Shipping Statistics and Market Review

Transcription

1 Statistical Publications Shipping Statistics and Market Review Volume 54 No 8-21 Market Review Analytical Focus World Merchant Fleet World Tanker Market World Bulk Carrier Market World Container and General Cargo Shipping World Merchant Fleet by Ownership Patterns World Passenger and Cruise Shipping/ ISL Cruise Fleet Register World Shipbuilding and Shipbuilders Major Shipping Nations World Seaborne Trade and World Port Traffic Institute of Shipping Economics and Logistics

2 ISL World Cruise Fleet Register 21/211 ;Entries are based on Information up to July 21. ;Included are all seagoing passenger vessels of 1 gt and over, with 1 or more berths year-round or temporary engaged in cruising. Photo: MS ALBATROS, built 1973, gt, 85 beds, 42 crew By courtesy of Arnulf Hader, Geiranger Fjord, Norway, August 21 Institute of Shipping Economics and Logistics

3 ISL Institute of Shipping Economics and Logistics Legal Form Founded in Capacity Directorate Board of Trustees Scientific Advisory Board Sponsoring Body Independent, private non-profit foundation permanent staff members Prof Dr Hans-Dietrich Haasis Prof Dr Burkhard Lemper Prof Dr Frank Arendt Decision-makers from trade, industry, science and politics Experts from trade, industry and science Companies and individual members from the maritime industry During the past 5 years the Institute of Shipping Economics and Logistics (ISL) has become one of Europe's leading research and consulting organisations in the maritime sector. More than 5 high qualified employees, equipped with state of the art technology and compatible instruments, work in trans-disciplinary teams on applied research and development projects in the departments Logistic Systems, Maritime Economics and Transport, Information Logistics and Planning/Simulation Systems. Due to its professional capability, superb reputation and exhaustive connections to politics and the industry, ISL will continuously contribute to the advancement of added value as well as to the maritime and logistics industry as to science in the future. For further Information please visit: ISL Shipping Statistics and Market Review (SSMR) Published and distributed by: ISL Universitaetsallee Bremen, Germany Price information and subscription: Phone: +49/4 21/ Fax: +49/4 21/ Internet: Webshop: subscription@isl.org /infoline /shop Subscription prices (Net prices): Shipping Statistics and Market Review 21 Print copy: 48.- Online: 42.- Shipping Statistics Yearbook 29 Print copy: Print copy + SSYB CD: 35.- Online: Shipping Statistics and Market Review 21 & Shipping Statistics Yearbook 29 Print copy: 66.- Print copy + SSYB CD: Online: Plus packing and postage. In case of inland sales plus VAT(MwSt). Cancellation 3 months before end of calendar year. Institute of Shipping Economics and Logistics (ISL), Bremen 21 All rights reserved. No parts of this publication may be reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or any information storage or retrieval system without permission in writing from the editors. The editors do not guarantee the accuracy of the information contained in ISL Shipping Statistics and Market Review (SSMR) nor do they accept responsibility for errors or omissions of their consequences.

4 Contents World Passenger and Cruise Shipping ISL Comment Editorial Team: Arnulf Hader, Reinhard Monden, Dieter Stockmann, Zuebeyde Gül (1) WORLD WORLD PASSENGER FLEET DEVELOPMENT 29/ Passenger/Cargo Passenger Fleet Development 29/ Ownership Patterns of the Passenger/Cargo Passenger Fleet Future Passenger and Cargo Passenger Tonnage Supply The Shipbuilding Market for Passenger and Cargo Passenger Ships New Orders and Orderbook Development Passenger Ships Leading Shipbuilding countries... 9 (2) THE ISL CRUISE FLEET REGISTER HIGHLIGHTS 29/ Demand for Cruises Fleet Developments Ownership Patterns and Cruise Operators Shipyard Dock Utilisation Page 5-14 COMMENT - SUMMARY TABLES COMMENT - FIGURES Tab. 1 World Passenger and Cargo Passenger Fleet by Type as of January 1 st, 26 and Tab. 2 World Passenger and Cargo Passenger Fleet Tonnage Reductions Tab. 3 World Passenger and Cargo Passenger Fleet Tonnage Additions Tab. 4 World Passenger and Cargo Passenger Fleet by gt-size Groups as of January 1 st, Tab. 5 World Passenger and Cargo Passenger Fleets by Top Ten Registered Flags as of January 1 st, Tab. 6 World Passenger and Cargo Passenger Fleets by Top Ten Countries of Domicile as of January 1 st, Tab. 7 World Passenger and Cargo Passenger Order Book by Top Countries of Build and Delivery Schedule as of January 1 st, Tab. 8 The Twelve Top Ranking Cruise Shipping Companies Tab. 9 Cruise Ships on Order as of July 1 st, Tab. 1 Cruise Ships on Order by Major Yards as of July 1 st, Tab. 11 Cruise Ships on Order by Major Operators as of July 1 st, Fig. 1 World Passenger and Passenger Cargo Fleet additions and reductions Fig. 2 World Passenger and Cargo Passenger Fleet by year of build as of January 1 st, Fig. 3 World Passenger and Cargo Passenger Fleet average size Development as of January 1 st, Fig. 4 Passenger and Cargo Passenger Fleet Quarterly order book and new order Development Fig. 5 Passenger and Cargo Passenger Fleet broken-up and new orders by type Fig. 6 Passenger and Cargo Passenger Fleet share of the ordered Tonnage (gt) on the existing Fleet as of January 1 st, Fig. 7 Passenger and Cargo Passenger Ships on order by country of build as of January 1 st, 29 and Fig. 8 Global demand for cruise shipping in Fig. 9 European cruise Passengers by Country, Fig. 1 Active cruise Fleet as of July 1 st, Fig. 11 Passenger capacity of active cruise Fleet as of July 1 st, Fig. 12 Cruise Fleet by year of build as of July 1 st, Fig. 13 Cruise Fleet by gt-size class as of July 1 st, Fig. 14 World cruise Fleet - Development of the Top Ranking Registered Flags Fig. 15 World cruise Fleet - Development of the Top Ranking Countries of Domicile Fig. 16 Market Shares of the Major Cruise Ship Owners in Fig. 17 Cruise Ships Order Book Development Fig. 18 Cruise Ships on Order by gt Size Class Fig. 19 Order Book of Cruise Ships by Yard and Owner as of July 1 st, SSMR August 21 3

