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BREAKBULK III Operators, Fleets, Markets
March 2013
Including July 2014 fleet update
Dynamar B.V. Noorderkade 1G 1823 CJ Alkmaar
Tel: +31 72 514 74 00 Fax: +31 72 515 13 97
E‐mail: [email protected] Web: www.dynamar.com
Contents Contents 3
PREFACE ........................................................................................................................................................ 7
TOP 25 BREAKBULK OPERATORS .................................................................................................................. 12
The Breakbulk operators ............................................................................................................................. 12 Notes on vessel types ................................................................................................................................... 13 Orderbook versus existing fleet ................................................................................................................... 14
TOP 25 RO/RO OPERATORS ......................................................................................................................... 15
The Ro/Ro Breakbulk operators ................................................................................................................... 15 The Ro/Ro future ......................................................................................................................................... 17 Notes on vessel types ................................................................................................................................... 17 Orderbook versus existing fleet ................................................................................................................... 17
TOP 15 HEAVY LOAD SPECIALISTS ................................................................................................................ 19
The Heavy Load Specialists .......................................................................................................................... 19 Notes on vessel types ................................................................................................................................... 20 Orderbook versus existing fleet ................................................................................................................... 20
TOP 15 VEHICLE CARRIER OPERATORS ......................................................................................................... 22
TOP 15 REEFERSHIP OPERATORS .................................................................................................................. 24
TOP 25 CONTAINER LINER OPERATORS ........................................................................................................ 26
INTRODUCTION TO THE BREAKBULK TRADES ............................................................................................... 30
Top 25 Breakbulk‐Ro/Ro fleet ...................................................................................................................... 30 Breakbulk cargo ........................................................................................................................................... 30 Operators ..................................................................................................................................................... 31 Ships............................................................................................................................................................. 31 Heavy Lift & Load ......................................................................................................................................... 31 Shipping services .......................................................................................................................................... 32 Charterers .................................................................................................................................................... 33 Charter rates ................................................................................................................................................ 33 Development of the worldfleet of main vessel types ................................................................................... 33 Decline and growth of the General Cargo Ship fleet ................................................................................... 34
TOP 25 COMBINED AND PROFILED BREAKBULK‐RO/RO OPERATORS ............................................................ 35
BBC ................................................................................................................................................................... 38 CHIPOLBROK ........................................................................................................................................................ 41 CLIPPER ............................................................................................................................................................... 43 COSCOL ............................................................................................................................................................... 46 ECL .................................................................................................................................................................... 49 GEARBULK ........................................................................................................................................................... 52 GRIEG STAR ......................................................................................................................................................... 55 GRIMALDI NAPLES ................................................................................................................................................. 59
ACL ‐ Atlantic Container Line ....................................................................................................................... 63 HANSA HEAVY LIFT ................................................................................................................................................ 65 HYUNDAI ............................................................................................................................................................. 69 INTERMARINE (INTERMARINE & SCAN‐TRANS) ............................................................................................................ 71 KING SHIP ............................................................................................................................................................ 76 MACS ................................................................................................................................................................ 78 MESSINA LINE ...................................................................................................................................................... 80 NYK‐HINODE ....................................................................................................................................................... 83 PACIFIC CARRIERS .................................................................................................................................................. 86
PIL ..................................................................................................................................................................... 88 RICKMERS‐LINIE .................................................................................................................................................... 90 SAFMARINE .......................................................................................................................................................... 94 SAGA FOREST ...................................................................................................................................................... 97 SPLIETHOFF .......................................................................................................................................................... 99
BigLift ......................................................................................................................................................... 102 SWIRE SHIPPING ................................................................................................................................................. 105 TBS .................................................................................................................................................................. 108 THORCO ............................................................................................................................................................ 111 WESTFAL‐LARSEN ............................................................................................................................................... 114
