai- ships are deployed, with the new rotation of: Port wanese line’s Mediterranean-Far East CES loop Tanjung Pelepas, Guangzhou (Nansha), Fuzhou, Ningbo, Shenzhen (Yantian), Guangzhou (Nansha), Port Tanjung Intra-Europe Pelepas, Pointe Noire, Lagos (Tincan), Onne, Douala, back to Port Tanjung Pelepas. MSC initiated Russia Pendulum Service (RPS), a new, weekly St. Petersburg link of three 1,400 Far East - Indian Sub Continent TEU ships. They will alternate Rotterdam with Hamburg Süd will charter slots on the new, 3x Bremerhaven as the North Continental ports. The 2,800 TEU China India Express (CIX2 - DL 51/10) of new loop will induce some changes in the carrier’s vessel operating partners Evergreen and Sima- Baltic Russia links from Antwerp. tech. It adds to a similar arrangement of the Ger- man carrier on the Central China India service COMPANIES (CCI) of Wan Hai, RCL and Sea Consortium. Mergers and Takeovers Intra-Far East As part of a financial restructure, Malaysia Trade Newcomer Great Eagle Shipping Lines of Hong & Transport Shipping (MTTS) will acquire a mini- Kong (DL 42/10) plans the 2011 launch of up to mum 30% in listed Swee Joo Sdn Bhd, parent of four different services, including two North East Kuching-based Johan Shipping, operating East Asia-South East Asia links, one between China, Malaysia-West Malaysia and Thailand regional Singapore, Malaysia and Sri Lanka, the other serv- and feeder services. ing China, South Korea, Vietnam and Thailand. It so far operates a single 700 TEU-ship Hong Kong- Carriers Hai Phong service. The 1 January 2011 Top 25 Container Operators (by parent or main company, including subsidiaries, Hyundai is soon to start CHT, a new China Hong affiliates and sister companies) now control 86% of Kong Thailand service between Hong Kong, Xiamen, the existing container capable fleet deployed in 3
  • 4. DYNALINERS 01/2011, 07 January 2011 liner services, 3% more than a year ago. With 3.5 (1,000 TEU, analysis based on data sourced from AXS- million TEU their orderbook stands at almost 28% Alphaliner) of the existing fleet, constituting 93%(!) of the 3.8 Compared to one year ago, total fleet size was up million TEU world orderbook. The top 10 contains 8.5% to 14.8 million TEU, which was 13.4% for the virtually the same carriers as before the Septem- Top 25 carriers. At 3.8 million TEU, the current or- ber 2008 collapse of Lehman Brothers with its derbook is (a steep) 19.4% lower than in January dramatic effects on liner shipping. The exception 2010. is CSAV now ranking 7 now, having pushed NYK out. Recently, CCNI and T.S. Lines entered the list, Operated fleet Order book replacing feeder operators RCL and Sea Consor- 2010 versus 2009 Ships TEU Ships TEU tium. Maersk Line may have the largest order- Jan ’09 Top-25 3,196 11,262 504 3,857 book by number of vessels, but by capacity the Jan ’09 World 5,892 13,642 770 4,721 Danes lag behind super-expansive MSC, appar- Share Top-25 54% 83% 65% 82% ently on the hunt for the top position. By capacity, Top 25 change 9.4% 13.4% -9% -8.6% Coscon has still the largest share of its existing World change 1.0% 8.5% -23.7% -19.4% fleet (58%) on order, followed by UASC (56%) and (1,000 TEU) Hanjin and ZIM (48% each). The Top 25 ranking is a snapshot of the situation at the Parent/main Operated fleet Order book moment it was compiled. Chartering or redelivery of No Ships TEU Ships TEU vessels has its immediate impact on an individual car- 1 Maersk Line 577 2,146 54 345 rier’s operated fleet. Capacity on order may not simply 2 MSC 449 1,862 40 459 be added to the existing fleet to determine the future 3 CMA CGM 399 1,207 26 273 ranking of a line as new ships may, in part, replace ei- ther own tonnage or chartered vessels. *Orders by non- 4 Evergreen 158 604 20 176 operating owners of ships over 4,000 TEU (invariably to 5 Hapag-Lloyd 136 597 10 131 be operated by Top 25 carriers) have been included in 6 APL 146 585 22 201 the above overview. The previous top 25 ranking was 7 CSAV 155 579 8 63 published in DL 35/10. 