5 Contents World Passenger and Cruise Shipping ISL InfoLine Special Page 15-2 (1) ONLINE INFORMATION COMPILED FROM LEADING INDUSTRY SOURCES (2) ISL SEABASE NEW LITERATURE ISL Statistical Tables ISL WORLD CRUISE FLEET REGISTER (1) WORLD CRUISE FLEET The ISL World Cruise Fleet Register 21/ Cruise Ships on Order as of July 1 st, Additions to Cruise Fleet During Cruise Fleet Development 1985, 199, 1995, 2, Cruise Fleet by Registered Flags 29 and Cruise Fleet by Major Flags 199, 1995, Cruise Fleet by Countries of Domicile Cruise Fleet by Year of Build (2) WORLD PASSENGER AND PASSENGER CARGO FLEET 2.1 Key Figures on Fleet Development Passenger / Passenger Cargo Fleet Development by Ship Type 25, Passenger / Passenger Cargo Fleet by Major Flags as of January 1 st, 29 and Passenger / Passenger Cargo Fleet by Country of Domicile as of January 1 st, Passenger / Passenger Cargo Fleet by Registered Flags and Countries of Domicile According to Regions and Ship Type as of January 1 st, Passenger / Passenger Cargo Fleet by Country Groups and Division of Age as of January 1 st, Passenger / Passenger Cargo Fleet by Ship Type and Division of Age and Deliveries up to 213 as of January 1 st, By gt-size Class and division of Age as of January 1 st, Additions to Passenger / Passenger Cargo Fleet by Countries of Domicile Passenger / Passenger Cargo Fleet Size Dimensions as of January 1 st, (3) BROKEN-UP PASSENGER AND PASSENGER CARGO SHIPS 3.1 Broken-up Passenger / Passenger Cargo Ships by Major Types Broken-up Passenger / Passenger Cargo Ships by Major Flags (4) SELECTED WORLD PASSENGER PORTS 4 Selected World Passenger Ports Traffic (5) WORLD SHIPBUILDING PASSENGER / PASSENGER CARGO SHIPS 5.1 Existing Total Passenger Fleet by Major Areas of Build as of January 1 st, Orderbook Development 29 and By Major Types and Country of Build as of January 1 st, By Shipyard and Major Ship Types as of January 1 st, New Orders by Ship Type and Major Countries / Regions of Build New Orders by Major Countries of Domicile ISL Market Review SSMR August 21 4

6 Comment - World merchant fleet by ownership patterns This short comment is an excerpt from the Analytical Comment published in the ISL Shipping Statistics and Market Review (SSMR) No The SSMR includes detailed statistical information concerning the analytical focus and provides approx. 3 monthly/quarterly market indicators (Market Review). For more information compare attached contents If you are interested in the complete publication covering all details (tables & figures), please contact our subscription department subscription@isl.org or you can order it via our webshop /shop All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, photocopying, recording or otherwise, without prior permission of the editors. ISL does not guarantee the accuracy of the information contained in ISL Shipping Statistics and Market Review (SSMR) (this is also true for the Short Comment ) nor does it accept responsibility for errors or omissions or their consequences. SSMR August 21 1

7 Comment - passenger and cruise shipping 1 WORLD PASSENGER AND CARGO PASSENGER FLEET At the beginning of 21, the total passenger and passenger roro/cargo fleet for ships of 3 gt and over was composed of 4,195 ships totalling approx million gt. At this time 159 vessels with 4.6 million grt were on order which is 45 less than the same time last year. During the world passenger fleet grew by 4. percent per year on average when measured in grt but only by 1.1 percent if measured in number of ships. This demonstrates an increase in the overall size of ships being ordered. Table 1 indicates the composition of the total passenger fleet, which includes besides 1,571 pure passenger ships 2,624 passenger roro/cargo ships. The passenger fleet is, as the following table shows, composed of various sub-types having their own momentum in the market. At the beginning of 21, the following sub-types specified by IHS Fairplay can be distinguished: Ship Type (ships of 3 gt and over) Passenger/roro cargo ships are, as the above table illustrates, mainly engaged in ferry traffic. The pure passenger ships include two main market segments, namely: Regional passenger traffic: A large number of smaller passenger ships is engaged in regional passenger traffic. According to ISL estimates, more than three ships out of four belong to this category, but their gross tonnage share in the total passenger fleet reached only 9 per cent. Cruise shipping: A booming market segment which is attributable to the larger ship units representing at the beginning of 21 approx. 93 per cent of the total pure passenger tonnage. The cruise fleet development presented in the second part of this comment is based on the ISL Cruise Fleet Register 21/211 including ships of 1, gt and over. The recent tonnage development of the total (pure) passenger fleet, which increased on average by 6. per cent per year between 26 and 21, is largely influenced by fleet additions of (larger) cruise vessels. During the same period the cargo passenger fleet grew on average only by 2.2 per cent yearly. In spite of the global economic crisis and in contrast to other ship types, demolition rates for passenger and cargo passenger ships were relatively low. During 29 No 1 gt av. ship size (gt) Passenger ships Ferry (deck passengers) Cruise ships (berthed only) Liner passenger (berthed only) Passenger / Ferry (berthed and deck passengers Others (Hydrofoil, etc.) RoRo passenger ships RoRo cargo / ferry (deck passengers) Passenger/RoRo cargo (berthed + deck passengers) Landing craft / ferry (deck passengers) Cargo passenger ships Total passenger ships Tab. 1: World passenger and passenger/roro cargo fleet by type as of January 1 st, 26 and 21, Av. growth Average age 1 1 rate '6-'1 (years) Ship type No gt No gt No gt Passenger ships Passenger/roro cargo ships Total Fig. 1: World passenger and passenger/roro cargo fleet additions and reductions (in 1 gt) 1 gt Additions Reductions Tab. 2: World passenger and Passenger/roro cargo fleet tonnage reductions 25, 28 and 29 Ship type 25 1 No gt 28 1 No gt Passenger ships Passenger/roro cargo ships Total Fig. 2: World passenger and passenger/roro cargo fleet by year of build as of January 1 st, 21 (No of ships) No of ships Passenger/roro cargo ships 29 gt %- gt %- 1 change change No gt 8/9 5/9 Passenger ships Note: Ships built before 197 are excluded. Ships built before 197 comprise 24 passenger ships with.8 million gt and 359 cargo passenger ships with.6 million gt Sources: If not otherwise mentioned, the source for tables and figures concerning the world merchant fleet, special ship type features and orderbook information is ISL based on LR/Fairplay, please quote accordingly. All fleet information provided in chapter 2 is based originally on the ISL, namely the ISL Cruise Fleet Register 29/21. Additions/reductions: Additions (newbuildings) entering the fleet refer to the fleet data of the following year. Reductions (broken-up) tonnage refer to the fleet data of the respective year. SSMR August 21 5