NEXT TIER OPERATORS .............................................................................................................................. 117
Single paragraph Next Tier Operator profiles (25) .................................................................................... 117
FLEET ANALYSES ........................................................................................................................................ 122
BREAKBULK (MULTIPURPOSE/GENERAL CARGO) FLEET ................................................................................................ 122 Heavy Lift profile existing fleet .................................................................................................................. 122 Heavy Lift profile orderbook ...................................................................................................................... 124 Breakbulk operators with Lift capability not exceeding 100 tons .............................................................. 124 Breakbulk operators without orderbook ................................................................................................... 125
RO/RO (MULTIPURPOSE/GENERAL CARGO) FLEET ...................................................................................................... 126 Heavy Unit profile existing fleet................................................................................................................. 126 Ro/Ro operators with Heavy Unit capability not exceeding 100 tons ....................................................... 127 Ro/Ro operators without orderbook ......................................................................................................... 128
TOP 25 COMBINED ‐ FLEET PASSPORT .................................................................................................................... 129
HEAVY LOAD SPECIALISTS ‐ COMPACT COMPANY/FLEET PROFILES ............................................................. 132
INTRODUCTION TO VESSEL TYPES AND PARTICULARS ................................................................................................... 132 HEAVY LOAD SPECIALIST CARRIERS AND FLEETS, SPLIT BY VESSEL TYPE ............................................................................. 135
Heavy Load Carriers operators .................................................................................................................. 135 Semi‐Submersible Ships operators ............................................................................................................. 135 Open Deck Ships operators ........................................................................................................................ 135
BIGLIFT ............................................................................................................................................................. 138 CCCC‐ISC ......................................................................................................................................................... 139 CJ KOREA EXPRESS ............................................................................................................................................... 140 COMBI‐LIFT ....................................................................................................................................................... 141 COSCO HEAVY TRANSPORT .................................................................................................................................. 142 DOCKWISE ......................................................................................................................................................... 143
FAIRSTAR ................................................................................................................................................... 145 DONG BANG ...................................................................................................................................................... 146 EIDE ................................................................................................................................................................. 147 JUMBO SHIPPING ................................................................................................................................................ 148 NYK‐HINODE ..................................................................................................................................................... 149 OHT ................................................................................................................................................................. 150 SAL .................................................................................................................................................................. 151 STX PAN OCEAN ................................................................................................................................................. 152 TPI MEGA LINE .................................................................................................................................................. 153 ZPMC SHIPPING ................................................................................................................................................. 154 OTHER OPERATORS OF HEAVY LOAD CARRIERS .......................................................................................................... 155
Single paragraph Heavy Load Carriers profiles .......................................................................................... 155 Condock ..................................................................................................................................................... 155 Daesang Shipping ...................................................................................................................................... 155 Fairmount Marine ...................................................................................................................................... 155 RollDock N.V. ............................................................................................................................................. 156
FLEET ANALYSES ‐ HEAVY LOAD SPECIALISTS .............................................................................................. 158
Introduction ............................................................................................................................................... 158
Heavy Load profile ..................................................................................................................................... 158 Submerged‐depth profile ........................................................................................................................... 159 Operators of non‐geared, non‐semi‐submersible Heavy Load Carriers ..................................................... 159 Operators with non‐geared, non‐semi‐submersible Heavy Load Carriers on order .................................. 160 Operators without Heavy Load Carriers on order ...................................................................................... 160
TOP 15 HEAVY LOAD ‐ FLEET PASSPORT .................................................................................................................. 161
BREAKBULK AND PROJECT MARKETS ......................................................................................................... 164
MULTIPURPOSE SHIPS ORDERS AND DELIVERIES 2007‐2012 ....................................................................................... 164 OUTLOOK .......................................................................................................................................................... 166 BREAKBULK AND PROJECT MARKETS ........................................................................................................................ 168
