Trend continuation at charter market

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1 Trend continuation at charter market While fright rates gave in slightly, charter market development remained similar to June s. Freight rates still stay on a situated on a bearable, reasonable level, though since those for even bigger vessels June rates gave in. The rate on a passable level. By decrease could be partly contrast, smaller container caused by the fallen bunker vessel segments do suffer. prices, as a SeaIntel Analyst The size range of subargues. Forward freight rates 4,000-TEU, especially those currently don t supply us below 3,000 TEU, is under with a clear signal of the markets pressure. Among others future direction. Market this is displayed by the participants seem to wait change of the idle fleet, whether liner operators announced which increased in the rate increase for Au- smaller segments. Between gust will be successful. Bunker 2,000 and 2,999 TEU the prices have increased amount of idle vessels in- quite a bit in July. The price creased especially steeply. for bunker oil with a viscosity One factor influencing this of 180 mm 2 /sec is slightly development is the efficiency above the 650-US-Dollar compulsion liner threshold. The price of bunker operators are exposed to. with 360 mm 2 /sec oscillates Slow steaming potentials below 650 USD. are mostly exhausted. Hence, considering the still At the charter market rate high bunker prices, the levels dropped slightly. Existing trends remained con- major remaining lever to minimize cost per TEU is sistent. Charter rates for vessels of 4,250 TEU upwards are the realization of scale ef- News Flash Maersk Line plans to re-establish its direct China- New Zealand link. The new service will be called Asia Star. It will employ seven vessels between 1,700 and 1,800 TEU. The Namibian port authority (Namport) countered media reports stating that the planed container terminal at Walvis Bay would threaten to fail. The authority announced that there were many financing inquiries and it is expected that financing will soon come to a close. After the completion the terminal will have two over 350 meter long piers with a depth of 14 meters. A concrete date of finalization has not been named yet, but it has to be expected that the whole project will be delayed. Currently the inception of the terminal s commercial operation is believed to be in Spanish carrierer Marguisa and Delmas have founded a Ro-Ro-Service between the Mediterranean and West Africa. 1

2 fects by the employment of bigger vessels. Where it is physically possible and just economically reasonable, smaller vessels are replaced by bigger ones. Nevertheless the rate decrease could reach a temporary end: After the ConTex published by Hamburger Schiffsmakler und Schiffsagenten (VHSS) had dropped at the beginning of the month it slightly stabilised at the month s end. Taking an optimistic interpretation, this could be viewed as a sign for an approaching summer gap s end and a stabilizing charter market. The sales & purchase market for container vessels witnessed brisk activity, which was limited to the regional and interregional feeder segment. Thus in July ten S&P transactions of container vessels were registered. After the scrapping activity had slowed down in June, in July more container vessels were sold for scrapping, even though prices paid per light displacement tonnage were far underneath those which could have been realized three months ago. The new building market remained relatively calm. The ten 14,000 TEU vessels destined for Evergreen finally go for the benefit of Lemos. Apart from that there was no further activity besides the order of four 2,900 TEU Container-Ro-Ro vessels by an Italian owner. The global business cycle is cooling down. Worldwide central banks are lowering interest rates, which shows that action has already been undertaken to counteract the downturn. In the medium run the decreasing key interest rates could have a stimulating effect on the economic situation. Beside the scheduled delivery of Ultra Large Container Ships (ULCS), the business cycle downside-risk seems currently one factor that threatens a charter market upswing. On the other hand it should be recorded that in recent months only little new building orders have been done indeed, though at invincible prices. History teaches us that those historically cheap deals often can mark a turning point. Minor new building activity and increasing number of scrapings, as well as scores of S&P transactions in the feeder segment lead to one conclusion: Even though the road to the market equilibrium may be longer than some expected, it is visible that we slowly move towards it. 2