8 Comment passenger and cruise shipping only 34 vessels with.2 million gt were reported as sold to breakers. With an average lifetime of 43 years, passenger and passenger/roro cargo ships reached by far the highest age before scrapping compared with other ship types of the world merchant fleet. In 29, fleet additions for passenger and passenger/roro cargo ships exceeded demolitions by 1.1 million gt. The total passenger fleet additions (newbuildings) during 29 reached 1.4 million gt, thereof 9 cruise ships with 1. million gt. Remarkable is especially the commissioning of the OASIS OF THE SEAS, a giant with 225, gt. It strikes that the number of cargo passenger ship additions was slightly higher than in 28, but their tonnage was 38.1 per cent lower. Looking at the age profile of the total passenger fleet at the beginning of 21 it can be noted that the passenger fleet is the oldest segment of the total merchant fleet. Passenger and passenger/roro cargo ships had an average age of 21.3 and 23.9 years, respectively As mentioned above, the OASIS OF THE SEAS was by far the world s largest passenger ship at the beginning of 21. It has the size of a small town with a capacity of around 5,4 passengers and 2,165 crew. The average size development, shown in figure 3, reflects the strong impetus with regard to the size of passenger ships. At the beginning of 21, 1,438 passenger ships and 2,612 cargo passenger ships equal to 96.5 per cent of all ships were attributable to size classes below 5, gt. Table 4 indicates that there is a strong concentration on smaller units in sizes up to 999 gt. Nearly all cargo passenger ships range in sizes up to 49,999 gt. The orderbook as of January 1 st, 21, reflects that the future tonnage consists to 57.2 per cent of units above 8, gt. The orderbook included 3 passenger ships (all cruise ships) above 8, gt representing 3.7 million gt. Worth mentioning is the OASIS sister ALLURE OF THE SEAS with a tonnage of about 22, gt and a capacity of 5,4 passengers, being built at Aker-Yards in Finland. 1.1 The shipbuilding market for passenger and passenger/roro cargo ships At the beginning of 21, the orderbook (ships of 3 gt and over) consisted of only 65 passenger ships with 3.1 million gt (3.5 mill cgt) and 94 cargo passenger ships with 1.5 million gt (1.6 mill cgt). Worth mentioning is that vessels ranging in sizes of 1, gt and above had a share of 45 per cent. As of January 1 st, 21, the orderbook represented a gtshare of 19.1 per cent and 8.7 per cent related to the existing passenger and passenger/roro cargo fleet, respectively. Latest figures until July 1 st, 21 show that passenger and cargo passenger ship orders were slowing further: During the first half of 21, new orders amounted to 22 passenger/passenger cargo ships with.74 million gt and.77 million cgt. As of July 1 st, 21 the orderbook for this ship type stood at 147 vessels, totalling 4.1 million gt and 4.5 million cgt. Tab. 3: World passenger and passenger/roro cargo fleet tonnage additions 25, 28 and 29 Ship type 25 1 No gt 29 gt %- gt %- 1 change change No gt 8/9 5/9 Passenger ships Passenger/roro cargo ships Total Fig. 3: World passenger and cargo passenger fleet average size development as of January 1 st, (average gt) Fig. 4: World passenger and passenger/roro carfo fleet broken-up and new orders by type (1 gt) 1 gt gt 28 1 No gt Fig. 5: World passenger and passenger/roro cargo fleet Quarterly orderbook and new order development mill cgt Passenger ships Passenger/rorro cargo ships Passenger ships Broken up New orders during past 3 month New orders Passenger/roro cargo ships Order book Statistical details of World passenger fleet Key figures p. 43 By major flags p. 45 By country of domicile p. 46 By registered flag countries of domicile according to regions p. 47 By ship type and division of age and deliveries up to 211 p. 48 Additions to fleet by country of domicile p. 49 By summer draught, length and broad by gt size class p SSMR August 21