Construction materials and equipment ..................................................................................................... 169 Craft ........................................................................................................................................................... 170 Cranes ........................................................................................................................................................ 171 Energy, Alternative/Renewable ................................................................................................................. 172 Energy, Power plants ................................................................................................................................. 174 Forest products .......................................................................................................................................... 176 Mining Industry ......................................................................................................................................... 178 Neo‐bulk .................................................................................................................................................... 180 Oil and Gas Industry, including Offshore ................................................................................................... 181 Plant, Machinery ....................................................................................................................................... 185 Vehicles, Rolling Stock ............................................................................................................................... 188
SHIPPERS ........................................................................................................................................................... 189
FULL YEAR 2013 AND 1ST HALF 2014 MULTIPURPOSE FLEET UPDATE .......................................................... 191
2013 SCRAPPING, DELIVERIES AND ORDERS .............................................................................................................. 191 Deliveries and scrappings 2000/2013 ........................................................................................................ 191 2013 Deliveries of geared multipurpose tonnage ...................................................................................... 192 2013 Orders on geared multipurpose tonnage ......................................................................................... 192
1ST HALF 2014 SCRAPPING, DELIVERIES AND ORDERS .................................................................................................. 193 1H2014 Deliveries of geared multipurpose tonnage ................................................................................. 193 1H2014 Orders on geared multipurpose tonnage ..................................................................................... 193
TOP 10 MULTIPURPOSE OPERATORS........................................................................................................................ 194
APPENDICES .............................................................................................................................................. 196
GENERAL CARGO VOLUMES AT EUROPEAN/MEDITERRANEAN PORTS ............................................................................. 197 North Europe ............................................................................................................................................. 197 Mediterranean ........................................................................................................................................... 208
BREAKBULK SHIPPING NEWS ‐ JANUARY 2010‐JANUARY 2013 ................................................................................... 217 Breakbulk ................................................................................................................................................... 217 Ro/Ro ......................................................................................................................................................... 235 Heavy Load ................................................................................................................................................ 240
GLOSSARY .......................................................................................................................................................... 245 SOURCES ........................................................................................................................................................... 247
BREAKBULK III
Operators, Fleets, Markets
March 2013
Includes a July 2014 update on year 2013 and first half 2014 fleet developments (orders, deliveries, scrappings), as well as a Top 10 Breakbulk operators of multipurpose/project/heavy‐lift ships,
all both by deadweight and by heavy‐lift capability
Compiled and published by:
Dynamar B.V. Noorderkade 2c 1823 CJ ALKMAAR
Phone: +31 72 514 74 00 Fax: +31 72 515 13 97 [email protected] www.dynamar.com
Author & Managing Editor Dirk Visser
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, mechanical, photocopying, recording or otherwise without explicit permission of the publisher.
While the information contained in this report is presented in good faith, it frequently involves estimates where no current published data is available. This information, believed to be accurate, can therefore not be guaranteed. The publishers
cannot accept liability of any errors or omission.
PREFACE Dynamar is pleased to present a brand new follow‐up study on its earlier reports on the same subject:
BREAKBULK III ‐ Operators, Fleets, Markets Our 2006 issue described the history of Breakbulk since intercontinental containerisation took off in the 1960s. Furthermore, it looked into the solutions of shipping non‐containerised general cargo. The January 2010 edition introduced, for the first time in this industry, rankings by deadweight capacity of the largest players for each of the main vessel categories, including profiles on the most relevant operators and a variety of markets data. This fresh, 3rd, February 2013 issue builds on the structure of the so well received previous report, focusing on the present and future of the industry by analysing the main breakbulk, project and heavy lift/load operators, the capability of their current vessel fleets and their orderbooks. All information has been completely updated, with added details on the profiled operators’ flotillas and orthers:
‐ Average age, selected shipyard and ownership data, and so on ‐ Fleet passport: total fleet data (ships/dwt) per country sorted by: operators, owners, flag, built, heavy‐
lift cranes over 250 tons and total semi‐submersible capability ‐ Opportunity to order further vessel information ‐ 25 “Next Tier Carriers”, including their corresponding brief profiles
BREAKBULK Once, when the container was on its way to conquer the world, the perception of breakbulk shipping was that of an overdue maritime activity of over‐aged, weary vessels operated by obscure companies, carrying dirty and dusty cargoes. Those times definitely belong to the past and since the turn of the century, breakbulk has turned around from an ailing into a thriving industry. An initial lack of more efficient vessels has been repaired with the arrival of a larger number of state‐of‐the‐art units. Of the nearly 800 ships deployed by the Top 25 combined Breakbulk‐Ro/Ro operators, fewer than 100 are older than 25 years, with only a small number still dating from the 1970s. With over 500 units built in the current millennium so far, the vast majority of their fleet consists of modern, highly productive and multi‐employable ships that carry a wide range of cargoes, from bags to high‐value, high‐tech, high‐and‐heavy project cargoes, in summary all referred to as breakbulk. Neo‐bulk parcels and project cargoes are the breakbulk operators’ mainstay. Heavy lift and project cargo transportation is a specialised niche within the breakbulk shipping industry and one with higher margins (at least they were). Competition has substantially increased over the past few years and so has the number of ships with heavy lift ever‐increasing capability, meanwhile reaching 3,000 tons … Car carrier (PCTC) and containership operators serve the consumer segment, which is wholly dependent upon the whims of the economy, impacting their core cargoes. When those are down, the interest to fill their ships with alternative i.e. breakbulk cargoes increases, and vice versa. The decline of the conventional reefership fleet may be positive for the breakbulk operator, though the effect is smallish.
Operators Breakbulk operators are shipping companies that deploy owned and/or chartered vessels, commonly categorised as General Cargo Ships (GCS), whether or not with a Ro/Ro facility, by which they carry breakbulk cargo.
