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Continental Chartering Bulletin, December 2012
1
News Flash
Rating agency Standard & Poor's
has upgraded Greece´s creditwor-
thiness considerably. The rating was
increased by six steps from SD (par-
tial credit default) to B-/B. The agen-
cy attests a stable outlook and ex-
plained it by the fact that the Euro-
pean Currency Union (ECU) is de-
termined to keep Greece in the Eu-
rozone.
Hamburg based liner operators
Hapag Lloyd and Hamburg Süd
confirmed, that they are conducting
negotiations on a possible merger.
Should the incorporation happen,
together one would form the
world´s fourth biggest liner opera-
tor.
CKYH Alliance consisting of
COSCO, K Line, Yang Ming and
Hanjin Shipping is to reduce its
sailing frequency to Europe. This
step will be undertaken in order to
adjust for the weak winter demand.
2012: Of disappointed hope, overcapacity
and weak economy
Admittedly the freight market stabilized through massive capacity
reductions, but the sustainable charter market recovery expected
at the year´s beginning failed to materialize.
The year 2012 draws to a close
and it is time to draft a résu-
mé. Unfortunately there is
little delightful to tell about.
Even though it is generally
known that the one who pre-
pares the bitter drink of truth
rarely is rewarded with grati-
tude, we want to demonstrate
as objectively as possible what
happened at the container
shipping markets during the
last twelve months.
At the beginning of 2012 the
container shipping industry
found itself in a critical situa-
tion. Liner operators´ predato-
ry competition as well as a
world trade growth that fell
behind the expectations had
caused the freight rates to fall
continuously during 2011.
Contemporarily in the first
quarter of 2011 bunker prices
had reached a historical high
level that only had been
reached previously in 2008
during a couple of months
before the outburst of the
world financial crisis. The
combination of low freight
rates and high bunker
prices increasingly wors-
ened liner operators´ in-
come situation, which only
had recovered a year ago.
At the charter market,
which had performed a
small rally at the beginning
of 2011, carriers´ unfortu-
nate situation soon became
sensible. The closure of
liner services and the high
influx of new building
tonnage caused the charter
market to collapse in the
second half of 2011.
Nevertheless light seemed
to appear at the tunnel´s
end in the middle of the
Continental Chartering Bulletin, December 2012
2
first quarter 2012. The policy
of tonnage scarcity having
been practiced since some
months proved to be success-
ful. At the beginning of March
freight rates escalated and
soon reached a sufficient level.
Meanwhile bunker prices fell
at the start of the year´s se-
cond quarter, enabling many
carriers to generate positive
revenue in this quarter.
The freight market events
gave back hope to the suppli-
ers at the charter market. It
was supported additionally
by the high scraping activity
occurring since the end of
2011. In January the charter
market that had fallen very
steeply in the second half of
2011 reached its bottom and
started to rise slightly. Voices
proclaiming a market recov-
ery for the second half of the
year enhanced. And indeed at
first glance it seemed as the
optimists could be proved
right.
In April charter rates of pan-
amax vessels increased con-
siderably and smaller vessel
types could achieve small rate
improvements as well. But
soon it was visible that feeder
vessels and sub-panamaxes
would not be able to reach an
OPEX-covering level and also
the rate increase of panamax
vessels should come to an end
in May. Weak growth of glob-
al cargo volumes caused
among others by the recession
in the Southern European
economies restored pressure
on the freight rates and forced
carriers to expedite their poli-
cy of tonnage scarcity. Increas-
ingly one tried to lower slot
costs by employing the big-
gest possible vessel where
ever it was admitted by physi-
cal setting and cargo volumes.
Simultaneously carriers had to
employ newly delivered con-
tainer vessels.
In the second half of the year
freight rates moved south-
ward again and the charter
market showed a marginal
but continuous downward
trend. Even though the pana-
max segment could maintain
its reasonable level until late
summer, growing rate losses
had to be coped with here as
well. The root of the negative
dynamic in the second half-
year has to be seen in the
weak growth of cargo vol-
umes.
