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HANSA 03-2018

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Märkte | Markets Asia

Märkte | Markets Asia markets coming back Chinese New Year caused less of a damper on freight and charter markets than feared. Now the signs are pointing up again in container shipping. By Michael Hollmann General activity may have slowed down for Chinese Year but the impact on the container ship charter market was hardly noticeable. Fixing levels kept edging upwards over the past weeks. The increases were not always spectacular – except for high-spec, very modern vessels – but new benchmark-highs were set in one or the other segment week after week. The underlying fundamentals remain strong, with the RWI/ISL container throughput index seeing one of the strongest monthon-month increases ever during its 11-year history. The index pushed up from 131.9 to 134.4 in January, illustrating ongoing solid growth in world merchandise trade. No wonder that the utilisation of the world container ship fleet improved further, also aided by further tonnage injections by carriers amid the export cargo rush in China ahead of the Lunar New Year. By early February, the idle fleet ratio (share of container ship capacity in temporary lay-up or waiting for new employment) sank below 1.0% for the first time in years. Only around two dozen tramp ships were reported to be without charter, raising confidence among shipowners that »full employment« of the global charter fleet is in reach. Although there have been concerns over the spate of deliveries of ultra large newbuildings this year, analysts agree that cargo volume growth should surpass net fleet capacity growth in 2018 (circa 5.0% versus around 4.0%). Therefore the outlook continues to be favourable, with all ingredients in place for a further recovery. The last couple of weeks saw already notable improvements in areas such as the 8,500 TEU super-post-panamax class, maxi-panamaxes (5,000 TEU), high-reefer 2,500 TEU vessels and most feeder ship classes below 2,000 TEU. Following the spectacular rises for modern wide-beam 9,000 TEU ships at the start of the year, enquiry for standard 8,000 TEU has picked up as well, allowing rate levels to start catching up from 12,000–13,000 $ into the 15,000–16,000 $ range. Cosco’s extensions of the 8,533 TEU »Lloyd Don Giovanni« and the 8,468 TEU »Europe« are highlighting the firmer trend that had been eagerly awaited. A Hamburg broker termed it »a correction of a segment that has been undervalued for quite some time,« predicting further rises after Chinese New Year when carriers set out to bolster their fleets for the mid-year peak season. Moderate activity amid tight availability saw market rates for traditional panamax- TEU Name dwt Built Type Speed Cons. Charterer Laycan Period Rate ($) FEEDER / HANDY 698 Ice Bird 8209 2008 geared 17.0 28 Eimskip Mar 12 m Iceland / Halifax (ext) €6450 704 Max Moon 8523 2007 gʹless 17.0 24 SITC Feb 4–6 m Far East (ext) 5250 862 BF Caroda 11202 2004 geared 18.0 33.3 Sea Consortium Feb 5–7 m Mediterranean (ext) 8250 887 Avila 12340 2007 geared 18.0 36 Tarros Line Mar 6–8 m Intra-Med 7250 1049 Lantau Breeze 12350 2008 gʹless 18.0 31 Panasia Feb 4–5 m Intra-Asia 7900 1118 Max Cavalier 13702 2007 geared 19.0 38.5 Italia Marittima Feb 4–6 m East Med (ext) 7350 1118 Ionian Express 13760 2006 geared 19.6 41 TS Lines Feb 6 m Intra-Asia (ext) 6700 1368 Seapearl 16855 2011 geared 19.0 48.5 + 3.1 Bengal Tiger Line Feb 4–6 m Colombo / India 8200 1577 Happy Bee 21300 2006 geared 17.0 33 Simatech Apr 10–12 m Chittagong trade (ext) 10300 1740 Hansa Rendsburg 23508 2000 geared 20.5 58 + 3.5 Maersk Feb 49–77 days Med-West Africa 9500 1740 Hansa Breitenburg 23508 2003 geared 20.5 58 + 3.5 MCC / Maersk Feb 5–7 m Intra-Asia 9250 1891 Starship Pegasus 23927 2013 gʹless 18.5 35.8 CK Line Feb 12 m Intra-Asia 11500 SUB-PANAMAX 2194 Barry Trader 25539 2014 geared 