8 Coscon 138 544 38 314 9 Hanjin 104 477 22 228 Individually operating subsidiaries or sister companies: 10 China Shipping 140 457 16 150 1 Maersk Line includes MCC, Mercosul Line, OACL 11 MOL 98 402 14 83 and Safmarine 12 NYK 98 387 5 29 3 CMA CGM includes ANL, Cagéma, Cheng Lie, Co- 13 Hamburg Süd 116 371 20 102 MaNav, Delmas, FAS, MacAndrews, OTAL and US 14 OOCL 79 354 8 71 Lines 15 "K" Line 78 328 12 77 7 Compania Sudamericana de Vapores includes CSAV 16 ZIM 94 323 14 156 Norasia and Libra (Brazil/Uruguay) 17 Yang Ming 79 322 17 109 8 Coscon includes Coheung and Shanghai Panasia 18 Hyundai 55 287 5 65 10 China Shipping includes Shanghai Puhai 19 PIL 141 260 14 40 13 Hamburg Süd includes Aliança 20 UASC 55 217 10 122 19 Pacific International Lines includes Advance Con- 21 Wan Hai 87 185 14 38 tainer Line, Pacific Eagle Line and Pacific Direct Line 22 T.S. Lines 41 84 0 0 23 HDS Lines 22 74 0 0 Swire Shipping is no longer an independently op- 24 MISC 28 68 2 17 erating subsidiary of China Navigation Co, but has 25 CCNI 24 58 0 0 become one of the brands under which latter’s * >4,000 TEU unknown - - 35 279 Singapore-based CNCo Pte Ltd offers its Pacific Total Top 25 3,497 12,778 426 3,527 Asia and Australasia-focused liner services. The World liner fleet 5,953 14,799 587 3,806 others include New Guinea Pacific Line (NGPL) Share Top 25 59% 86% 73% 93% and Tasman Orient Line (TOL), while it manages 4
  • 5. DYNALINERS 01/2011, 07 January 2011 Greater Bali Hai (GBH), in which it holds a 25% in- terest. CNCo acts as the deepsea shipping arm of Having purchased shares worth USD 733 million in London-based John Swire & Sons Ltd. the two facilities indirectly held by China Re- sources, Hutchison Port Holdings (HPH) now IRISL (Islamic Republic of Iran Shipping Lines) re- owns 76.5% in its flagship Hong Kong Internation- gained control over the three HDS Lines-operated al Terminals (HIT) and 53.4% in Yantian Interna- ships arrested in Singapore last year September tional Terminals (YIT) of Shenzhen. Before the (DL 50/10). The 5,100 TEU units were close to be- deal it stood at 66.5% and 48%, respectively. PSA ing auctioned before IRISL was able to convince International holds a strategic 20% share in HPH. the Singapore High Court that the transfer of USD 235 million was actually delayed through the ef- Port throughput fects of the UN sanctions placed upon the carrier. Some first, including preliminary, full year 2010 Those were also the reason of a change of P&I TEU port handling figures, comparing with both cover to Iranian Moallem Insurance, inducing 2009 and 2008: Crédit Agricole to demand repayment of its loan. Growth 2010 2009 2008 For similar reasons, two more of IRISL’s HDS Port/Terminal ‘10/’09 TEU TEU TEU Lines-operated vessels are under arrest: the 3,300 Antwerp 16.1% 8,483 7,310 8,664 TEU “Dandle” (Malta) and the 6,500 TEU “Decre- Bremerhaven 8.0% 4,900 4,536 5,501 tive” (Hong Kong), both through HSH Nordbank - Busan 18.6% 14,180 11,954 13,420 amount concerned: USD 268 million. Further add- Colombo 18.4% 4,100 3,464 3,687 ing to the troubled carrier’s worries is the hijack- Inchon 19.1% 1,880 1,578 1,703 Kwangyang 13.8% 2,060 1,810 1,810 ing, by Somali pirates, of the single 1,100 TEU ves- Le Havre 7.0% 2,400 2,241 2,489 sel of HDS Lines’ just started Pakistan-Iran-UAE- Montreal 4.8% 1,320 1,260 1,474 East Africa service (DL 48/10). Rotterdam 14.0% 11,100 9,743 10,784 Zeebrugge 7.4% 2,500 2,328 2,210 NYK again confirmed to reduce its operated con- (1,000 TEU) tainer ship fleet capacity to around 360,000 TEU. Including newbuildings, it currently stands at Europe 416,000 TEU. As reported, the European Commission (EC) is once again considering legislation to achieve fur- China’s economic growth will translate into ther liberalisation in the European Union’s port stronger domestic demand, leading to a further industry. Two previous attempts to introduce a increase of containerised imports, much of which so-called Port Package were blocked in Parlia- originates elsewhere in Asia, Maersk Line thinks. ment under pressure