Stabilization on a low level

Transcription

1 Stabilization on a low level In April the charter market recorded an upswing which was minor for the time of the year. Freight rates fell continuously increases could be realized at in April. So the Shanghai Containerized the charter market. The up- Freight Index ward movement appeared in (SCFI) recorded only 1,026 all segments, though with points at the end of April. The different strength. In y-o-y main reason for the rate drop comparison of April the can be found in the Asia- feeder segment with 1,700 Europe traffic. Hence, freight TEU geared and the Subrates on the routes between Panamax segment with 2,500 Asia and Europe and Asia and TEU geared could achieve a the Mediterranean gave in by significant rate increase (2.8 over 400 US-Dollars. The % respectively 8.8%). Other route between Asia and sizes between Feeder and South-America witnessed significant Panamax were on a similar rate decreases as well. level as in April We One reason might be caused observe a slow stabilization by the amount of newly delivered of the charter market which Post-Panamax and Ultra still is on a low level. The Large Container Ships (ULCS) ConTex published by which leads to high tonnage Vereinigung Hamburger growth despite high scrapping Schiffsmakler und Schiffously activity. The simultanesagenten rose by 2.2 per weak demand growth cent in April. on the East-West routes The new building market squeezes the freight rates. loomed that the race for While the freight market had economies of scale is not to fight in April, small rate over yet. End of April it be- News Flash Bertram Rickmers, chairman of Rickmers Holding, expressed his positive expectations regarding the future development of shipping. Even though the market recovery could be still quite a long time to come, when it comes, it would be appearing abruptly. Rickmers could even imagine a return to the glory days of shipping as prevalent during the middle of the 2000s. The foundation for big fortunes always had been laid in times of crisis. We would witness sky high rates again. According to branch information provider Alphaliner the GDP multiplier decreased. The product of the multiplier with the GDP equals the container demand and was in 2012 at only 1.5. The main reason for the low multiplier effect has to be seen in slow Chinese container growth. 1

2 came apparent that China Shipping Container Lines (CSCL) obviously ordered five 18,000 TEU container vessels at a South Korean ship yard. The vessels are similar to the EEE-class of Maersk and supposedly cost below 140 Million US-Dollars. Maersk had paid approximately 190 US- Dollars in The vessel size of about 9,000 TEU apparently is en vogue. On the one hand Embiricos Group ordered two 9,000 TEU vessels including an option on two more vessels at Hyundai Samaho. On the other hand CSAV inked a contract on seven 9,300 TEU vessels. Already last month we reported on the order of six vessels of approximately 9,000 TEU by Oceanbulk. Furthermore we registered the order of eleven feeder vessels. At the second hand market for container vessels activity stayed high even if we could not observe quite as many transactions as last month. The traded tonnage concerned Sub-Panamax and Feeder vessels. In many cases sales were caused by the tense liquidity situation of the respective one ship company. On the other hand the sales reflect the buyer s positive market expectations for these segments. Scrapping activity was high in April as well. Even though the majority of demolition sales concentrated on the feeder segment, there were several Sub-Panamaxes and Panamaxes which were sold for beaching at scrap yards. The price paid per light displacement tonnage retreated during the last weeks in most scrapping locations. Only in Bangladesh a firming trend is observable. 2

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4 NEW BUILDINGS CONTAINER - Deliveries April 2013 NAME TEU ORDERED SHIPYARD ORDERING PARTY CMA CGM ALEXANDER VON 16,020 Jun 07 Daewoo (DSME) CMA CGM MOL QUEST 14,000 Jun 11 Hyundai Samho H.I. Neptune Orient Lines / APL NYK HERCULES 13,208 Mar 11 Samsung Orient Overseas Container Line HANJIN GREEN EARTH 13,102 Feb 08 Hyundai H.I. Hanjin Shipping HANJIN GOLD 13,102 Jan 08 Hyundai H.I. Hanjin Shipping APL NEW YORK 9,200 Jul 10 Daewoo (DSME) Neptune Orient Lines / APL YM UNICORN 8,626 Aug 07 China SB (CSBC) All Oceans T EVER LOGIC 8,452 Sep 10 Samsung Evergreen KRISTINA 6,673 Sep 11 Hyundai Samho H.I. Technomar Shipping HYUNDAI PARAMOUNT 5,023 Apr 11 Hyundai H.I. Capital Ship Management XIN XU ZHOU 4,738 Jun 08 Jiangnan Changxing CSCL XIN WEN ZHOU 4,738 Jun 08 Jiangnan Changxing CSCL WAN HAI 516 4,680 Jul 07 China SB (CSBC) Wan Hai HANJIN INDIGO 4,600 Jan 11 Samsung Hanjin COSCO SAO PAULO 4,253 Dec 07 Jiangsu New Yangzijiang COSCO KOTA LEMBAH 4,250 Feb 11 Dalian Shipyard PIL HANJIN ARGENTINA 3,560 Jun 11 Hyundai Samho H.I. PIL BALAO 2,546 Aug 10 Jiangsu New Yangzijiang Klaveness Maritime Logistics VNL RUBY 1,794 Aug 07 Vinashin Ha Long Vinalines SUNNY LOTUS 1,043 Sep 11 Dae Sun KMTC NEW BUILDINGS CONTAINER - New Orders April 2013 QUANTITY/NAME TEU DELIVERY SHIPYARD ORDERING PARTY 5 x 18, Hyundai H.I CSCL 7 x 9, Samsung H.I. CSAV , Hyundai Samho Embiricos Group 2 (+2 + 4) x 1, CSBC SITC 1 x 1, Kyokuyo Heung-A 2 x 1, Zhejang Yangfan Ningbo Ocean Shipping 4 x 1, /15 Dae Sun Heung-A Western Marine Neepa Paribahan 4