19 48 + 3.5 Sinokor Mar 10–12 m Intra-Asia 14900 2524 Bomar Resolve 33074 2005 geared 22.2 97 Log-in Brasil Apr 12 m Brazil coastal (ext) 10250 2546 Banak 34000 2014 geared 21 90.4 + 5 CMA CGM Feb 9–12 m Med-Caribs (ext) 10500 2824 Odysseus 39418 2006 gʹless 22.3 99 + 5.8 Hapag-Lloyd Mar 2–4 m Med-West Africa (ext) net 8800 2824 Santa Bettina 39276 2007 gʹless 24.0 95 CMA CGM Mar 6 m Europe-New Zeal. (ext) 9500 3380 Adelheid S. 44052 2006 gʹless 21.4 120 MSC Mar 8–10 m UK / continent 8700 3450 Uni Florida 42950 2007 gʹless 23.5 117 Maersk Mar 3–5 m Far East (ext) 9750 3534 Songa Haydn 41989 2010 gʹless 22.9 128 + 6 Cosco Mar 5–7 m Intra-Asia 9500 TRADITIONAL PANAMAX AND WIDEBEAM 4259 Hawk Hunter 50700 2009 gʹless 19.0 84 Maersk Feb 3–5 m North Europe / Baltic 9500 5018 Piraeus 66579 2004 gʹless 23.0 154.5 TS Lines Mar 2–4 m FE-India (ext) 9150 5294 Blandine 65700 2009 gʹless 24.5 170 Cosco Mar 5–7 m Med-USEC (ext) 11750 5301 Balbina 65710 2010 gʹless 24.5 170 Emirates Shipping Mar 50–60 days FE-Middle East (ext) 10500 LARGE AND VERY LARGE 5888 PL Germany 67009 2003 gʹless 23.5 149 Simatech Apr 4–6 m China-India 11250 6881 Paxi 80087 2014 gʹless 19.0 Mitsui OSK Mar 2 m Transpacific 20000 8073 Conti Conquest 100909 2006 gʹless 25.0 248 Yang Ming Line Apr 12 m FA-WC South America 14500 8468 Europe 101612 2004 gʹless 22.0 143 Cosco Apr 9–12 m Far East-USEC (ext) net 15500 8533 Lloyd Don Giovanni 193200 2006 gʹless 21.0 144 Cosco Mar 5–7 m FE-Mexico / Caribs (ext) 16000 10114 Express Rome 121960 2011 gʹless 24.0 250 Hapag-Lloyd Apr 12 m Europe / India (opted) 25500 Charter deals / all information without guarantee 12 HANSA International Maritime Journal – 155. Jahrgang – 2018 – Nr. 3

Märkte | Markets New Orders Container Overall contracting activity in the new building market has been fairly low. The letters of intent we reported have been signed by Evergreen and South Korean shipyard Samsung. In addition to the twelve 11,000 TEU vessels which already have been ordered at Imabari during January, the contracts for eight further vessels at about 94,5 mill. $ each have been signed during February. In the smaller segments SITC declared its order of two 2,400 TEU vessels at Yangzijiang which brings their total order to four firm vessels. Singapore-based Eastern Pacific has placed an order for four plus four optional ships at CSIC-Shanhaiguan. The 2,700 TEU vessels are hawked to cost around 28.8 mill.$ each. Secondhand Sales Container The market for further trading container vessels remained active during January and February with various transactions to be observed. Even though the supply of tonnage is not enough to satiate buying demand, this is contributing to firming asset values. Again, it was noticeable that the ratio of vended feeder vessels was particularly high. MPC Container Ships acquired another three 2,800 TEU boxships. The price is said to be 32,3 mill.$. Furthermore, the fast growing containership owner has bought another 14 ships – including four 1,300 TEU ships, four 1,500 TEU ones and a pair of 1,800 TEU, 2,500 TEU and 2,800 TEU vessels in each case. In the bigger segments, only a couple of transactions were concluded. One transaction included the two 2004 built 5,576 TEU vessels »March« and »Great«, which were sold for an aggregate price of 22 mill. $ to Technomar. Demolition Sales The situation at the recycling market for container vessels remains unchanged – only a few vessels were sold for scrap. Nevertheless, an increment of recycling sales could be observed. The recent increment might be attributed to relatively strong scrap prices and the firming world market price for iron ore. During the last couple of days, prices around 77 $ per ton were achieved. Jan Göldner COMPASS CONTAINER SHIP T/C MARKET 420 380 21.09.17 22.02.18 Month on Month438 +3.3 % CONTAINER FREIGHT MARKET WCI Shanghai-Rotterdam 1,740 $/FEU + 1.3 % WCI Shanghai-Los Angeles 1,486 $/FEU + 2.8 % Average