With approximately 160
scrapped container vessels
and a total tonnage of 300.000
TEU 2012 already is the se-
cond most scrapping-
intensive year of this millen-
nium. 2013 demolition activity
should remain on its high lev-
el. While the amount of new
building deliveries was high
in 2012 and will presumably
stay high in 2013, new order
activity appeared to be mod-
est. Poor market environment
and debt sourcing difficulties
can be seen as main reason for
this development. New build-
ing prices fell during the
course of 2012 by 15 to 30 per
cent depending on the vessel
type.
At the end of 2012 the charter
Continental Chartering Bulletin, December 2012
3
rate level has not improved
compared to the end of 2011.
Rates of sub-panamaxes are
even below the rates one year
ago. Though freight rates
stopped their downward
trend in December, it remains
to be seen how rates will de-
velop in the face of the pile of
new building deliveries. The
combination of weak world
trade growth, overcapacity
and a still high tonnage
growth do not permit to con-
jecture anything good for
2013. Many analysts take the
view that beside overcapacity,
forced sales and limited excess
to debt financing will be dom-
inating topics in 2013. It is
established opinion in the
industry that a market recov-
ery will happen in 2014 at the
earliest, maybe not until 2015.
However, one should not for-
get that economic events are
not always influenced by
facts, but rather by the market
participants´ expectations and
by their fact changing behav-
iour which is influenced by
these expectations. Hence, it is
not unlikely that a recovery
will take place earlier. Slip-
page of new building deliver-
ies, an increasing scrapping
rate and an improving econ-
omy could make us witness a
recovery earlier than ex-
pected. After all Roman phi-
losopher Seneca already wrote
2000 years ago: “Nothing
brings us in greater evil as
orientating by the talk of those
people who consider best
what is `generally assumed`.”
Continental Chartering Bulletin, December 2012
4
Continental Chartering Bulletin, December 2012
5
NEW BUILDINGS CONTAINER - Deliveries – December 2012
NAME TEU ORDERED SHIPYARD ORDERING PARTY
HANGZHOU BAY BRIDGE 9,592 Dec 07 IHI Kawasaki Kisen Kaisha
HS PARIS 6,588 Jun 08 Rongsheng Heavy Industries Hansa Shipping GmbH & Co KG (on b/h
of Hansa Treuhand) MCC BENOA 1,732 Feb 11 Guangzhou Wenchong Buss Capital (c/o Reederei Gebrüder
Winter) SITC HOCHIMINH 1,042 Nov 10 Zhejiang Yangfan Shipping Group SITC International Holdings Co. Ltd
2nd-HAND SALES CONTAINER – December 2011
NEW BUILDINGS CONTAINER - New Orders – December 2012
QUANTITY/NAME TEU DELIVERY SHIPYARD ORDERING PARTY
4 x Hull 10,000 2014 Yanzijiang Seaspan 8 x Hull 3,800 2014 Dalian PIL
2 (+ 3) x Hull 3,100 2015-16 Nassco Totem Ocean Trailer
2 x Hull 2,600 2015-17 USA Matson
2nd-HAND SALES CONTAINER – December 2012
Name TEU BUILT YARD GEAR PURCHASR PRICE COMMENT
Maersk Jenaz 2,824 2006 Korea gearless undisclosed $13,500,000 Valentina Schulte 2,824 2007 Korea gearless undisclosed $15,500,000
Hansa Commodore 1,645 1997 Korea geared USA $4,500,000
San Cristobal 1,512 1995 Germany geared Korea $3,000,000 en bloc
