Calm summer time and more efficient designs

Transcription

1 Calm summer time and more efficient designs While freight markets stabilize and charter markets maintain the status quo, we take a look at efficiency in the segment with approximately TEU. Hot temperatures and holiday covery has to be seen in the time caused charter market risen freight rates on the Asiaactivity to decline in the past Europe trade. Thus, the Subweeks. The charter rates Index from Shanghai to sideward moving tendency Northern Europe stood at continued throughout July. 1,360 US-Dollar after it temporary While in the Feeder and Sub- had been lying beneath Panamax segment a marginal 600 US-Dollars charter rate increase was observable, Panamaxes acquired In previous months we witnessed a downright new order small rate declines. As last boom and it seems as if it has month the ConTex published not come to an end yet. Since by Vereinigung Hamburger the beginning of the year 81 Schiffsmakler und Schiffsagenten recorded 377 container vessels were ordered having a capacity of points. over 8,500 TEU. Of those vessels Though freight rates (box 54 accounted for the class rates) retreated marginally of the so called South Americamax after their significant recovery with approximately at the end of July, they proved 9,000 TEU. Among the ordering stable for the remainder of the parties were MSC, CMA month. On July 26 the SCFI CGM, CSAV, Hamburg Süd published by the Shanghai and a few tramp owners. This Shipping Exchange quoted at puts the competitors under 1, US-dollars. The main pressure. The own fleet does reason for the freight rate re- not only become relatively News Flash In July it became known that the new P3 Alliance will place its joint tonnage center in London. The new jointly-owned operating entity will act independently of the three individual companies. However, Maersk Line, MSC and CMA CGM will maintain their own marketing, pricing, sales and customer services. Costamare and York Capital Management have ordered two container vessels with approximately 9,000 TEU at Hanjin-Philippines. The new building price is said to be around 81 million US-dollars. The delivery is scheduled for September and October Chilean carrier CSAV has managed to record black figures in the second quarter of Through a significant cost reduction program CSAV could obtain a net profit of 34 million US-dollars. 1

2 seen smaller, but it also gets distinctly more efficient rivals. Due to the increased bunker costs there was an enormous improvement in efficiency. While the original design, being only a few years older, had a length of 330 to 335 meters and a breadth of about 43 meters, in 2013 an improved design appeared to be delivered for the first time. The vessel was shortened to barely 300 meters and broadened to about 48 meters. Hence, one received a distinctly compacter vessels having a significantly increased load capacity at an intrinsic low new building price. While the older design consumes between 230 and 250 tons bunker per day at a speed of 24 knots, the improved South Americamax only requires 135 to 160 tons at a speed of approximately 22 knots. Facing bunker prices of approxemately 600 US-dollars per ton the enormous cost advantage reveals. Besides the considerably more efficient consumption, the higher homogenous capacity and the lower draft, with its reduced length the vessel needs less quay area and thereby saves additional costs. The new design is able to call ports with restricted maneuver space as well. Due to the enormous cost pressure liner operators have no other choice than acquiring vessels of the more efficient design in order to stay competitive in the medium- to long-run. Hence, it is probable that we will witness further orders of efficient South Americamaxes. Out of this it can be derived that in future a so called two-tier market could develop, in which the inefficient container vessels between 8,000 10,000 TEU will be more difficult to market. In July brisk activity was observable at the new building market. Among others this year s third order of 18,000- TEU-vessels became public. Asian investors placed an order at DSME. The vessels are long-term chartered to MSC. The price is said to be about 140 million US-dollars. The vessel size around 9,000 TEU dominated the market as described above. In the last two months there were six new building orders in this segment having a quantity of two to seven vessels each. Among the orderers were MSC, Hamburg Süd and others. The prices are rumored to be between 82 and 85 million USdollars per vessel. Furthermore there were ordered two vessels with 4,350 TEU, four 2,500-TEU-vessles and seven vessels between 1,000 and 2,000 TEU. Three of the latter are reefer container vessels. This is reflected in their significantly higher price. At the second hand market activity was high as well. We registered 27 transactions. Besides the sale of an older Panamax unit, the focus was again on the Sub-Panamax and Feeder segment. Com- 2