rates spot/up to 4 weeks validity WCI = World Container Index, supplier: Drewry es firming up as well. A breakthrough appears to have been achieved in the Atlantic with the reported extension of the 5,040 TEU »CSL Virginia« at 11,500 $ for one year by OOCL. Given the tight availability of open tonnage, brokers were confident that the 10,000 $-mark was going to be reached also by smaller baby panamaxes possibly by the end of February. Reefer and shallow-draft wanted In the 2,000-3,000 TEU »subpanamax« classes, the focus was very much on very modern economic types and high-reefer vessels for the busy southern hemisphere fruit export season. Rate levels for geared 2,500 TEU tonnage with increased reefer intakes (600 plugs) seem to have quickly moved up from 10,500 to 11,000 $ with the reported fixture of the 2556 TEU »Bomar Calais« to CMA CGM for 12 months. Another fixture that raised eyebrows in the market in mid-February was the fixture of the SDARI 2100 type »Barry Trader« (2,190 TEU, built 2014) at 14,900 for a Chittagong-related trade to Sinokor. Gearless 2,700/2,800 types gained a bit more ground as well and latest discussions show hire rates getting assessed at 9,700–9,800 $, up from 9,500 $, in Asia. Below 2,000 TEU, progress has been slow but steady and at differing speeds in the main regional markets of Asia, Europe/Mediterranean and Caribbean/US Gulf. In the 1,700 TEU class, the Mediterranean was leading the way with rates of around 9,500 $ for standard designs, a few hundred dollars higher than in other markets. However, just as this issue of HANSA goes to press, the torch has been handed over the Caribbean where the Kouan 1,800 type »Melboure Strait« (1,795 TEU, built 2008) has become the first vessel in this size to break the 10,000 $-barrier, with a 5–7 month extension at 10,250 $ with operator King Ocean. Meanwhile the most modern 1,700 TEU types (Topaz, SPP 1700) succeeded in pushing rates to over 12,000 $ in Asia. The feeder sector of 1,100 TEU and smaller has been kept very busy as well, resulting in successive increases for standard geared 1,100 TEU ships (CV1100) in Asia from mid to high ,000’s and finally above 7,000 $, as illustrated by the 4-7 month extension of the »Frisia Alster« to Zim-affiliated Gold Star Line at 7,100 $. Demand for smaller vessels below 1,100 TEU continued to be strong in all regions, with brokers reporting full employment for feeder ships in north Europe ahead of the main extension season in spring. The Caribbean soaked in further tonnage from other regions amid very high demand for vessels, with rate levels reaching very high ,000’s, according to Ernst Russ Shipbroker. Reported deals include the 6-month period at 8,750 $ on the geared 997 TEU »Vega Scorpion« fixed by Caribbean Feeder Services (CFS). In Asia there were still open requirements for 700 TEU vessels amid very short supply, raising expectations of a recovery in rates to mid/upper 5,000 $ levels.mph DRY CARGO / BULK Baltic Dry Index 1167 -4.1 % Spot time charter averages ($/day) Capesize 5TC average 13,512 - 3.0 % Panamax 4TC average 11,529 - 3.7 % Supramax 6TC average 10,008 - 3.1 % Handysize 6TC average 7,756 - 8.5 % Forward / ffa front month Mar ($/day) Capesize 180k 16,730 + 48.0 % Panamax 13,215 + 20.5 % MPP February ´17 $ 6,260 TMI Toepfer's Multipurpose Index February ´18 $ 6,929 The index is based on a 12,500 tdw MPP/HL »F-Type« vessel for a 6-12 months TC and represents the monthly assessment from operators, owners and brokers. TANKERS Baltic Dirty Tanker Index 645 - 5.5 % Baltic Clean Tanker Index 618 + 4.9 % SHORTSEA / COASTER Norbroker 3,500 dwt earnings est. 3,200 €/d - 4.5 % HC Shortsea Index 19.38 + 0.9 % ISTFIX Shortsea Index 850 - 3.2 % 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 Data per 22.02.2018, Alterations within four weeks HANSA International Maritime Journal – 155. Jahrgang – 2018 – Nr. 3 13

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