9 Comment - passenger and cruise shipping New orders and orderbook development Pure Passenger ships order activity during 29 increased by 1.8 per cent in terms of cgt, compared with previous year s results, but this result is 66 per cent below figures of 25. In contrast to recent years, the amount of ship deliveries surpassed new orders. While 49 passenger ships (cruise vessels) with 1. million gt (.9 million cgt) left the orderbook after completion, 2 passenger ships with.7 million gt (.7 million cgt) were added. On January 1 st, 21, the total orderbook comprised 65 passenger/cruise ships equivalent to 3.5 million cgt. Looking at the estimated delivery dates, 42 per cent is due for delivery before 211 and a further 58 per cent will be available in 211 or later. During 29, only 25 orders for new passenger/roro cargo passenger ships were placed on shipbuilding yards. In terms of cgt these new orders had a volume of.2 million cgt. During the same period, 56 cargo passenger ships with.4 million cgt left the orderbook after completion. At the beginning of 21, the orderbook for passenger/roro cargo passenger ships reached a level of 1.6 million cgt compared with 1.9 million cgt in 29. According to the delivery schedule at least 64 per cent of the tonnage should be delivered before Leading shipbuilding countries Pure passenger (cruise vessel) and ferry shipbuilding is a domain of European yards. The leading shipbuilding country is Italy (in particular the yards of Fincantieri and Visentini). Passenger ships ordered at Italian yards totalled 34 ships with 2.1 million cgt, the market share in all ordered passenger tonnage stood at 42. per cent. At the beginning of 21, 71 per cent of all ordered passenger tonnage (cgt) was placed on Italian, German and French yards. 2 THE CRUISE FLEET DEVELOPMENT HIGHLIGHTS 29/21 The following contribution relates to the ISL Cruise Fleet Register 21/211 published in this issue. Besides a description of the fleet development it will also give some background information on other market elements. 2.1 Demand for cruises A timid sense of optimism pervades the cruise industry at the beginning of this year. One is glad that the year 29 is over and has passed relatively unscathed. Drawing a balance of the year 29, it is important to note that the industry has managed to offset the problems associated with the global economic crisis without considerable damage. According to the European Cruise Council the number of Europeans taking a cruise holiday recorded a growth in 29. Nearly 4.95 million passengers in 29 have taken a cruise vacation, which represents an increase of 12 per cent compared to last year. The United Kingdom remains at number one and Germany broke the one million passenger Fig. 6: Passenger and passenger/roro cargo fleet share of the ordered tonnage (gt) on the existing fleet as of January 1 st, (gt-per cent) Fig. 7: World passenger and passenger/roro cargo ships on order by country of build as of January 1 st, 29 and 21 (in cgt) Passenger ships Passenger/roro cargo ships The ISL Cruise Fleet Register - Definitions: Entries are based on Information up to July 21. Included are all seagoing passenger vessels of 1 gt and over, with 1 or more berths year-round or temporary engaged in cruising. Not included are cargo vessels on cargo liner services, car ferries and passenger ferries on ferry services and private yachts. Some modern ships in lay-up are included. This is caused by temporary capacity reductions and bankruptcies of operators whose ships will, most probably, come back to service next year. Old ships in permanent lay-up are excluded. Additionally, a few vessels making short cruises were excluded too, because they are in fact floating casinos making trips of less than one night. Fig. 8: Global demand for cruise shipping in 29 (per cent-share of total passengers) USA 72% Italy Germany France China, PR of Total 16.9 Mill. passengers in 29 Finland Spain others UK 9% Germany 6% Others 13% ISL based on European Cruise Council and other trade sources Open registry flags: Open registry flags, comprises top ten flags, namely Liberia, Panama, Bahamas, Cyprus, Malta, Saint Vincent, Bermuda, Marshall Islands, Antigua & Barbuda and Cayman Islands; of which Majors comprises only Liberia, Panama, Bahamas, Bermuda and Cyprus. SSMR August 21 7

10 Comment passenger and cruise shipping mark for the first time. The British market has doubled in the last nine years and with 1.53 million passengers recorded a 31.5 per cent share of the European market. Germany continued its strong growth in second place with 1.2 million passengers and a European market share of 21 per cent. In Italy, the third largest cruise market in Europe, an increase of 16 per cent was observed (79 passengers). Contrary to last year s prevision in our comment, the cruise market in Spain has developed very positively. Spain, with increased capacity from its national brands, showed an outstanding 26 per cent increase to 627, passengers in Cruise fleet developments As Summer, 21 the passenger and cruise fleet comprised 291 ships. A total of ten vessels left the fleet in 29. Four of those ships, namely DALMACIJA, OCEAN ODYSSEY, SALAMIS GLORY and BLUE MONARCH that ceased cruising were directly sold for scrap. The KRISTINA REGINA was replaced by KRISTINA KATARINA in August 21, the remaining five ships PACIFIC, SAGA ROSE, ANDREA, FLAMENCO I, MARIYA YERMOLOVA were laid up. During 29/21 the following additions were observed in the cruise fleet: in total 11 new cruise ships were added to the fleet, an additional total capacity of.88 mill gt and 2,5 berths. The average size of the cruise fleet is 54,47 gt with 1,388 berths. Almost half of this additions (i.e. 5 ships with 4, gt and 1,9 berths) were for the Carnival Group. Furthermore noteworthy are cruise operators as Royal Caribbean Cruises with three new ships CELEBRITY EQUINOX, OASIS OF THE SEAS and CELEBRITY ECLIPSE as well as Mediterranean Shipping Cruises with two new ships MSC MAGNIFICA and MSC SPLENDIDA. The most notable of the new arrivals was the new world s largest cruise ship, Royal Caribbean s OASIS OF THE SEAS with 225, gt and 5,4 berths. In the lower range of the size scale are the new Carnival ships SEABOURN ODYSSEY and Silversea s SILVER SPIRIT, two of several small ships ordered for the high-end luxury segment of the industry in recent years. Fourteen new ships were delivered in the first six months of 21, contributing another 919,264 gt and 7, berths to the fleet already this year. Four more ships (417,369 gt) are currently scheduled for delivery till end of the year. One of these expected additions is a further ship in the category world s largest cruise ship with 225, gt, namely ALLURE OF THE SEAS, which belongs to the cruise operator Royal Caribbean. The structure of the fleet reflects the growing importance of mega ships (>2, berths). 87 ships in this class account for 56 per cent of the cabin capacity of the global cruise fleet. The 78 medium-sized vessels (1,-2, berths) represent another 3 per cent of the cabin capacity, while the 126 remaining ships account for only 13 per cent of the berth capacities. There are now also 42 ships in the world fleet larger than 1, gt, which represents 32 per cent of the berth capacity. Figure 13 shows that more than three quarters of the fleet Fig. 9: European cruise passengers by country of residence, 29 (in 1 passengers) 1 Passengers ISL based on European Cruise Council and other trade sources Fig. 1: World active cruise fleet as of July 1 st, (No of ships and gt) No of ships 1 gt Source: ISL Cruise Fleet Register 21; ships of 1 gt and over No Fig. 11: Passenger capacity of world active cruise fleet as of July 1 st, (1 berths) Source: ISL Cruise Fleet Register 21; ships of 1 gt and over 1 berths Statistical details World passenger fleet Broken-up passenger and cargo passenger ships p. 5 Existing total passenger fleet by major areas of build p. 51 Quarterly orderbook development p. 51 Orderbook by country of build and delivery schedule p. 52 Orderbook by ship yard and type and delivery schedule p. 52 New orders by type and major countries of build p. 53 New orders by type and major countries of domicile p. 54 The compensated gross tons (cgt) concept was first devised by shipbuilder associations, and adopted by the OECD Council Working Party on Shipbuilding (WP6), in the 197s to provide a more accurate measure of shipyard activity than could be achieved by the usual gross ton (gt) and deadweight ton (dwt) measures. The compensated gross tons (cgt) is calculated by multiplying the tonnage of a ship by a coefficient, which is determined according to type and size for a particular ship. Cgt is used as an indicator of the volume of work that is necessary to build a given ship gt 8 SSMR August 21