3 pared to previous months, it was salient that the share of modern tonnage was relatively high. After the MSC Venezuela was sold for scrap last month, the President Adams having a similar size was sent on its last voyage in recent weeks. Thus, both vessels are the biggest vessel ever scrapped. During the last weeks the recycling market for vessels experienced a turbulent phase. The historical weakness of the Indian Rupee and the simultaneously falling local steel prices caused a difficult market environment and declining prices. Some cash buyers, who previously had chased up prices, are sitting on purchased vessels and have to accept losses due to the price decrease. The monsoon season starting on the Indian Subcontinent and Ramadan lasting till the beginning of August should hinder the market from rendering positive impulses in the next weeks. 3

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5 NEW BUILDINGS CONTAINER - Deliveries July 2013 NAME TEU ORDERED SHIPYARD ORDERING PARTY APL VANDA 14,000 Jun 11 Hyundai Samho H.I. NOL NYK HERMES 13,208 Mar 11 Samsung OOCL ANTWERPEN EXPRESS 13,169 Dec 10 Hyundai Heavy Industries (HHI) Hapag CAP SAN MARCO 9,814 Mar 11 Hyundai Heavy Industries (HHI) Hamburg Süd APL PHOENIX 9,200 Jul 10 Daewoo (DSME) NOL MSC ANTALYA 8,948 Sep 10 Jiangnan Changxing Schulte Group MSC AGRIGENTO 8,772 Jan 11 Sungdong Shipbuilding Zodiac Maritime CAP ARNAUTI 6,612 Apr 11 Hanjin-Philippines Zodiac Maritime YM MOVEMENT 6,350 Oct 07 Imabari Shoei Kisen CCNI BUSAN 4,957 Oct 07 Jiangsu New Yangzi Hammonia Reederei XIN HUI ZHOU 4,738 Jun 08 Jiangnan Changxing CSCL FERNANDO MAGELHANES 3,765 Oct 10 Shanghai Shipyard Aliança Navegaçao e Logistica Ltda BALLENITA 2,546 Aug 10 Jiangsu New Yangzi Klaveness Maritime Logistics AS (Tor- MCC SHANGHAI 1,714 Feb 11 Guangzhou Wenchong Buss Shipping ZHONG HONG 29 1,110 Jul 13 Fujian Changxin Chinese owners SINOTRANS QINGDAO 1,100 Jun 11 Qing Shan Shipyard Sinotrans 5

6 NEW BUILDINGS CONTAINER - New Orders July 2013 QUANTITY/NAME TEU DELIVERY SHIPYARD ORDERING PARTY 3 x 18, Daewoo Asian based (TC to MSC) 2 x 9, Hudong Zhonghua MSC 4 x 9, /16 Jiangnan Changxing MSC 7 x 8, /16 Dalian CIMC (TC to MSC) 5 x 8, New Times Shipyard CIMC (TC to MSC) 2 x (+2x) 4, Taizhou Kouan Simatech 4 x 2, Zhejiang Yangfan Schulte Group 1 x 1, Hyundai Mipo CK Line 2 x 1, CSBC Keelung SITC 3 x 1, /16 Hyundai Mipo Dole Fresh Fruit 1 x 1, Daesun S.B. Dong Jin Shipping DEMOLITION SALES CONTAINER July 2013 Name TEU BUILT LDT SCRAP LOCATION USD/LTD President Adams 4, India 440 CSL Stefanie 3, India 440 Zim Singapore 3, India 420 Merkur Star 2, undisclosed - Santa Barbara 1, India - Nanchang 1, undisclosed - Copacabana 1, Tukey - Lady Elisabeth 1, India - Hammonia Balticum 1, undisclosed - Anking India 425 6

