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HANSA 02-2017

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Märkte | Markets Demolition offers some relief Charter rates for some container ship types show marginal improvements early in the year. Cargo volumes and freight rates were trending up lately, writes Michael Hollmann No doubt, supply/demand fundamentals in the container ship charter market do not look attractive for 2017 (see last issue of HANSA). Yet, there has been a little positive momentum building at the start of the new year as excess availability of tonnage nudged down following accelerating demolition sales over the past months. Also, chartering activity turned out hi gher than many had expected, especially for vessels between 2,500 and 3,500 TEU and partly for large and very large vessels in excess of 5,300 TEU as well. The idle fleet count by Paris-based Alphaliner – the research division of shipbroker Barry Rogliano Salles – revealed another marginal contraction in laid-up, decommissioned and charter-free container ship capacity to 351 units of 1.4 million TEU capacity as per 9 January – down from 1.42 million TEU in late December. This includes both liner-owned and charter-free tramp tonnage. It is generally good news but not enough, though, to boost sentiment. Spot/prompt open positions of charter vessels (the part of the idle fleet that competes most heavily for vessel requirements by operators) show a reduction in some size classes. Even so, the number of ships seeking employment remains high and thwarts any meaningful gains in market rates. According to Alphaliner, the number of spot panamax tramp ships (4,000– 5,100 TEU) stood at 62 units as per middle of January, versus 72 about a month TEU Name dwt Built Type Speed Cons. Charterer Laycan Period Rate ($) FEEDER / HANDY 698 Pengalia 8267 2008 g›less 17 26.5 Sea Consortium Jan 17 8–15 d North Europe trade € 4.250 705 Conmar Fjord 7979 2002 g›less 18 28 CMA CGM Jan 17 2–6 m Mediterranean trade € 4.150 704 Contship Box 8200 2008 g›less 17.0 Sinokor Jan 17 3–6 w Intra-Asia trade 4600 801 Dance 7091 2006 g›less 17.9 30 BG Freight Jan 17 1–3 m North Europe trade € 4.750 926 Nithi Bhum 11370 2002 g›less 17.0 Sinokor Jan 17 2–3 m Intra-Asia 6200 972 Aldebaran 10700 2006 g›less 18.5 Maersk Jan 17 6–12 d North Europe trade 6250 1025 Perseus 14750 2010 g›less 18.3 Unifeeder Jan 17 12 m North Europe trade € 6.500 1049 Marcliff 12500 2007 g›less 18.0 28 TS Lines Jan 17 6–8 m Intra-Asia trade (ext) 7000 1118 Hamburg Trader 13760 2005 geared 19.5 Seaboard Marine Jan 17 9–12 m Caribbean / US Gulf 6500 1118 Vega Fynen 13760 2006 geared 19.5 39 OOCL Jan 17 2–6 m Intra-Asia trade 5850 1368 Seajde 16800 2010 geared 19.0 Co-Heung Jan 17 5–6 m Intra-Asia (ext) 6300 1440 Cape Fulmar 20250 2007 g›less 19.8 Evergreen Jan 17 3–6 m Intra-Asia 7200 1496 AS Romina 21281 2009 g›less 19.5 45+3 Magic Shipping Jan 17 3–5 m Intra-Asia 6250 1732 RHL Aqua 23732 2007 geared 21.0 64 TS Lines Jan 17 7–21 d Intra-Asia trade 6450 1732 Hansa Siegburg 23579 2008 geared 21.0 64 EAS Datong Jan 17 2–5 m Intra-Asia trade 6500 1970 Frisia Nuernberg 28520 2010 g›less 21.0 77 Wan Hai Lines Jan 17 20–60 d Intra-Asia trade 7000 SUB-PANAMAX 2452 Milan Trader 33900 2002 geared 21.8 Cosco Jan 17 3–6 m Med / West Africa (ext) 5500 2470 JPO Acquarius 33900 2000 geared 22.5 86+4 MSC Jan 17 12–14 m Caribbean trade 6250 2478 Victoria Schulte 33850 2005 geared 22 103+4.5 TS Lines Jan 17 7–40 d Intra-Asia 6250 2546 Balao 33700 2013 geared 22.0 Hapag-Lloyd Jan 17 3–4 m NAmerica /AUS / NZ 7250 2741 Isao 37823 2006 g›less 21.8 Sinotrans Jan 17 4–6 m Intra-Asia trade 6500 2741 MS Tiger 39266 2006 g›less 21.0 80+4.5 Maersk Line Jan 17 2–12 m Intra-Asia (ext) 6000 2824 E.R. Montpellier 39092 2006 g›less 20.0 66 CMA CGM Jan 17 6–10 m Cont / USG /AUS trade 6250 3421 Nordic Wismar 46130 2011 geared 