11 Comment - passenger and cruise shipping are made up of ships larger than 5, gt. Two decades ago, just two ships, the QUEEN ELIZABETH 2 (now a hotel in Dubai) and the NORWAY (already scrapped), belonged to this category. 2.3 Ownership patterns and cruise operators With 98 ships, 7.5 million gt and 191, beds the Carnival Group controls 47 per cent of the world tonnage. As the leading cruise shipping company in the world it offers a wide array of cruise vacations. The Cruise Brands under the roof of the Carnival Corporation & plc are located in North America, Europe, Asia and Australia, and comprise of Carnival Cruise Lines, Holland America Line, Princess Cruises, The Yachts of Seabourn, AIDA Cruises, Costa Cruises, Cunard Line, Ibero Cruises, Ocean Village, P&O Cruises and P&O Cruises Australia. Flagship of Carnival Cruise Lines is the CARNIVAL DREAM built on Fincantieri s Sestri shipyard and commissioned in 29. The CARNIVAL DREAM (128,5 gt) became the 24th ship in the fleet and will carry 3,6 passengers. Her sister ships, CARNIVAL MAGIC is expected to enter service in June 211 while CARNIVAL BREEZE is expected in spring of 212. Holland America Cruises has christened the NIEUW AMSTERDAM in 21. It is the 15 th ship in the fleet of Holland America offering space for 2,16 passengers and measuring 86,7 gt. Carnival s Cunard Branch will take the new QUEEN ELIZABETH (now without a number) in service. She is built at Fincantieri Monfalcone and will have her maiden voyage round the world from October on. Carnival s AIDA Cruises currently has placed an order for their seventh vessel in six years. The vessel is planned to be delivered in early 213. She is planed as a sister of AIDABLU. Royal Caribbean s focus on bigger ships is affirmed by the second vessel of the so called GENESIS class. The new ALLURE OF THE SEAS (225, gt) is the sister of the OASIS OF THE SEAS and will enter service in late 21, offering a maximum capacity of 5,4 lower beds. Including the ALLURE, RCL runs 4 vessels that provide around 92, berths. This equates a share of 23 per cent of the total cruise fleet, making RCL the second largest company in the cruise business. Recently Malaysia-based Star Cruises experienced a renaming and is now a branch of Genting Hong Kong. The company still is number 3 on the list of the largest cruises companies. Another giant vessel recently came into service for Star Cruises/NCL group. The NORWEGIAN EPIC is the biggest vessel the company has ever christened. With a tonnage of 153, gt, she has a capacity of 4,1 passengers. Mediterranean Shipping Cruises (MSC) is the only true European owner among the larger companies. The current orderbook includes one more 92, gt ship, the MSC FAVOLOSA, to be delivered next year. Together with the new 2,55 passenger ship MSC MAGNIFICA in March, the MSC fleet will count 13 units. She completes a quartet Fig. 12: World active cruise fleet by year of build as of July 1 st, 21 (No of ships and passenger capacitiy) Source: ISL Cruise Fleet Register 21; ships of 1 gt and over Fig. 13: World active cruise fleet by gt-size class as of July 1 st, 21 (in gt-per cent) Source: ISL Cruise Fleet Register 21; ships of 1 gt and over Fig. 14: World active cruise fleet - development of the top ranking countries of domicile (in 1 gt) 1 gt 12 1 No of ships Capacity in 1 berths up to , gt and over 33% 8, - 1, gt 23% up to 2, gt 5% 2, - 5, gt 15% 5, - 8, gt 24% USA Malaysia Japan Switzerland Source: ISL Cruise Fleet Register 21; ships of 1 gt and over Fig. 15: Market shares of the major cruise shipping companies in 21 (berths per cent-share) Mediterranean Shipping Cruises 5.9% Star Cruises 8.5% Others 16.6% Royal Caribbean Cruise 21.8% Carnival 47.3% Source: ISL Cruise Fleet Register 21; ships of 1 gt and over SSMR August 21 9