of dockers unions. It consequently decided to reinforce its relevant sales and customer services staff in the region. Bremen Ports, the Bremen and Bremerhaven port authority, received the long awaited governmen- PORTS tal approval for the deepening from 12.8 metres to 13.8 metres of the River Weser fairway. Work, Global Terminal Operators costing USD 40 million, should be completed by Citi Infrastructure Investors (CII), having acquired the end of the year. a 75% stake in DP World Australia is part of Citi Capital Advisors, a unit of Citibank. The deal, de- Wilhelmshaven’s 16.5-metre draught JadeWe- scribed as a strategic partnership, will see DP serPort, a joint venture between Eurogate and World continue to operate the five Australian fa- APM Terminals, signed for eight ship-to-shore cilities. DL 51/10 refers. container gantries capable of handling 25-boxes 5
  • 6. DYNALINERS 01/2011, 07 January 2011 wide. Those should be big enough to serve the 18,000 TEU leviathans rumoured to be negotiated Oman Container Lines, a brand of Oman Shipping by Maersk Line. Company SAOC (DL 49/10) opted for Sohar (in- stead of Muscat) as the Omani port of its just Pilotage in all Dutch ports may go up by up to started Oman-East Med/Levant (Egypt, Lebanon, 6.6% to correct last year’s wrongly applied reduc- Syria, Turkey, Libya) box service. tion of 3%. Port of Rotterdam, having restricted the ultimate increase of its 2011 harbour dues to Indian Sub Continent 3% (DL 46/10), considers an appeal. The commissioning of DP World’s India Gateway Terminal (IGT) at Kochi, Vallarpadam island Mediterranean should -finally- occur later this month. Once in full Despite the first half opening of Hanjin’s Total swing, the port’s current Rajiv Gandhi Container Terminal International (TTI) in Algeciras, Terminal (RGCT) will become a bulk facility. throughput in the south Spanish port fell by 20% in the second half of 2010. It is the result of North America Maersk Line having shifted, at the expense of Having studied various options varying from jack- APM Terminals Algeciras, a substantial amount of ing up the 78 year-old span to building a new one transhipment to opposite Tangier-Med Port, or constructing a tunnel by a higher bridge or a where the cost of labour is said to be 20% to 40% tunnel, the Port Authority of New York and New lower. Notwithstanding, Algeciras’ 2010 through- Jersey decided to elevate the Bayonne Bridge’s put is estimated at 2.9 million TEU (-5% year-on- roadway. Currently, maximum air draft is be- year). tween 46 and 48 metres, translating into a Bayonne-max vessel size of around 8,000 TEU. The Supreme Economic Court of Ukraine over- Considerably bigger ships will come to the US East ruled the decision in favour of National Container Coast once the much larger set of locks in the Pa- Company (NCC) of the Odessa Regional Court of nama Canal are completed by early 2015. Costs: Appeal and confirmed that instead Sea Commer- to be between USD 1.5 and USD 2 billion. cial Port of Illichevsk (SCPI) rightfully withdrew Ukrtranscontainer’s (UTC, a subsidiary of NCC) Charleston is seeking funds from the US federal operating licence of the Illichevsk container ter- government for dredging the port from 13.7 to minal. DL 42 refers. It is understood that no fur- 15.2 metres, also to be ready for the bigger ships ther appeal is possible. expected in 2015. Africa Latin America South Africa’s newest port of Ngquara handled Last month, just in pre-planned 2010, PSA Inter- 259 box ships and 288,800 TEU during its first 12 national commissioned its PSA Panama Interna- months of operation since October 2009. MOL tional Terminal (PPIT), built at the former Rod- and MSC are the Ngqura Container Terminal’s man Naval Station in Panama City. The 450,000 (NCT) main users with a current total of nine TEU capacity, 330-meter quay length box facility mainline and feeder services. at 14.5 metres draught and equipped with three ship-to-shore container gantries is situated at the Middle East Pacific side of the Panama Canal. Ultimate capac- Abu Dhabi Terminals (ADT) will henceforth stand ity is 750,000 TEU. The first ship handled dis- in for the operation of Mina Zayed, Abu Dhabi’s charged 10,000 tons of steel bars ... main port. The 5-year contract of DP World, hav- ing managed the facility for the last five years, ex- There are (remote) plans for two more container pired effective 1 January 2011. terminals in the Panama Canal zone, one at Palo 6