7 2nd-HAND SALES CONTAINER July 2013 Name TEU BUILT YARD GEAR PURCHASR PRICE COMMENT E. R. Melbourne 3, Korea gearless Singapore - E.R. Freemantle 2, Korea gearless Greek $5,500,000 E.R. Darwin 2, Korea gearless Greek - Arelia 2, Poland geared undisclosed $18,500,000 Austria 2, Germany geared undisclosed $3,000,000 As Andalusia 2, China geared Rickmers $7,000,000 en bloc As Alicantia 2, China geared Rickmers $6,500,000 en bloc Sima Singapore 2, Korea gearless China $4,400,000 Anglia 2, China geared Rickmers $6,000,000 en bloc As Asturia 2, China geared Rickmers $6,500,000 en bloc Aquitania 2, China geared Rickmers $6,500,000 en bloc STX Hong Kong 1, China gearless Hong Kong $17,000,000 Wehr Ottensen 1, Poland geared European $5,000,000 Wehr Alotona 1, Poland geared undisclosed $5,100,000 Crux J 1, China geared undisclosed - Corona J 1, China geared Germany $6,900,000 Petalidi 1, Poland geared Greece $3,000,000 Libra J 1, China geared undisclosed $2,800,000 Mondena 1, Turkey geared undisclosed $2,500,000 Cape Sable 1, Poland geared undisclosed - Cape Spencer 1, Poland geared Switzerland - Viya 1, Poland geared European $6,450,000 Medbaykal China gearless undisclosed $10,000,000 bank sale Herm Kiepe Germany geared Germany $4,900,000 bank sale Friesedijk China geared undisclosed $9,000,000 en bloc Felvodijk China geared undisclosed $9,000,000 Clonlee Germany gearless Ireland $1,000,000 bank sale 7

8 container vessels new building orders according to year and size group ,000+ TEU 5,200-6,999 TEU 3,950-5,199 TEU 3,000-3,949 TEU 2,000-2,999 TEU 1,300-2,000 TEU 900-1,299 TEU year 21,000,000 Capacity of the world container fleet (TEU) 20,000,000 19,000,000 18,000,000 17,000,000 16,000,000 15,000,000 14,000, Source: Alphaliner/ Maersk Broker 8

9 tonnage growth according to size group % 15% 10% 5% 0% -5% -10% 3.6% 4.3% 2.3% 1.8% 1.6% 2.3% 2.4% 0.0% 0.2% 0.6% 0.7% 0.8% 0.0% 0.2% 0.2% 0.3% % -3.9%-4.9% -8.1% tonnage growth according to size group 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% % 28.6% 25.2% 16.0% 14.5% 14.6% 10.6% 7.6% 5.4% 6.2% 5.1% 2.6% 2.4% 2.0% 2.9% 0.9% 0.4% 0.0% 0.0% 1.3% Source: Alphaliner (Tonnage growth according to size group excluding possible future scrapping) 9

10 Shanghai Containerized Freight Index (SCFI) weight change SCFI (total) 100% Europe (Base port) USD/TEU 20.0% Mediterranean (Base port) USD/TEU 10.0% USWC (Base port) USD/FEU 20.0% USEC (Base port) USD/FEU 7.5% Persian Gulf and Red Sea (Dubai) USD/TEU 7.5% Australian/New Zealand (Melbourne) USD/TEU 5.0% East/West Africa (Lagos) USD/TEU 2.5% South Africa (Durban) USD/TEU 2.5% South America (Santos) USD/TEU 2.5% West Japan (Base port) USD/TEU 5.0% East Japan (Base port) USD/TEU 5.0% Southeast Asia (Singapore) USD/TEU 5.0% Korea (Pusan) USD/TEU 2.5% Taiwan (Kaohsiung) USD/TEU 2.5% Hong Kong (Hong Kong) USD/TEU 2.5% Source : Shanghai Shipping Exchange 10

11 $24,000 ConTex for different vessel types $21,500 $19,000 $16,500 $14,000 $11,500 $9,000 $6,500 Type 1100 Type 1700 Type 2500 Type 2700 Type 3500 Type 4250 $4,000 Jul. 11 Okt. 11 Jan. 12 Apr. 12 Jul. 12 Okt. 12 Jan. 13 Apr. 13 Jul ConTex Okt. 11 Jan. 12 Apr. 12 Jul. 12 Okt. 12 Jan. 13 Apr. 13 Jul. 13 Source: Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.v. 11