12 Comment passenger and cruise shipping together with the MUSICA, ORCHESTRA and POESIA. The MAGNEFICA has been build at STX Europe in France and made her maiden voyage in the Mediterranean Sea in February. Table 8 gives an overview of the market shares of leading companies. Carnival (47.7 per cent of the beds), RCI (23. per cent), Star (8.2 per cent) and MSC (5.8 per cent) are the four leading groups, but each in its own league. Together they offer 84 per cent of the total fleet capacity. The fifth rank, the TUI group, only has a share of about 2 per cent. 2.4 Shipyard dock utilisation Most of the building contracts are placed with the three leading cruise ship builders Fincantieri, STX and Meyer Werft. Most prominent yards in building cruise ships are located in Europe, namely Fincantieri, STX Europe (formerly Chantiers de l Atlantique), Meyer Werft and last but not least the other STX branch in Finland (formerly Aker Yards). Although the cruise industry is not hit severely by the economic crisis in the past two years, there was a lull until recently in orders for new cruise ships. In consideration of the average age of the cruise fleet and the still growing demand of cruise holidays, there is no question that more new ships will be needed. A prominent example is the order of a new vessel for AIDA cruises at Meyer Werft mentioned above. However, most successful so far in acquiring orders is Fincantieri, which has already secured one order from Carnival and two for Princess Cruises. Moreover, Fincantieri will deliver four vessels in 211 (CARNIVAL MAGIC, COSTA FAVOLOSA, L'AUSTRAL and MARINA) and three in 212 (orders for Compagnie du Ponant, Costa and Oceania s Riviera). STX France has managed to obtain an order for a single ship from MSC Cruises. Parent company STX Europe, former Aker, has built the fifteen largest cruise vessels ever. Most of these ships were three series for Royal Caribbean, but they also include the NORWEGIAN EPIC for NCL, QUEEN MARY 2 for Cunard and several ships for MSC. After STX completes the Allure of the Seas, being built in Finland, and the Norwegian Epic, being built in France, their cruise ship order books come to an end. Meyer Werft, meanwhile, is in good shape. The CELEBRITY ECLIPSE is delivered this year and future orders include three vessel for 211 (one each for Aida, Celebrity and Disney) and three more for 212, all sister ships of the 211 trio. Moreover, Meyer Werft has been successful in winning an order for a further Aida vessel, to be delivered in 213. Another European yard, niche operator T. Marriotti in Genoa, still has two orders yet for delivery, the Seabourn Sojourn this year (June) and Seabourn Quest in 211, but no orders beyond. Marriotti is at present converting the Carnival Celebration into the Grand Celebration for Carnival s Spanish subsidiary Iberocruceros. Tab. 4: The twelve top ranking cruise shipping companies 21 OWNER/OPERATOR Country No 1 gt berths average gt-% average 1 gt share age Carnival USA Royal Caribbean Cruise Norway Star Cruises Malaysia Mediterranean Shipping Cruises Switzerland TUI Group Germany Prestige Cruise Holidays USA N.Y.K. Cruises Co. Japan Louis Cruise Lines, Nicosia Cyprus Disney Cruise Line USA Silversea Cruises USA Fred Olsen Cruise Lines UK Classic International Cruises Portugal Phoenix Reisen, Bonn Germany Quark Expeditions Russia Saga Shipping, London UK Others TOTAL Source: ISL Cruise Fleet Register 21; ships of 1 gt and over Fig. 16: Cruise ships on order by gt size class (gt per cent-share) as of July 1 st, 21 Source: ISL Cruise Fleet Register 21; ships of 1 gt and over Fig. 17: Orderbook of Cruise ships by yard and shipping company as of July 1 st, 21 (in 1 gt and gt per cent share) Disney Cruise; 248 AIDA; 142 1, gt and over 68% RCL; 366 up to 5, gt 5% Others; 67 Other Yards; 2.5% 5, <8, gt 1% RCL; 225 STX Europe 2.8% 8, < 1, gt 14% MSC; 185 Star Cruises; 153 Oceania Cruises; 13 Cie. Des Iles du Carnival; 866 Ponant; 11 Costa; 228 Source: ISL Cruise Fleet Register 21; ships of 1 gt and over Statistical details ISL Cruise Fleet Register Cruise fleet key figures p. 43 Fleet development p. 23 By year of build p. 24 By registered flags 27 and 28 p. 23 By major flags 199, 1995, p. 24 By countries of domicile 28 p. 24 Statistical details Future tonnage developments Cruise vessels on order for delivery in 29 and later p. 34 SSMR Guide to relevant market information: Fast Ferry International Ltd: Fast Ferry International Ferry Information: Ferry compass Informa Publishing Group: Cruise International The Passenger Shipping Association: Cruise Lines International Association, Inc.: IMO: 1 SSMR August 21