  • 7. DYNALINERS 01/2011, 07 January 2011 Seco/Farfan, directly on the Pacific Ocean, anoth- Shipowners er one at Isla Margarita on the Atlantic breakwa- Greek Diana Shipping listed 55% of its 2010 set ter. Both sites are former US military bases too. up subsidiary Diana Containerships Inc on the Nasdaq effective 3 January. Established a year ago In April next, when two postPanamax ship-to- with lots of fanfare, the non-operating shipowning shore container gantries have been installed, San- company currently controls just two 2009/2010- ta Marta’s (Colombia) dedicated container ter- built 3,400 TEU vessels on charter by CSAV Nora- minal is to be commissioned. Operator is SMITCO sia and Maersk Line. (Santa Marta International Terminal Company Inc), a joint venture between SSA Marine’s Man- Newbuilding zanillo International Terminal (MIT, Colon) and lo- After 20 months, the first substantial orders for cal SPSM (Sociedad Portuaria de Santa Marta). container ships were placed in June 2010. The- Some 120,000 TEU were handled at the current reafter, no month passed without one or more facility in 2009, including nearly 20,000 reefer TEU fresh orders, almost like in the good(?) old days of bananas. prior to the downturn. Altogether, operators and non-operating owners signed for 132 fully cellular In a joint venture with Sociedad Portuaria del box ships of 5,900 TEU average, total 778,000 Norte (SPN), SSA Marine is also to develop a box TEU. Overview by size category: terminal in Barranquilla (Colombia). Size Number Average Total COUNTRIES/AREAS TEU Ships TEU TEU >13,000 14 13,100 183,000 Europe >10,000 2 10,700 21,400 >9,000 6 9,000 54,000 Effective 1 January, Estonia has become the 17th >8,000 38 8,700 329,300 European Union member to introduce the Euro. Its >6,000 3 6,500 19,500 former currency, the Litas (LTL), had been pegged >3,000 32 3,700 119,600 to the Euro since 2004. >2,000 6 2,500 15,300 >1,000 29 1,200 33,600 Middle East >500 2 1,000 1,900 The United Nations Security Council’s decision to Total 132 5,900 777,700 lift international sanctions on Iraq, imposed in 1991, is expected to boost trade (including mari- It was not only cellular units, also quite a number time) with this country. (46) of multipurpose vessels plus 2 Ro/Ro units, all with TEU space, were ordered in 2010. Their total World capacity is 70,300 TEU: It is anticipated that this year, South Africa will join BRIC (to become BRICS(A?)), the club of lead- Size/type Number Average Total ing emerging and developing nations, currently TEU Ships TEU TEU consisting of Brazil, Russia, India and China. >2,000 MP 8 2,100 16,700 >1,000 MP 38 1,400 53,000 SHIPS 100-500 RO 2 300 700 (Details on newbuilding, sales and demolition are given in Total 48 1,500 70,300 good faith but without guarantee. Unless specified otherwise, all cellular containership capacities stated throughout Dy- naLiners are nominal TEU) Without an orderbook since 2008, with 176,000 TEU (23% of all new cellular space) Evergreen or- dered the largest capacity in 2010. At 13,100 TEU each, Hapag-Lloyd took the biggest ships by indi- 7