12 Representative Fixtures July 2013 NAME TEU BUILT REEFER GD/GL DURATION CHARTERER RATE Ilse Wulff 6, gearless 13 months MSC $22,100 Colombia 4, gearless 5 months YANG MING $8,500 Merkur Planet 4, gearless 1 month MOL $14,000 Northern Precision 4, gearless 7 months TS LINES $9,000 Moranto 4, gearless 3 months YANG MING $8,500 Stadt Coburg 4, gearless 10 months MAERSK LINE $8,800 Stadt Freiburg 4, gearless 10 months EVERGREEN $8,500 Rio Chicago 4, gearless 10 months KMTC $8,750 Jpo Volans 4, gearless 6 months NYK $9,500 Seaspan Felixstowe 4, gearless 24 months HAPAG undisclosed SC Rotterdam 4, gearless 9 months CMA CGM $8,800 Bruno Schulte 4, gearless 9 months SIMATECH $8,700 JPO Tucana 4, gearless 9 months COSCO $9,300 Summer E 3, gearless 12 months HAPAG $7,500 Pago 3, gearless 12 months CMA CGM $7,350 Mark Twain 3, gearless 3 months CMA CGM $7,200 Angol 2, gearless 11 months LOG -IN $7,325 E. R. Malmo 2, gearless 10 months KMTC $7,400 Dahlia 2, gearless 10 months HEUNG A $7,350 Aldebaran 2, geared 2 months CMA CGM $7,500 Northern Vigour 2, gearless 12 months HAPAG $7,000 Cape Melville 2, gearless 3 months HAPAG $7,100 Northern Volition 2, gearless 8 months SINOCHART $7,400 Cape Mollini 2, gearless 4 months KMTC $7,400 Donau Trader 2, gearless 6 months TS LINES $7,300 Hs Discoverer 2, geared 9 months CMA CGM $7,750 Pontresina 2, gearless 6 months HMM $7,100 Patria 2, geared 12 months NILE DUTCH $7,400 Wana Bhum 2, gearless 10 months MSC $6,300 Blackpool Tower 2, geared 12 months MAERSK LINE $8,150 Anna Schulte 2, geared 8 months MAERSK LINE $8,150 Frisia Hannover 2, geared 7 months MOL $7,750 Frisia Wismar 2, geared 9 months LOG -IN $8,150 12

13 Representative Fixtures July 2013 NAME TEU BUILT REEFER GD/GL DURATION CHARTERER RATE Boxford 2, geared 9 months MAERSK LINE $8,150 Janus 2, geared 8 months MSC $7,500 Ems Trader 2, geared 6 months HANJIN $7,750 Akki Rickmers 2, geared 10 months MSC $6,950 Frisia Nuernberg 1, gearless 6 months TS LINES $7,250 Hansa Regensburg 1, geared 4 months HAPAG $7,350 Seaboxer III 1, geared 8 months ZIM $7,375 Louisa Schulte 1, geared 8 months MAERSK LINE $7,375 Amundsen 1, geared 7 months MCC $7,400 Thorstream 1, geared 6 months PIL $7,200 Helene Russ 1, geared 7 months CSAV $7,250 Joanna 1, geared 11 months CMA CGM $7,500 Samaria 1, geared 1 month MAERSK LINE $7,200 Sirius 1, geared 12 months CMA CGM $7,200 Cape Norviega 1, gearless 8 months HEUNG A $7,700 Cape Ferrol 1, gearless 8 months NYK $7,300 Kuo Lung 1, gearless 10 months GOLD STAR LINE $7,800 Petkum 1, geared 3 months HAMBURG SÜD $7,500 Hs Liszt 1, geared 10 months HAMBURG SÜD $7,400 Warnow Whale 1, geared 8 months SEABOARD MARINE $7,500 Vliet Trader 1, geared 8 months SEABOARD MARINE $7,500 Sima Perfect 1, gearless 6 months GOLDEN SEA WAYS $6,800 Aglaia 1, gearless 7 months COSCO $9,300 Auriga J 1, geared 8 months SEAFREIGHT $7,600 Rothorn 1, geared 8 months MAERSK LINE $6,500 Asian Trader 1, geared 6 months PDZ LINES $5,300 Stadt Bremen 1, geared 6 months TROPICAL $6,500 Stadt Flensburg 1, geared 9 months MAERSK LINE $6,500 Stadt Emden 1, geared 8 months SEA CONSORTIUM $6,500 Mare Doricum 1, gearless 3 months EASDATONG $5,100 Wes Amelie 1, gearless 10 months MAERSK LINE $9,400 Andromeda J gearless 2 months MAERSK LINE $6,825 West Scent geared 6 months IAL INTERASIA LINES $6,500 13