13 Definitions Merchant Fleet and Newbuildings Fleet and New Construction Data Include all self-propelled sea-going trading ships and passenger ships of 3 gt and over, i.e. all ships intended for the carriage of goods and/or passengers. Naval units are excluded. Merchant fleet tables include laid-up tonnage and exclude US and Canadian Laker Fleet. Data are based on quarterly updates from Lloyd's Register/Fairplay (LR/Fairplay). Tables on merchant fleet exclude ships for which flag is unknown, as of January 1 st, 28 1,199 ships with 4.1 mill dwt, 2.8 mill gt and include ships with status continued existence in doubt. Country of registration and country of domicile Country of registration indicates the country of the port of registry of a country (flag). The country of domicile indicates where the controlling interest of the fleet is located in terms of the parent company. This information is applicable to merchant fleet vessels of 1 gt and above. Denmark includes Faeroes, Greenland. France includes New Caledonia, French Polynesia, Martinique, Guadeloupe, St. Pierre et Miquelon, Mayotte, Réunion, Wallis and Futuna Islands, French Austral and Antarctic Territories (Kerguelen), French Guyana. Netherlands includes Netherlands Antilles, Aruba. Portugal includes Madeira. Spain includes Canary Islands. UAE includes Abu Dhabi, Dubai, Sharjah, Ras El Khaimah, Ajman, Fujairah, Umn al Qauiwain. Yemen, Rep. of, includes former Yemen, PDR of, and Yemen Arab. Rep. UK includes Isle of Man, Channel Islands, Br. Virgin Islands, Montserrat, St. Helena, Turks and Caicos Islands, Anquilla and Falkland Island. US includes Puerto Rico, Pacific Islands, Northern Mariana Islands. For further explanation (e.g. Analytical Groups of Countries) please visit: /infoline Broken-up Tonnage includes ships sold for breaking. Figures on broken-up tonnage are not revised if vessels reported for breaking are trading again. Merchant Ship Type Structures Based on An International Classification of Ships by Type (ICST (1994) Definition of terms used in merchant ship structures type classification. Tanker: Single-deck vessel constructed and arranged for the carriage of liquid cargoes in tanks integral to the hull and include crude oil or non-hazardous (IMO code) refined products. Chemical tanker: Vessel constructed and arranged for carrying hazardous (IMO code) cargoes in special tanks. Liquid gas tanker: Vessel constructed and arranged for the carriage of liquefied gases either in integral tanks or independent tanks under pressure or refrigerated. Dry Bulk: Dry cargo vessel. One deck, machinery aft with topside tanks capable of carrying a variety of self-trimming cargoes. Ore Carrier (Bulk Carrier): Dry cargo vessel, one deck, strengthening for ore cargoes. Ore/Bulk/Oil Carrier (OBO): Bulk carrier arranged for the carriage of either bulk dry cargoes or liquid cargoes in the same cargo spaces but not simultaneously. General Cargo: Single or multi-deck general dry cargo vessel with facilities for loading/ discharging cargo. Specialised Carrier (Special Ship): Dry cargo vessel specially designed for the carriage of particular cargoes, incl. car-carriers. Reefer: Specialised dry cargo vessel with 8 % or more insulated cargo space. RoRo Cargo/RoRo Passenger: Vessel arranged for Roll-on Roll-off loading / discharging of vehicles (road and/or rail) as cargo and / or passenger conveyances. Container Ship (Fully Cellular Container Ships): Vessel fitted throughout with fixed or portable cell guides for the carriage of containers above and below the weather deck. Passenger: Vessel which carries more than 12 fare paying passengers whether berthed or unberthed (ferries). For further explanation (e.g. Tonnage Specification) please visit: /infoline Basic Ship Type Structure and ISL Ship Type Aggregates MERCHANT SHIP STRUCTURES ISL SHIP TYPES Special Fleet Report LIQUID Oil tankers - Crude oil tankers - Crude/products tankers - Products tankers - Oil/chemical tankers - Other tankers Chemical tankers - Chemical tankers - other chemical tankers Liquid gas tankers - LNG carriers - LPG carriers - other liquid gas carriers DRY BULK Bulk carriers - Ore carriers - other bulk carriers OBO carriers - Ore/bulk/oil carriers - Ore/oil carriers - Bulk/oil carriers OHTER DRY CARGO General cargo ships of which - Single-deck ships - Multi-deck ships - Special ships - Reefer ships - RoRo cargo ships (a) (b) Container ships Passenger and cargo passenger ships (b) - Fully cellular container ships of which - Passenger ships - Cargo/RoRo passenger ships Oil tankers Chemical tankers Liquid gas tankers Bulk carriers OBO carriers General cargo ships, of which Conventional cargo ships Special ships Reefer ships RoRo cargo ships Container ships Passenger and cargo passenger ships, of which Passenger ships Cargo/RoRo passenger ships Broken-up tonnage etc. Tankers Tankers Tankers Bulk carriers Bulk carriers General cargo ships, of which Single-deck ships Multi-deck ships (a) (a) (a) Container ships Passenger ships Included in General Cargo Ships. Including ships (berthed and unberthed) for passenger transport and passenger carrying vessels like general cargo passenger ships, ro-ro passenger ships (ferries). For further explanation (e.g. Trade and Traffic Statistics) please visit: /infoline SSMR August 21 11

14 Glossary Deadweight tonnage (dwt): Unit of measurement expressed in tonnes of the maximum permitted load of a ship (i.e. the weight of cargo, passengers, fuel, stores and crew) when loaded down to its maximum summer load line. Dry Cargo: Said of any commodity which is not a liquid. Feeder Service: Service provided by a shipping line whereby small ships carry cargoes regularly between ports which are served by a large ocean ship, often called hub ports, and ports which are not, for the reason that cargoes to and from these smaller ports are not sufficient to warrant putting in a large ship but are transhipped to or from the ship. In the case of port to port tariffs, normally the shipping line charges a through rate of freight which includes the cost of transhipment. Feeder Ship: Small ship, provided by a shipping line, which carries cargoes between ports which are served by a large ocean ship and ports which are not. The cargoes are transhipped, normally at the expense of the shipping line, to or from the ocean ship. Flag of Convenience: Registration of a ship in a country whose tax on the profits of trading ships is low or whose requirements concerning manning or maintenance are not stringent. Sometimes referred to as a flag of necessity. flag out (to): To change the registration of a ship to another country. Normally, flagging out is to a flag of convenience country in order to reduce the operating costs of the ship, either in terms of manning or maintenance, or to reduce the tax payable on the profits of trading the ship. Freight Rate: Amount of money paid to a shipowner or shipping line for the carriage of each unit of cargo, such as a tonne, a cubic metre or container load. Also referred to as a rate of freight. Freight ton: A unit of volume or weight used for quoting freight rates, in which 4 cu.ft. or 2,24 lbs. are taken as the equivalent of one ton. Also called stevedore ton. The measurement or weight is generally at ship's option. For freight purposes the term ton may also be applied to a number of hundered weights to be the equivalent of one ton and varying according to the goods. Abbreviated to FT. General Cargo: Cargo consisting of goods unpacked or packed, for example in cartons, crates, bags or bales, often palletised, but specifically not cargo shipped in bulk, on trailers or in shipping containers. A general cargo ship is one designed to carry such cargo, often having several decks because of the number of ports served and the range of products carried. Grain or Grain Capacity: Total cubic capacity of a ship's holds available for the carriage of grain or any other free-flowing bulk cargo which is capable of filling the space between the ship's frames. It is expressed in cubic feet or cubic metres. (Where a cargo is solid and therefore not capable of filling the spaces between the ship's frames, the corresponding capacity is known as the bale or bale capacity.) Gross tonnage (gt): gt indicates that the ship has been measured in accordance with the requirements of the International Convention on Tonnage Measurement of Ships 1969 and is derived by formula in accordance with those requirements. This Gross Tonnage is broadly, the capacity in cubic feet of the spaces within the hull, and of the enclosed spaces above the deck available for cargo, stores, fuel, passengers and crew, with certain exceptions, divided by 1. Thus, 1 cubic feet of capacity is equivalent to 1 gross ton. Handymax: A small bulk or oil tanker vessel of 4, to 6, dwt that is a larger version of the popular Handysize vessel. Handysize A small bulk or oil tanker vessel that is suited to tie up at a T2 type pier. These vessels are a maxiumum of 1, to 4, dwt. These vessels are more maneuverable and have a shallower draft than larger vessels and therefore make up the majority of the world s ocean-going cargo fleet. Harbour ton: 1 kg or 1 cubic metre which ever yields the highest tonnage. Abbreviated to HT. Hinterland: The area behind the port. Hub (Port): Large port intended to attract transhipment cargoes from an to other, smaller, ports, as well as inland locations. It is designed to be more efficient than smaller ports by virtue of its location, handling and storage facilities, and inland transport connections. It is used by large, modern oceangoing vessels, with cargo moving to an from it by all means of transport, including feeder ships and landbridges. Also called load centre. Hub and Spoke: System of feeding cargoes to and from a large port, known as a hub. Intermodal Transport: Carriage of a consignment of goods using more than one mode of transport, e.g. rail and sea. Liner Service: Service provided by a shipping company whereby cargocarrying ships are operated between scheduled, advertised ports of loading and discharging on a regular basis. The freight rates which are charged are based on the shipping company's tariff or, if the company is a member of a liner conference, the tariff of that conference. Net tonnage (nt): nt is derived from the corresponding Gross Tonnage by deducting spaces used for the accomodation of the master, officers, crew, navigation and propelling machinery. Nt is derived by formula in accordance with the requirements of the International Convention on Tonnage Measurement of Ships SSMR August 21