San Clemente 1,512 1994 Germany geared Korea $3,000,000 en bloc
Laurita Rickmers 1,162 1998 Poland geared Middle East $3,000,000 on subs
Green Valley 1,012 1995 Poland geared Far East $2,400,000 en bloc
CS Gitte 1,000 1990 Netherlands geared undisclosed undisclosed
Aegir 698 1997 Germany geared undisclosed undisclosed
Continental Chartering Bulletin, December 2012
6
DEMOLITION SALES CONTAINER – December 2012
Name TEU BUILT LDT SCRAP LOCATION USD/LTD
APL Zircon 3,415 1989 undisclosed India 440
Italia 3,351 1991 14,465 Bangladesh 409
Santa Monica 3,050 1991 8,515 China 355
MSC Sardinia 3,032 1986 13,128 India 408
MSC Dympha 2,932 1988 12,572 India 430
Cape Scott 1,055 1997 undisclosed undisclosed undisclosed
Olympia 1,022 1986 undisclosed undisclosed undisclosed
Vasco Bharathi 656 1993 4,040 undisclosed undisclosed
Sinokor Star 316 1988 2,055 China 365
Maria 144 1986 6,837 India undisclosed
0
100
200
300
400
500
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
Co
nta
ine
rsch
iffe
Jahr
Neubaubestellungen nach Jahr und Größenklasse
7,000+ 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
Continental Chartering Bulletin, December 2012
7
Source: Alphaliner/ Maersk Broker
0
100
200
300
400
500
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
con
tain
er
vess
els
year
new building orders according to year and size group
7,000+ 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
14,000,000
15,000,000
16,000,000
17,000,000
18,000,000
19,000,000
20,000,000
2010 2011 2012 2013 2014 2015
Capacity of the world container fleet (TEU)
Continental Chartering Bulletin, December 2012
8
Source: Alphaliner
-10%
0%
10%
20%
30%
40%
50%
2012 2013 2014 2015
0.9% 1.8% 0.8% 0.0%
-3.2%
6.3%
1.5% 0.0%
-4.8%
2.8% 2.0%
280000.0%
-5.8%
11.9%
0.7% 3.8%
tonnage growth according to size group
1000-1499 1500-1999 2000-2999 3000-3999
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
2012 2013 2014 2015
5.5% 8.2%
2.3% 0.7%
2.6% 5.2%
0.8% 0.0%
10.4%
17.3%
10.1%
1.9%
45.0%
32.6%
19.6%
10.7%
tonnage growth according to size group
4000-5099 5100-7499 7500-9999 10000-18000
Continental Chartering Bulletin, December 2012
9
Shanghai Containerized Freight Index (SCFI)
weight 2012-12-14 2012-12-21
change
SCFI (total)
100% 1171.98 1146.64 -25.34
Europe (Base port) USD/TEU 20.0% 1350 1237 -113
Mediterranean (Base port) USD/TEU 10.0% 1199 1130 -69
USWC (Base port) USD/FEU 20.0% 2199 2231 +32
USEC (Base port) USD/FEU 7.5% 3380 3387 +7
Persian Gulf and Red Sea (Dubai) USD/TEU 7.5% 678 611 -67
Austrlian/New Zealand (Melbourne) USD/TEU 5.0% 917 891 -26
East/West Africa (Lagos) USD/TEU 2.5% 1895 1899 +4
South Africa (Durban) USD/TEU 2.5% 941 925 -16
South America (Santos) USD/TEU 2.5% 2009 1985 -24
West Japan (Base port) USD/TEU 5.0% 348 348 0
East Japan (Base port) USD/TEU 5.0% 353 353 0
Southeast Asia (Singapore) USD/TEU 5.0% 263 263 0
Korea (Pusan) USD/TEU 2.5% 182 206 +24
Taiwan (Kaohsiung) USD/TEU 2.5% 230 227 -3
Hong Kong (Hong Kong) USD/TEU 2.5% 109 109 0
Source : Shanghai Shipping Exchange
Continental Chartering Bulletin, December 2012
10
Source: Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V.