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4 NEW BUILDINGS CONTAINER - Deliveries July 2012 NAME TEU ORDERED SHIPYARD ORDERING PARTY Hamburg Express /2008 Hyundai H.I. Hapag-Lloyd CMA CGM Margrit /2007 Hyundai H.I. Blue Star Holding Maersk Lins /2008 Daewoo (DSME) APM Ever Lambent /2010 Samsung Evergreen Tirua /2012 Samsung CSAV Santa Ines /2007 Daewoo (DSME) Hamburg Süd Xin Lan Zhou /2008 Jiangnan Changxing CSCL Wan Hai /2007 China SB Wan Hai Maersk Colombo /2008 Hyundai H.I. APM Hansa Europe /2007 Shanghai Chengxi Leonhardt & Blumberg Martha Schulte /2007 Shanghai Chengxi Thomas Schulte Cape Marin /2008 Gunagzhou Wenchong Schoeller Holdings Rio Anna /2008 Jiangsu Yangzijang MPC Hansa Duburg /2012 Guangzhou Wenchong Leonhardt & Blumberg SITC Moji /2012 Zhejiang Yangfan SITC SITC Lianyungang /2012 Zhejiang Yangfan SITC SITC Shenzhen /2012 Zhejiang Yangfan SITC Chattanooga /2012 Kouan Shipyard Norse Management Maasholm /2012 Jiang Dong Shipyard Brise Schiffahrt Lindaunis /2012 Jiang Dong Shipyard Brise Schiffahrt Condor /2006 Mawei Shipyard Gebrüder Winter NEW BUILDINGS CONTAINER - New Orders July 2012 QUANTITY/NAME TEU DELIVERY SHIPYARD ORDERING PARTY 4 x Con Ro STX Linea Messina 4

5 2nd-HAND SALES CONTAINER July 2012 Name TEU BUILT YARD GEAR PURCHASR PRICE COMMENT Pembroke Germany GD Greece $ ,- R. Partner Poland GD Dubai $ ,- Hyundai Concord Japan GL Korea $ ,- Special Survey due Bunga Teratai Dua Korea GL SEA $ ,- Avonmoor China GD Malta $ ,- Auction Magellan Comet Germany GL $ ,- Incl. finance Pioneer Buzzard Germany GL $ ,- Incl. finance Acacia Japan GD China $ ,- Elation Germany GL Greece ,- Creditor forced Elevation Germany GL Lebanon ,- Creditor forced DEMOLITION SALES CONTAINER July 2012 Name TEU BUILT LDT SCRAP LOCATION USD/LTD Nordstrand Turkey 325 MSC Ukraine ,190 India 422 (incl. Bunker) Sp5. Eric G. Gibson Undisclosed 370 Fresena Turkey 295 Tiger India 410 (incl. Bunker) Seaboard Costa Rica Undisclosed 265 5

6 container vessels New building orders by 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 20,000,000 Capacity of the world container fleet (TEU) 19,000,000 18,000,000 17,000,000 16,000,000 15,000,000 14,000, Source: Alphaliner/ Maersk Broker 6

7 tonnage growth according to size group % 40% 30% 20% 10% 0% -10% 9.4% 4.0% 4.9% 0.9% 2.4% 3.7% 1.1% 0.3% 0.3% 0.4% 0.0% 0.0% 0.0% 0.0% 0.0% % tonnage growth according to size group 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% % 31.6% 17.0% 13.8% 10.8% 6.8% 7.9% 9.0% 6.8% 4.3% 4.5% 0.4% 0.9% 1.7% 0.0% 0.0% Source: Alphaliner 7

8 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% Austrlian/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 8

9 ConTex for different vessel types $29,000 $24,000 $19,000 $14,000 $9,000 Type 1100 Type 1700 Type 2500 Type 2700 Type 3500 Type 4250 $4,000 Okt. 10 Jan. 11 Apr. 11 Jul. 11 Okt. 11 Jan. 12 Apr. 12 Jul ConTex Sep. 10 Nov. 10 Jan. 11 Mrz. 11 Mai. 11 Jul. 11 Sep. 11 Nov. 11 Jan. 12 Mrz. 12 Mai. 12 Jul. 12 Source: Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.v. 9