  • 8. DYNALINERS 01/2011, 07 January 2011 vidual capacity for its account. Other carriers hav- lion TEU at the start of 2011. Carriers accounted ing ordered ships larger than 4,000 TEU (average) for 52 units; charter owners 93 ships. include: TEU Category %idle Number TEU Capacity Carrier Number Average Total >7,500 3 - >4,000 TEU Ships TEU TEU <7,500 14 - APL 12 8,800 105,400 <5,000 24 - CSAV 2 8,000 16,000 <3,000 19 - Evergreen 20 8,800 176,000 <2,000 43 - Hapag-Lloyd 10 13,100 131,000 <1,000 42 - MSC 6 9,000 54,000 3 Jan 2011 2.4% 145 336,000 OOCL 2 8,900 17,800 7 Dec 2.5% 147 356,000 SCI 3 6,500 19,500 23 Nov 2.4% 142 336,000 Not indicated 37 4,300 160,700 4 Jan 2010 11.6% 581 1,510,00 Total 92 7,400 680,400 The share of its idle capacity per individual carrier In late December 2010, Singapore-based China varies between 0% (not shown) and 9.4% of its ex- Navigation Co (CNCo) ordered eight 31,000-dwt isting fleet. For the largest carriers, the picture multipurpose vessels at Zhejiang Ouhua Ship- was as follows: building. Delivery: January through August 2013. Three of the five holds are cellular, giving each Carrier Idle Share Fleet size ship a capacity for 2,100 TEU. There is an option TEU % TEU for eight more identical bottoms. Coscon 40,800 7.5% 544,000 CSAV 10,400 1.8% 579,000 Hamburg Süd 4,500 1.2% 371,000 The above Zhejiang Ouhua Shipbuilding yard of Hanjin 2,900 0.6% 477,000 Zhoushan, China is also assumed to be on the Hapag-Lloyd 20,300 3.4% 597,000 verge of booking four 4,800 TEU box ships from a Maersk Line 10,700 0.5% 2,146,000 German non-operating shipowner and to be nego- NYK 4,300 1.1% 387,000 tiating with another party on eight 1,700 TEU ves- PIL 3,100 1.2% 260,000 sels. Yang Ming 7,700 2.4% 322,000 ZIM 30,400 9.4% 323,000 SITC Container Lines ordered, in the dying days of Others 201,000 2.4% 8,264,000 Total 336,000 2.4% 14,270,000 2010, another two 1,100 TEU cellular ships from a yet to be announced Japanese yard at USD 39.6 million en bloc, delivery: 4th quarter 2012. Alto- What a difference with early 2010 when on 4 Jan- gether, it signed for seven such vessels since early uary 581 idle vessels/1,510,000 TEU were November. When listed in last October (DL counted, making up for 11.6% of the then existing 39/10), the company said to spend around half of overall capacity. It should be considered that, in the USD 400 million raised on new and second the same period, some 120 ships, 1,190,000 TEU hand ships. were added to the liner fleet (net of scrapping and removals otherwise). This means that altogether, Lay-up/idle at present some 550 vessels/2,360,000 TEU more As of 3 January, an estimated 145 ships with a to- are active in the worldwide liner trades than a tal capacity of 326,000 TEU (2.3% of the existing year ago! It goes without saying that Slow Steam- fleet) were in lay-up, according to an AXS- ing has helped to absorb this glut. By mid-July Alphaliner assessment. It is 2 vessels and 30,000 2010, 180 units/1,060,000 TEU were employed as TEU less than in early December last. Mid-2010, extra vessels in slow steaming operations since some had forecasted an idle fleet of around 1 mil- when their number will have increased by 10%. 8
  • 9. DYNALINERS 01/2011, 07 January 2011 RATES OF EXCHANGE AVERAGE RATES OF EXCHANGE USD 1 = 06Jan11 30 Dec10 23 Dec10 07Jan 10 1 USD = 2010 2009 2008 2007 2006 BRL 1.67 1.68 1.70 1.73 CAD 1.00 1.00 1.01 1.03 BRL 1.76 2.00 1.83 1.92 2.18 CHF 0.95 0.95 0.95 1.03 CAD 1.03 1.14 1.06 1.07 1.14 CNY 6.58 6.61 6.64 6.83 CHF 1.04 1.10 1.08 1.20 1.25 EUR 0.76 0.76 0.76 0.70 CNY 6.76 6.70 6.95 7.60 7.97 GBP 0.64 0.65 0.65 0.63 EUR 0.76 0.72 0.68 0.73 0.80 JPY 82.42 82.12 82.97 92.89 GBP 0.65 0.64 0.54 0.50 0.54 ZAR 6.70 6.66 6.77 7.40 JPY 87.83 93.49 103.53 117.72 116.33 ZAR 8.28 8.23 7.05 6.75 Indicative exchange rates of 06 January 7.32 CRUDE OIL PRICES AVERAGE BUNKER MARKET PRICES For 380 CST in USD per metric ton Month Year USD February 2011 95.98 Port 2010 2009 2008 2007 2006 March 2011 95.79 Rotterdam 453 356 474 348 292 April 2011 95.85 Genoa1) 470 374 498 368 312 Thursday's prices (per barrel) for Brent Fujairah 467 367 507 373 311 Singapore 372 507 373 314 BUNKER MARKET PRICES 465 Tokyo 469 403 573 410 338 Type 380 Cst 180 Cst MDO Durban2) 490 394 551 376 320 Port USD USD USD Houston1)* 456 367 497 353 302 Rotterdam 510 534 733 L. Beach1)* 469 376 524 380 319 Genoa 1) 513 538 2 812 1) 2) *) Ex-wharf - 180 CST - Wednesday Fujairah 517 527 800 Singapore 516 524 773 AVERAGE CRUDE OIL VERSUS BUNKER PRICES Tokyo 571 579 802 1) Durban N/A 570 801 Average Thursday indicative future USD prices Houston* 1) 508 528 763 1) (per barrel) for Brent for delivery during the Long Beach* 542 562 787 month as stated versus average bunker USD Historical Rotterdam prices prices (per ton) for 380 CST at Rotterdam in the 30 Dec 2010 495 519 740 same month, since January 2008: 07 Jan 2010 475 488 651 Thursday’s indicative spot bunker prices for bunker oil Month 2010 2009 2008 with more than 1% to maximum 4.5%.sulphur content. 