$4,000
$9,000
$14,000
$19,000
$24,000
$29,000
Mrz. 11 Jun. 11 Sep. 11 Dez. 11 Mrz. 12 Jun. 12 Sep. 12 Dez. 12
ConTex for different vessel types
Type 1100
Type 1700
Type 2500
Type 2700
Type 3500
Type 4250
350
400
450
500
550
600
650
700
750
Feb. 11 Apr. 11 Jun. 11 Aug. 11 Okt. 11 Dez. 11 Feb. 12 Apr. 12 Jun. 12 Aug. 12 Okt. 12 Dez. 12
ConTex
Continental Chartering Bulletin, December 2012
11
Representative Fixtures – December 2012
NAME TEU BUILT REEFER GD/GL DURATION CHARTERER RATE
Zambia 6,148 1998 500
gearless 9-12 months MSC $14,500
Northern Power 4,616 2010 470 gearless 1-5 months APL $6,250
Northern Precision 4,616 2009 470 gearless 1 month TS LINES $8,800
Seaspan Ningbo 4,253 2002 400 gearless 1-4 months OOCL $8,500
Seaspan Felixstowe 4,253 2002 400 gearless 1-4 months OOCL $8,500
Aglaia 4,178 2011 879 gearless 3-6 months OOCL $8,500
Santa Rafaela 4,112 2002 1,300 gearless 3-4 months OOCL $8,500
Santa Rosanna 4,112 2002 1,300 gearless 4-9 months SIMATECH $8,500
Mare Britannicum 4,038 2000 430 gearless 1 month APL $6,950
Summer E 3,586 2007 500 gearless 1 month TS LINES $6,250
Demeter 3,091 2005 500 geared 12 months NILE DUTCH AFRI-
CA LI
$8,500
Cimbria 2,826 2002 554 gearless
3-5 months SIMATECH $6,200
As Carinthia 2,824 2003 554 gearless 3-5 months OEL $6,250
Horizon Hunter 2,824 2006 586 gearless 3-5 months MCC $5,900
Cape Martin 2,742 2007 400 gearless 2-6 months CMA CGM $6,250
Antje Wulff 2,732 2002 450 geared 1-6 months MAERSK LINE $5,500
Mentor 2,681 2002 557 geared 6-12 months PIL $6,750
Hs Discoverer 2,674 2003 400 geared 4-6 months CMA CGM $6,800
Rio Valiente 2,524 2003 481 geared 5-6 months MSC $6,450
Antonia Schulte 2,478 2005 400 geared 3-5 months MAERSK LINE $6,800
Frisia Rostock 2,478 2004 400 geared 4-6 months CMA CGM $6,900
Wehr Alster 2,474 2002 400 geared 2-6 months MAERSK LINE $6,150
Alice Rickmers 2,226 1998 300 geared 1-3 months MAERSK LINE $5,750
Clasen Rickmers 2,210 1998 300 geared 1-10 months PIL $6,500
Santiago 2,000 1996 150 geared 1-3 months MAERSK LINE $5,750
San Adriano 1,819 2008 450 geared 10-12 months MAERSK LINE $6,500
Hansa Altenburg 1,740 2011 300 geared 3-12 months CMA CGM $6,400
Hs Smetana 1,740 2006 300 geared 4-6 months GLOBAL SHIP $7,500
Marfret Durande 1,740 2003 300 geared 6 months BG FREIGHT $7,000
Hs Schubert 1,740 2006 300 geared 3-6 months CMA CGM $6,400
Rhl Agilitas 1,740 2007 300 geared 6 months CMA CGM $6,400
Ursula Rickmers 1,730 1997 200 geared 1 months SEA CONSORTIUM $7,100
Fesco Vladimir 1,728 2009 250 geared 2 weeks CMA CGM $8,500
Continental Chartering Bulletin, December 2012
12
Representative Fixtures – December 2012
NAME TEU BUILT REEFER GD/GL DURATION CHARTERER RATE
Medcoral 1,496 2009 276 gearless 6-8 months CMA CGM $6,350
Suderoog 1,406 2005 258 geared 5 months MAERSK LINE $6,850
Marcherokee 1,301 1999 63 geared 3-4 months UAFL $6,500