Some breakbulk operators tramp the cargoes they carry to literally all corners of the world and existing or temporary ports and anchorages unknown by the normal mortal. Others deploy their ships in semi‐liner services along a collection of main and secondary ports with no container vessel in sight, redrawing the schedule for each next sailing. All breakbulk operator segments have in common to be close to the cargo, which they can see and feel, and occasionally smell. Overnight bookings do not exist in the project industry where the carriers’ engineers, master mariners and/or port captains have numerous meetings with the shippers’ experts before an utterly complex project piece is hoisted on board with the ships’ giant gears. After an introduction to the Breakbulk trades, the carriers forming the Top 25 (by deadweight capacity) of the combined Breakbulk and Ro/Ro ranking are profiled. Each survey is identically structured: corporate history and background ‐ markets and trade lanes ‐ operated fleet and orderbook, deadweight and heavy lift profile. The 25 next largest breakbulk operators are also the subject of an identical ranking table, complemented with brief profiles. A separate section offers compact profiles of the (very) heavy load specialist carriers, with similar fleet data, including submerged depth profile. The period 2010‐2013 has seen spectacular and more regular failures, as well as (forms of) consolidation, which so far has been rather rare in the in the breakbulk industry. They are all discussed on the next pages of this report.
Fleets The Operators section of this publication again opens with Rankings of the top Breakbulk, Ro/Ro and Heavy Load operators ‐ followed by similar Rankings of their competitors, the largest Container, Reefer and Vehicle carriers ‐ all based on the total deadweight capacities of the ships the individual companies operated as of December 2012. For each briefly commented company its existing fleet (ships, total and average deadweight, average year of built) is specified and similar for the orderbook, which is also expressed in a percentage of the existing fleet. The total fleet and ships on order of each ranking is compared with the world fleet of the same segment. Vessel types are explained and the orderbook analysed. Breakbulk operators have been blamed for overbuilding their capacities resulting in overcapacity. However, that is not/no longer the picture of their current orderbooks. The order share of the Top 25’s existing fleet is just under 10%. Capacity of the world fleet on order reflects a share of 63% of the existing world breakbulk fleet of vessels older than 25 years of age. As is, the overall capacity continues to shrink. Not so long ago, a 50 tons gear qualified a ship as a heavy‐lifter. Today, a minimum of 250 tons is nearer that mark. Therefore, in addition to deadweight, the report supplies separate rankings for the heavy lift capabilities of tonnage operating and on order in terms of crane (tons) and ramp (tons) capacities and float performance (submerged depth).
Market The current state and outlook of the breakbulk, including project and heavy‐lift market remains opaque. This may actually be the more customary character of this shipping activity, with the 2005‐2008 heydays being the exception. It sometimes seems as if there are as many niches as there are operators. All those niches, within which traditional general cargo behaves different from projects, have their own dynamics and cycles and therefore there is just no overall valid “market” picture. Anyway, the more general expectation is that the worst is over with respect to the project cargoes market, with enquiries and bookings more robust than during the last few years, but unfortunately without a real breakthrough and certainly not with respect to rate levels. Moreover, the Far East is increasingly developing as the source of project materials, rather than as a destination (alone). South Korean engineers and EPC companies, for instance, can be found all over the project‐rich Middle East. In all, it remains difficult to stick generally applying forecast growth figures on the breakbulk sector.
‐o‐o‐o‐
All data and information for this report has been collected, researched and processed from mid‐November 2012 onwards. Fleetlists generally refer to the December 2012 status. As different sources offer diverging information on similar topics we have endeavoured to provide the most accurate estimates. www.dynamar.com provides links to the main breakbulk operators featuring in this report. We trust that you will find BREAKBULK III ‐ Operators, Fleets, Markets as interesting as the its two predecessors. The May 2006 edition is almost fully complementary to this new report, with only very limited reproduction of data and subjects. It makes recommended reading too and is therefore available for the buyers of this brand new 2013 Breakbulk publication at a reduced price. Unchanged, the breakbulk market is a fascinating shipping segment, lacking transparency at the same time. Please contact Dynamar in case you would be interested in more specific, in‐depth information on details, which may have been considered to be beyond this general interest publication, but could yet be provided.
Dirk Visser
Dynamar B.V. ALKMAAR/The Netherlands
February 2013 Publication statistics: Pages 248 Paragraphs 22,400 Words 107,750 Tables 160 Pictures: 50