1) 2) Crude CST Crude CST Crude CST *Wednesday’s prices - Ex-wharf - Gasoil Source: Oil Shipping (Bunkering), Rotterdam Dec 82 487 75 445 85 197 Nov 78 476 72 472 105 227 RECENTLY-ISSUED CREDIT REPORTS Oct 77 470 70 445 120 404 Sep 77 433 69 411 130 549 Company Ref. No Aug 79 439 65 427 130 627 American President Lines Ltd. 37 Jul 78 426 57 380 123 675 Borchard Lines Ltd. 652 Jun 81 427 53 380 112 591 Co. Chilena de Navegación Interoceánica SA 1891 May 81 440 48 337 100 528 Empros Lines Shipping Co., SP SA 45712 Apl 79 466 46 271 97 495 Great Eagle Shipping Lines Limited 53812 Mar 77 457 45 244 94 476 Hanjin Shipping Co., Ltd. 17660 Feb 79 455 51 241 92 439 United Arab Shipping Company 1826 Jan 76 456 69 226 88 446 Yang Ming Marine Transport Corporation 6946 9
  • 10. The West Africa Container Trades No country and region in the world that has escaped from the recent economic downturn. Africa not either, but the impact here, also on shipping, has decidedly been less severe than elsewhere. For a long time West Africa, with its rich resources, has been considered a promising future con- tainer trade - a future that is nearing … This new, key data-focused Dynamar Markets and Trades publication examines the current West Africa Container Trades with North Europe, the Mediterranean, Asia and the Americas The report, amongst others, covers the following topics: - Key Facts and Figures of each West African container trade lane - Introduction to the trade: developments re carriers, ships, ports and trade structure - Summary of countries and ports served in all regions - 5-year total container throughput (TEU) of all relevant ports of call - 5-year full container (TEU) statistics for each trade lane as follows: 2007 through 2009 - estimate 2010 - forecast 2011 through 2013 - More than 30 trade-relevant carrier profile briefs - Details of over 60 shipping services (container/RoRo/multipurpose/reefer) accepting con- tainers: carrier/grouping, rotation, frequency, ships/capacity, relevant notes, including re- lay- and intra-Africa feeder operations - Service grids: at-a-glance overview of all shipping services/base schedules per area - Capacity/share analysis by carrier per individual trade lane and overall - Main moving commodities by trade lane; brief assessments of the all-important cocoa and oil-production and markets - Economic developments, including GDP, population data, short country economy profiles - Overview of private terminal operators; investments in West African ports All information in this report has been collected, researched and analysed in the months October through December 2010 Please mail or fax your order to Dynamar B.V., P.O. Box 400, 1800 AK ALKMAAR - The Netherlands Phone +31 72 5147400 - Fax +31 72 5151397 - E-mail: sales@dynamar.com Thank you for your order! YES: I would like to order Dynamar's new West Africa Container Trades report .PDF/E-mail EUR 925 Bound/priority: EUR 945 .PDF+bound: EUR 990 Full name Position Company Delivery and invoice address Postal code and City Country Phone, fax, E-mail V.A.T. number (EU countries) 10