20.5 103 Sea Consortium Jan 17 3–6 m Persian Gulf trade 5750 3534 HS Bruckner 41500 2009 g›less 23.5 122 CMA CGM /Cheng Lie Jan 17 3 m NE Asia / SE Asia (ext) 5000 3614 Louise 52024 2013 g›less 21.0 Maesk / MCC Jan 17 10–30 d Intra-Asia (ext) 6000 3635 Hugo Schulte 47027 2010 geared 23.3 Maersk Line Jan 17 4–16 m Arabian Gulf /Africa 5950 TRADITIONAL PANAMAX AND WIDEBEAM 4294 Northern Genius 53870 2008 g›less 24.0 134 CMA CGM /Cheng Lie Jan 17 25–35 d Intra-Asia 4250 4130 Rio Cadiz 55313 2008 g›less 24.2 144.5 Wan Hai Lines Jan 17 1–6 m Far East / India trade 4150 4664 RHL Conscientia 58197 2012 g›less 23.0 SITC Jan 17 1–3 m NE Asia trade 6350 4957 Tommi Ritscher 57500 2014 g›less 21.5 Cosco Jan 17 4–6 m Intra-Asia trade 6600 4957 HS Everest 57500 2014 g›less 22.0 Maersk Line Jan 17 1–11 m NE Asia trade 6000 5000 Hammonia America 56300 2014 g›less 22.0 100.4 Maersk Line 48 m worldwide trade 10000 5000 Hammonia Virginia 56620 2014 g›less 22.0 100 Maersk Line 48 m worldwide trade 10000 5089 Wehr Hong Kong 67470 2006 g´less 23.0 155.5+6 Maersk Line Jan 17 2.5–4 m Asia / USEC 4100 LARGE AND VERY LARGE 5071 Seadream 62340 2014 g›less 21.50 KMTC Feb 16 2–7 m NE Asia / India (ext) 6300 5447 Conti Gothenburg 68054 2002 g›less 25.90 CMA CGM Jan 17 3–12 m NE Asia trade 6750 6966 RDO Concert 85662 2009 g›less 25.60 207 CMA CGM Jan 16 2–10 m Asia / USG / USEC 6750 6882 Cape Chronos 79880 2015 g›less 22.50 93.7 Emirates Shipping Line Jan 17 45–55 d FEast/India round trip 8400 8189 Conti Annapurna 101906 2004 g›less 25.20 260 Maersk Line Jan 17 50–170 d Far East / Red Sea 7750 9030 Switzerland 111595 2016 g›less 22.10 Yang Ming Line Jan 17 12–18 m Far East / Middle East 13000 Charter deals January / all information without guarantee 12 HANSA International Maritime Journal – 154. Jahrgang – 2017 – Nr. 2

Märkte | Markets ago. The researchers also reported a clear downward trend in spot availability for »sub-panamax«/handy ships of 2,000- 2,700 TEU to 18 ships, down from 24 a fortnight ago. However, specific vessel types do not necessarily record the same trend, according to other market participants, with one Hamburg chartering broker even reporting a rise in availability of geared 2,500 TEU charter ships from 7 to 13 only in Asia between mid-December and mid-January. So, there appears to be no straight-forward improvement in supply/demand from a pure data perspective that would support a sustained firmer trend in charter rates. Fixing activity fairly high But then, many brokers did perceive fixing activity to be fairly high in the opening weeks of 2017, especially since most expected a rather dull start to the new year with out much stimulus until Chinese New Year which falls very early this year. Cargo volumes and freight rates, though, were trending up lately, bringing back some confidence to the liner shipping industry that operates the vessels. Spot rates for shipments from the Far East to North Europe remained relatively firm at over 1,000 $/TEU until mid-January while transpacific freight rates went up steeply on the back of recent general rate increases (see market compass bar: Container freight market). Upswing in trading volumes Of course, capacity management remains the order of the day for liner operators given the massive backlog of unemployed liner- and tramp-owned ships. But an apparent upswing in trading volumes seems to have pushed slot utilization to levels that allowed them to mark freight prices up. Of note, the global container handling index published by German institutes RWI and ISL posted its strongest increase in many months for November, reaching 122.1 points versus 120.0 in October. Liftings clearly picked up in the Asia-Europe trade, with UK-based Container Trades Statistics reporting a 3.9% year-on-year rise in headhaul (westbound) volumes for November. One of the driving factors must have been the