5 2nd-HAND SALES CONTAINER April 2013 Name TEU BUILT YARD GEAR PURCHASR PRICE COMMENT Sofia Schulte 2, Korea gearless undisclosed $15,000,000 Keno 2, Korea gearless undisclosed $15,000,000 Johan Rickmers 2, Korea geared undisclosed $5,000,000 en bloc for $10 Mio Felicitas Rickmers 2, Korea geared undisclosed $5,000,000 en bloc for $10 Mio Msc Hobart 2, Korea gearless China $4,400,000 Stx Qingdao 1, China geared ZIM INTE- - Stx Dalian 1, China geared ZIM INTE- - Etha Rickmers 1, Poland geared Norway $3,400,000 Ym People 1, Japan gearless SITC $7,500,000 Ym Sky 1, Japan gearless undisclosed $7,500,000 SS due in June 2013 Ym Earth 1, Japan gearless SITC $7,500,000 Gallant Wave 1, Japan gearless Indonesia $3,400,000 current scrap value Arminia 1, Poland geared Far East $2,700,000 Daniela China geared OCEANIC $3,200,000 5

6 DEMOLITION SALES CONTAINER April 2013 Name TEU BUILT LDT SCRAP LOCATION USD/LTD Maersk Malacca 4, ,322 India 452 Maersk Madrid 4, ,400 India 466 Hanjin Colombo 4, ,780 India 470 White Sea 3, undisclosed - Conti Chiwan 3, India - Santa Ana 3, ,788 India 425 Santa Elena I 3, ,788 India 425 MSC Brianna 3, ,300 India - MSC Natalia 3, ,301 India 454 E.R. Brisbane 2, China 370 Northern Valour 2, India - Da Xin Hua Chang Shu 2, undisclosed - Saudi Diriyah 2, ,371 India 460 MSC Gianna 1, ,767 India 446 MSc Gianna ,757 India 446 Damali 1, ,184 India 433 Francisca Schulte 1, ,390 India 445 Selma 1, ,797 India 452 Arnis 1, ,260 undisclosed - MSC Agata 1, India - Stadt Berlin 1, ,842 China - Singapore Trader 1, ,130 undisclosed - HMS Laurence 1, ,895 India 440 MSC Annick ,763 India 440 Seaboard Victory ,114 India undisclosed Navajo Princess ,446 India 458 6

7 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 7

8 tonnage growth according to size group % 15% 10% 5% 0% -5% -10% 7.6% 5.3% 3.4% 4.0% 2.3% 0.0% 0.6% 1.4% 1.5% 2.0% 0.4% 0.0% 0.2% 0.0% 0.0% 0.0% 0.3% %-4.9% -8.1% tonnage growth according to size group % 40% 35% 30% 25% 20% 15% 10% 5% 0% 45.0% 27.1% 25.3% 16.9% 12.8% 10.6% 11.2% 7.4% 5.4% 4.8% 2.6% 2.7% 1.3% 0.7% 1.9% 0.4% 0.0% 0.0% 0.2% 0.0% Source: Alphaliner 8

9 Shanghai Containerized Freight Index (SCFI) weight change SCFI (total) 100% Europe (Base port) USD/TEU 20.0% 818 Mediterranean (Base port) USD/TEU 10.0% 860 USWC (Base port) USD/FEU 20.0% 2102 USEC (Base port) USD/FEU 7.5% 3251 Persian Gulf and Red Sea (Dubai) USD/TEU 7.5% 927 Austrlian/New Zealand (Melbourne) USD/TEU 5.0% 1037 East/West Africa (Lagos) USD/TEU 2.5% 1871 South Africa (Durban) USD/TEU 2.5% 786 South America (Santos) USD/TEU 2.5% 1380 West Japan (Base port) USD/TEU 5.0% 348 East Japan (Base port) USD/TEU 5.0% 354 Southeast Asia (Singapore) USD/TEU 5.0% 233 Korea (Pusan) USD/TEU 2.5% 220 Taiwan (Kaohsiung) USD/TEU 2.5% 233 Hong Kong (Hong Kong) USD/TEU 2.5% 83 Source : Shanghai Shipping Exchange 9

10 ConTex for different vessel types $26,500 $24,000 $21,500 $19,000 $16,500 $14,000 $11,500 $9,000 Type 1100 Type 1700 Type 2500 Type 2700 Type 3500 Type 4250 $6,500 $4,000 Jul. 11 Okt. 11 Jan. 12 Apr. 12 Jul. 12 Okt. 12 Jan. 13 Apr ConTex Jul. 11 Okt. 11 Jan. 12 Apr. 12 Jul. 12 Okt. 12 Jan. 13 Apr. 13 Source: Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.v. 10