  • 11. Dynamar (2010) Reefer Analysis - Market Structure, Conventional, Containers The latest edition of our Dynamar Reefer Analysis is available NOW! This fresh report constitutes a considera- ble expansion of our previous studies on the subject. It now comprises three parts: two separate sections on the different conventional and container reefer trades, these being based on an extensive write up on the structure of the market. Part I - Reefer market structure(s) After a brief historical overview on the background and development of reefer shipping, this chapter provides extensive overviews, statistics and concise descriptions of: - The world perishable trades: volumes by main produce and export and import regions - transport modes and characteristics - temperature settings - modern techniques - Trading patterns: conventional ships versus container vessels - main export areas - exports by product and individual country - Major reefer ports: perishable exports by country - description of relevant reefer handling facilities by mode of transportation - port throughput statistics Part 2 - Conventional reefer shipping Opens with the characteristics of the conventional reefer market, followed by a 3-year recent reefer seasons (2010/2009/2008) review, including statistics and graphics of relevant time charter equivalents, as well as: - Extensive conventional reefer ship overviews and statistics (existing fleet, orderbook, age profile, de- molition, future development) - Identically structured profiles of the world’s 15 largest conventional reefer ship operators, including markets/trade lanes and operated fleet Part 3 - Container reefer shipping The introduction clarifies the main containerized reefer routes, invariably part of the South-North structure. Furthermore, this section provides: - Extensive overviews and statistics of the composition and development of the container fleet and or- derbook, reefer TEU capacity, plugs/capacity ratios by size category, box fleet and refrigerated con- tainer fleet by main carrier - Inventory of container shipping services on the most relevant reefer routes - Refrigerated container box fleet, size categories, production data, capacity by carrier - Identically structured profiles of the world’s 15 largest reefer container carriers Dynamar (2010) Reefer Analysis - Market Structure, Conventional, Containers uses the most recent FAO sta- tistics on reefer commodity export and import data by country (7 consecutive years), supplemented with up- to-date port, vessel, box and carrier fleet statistics and gives a profound insight into the background, character- istics and goings of the worldwide shipping market of perishables and the relevant players. Please mail or fax your order to Dynamar B.V., P.O. Box 400, 1800 AK ALKMAAR - The Netherlands Fax +31 72 515 1397 - E-mail: marketing@dynamar.com. We appreciate your order! YES: I would like to order the fresh Dynamar (2010) Reefer Analysis .PDF/E-mail EUR 765 Bound/priority: EUR 785 .PDF+bound: EUR 830 Full name Position Company Delivery and invoice address Postal code and City Country Phone, fax, E-mail V.A.T. Number (EU countries) 11
  • 12. SLOW STEAMING ... A transient fashion or here to stay? Slow Steaming encompasses the operation of vessels at slower than maximum commercial speed, while add- ing a ship to the container service to keep the original frequency. Certainly not a new issue, the Slow Steaming phenomenon has returned to the liner trades in full force since 2007. Initially, this was driven by the need of saving fuel costs, soon thereafter followed by other imperatives of addressing over-capacity, reducing harmful emissions and ... empty pockets. By mid-2008 half of the 31 North Europe-Far East slings had slowed down, plus a handful of others. An exten- sive assessment in the publication shows that 2 years later, modern box vessels cruising slower than ships in the era of sail can be found be found in all major East-West and North-South trades. The joint capacity of all slowed down bottoms is nearly half of that of the total containership fleet, with the number of extra vessels tight into the Slow Steaming services making up for some 8%. Slow Steaming is a multi-faceted strategy, affecting many sectors of the liner trades and raising a multitude of questions, including: - the actual speed - the container box fleet - the effect on the total fleet - the level of savings - the logistics effect - the number of ships and carriers involved - the possible alternatives - the scheduling and integrity of services - the technical side