latest depreciation in the Chinese renminbi which dropped to an eight-year low against the US Dollar at the end of last year. Chinese exports thus became more competitive again. Meanwhile, December saw further increases in purchasing manager indices for the Eurozone and most major overseas economies, pointing to a marked improvement in business activity which usually also sparks more shipping activity. Gains for Wide-Beams In the charter market, demand for large and very large vessels picked up quite a bit in January after very slow trading during December. The biggest ship reported fixed was the 9,030 TEU »Switzerland« (Ex-»Hanjin Switzerland«) from Tur kish owner Ciner at a relatively firm rate of 13,000 $/day for 12-18 months to Taiwan’s Yang Ming Line. Competition for charter cover in the very large 7,500-10,100 TEU sector continues to be high, though, with Alphaliner counting 16 spot ships plus 10 ex-Hanjn operated vessels of 8,500 to 10,000 TEU, which are expected to get marketed for chartering again soon. In the large vessel sector (5,300- 7,500 TEU), quite a number of charter transactions emerged, but mostly at reported rate levels around last done. Perhaps the firmest fixture was a very short period on the modern wide-beam 6,882 TEU »Cape Chronos« at 8,500 $/day done by Emirates Shipping Line. Upswing in trading volumes Traditional panamax vessels conti nued to be covered at established levels in the low ,000’s but there was some improvement for wide-beam vessels of 4,600- 5,100 TEU as spot/prompt availability for this type in Asia dropped to three units (2 weeks forward), according to a German broker. Hence, charter market rates improved with the fixture of the 2014-built 4,957 TEU »Tommi Ritscher« at 6,600 $/ day for a 4-6 month period to Cosco. Two wide-beam sisters, the 4,896 TEU »Hammonia America« and »Hammonia Virginia«, were even reported fixed for 4-year periods at ,000 per day to Maersk. This is significantly more than the mid ,000’s commonly paid for short and flexible periods today, but also significantly less than the peak rates of over ,000 per day back in 2015. Whether it’s a good deal for the charterer or a better deal for Hammonia Reederei is going to depend on the direction of the spot market over the coming years … A gentle lift in hire rates was also recorded on vessels with intakes of 2,500 (geared) and 2,700/2,800 TEU (gearless). The 2,824 TEU ›E.R. Montpellier« fetched 6,250 $/day for 6-10 months trading for CMA CGM in the Atlantic. M COMPASS CONTAINER SHIP T/C MARKET 340 320 300 280 18.08.16 Month on Month 298 + 1.7 % CONTAINER FREIGHT MARKET WCI Shanghai-Rotterdam 2,145 $/FEU +9.1 % WCI Shanghai-Los Angeles 2,241 $/FEU + 42.6 % DRY CARGO / BULK SHORTSEA / COASTER TANKERS Average rates spot/up to 4 weeks validity WCI = World Container Index, supplier: Drewry Baltic Dry Index 942 + 1.5 % Spot time charter averages ($/day) Capesize 5TC average 12,334 + 43.3 % Panamax 4TC average 7,830 + 12.9 % Supramax 6TC average 7,026 + 26.4 % Handysize 6TC average 6,421 + 25.2 % Forward / ffa front month February ($/day) Capesize 180k 8,440 + 2.2 % Panamax 6,835 + 8.8 % Norbroker 3,500 dwt earnings est. 2,550 €/d - 2.0 % HC Shortsea Index 16.13 + 2.0 % ISTFIX Shortsea Index 620 + 2.3 % Norbroker: spot t/c equivalent assessment basis round voyage North Sea/Baltic; HC Shipping & Chartering index tracking spot freights on 5 intra-European routes; Istfix Istanbul Freight Index covering spot freight ex Black Sea Baltic Dirty Tanker Index 1,002 + 7 % Baltic Clean Tanker Index 616 - 8.6 % BUNKERS IFO 380 Rotterdam $/t 311.5 + 2.0 % MGO Rotterdam $/t 466.5 + 0.4 % Forward / Swap price Q2/17 19.01.17 IFO 380 Rotterdam $/t 296.7 - 1.3 % Data per 20.01.2017, Alterations within four weeks HANSA International Maritime Journal – 154. Jahrgang – 2017 – Nr. 2 13

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