14 Container Vessel Market Overview Source: Hansa International Maritime Journal/ Clarkson Research 14

15 Container Vessel Market Overview Source: Hansa International Maritime Journal/ Clarkson Research 15

16 The Continental Chartering Bulletin is a regularly released newsletter concerning container shipping markets and other relevant economic topics Continental Chartering GmbH & Co. KG Ballindamm Hamburg Germany Tel Fax office@continental-chartering.de editorial: Andreas Mietzner Continental Chartering GmbH & Co. KG, Hamburg eingetragen beim Amtsgericht Hamburg, HRA vertreten durch den Geschäftsführer, Peter Tamm persönlich haftende Gesellschafterin: Continental Chartering Verwaltungsgesellschaft eingetragen beim Amtsgericht Hamburg HRB Ust.Id.Nr.: DE Dieser Newsletters wurde nach bestem Gewissen erstellt, doch übernehmen die Continental Chartering GmbH & Co. KG sowie ihre leitenden Angestellten, Geschäftsführer, Mitarbeiter, Bevollmächtigten und Manager keinerlei Gewähr für die Aktualität, Korrektheit, Vollständigkeit oder Qualität der bereitgestellten Informationen. Haftungsansprüche gegenüber der Continental Chartering GmbH & Co. KG sowie ihrer leitenden Angestellten, Geschäftsführer, Mitarbeiter, Bevollmächtigten und Manager, welche sich auf Schäden materieller oder ideeller Art beziehen, die durch die Nutzung oder Nichtnutzung der dargebotenen Informationen bzw. durch die Nutzung fehlerhafter und unvollständiger Informationen verursacht wurden, sind grundsätzlich ausgeschlossen, sofern seitens der Continental Chartering GmbH & Co. KG sowie ihrer leitenden Angestellten, Geschäftsführer, Mitarbeiter, Bevollmächtigten und Manager kein nachweislich vorsätzliches oder grob fahrlässiges Verschulden vorliegt. This newsletter has been compiled in all conscience; however Continental Chartering GmbH & Co. KG as well as its chief executives, managers, employees and representatives take no responsibility for actuality, accuracy, integrity and quality of the provided information. Liability claims towards Continental Chartering GmbH & Co. KG as well as its chief executives, managers, employees and representatives referring to material or non-material damage caused by the use or disuse of the information provided respectively caused by false or incomplete information are axiomatically excluded as long as there exist no verifiable scienter or verifiable grossly negligent behaviour by Continental Chartering GmbH & Co. KG as well as its chief executives, managers, employees and representatives. 16

17 Strategies and schemes for tomorrow s markets after the big shipping crisis Ship Finance Despite the downturn in rates, a sense of cautious optimism is growing in the shadow of the longest shipping crisis in decades. The year 2013, however, evolves into a period of profound reorganisation. In addition to the restructuring of»bank ships«increasing willingness to invest is evoked by low entry prices for both old and new tonnage. After the reduction of company capital, freighters acquired at a low price and»eco«newbuildings will reap the highest profit margins when the markets pick up again. To be able to act, cost discipline will remain the key to success for property investments in shipping in the years to come. Line and tramp operators alike face great challenges and more than ever have to compete internationally. Key issues of the 17th HANSA-Forum Ship Finance on 14 November 2013 at Hotel Grand Elyseé, Hamburg (12:00 19:30, then get-together) are: Countercyclical investment: Institutional money for new projects Restructuring of old tonnage: New platforms for»bank ships«asset and ship management in transition: With slender structures back on track Liner shipping: Strategies, opportunities and risks on the way out of the crisis Future of closed-end funds: A new beginning in the»white capital market«? Organisation: HANSA International Maritime Journal Chair: Nikos Späth (chief editor HANSA), Michael Hollmann (maritime journalist) Costs: % VAT, early-bird discount of 50 until 16 September 2013 Contact and registration: Sylvia Schmidt, phone +49(0)40 / , Fax-214, s_schmidt@hansa-online.de,