Stadt Jena 1,284 2007 390 geared 3-9 months CMA CGM $6,500
Lantau Ace 1,216 2001 200 gearless 6 months MTT $6,500
Lantau Arrow 1,216 2001 200 gearless 2-3 months SEACON $6,400
Independent Concept 1,158 1997 90 geared 1 month WEC LINES $6,500
Auriga J 1,157 2001 250 geared 6-8 months ISABELLA SHIPPING $8,450
Asiatic Bay 1,147 2007 240 gearless 6 month OELORIENT Private
Murat K 1,147 2007 240 gearless 3-5 months UNIFEEDER $5,900
Ops Hamburg 1,118 2007 220 geared 6-8 months CMA CGM $5,500
Ahs Hamburg 1,118 2008 220 geared 10 months SEABOARD MARINE $6,500
Mount Bokor 1,118 2005 240 geared 1-3 months KMA SHIPPING $5,300
Stadt Munchen 1,102 1999 160 geared 3-9 months CMA CGM $5,000
Svendborg Strait 1,085 2011 250 gearless 4-6 months MEL $6,200
Lantau Beach 1,049 2007 180 gearless 4-6 months WINLAND SHIPPING $7,500
Lantau Breeze 1,049 2008 180 gearless 6 months YANG MING $7,500
Mekong Spirit 1,042 1996 113 geared 2-6 months BAHARSHIPPING $5,400
Chana Bhum 1,018 1996 100 geared 1 month NYK $5,200
Oshairij 1,015 2010 180 geared 10-12 months UASL $7,000
Cma Cgm Meknes 970 2008 244 geared 5-7 months CMA CGM $5,500
Spica J 962 2007 170 gearless 6-8 months UNIFEEDER $4,500
West Scent 954 1995 100 geared 1-5 months FAR SHIPPING LINES $5,200
Hudson Strait 834 1999 80 gearless 1 month TS LINES $4,850
Os Bodrum 812 1998 128 geared 3-6 months MEDTRANS $4,750
Coneast 754 1998 80 geared 4-5 months BERNUTH LINES $5,100
Enforcer 750 2004 190 gearless 2 weeks MAC ANDREWS $5,400
Westerhaven 712 2000 100 geared 5 months KING OCEAN $5,750
Jrs Carina 698 2007 120 gearless 3-9 months MCC $4,000
Bf Valencia 508 1996 50 gearless 6 months SER SERMAR LINES €2,800
Nor Feeder 508 1998 72 gearless 1-months GREEN FEEDER $2,750
Shamrock 400 2000 100 geared 3 months SEAFREIGHT $5,400
Continental Chartering Bulletin, December 2012
13
Container Vessel Market Overview
Source: Hansa International Maritime Journal/ Clarkson Research
Continental Chartering Bulletin, December 2012
14
Container Vessel Market Overview
Source: Hansa International Maritime Journal/ Clarkson Research
Continental Chartering Bulletin, December 2012
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 14-15
20095 Hamburg
Germany
Tel. + 49 - 40 - 32337070
Fax + 49 - 40 - 32337079
office@continental-chartering.de
www.continental-chartering.de
editorial: Andreas Mietzner
Continental Chartering GmbH & Co. KG, Hamburg
eingetragen beim
Amtsgericht Hamburg, HRA 93683
vertreten durch
den Geschäftsführer, Peter Tamm
persönlich haftende Gesellschafterin:
Continental Chartering Verwaltungsgesellschaft
eingetragen beim
Amtsgericht Hamburg HRB 73050
Ust.Id.Nr.:
DE 204144047
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 Informa-
tionen 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.
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