of the matter - how it serves the environment - what’s in it for the shipper, and the future of Slow Steaming once full recovery is present, capacity tightens again, or fuel prices sink. These topics and more are brought together in a unique, just published, comprehensive report: SLOW STEAMING, A transient fashion or here to stay? All information in this study, presented in the form of a wealth of tables and concise write-ups, has been col- lected, researched and analysed in June/August 2010. Please mail or fax your order to Dynamar B.V., P.O. Box 400, 1800 AK ALKMAAR - The Netherlands Phone +31 72 514 7400 - Fax +31 72 515 1397 - E-mail: sales@dynamar.com Thank you for your order! Yes, I would like to order a copy of SLOW STEAMING - A transient fashion or there to stay? I wish to receive the report by the following mode: E-mail in .PDF format - EUR 295 (excl. VAT) Printed/bound by priority surface mail - EUR 315 (excl. VAT) .PDF and printed/bound - EUR 355 (excl. VAT) Full personal name Position Company Delivery and invoice address Postal code and City Country Phone Fax E-mail address V.A.T. Number (EU countries only) 12
  • 13. ORDERFORM Please mail or fax your order to: marketing@dynamar.com Fax: +31 72 515 1397 or call +31 72 514 7424 DYNAMAR B.V. - off-the-shelf consultancy reports Title .PDF Bound Bound Issued ? EUR EUR ? & .PDF PU Special Companies & Trades Reports EUR 0282 Dynamar (2010) Reefer Analysis - Market Structure, Conventional, Containers Sep-10 765 785 830 0281 Slow Steaming - A transient fashion or here to stay? Aug-10 295 315 360 0278 Container Throughput & Terminal Capacity in Europe Jun-10 365 385 430 0270 DynaLiners Trades Review (2010) (extra copies subscribers EUR 70) Mar-10 - 130 - 0277 Breakbulk 2010 - Operators, Fleets, Markets Jan-10 495 515 560 0276 Top 25 (2009) Container Liner Operators Aug-09 475 495 540 0253 Panama Canal Container Trades: Past, Present and Future Dec-08 475 495 540 0114 Shipping Innovation (a textbook by Niko Wijnolst & Tor Wergeland) (excl. po stages) Dec-08 - 150 - 0240 Emerging Maritime Nations (II): Russia Oct-08 475 495 540 0191 Containers - Makers, Lessors, Users May-08 475 495 540 0217 Feedering and Transhipment - Trades, Top Operators & Ships Aug-07 355 375 420 0210 Emerging Maritime Nations I: Vietnam - including 6 postPublication updates Feb-07 345 365 410 PU Container Liner Trades Reports - discounted prices! These reports are available "as is" and/or can be fully updated/customised 0248 West Africa Container Trades (Europe/Mediterranean/Far East/Americas) Dec-10 925 945 990 0274 Black Sea Container Trades, Ports and Terminals, Hinterland Jun-09 595 615 660 0272 The 2009 Far East - East Coast South America Container Trade (full report) May-09 750 770 815 0271 The 2009 Australasia Container Trades - Europe, N. America, Far East Apr-09 750 770 815 0257 Far East-South & West Africa Container Trades (full report) Jan-09 750 770 815 0260 Europe/Mediterranean-Indian Sub Continent Container Trade (full report) Nov-08 650 670 715 0268 Europe/Med-East Coast South America Container Trade (full report) Sep-08 750 770 815 0244 Europe/Med-West Africa Container Trade (full report) Sep-08 750 770 815 0247 Europe/Med-Southern Africa 2008 Container Trade (full report) Aug-08 650 670 715 0250 West Coast South America 2008 Container Trades (full report) Jul-08 750 770 815 The Container Liner Trades Reports prices reflect the cost of a full report, constituting 15% discount on the separately available parts I and II of such report - please contact us for further information on this unique facility All prices are excluding VAT and publications and invoices w ill be issued w ithing 2 w orking days of receipt of your order If you require a flyer w ith additional information prior to ordering, please contact us on mail and/or phone number above Full name Position Company Delivery and Invoice Address Postal Code City and country Phone Fax E-mail V.A.T. Number (EU countries only) Dec-10 Please visit www.dynamar.com for many more publications and information 13