18 Registration Form Fax: +49 (0)40 / hansa-forum@hansa-online.de Internet: Schiffahrts-Verlag»Hansa«GmbH & Co. KG Ms Sylvia Schmidt Georgsplatz Hamburg Germany Contact: You have any questions concerning HANSA-Forum? I am pleased to help you. A call or an is enough. Sylvia Schmidt Phone: +49 (0) 40 / Fax: +49 (0) 40 / s_schmidt@hansa-online.de 14 November 2013, 10:30 23:00 h, Grand Elysée Hotel Hamburg Conditions of Participation Conference Fee: 550 (all prices not including VAT, currently 19 %) The conference fee covers the following range of services: attendance of professional lectures conference papers refreshments during conference breaks warm buffet in the evening during business talk Group Rate: 500 per person (for simultaneous registration of three or more participants from the same company). Early Registration Discount: 50 per person (available until 16th September). Group rate and early registration discount may be combined. Registration: The number of participants is restricted. Please register using the form below or online ( or send an (hansa-forum@hansa-online. de). After receiving your registration we will send you a confirmation and invoice. Please transfer the amount before the conference date, providing invoice number, customer number and the names of participants. Registration deadline: 11 November 2013 A choice of photos taken during the event will be published in our magazines and on our homepage. Admittance to the conference can only be granted if the conference fee has been paid. Rescission: Cancellation can only be accepted in written form, either by mail, fax or . Substitute delegates may be named until 11th November. Cancellation Policy: Until 7th November: Full refund; Service charge 50 After 7th November: No refund No-shows of registered delegates: No refund Cancellation of Activities and Changes in Conference Schedule: We reserve the right to cancel or postpone HANSA-Forum for reasons beyond our control, like illness/injury of contributors or hosts, insufficient registration etc. Participants will be informed in such cases via the address given to us. Paid conference fees will then be refunded. Further claims shall be excluded. Timetable: from 10:30 check in and get together 12:00 19:30 conference Location: 19:30 23:00 business talk at the buffet Hotel Grand Elysée, Rothenbaumchaussee 10, Hamburg Conference: Large Ballroom / get together, business talk: Foyer Parking / Public Transport: Participants may use the hotel s parking garage according to the hotel s fees and conditions on their own account. There is only limited parking space at the hotel and in the vicinity. The hotel is close to Dammtor Station (3 minutes for pedestrians). Registration of person(s) for 17. HANSA-Forum Ship Financing 2013: Company Name Street Branch of Trade Last Name, First Name Phone, Fax Last Name, First Name Tel., Fax Last Name, First Name Tel., Fax Billing Address (if other than given above): Company Name Street Date, Signature: 7 Post Code, City Country Title, Position Address Title, Position Address Title, Position Address Post Code, City Country Right of Withdrawal for Consumers: In case you are consumer in the legal sense, you can make use of your right of withdrawal. You can withdraw your contractual agreement within two weeks without having to explain but in written form (e.g. via letter, fax or ). At the earliest the deadline commences with having received this instruction. To claim your right of withdrawal is ensured if your written withdrawal is forwarded in time. Withdrawal must be forwarded to: Schiffahrts-Verlag Hansa GmbH & Co. KG Georgsplatz Hamburg, Germany Amtsgericht Hamburg HRA-Nr Post Box Hamburg, Germany Phone: +49 (0)40 / Fax: +49 (0)40 / s_schmidt@hansa-online.de Persönlich haftende Gesellschafterin: Wirtschafts- und Verkehrsverlag Hansa GmbH Amtsgericht Hamburg HRB-Nr Managing Directors: Peter Tamm, Thomas Bantle