11 Representative Fixtures April 2013 NAME TEU BUILT REEFER GD/GL DURATION CHARTERER RATE Northern Jamboree 8, gearless 24 months MAERSK LINE $40,500 Hyundai Singapore 6, gearless months MSC $22,400 Hyundai Tacoma 6, gearless months MSC $22,000 Hanjin Ottawa 5, gearless 6-11 months PIL $20,500 Helsinki 5, gearless 2-4 months YANG MING $19,250 Santa Pamina 5, gearless 5-7 months SHIPPING CORPORATION $10,400 E.R. Dallas 5, gearless 5 months TS LINES $9,000 Maxine 5, gearless 70 days MITSUI $8,500 Hyundai Premium 5, gearless 12 months CCNI $16,250 Pugwash 4, gearless 12 months MSC $6,000 Hyundai Federal 4, gearless 12 months MSC $6,250 Pohang 4, gearless 12 months MSC $6,000 Portugal 4, gearless 12 months MSC $6,000 Hs Caribe 4, gearless months UASC $9,500 Ambassador Bridge 4, gearless 8 months UASC $9,250 Jpo Vulpecula 4, gearless 5-7 months HAPAG $9,000 Jpo Libra 4, gearless 6 months NYK $9,250 Santa Romana 4, gearless 5-7 months UASC $9,250 Hs Chopin 3, gearless days HAMBURG SUED $6,800 Guenther Schulte 3, gearless 2-6 months MAERSK LINE $7,000 Hansa Africa 3, gearless 12 months MSC $6,800 Hedda Schulte 3, geared months NILE DUTCH $9,000 Apl Amman 3, gearless 6 months RCL FEEDER $7,500 Hebe 3, geared 5-7 months HAPAG $7,600 Hammonia Gallicum 2, gearless 5-7 months SEA CONSORTIUM $7,000 Wave 2, gearless 4-5 months HANJIN $6,350 Cimbria 2, gearless 4-5 months SIMATECH $6,250 Sils 2, gearless 12 months CMA CGM $6,500 Cape Melville 2, gearless 1-3 months HAPAG $6,800 Cape Moreton 2, gearless 3-6 months MCC $7,000 Elbwolf 2, gearless 6-12 months CMA CGM $6,500 Rio Thompson 2, geared 3-6 months CMA CGM $7,250 Wehr Elbe 2, geared 5-8 months NILE DUTCH $7,250 11

12 Representative Fixtures April 2013 NAME TEU BUILT REEFER GD/GL DURATION CHARTERER RATE Frisia Rotterdam 2, geared 12 months YANG MING $7,350 Anika Oltmann 2, geared 4-6 months MSC $7,100 Northern Endeavour 2, geared 6 months PIL $8,100 Tiger Bridge 2, gearless 6-12 months BENGALTIGER $6,000 Andreas Rickmers 2, geared 3 months PIL $7,100 Aquitania 2, geared 8-12 months PIL $7,500 Classica 2, geared months CMA CGM $7,000 Primus 2, geared 12 months CMA CGM $6,950 Pluto 1, geared 8-10 months CMA CGM $7,000 As Poseidon 1, geared 10 months MSC $6,800 San Georgio 1, gearless 6 months SEA CONSORTIUM $8,950 Positano 1, geared 7-10 months SIMATECH $6,000 Adrian 1, geared 4-7 months CMA CGM $6,800 Ninghai 1, geared 9-11 months CHINA NAVIGATION $7,250 Etha Rickmers 1, geared 4-8 months SEA CONSORTIUM $6,900 Henriette Schulte 1, geared 2-4 months MCC $6,350 Ranee 1, geared 5-6 months SIMATECH $6,600 Macaro 1, geared 2-5 months COSCO $5,200 Hansa Aalesund 1, geared 4-7 months MITSUI $6,900 Cape Norviega 1, gearless 1-2 months MCC $6,500 Cape Felton 1, gearless 3-5 months SITC $6,750 Sinar Biak 1, gearless 12 months SAMUDERA $6,500 Novia 1, geared 6 months TARROS $6,750 Cape Frio 1, gearless 5-6 months SITC $6,300 Bavaria 1, geared 4-5 months COSCO $6,850 Weisshorn 1, geared 6 months CROWLEY $6,500 Dover Strait 1, geared 5-7 months CROWLEY $6,850 Hudson River 1, geared 4-8 months CMA CGM $6,500 Carola 1, geared 4-5 months ITALIA MARITTIMA $6,300 Fesco Trader 1, gearless 2-6 months PIL $6,100 Cape Spencer 1, geared 1-2 months CMA CGM $5,900 Evolution 1, gearless 10 months HANJIN $6,500 Inis Mor 1, geared 10 months C-FUELS AMERICA $6,500 12

13 Container Vessel Market Overview Source: Hansa International Maritime Journal/ Clarkson Research 13

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

15 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. 15