15 Glossary Open Registry: Registration in a country which is open to owners who have no link in terms of nationality with the country where the ship is registered. Sometimes open registers are known as flags of convenience if the registration requirements concerning manning or maintenance are not stringent, or where tax is low. Panama Canal Restrictions: The current maximum dimensions allowed by the Panama Canal Authority are m (965 ft) length, m (16 ft) breadth, and 12.4 m (39 ft 6 in.) draft in tropical fresh water. These limitations enable vessels to navigate the three sets of canal locks, Gatun Locks, Pedro Miguel Locks, and Miraflores Locks. Panamax (Ship): Ship capable of transiting the Panama Canal (see Panama Canal restrictions), as distinct from post-panamax ships which are too large. There are two main categories: Panamax bulk carrier of about 6-8, t deadweight, and Panamax containership of about 4,-5, TEUs with 13 TEUs across the breadth. Post-Panamax (Ship): Ship so large that she cannot transit the Panama Canal. There are three main categories: Post-Panamax bulk carrier, Post-Panamax tanker, and Post-Panamax containership of about 5,-9, TEUs with 17 or more TEUs across the breadth. The largest of these are sometimes referred to as super post-panamax containerships or post-panamax plus containerships. Revenue ton (U.S.): A unit of cargo measurement found in all ports of the United States. It can not be defined in units either of weight or of space occupied by the cargo as it varies from port to port, from line to line, and from ship to ship, depending on the customs of the port and the nature of the cargo carried by the individual vessel. For any one port, however, and particularly for any one group of ships specializing in the same trade and carrying approximately the same kind of commodities the revenue ton represents a tangible unit of cargo measurement and is frequently used as the only means of expressing the total cargo of the ships. All United States ships show on their manifests their total revenue tonnage, and very often they also indicate the total weight of the cargo in long tons. Abbreviated to RT Ro-Ro/Container Vessel: Ship which carries shipping containers and has cell guides within which to accommodate them; she also has decks to take roll-on roll-off cargo. Also known as a con-ro ship. Slot: Compartment in the hold of a containership into which a shipping container fits exactly. It is used in preference to the alternative term 'cell' when referring to the number of such compartments on a ship and the arrangements sometimes made between different shipping lines to pool capacity or between a shipping line and a groupage operator or non vessel operating carrier (NVOC) to make use of space on the ship. Slot Charter: The chartering in of a ship by a fleet operator for a specific voyage when none of the ships in the fleet is available. Stowage: The act of carefully placing various merchandise nearest to each other in a hold of a ship without the least possible loss of spacing and in such a safe manner as to render the ship cargo worthy and sea-worthy. The word stowage may also refer to the charges made for stowing cargo in a ship. Suezmax: Maximum size of ship of certain categories capable of transitting the Suez Canal. The most common is the Suezmax tanker of 12-2, t deadweight and the Suezmax containership, which has a container capacity of about 12, TEUs. TEU: Twenty foot equivalent unit(s). Time Charter: The hiring of a ship from a shipowner for a period of time. Under this type of contract, the shipowner places his ship, with crew and equipment, at the disposal of the charterer, for which the charterer pays hire money. Subject to any restrictions in the contract, the charterer decides the type and quantity of cargo to be carried and the ports of loading and discharging. He is responsible for supplying the ship with bunkers and for the payment of cargo to be carried and the port of loading and discharging. He is responsible for supplying the ship with bunkers and for the payment of cargo handling operations, port charges, pilotage, towage and ship's agency. The technical operation and navigation of the ship remain the responsibility of the shipowner. A ship hired in this way is said to be on time charter. Abbreviation for time charter-party. Transhipment: Transfer of goods from one ship to another. This transfer may be direct or it may be necessary to discharge the goods on to the quay prior to loading them on to the second ship, or on to vehicles should the second ship be loading at a different berth. Alternative spellings are transhipment and trans-shipment. Turn (a ship) round (to): To bring a ship into port, load or discharge her and sail her from the port. This term is most often used in connection with the time taken to carry out this operation. Uncontainerisible Cargo: Cargo which because of its overall dimensions will not fit into or onto a single shipping container. On routes which are fully containerised, such cargo can sometimes be accommodated on two or more flatracks or platform flats. Cargo is also considered uncontainerisible if it is too heavy for a single container. In this case, it may be secured on the deck of a ship. Often abbreviated to uncon. SOURCE: Based on various sources, among others: Dictionary of Shipping Terms (Fourth Edition); Glossary of Maritime Technology; The Marine Encyclopaedic Dictionary. SSMR August 21 13