10 Representative Fixtures July 2012 NAME TEU BUILT REEFER GD/GL DURATION CHARTERER REPORTED RATE Hanjin Rotterdam 8, GL 8 months MSC $33,500 Apl Ningbo 8, GL 12 months APL $37,500 Ilse Wulff 6, GL 12 months MAERSK $31,000 Ym Maturity 6, GL 12 months MSC $28,250 E.R. Dallas 5, ,100 GL 2-3 months MAERSK $11,575 Hyundai Federal 4, GL 2-3 months NORASIA $11,500 Rhl Concordia 4, GL 12 months CCNI $18,500 Northern Prelude 4, GL 3-4 months HAMBURG SÜD $11,975 Hansa Atlantic 4, GL 12 months MSC $9,000 Stx Maliakos 4, GL 7-9 months KMTC $11,000 Cscl Dalian 4, GL 5 months HMM $11,500 Bavaria 4, GL 1 month MAERSK $10,500 Zim Shekou 4, GL 6 months OOCL EUROPE LTD $12,000 Santa Romana 4, ,300 GL 4-6 months HMM $12,475 Ville D'orion 3, GL 8 months CMA CGM $9,960 Martha Schulte 3, GD 6 months CMA CGM $8,200 Hugo Schulte 3, GD 9-11 months HAMBURG SÜD $8,500 HS Bach 3, GL 4-5 months CMA CGM $7,750 Karmen 3, GL 2-3 months SEACON $7,150 Apl Amman 3, GL 6 months RCL FEEDER $8,700 Jenaz 2, GL 3-6 months $6,500 Sarah Schulte 2, GL 12 months HAMBURG SÜD $7,200 Northern Valour 2, GL 2-3 months UASC $7,000 Aldebaran 2, GD 1-2 months CMA CGM $7,500 Stadt Dresden 2, GL 1-2 months CMA CGM $6,500 Alexandra P 2, GL 2-3 months WAN HAI $6,900 King Adrian 2, GL 2-3 months WAN HAI $6,900 Welle 2, GD 2-23 months CMA CGM $6,850 Rio Taku 2, GD 10 months APL $7,750 E. R. Elsfleth 2, GD months CMA CGM $7,300 E. R. Helgoland 2, GD 10 months CMA CGM $7,500 Frisia Hannover 2, GD 6 months HAPAG $7,200 Anafi 2, GD 3-5 months MSC $6,100 10

11 Representative Fixtures July 2012 NAME TEU BUILT REEFER GD/GL DURATION CHARTERER REPORTED RATE Nordfalcon 2, GD months PIL $6,900 OM Agarum 2, GD 6 months SEA CONSORTIUM $7,500 Kamala 2, GD 3 months KMTC $6,900 Frisia Nuernberg 1, GL 2-4 months WAN HAI $6,500 Valdivia 1, GD 3-8 months MCC $6,300 Pluto 1, GD 8-10 months CMA CGM $6,600 Belgian Express 1, GD 7-11 months CMA CGM $6,500 BF Ipanema 1, GD 7-10 months CMA CGM $6,800 Nefeli 1, GD 4-8 months MARIANAS EXPRESS $6,650 Catena 1, GD 3-4 months MARIANAS EXPRESS $6,750 Hansa Regensburg 1, GD 9 months CMA CGM $6,650 Maximilian Schulte 1, GD 7 months MAERSK $6,775 Dorothea Rickmers 1, GD 7-9 months MAERSK $6,100 Deike Rickmers 1, GD 9 months CMA CGM $6,500 Rickmer Rickmers 1, GD 6 months MAERSK $6,800 Tasman Strait 1, GL 5-7 months MOL $7,500 Ocean Arrow 1, GD 6-8 months MCC $6,750 Queen of Luck 1, GD 1-2 months CMA CGM $6,500 Hansa Centurion 1, GD 12 months HEUNG A $7,000 Ranee 1, GD 6-9 months EVERGREEN $6,600 Arisara 1, GL 3-5 months MCC $6,100 Cape Forby 1, GL 3-5 months RCL FEEDER $5,300 Cape Ferrol 1, GL 9-10 months STX PANOCEAN $6,675 Indep. Concept 1, GL 3-4 months UFS $6,700 Concord 1, GD 6-12 months IACC $6,850 Novia 1, GD 3 months PORTLINE $6,500 Warnow Dolphin 1, GD 3-6 months SINOKOR $6,650 Stadt Gotha 1, GD 1 month GOLD STAR LINE $6,600 Warnow Whale 1, GD 6 months SEABOARD MARINE $6,800 Varamo 1, GD 1-3 months MAERSK $6,700 Acapulco 1, GD months MSC $5,150 Murat K 1, GL 3-5 months ZIM $5,900 Akari 1, GD 3 months YANG MING $6,225 11

12 Container Vessel Market Overview Source: Hansa International Maritime Journal/ Clarkson Research 12

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

14 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 skinter or verifiable grossly negligent behaviour by Continental Chartering GmbH & Co. KG as well as its chief executives, managers, employees and representatives. 14