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HANSA 11-2018

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Märkte | Markets Rates

Märkte | Markets Rates and terms deteriorating Non-operating owners of container ships have to compete ever harder for employment amid rising spot tonnage and an escalating idle fleet. Although fixing activity returned as from September, it was not enough to stop the slow rot in the charter market. By Michael Hollmann Rate levels for the 1,100-4,250 TEU spectrum were down almost 4.0% month-on-month as per 18 October, according to the New ConTex. The Howe Robinson Containership Index, which also tracks the traditional post-panamax and the smallest feeder classes, slipped by 7.0% month-on-month. Downward pressure has been most severe for large gearless vessels in the 5,500- 7,500 TEU segment, for panamaxes and for feeder/handy types between 1,000 and 2,000 TEU. Overall, the short-term outlook for the container trades continued to worsen over the past weeks. All the fresh data coming in only confirms that trade growth is more and more limited to the transpacific and shorthaul Intra-Asia trades. According to Container Trades Statistics (CTS), volume growth on the routes from Asia to North Europe and the Mediterranean combined is down to a marginal 0.1% for the first eight months. It is even down –1.1% only for the trade to North Europe. Due to the effects of the Turkish currency crisis on imports to Turkey, volume growth to the Mediterranean is expected to weaken as well. The situation is even worse in the Far East/Middle East trade with year-on-year reductions of close to 8% each month between June and August. However, despite the US/China trade war, transpacific eastbound traffic increased by more than 5.0% so far this year. Given the patchy demand side it is no surprise that the overall share of idle container ships 2.3% of the world fleet again Containerships (Period) TEU Name dwt Built Type Speed Cons. Charterer Laycan Period Rate ($) Feeder / Handy 704 O. M. Imbrium 8,500 2008 gearless 17.0 24.0 KMTC Oct 2-3 months Intra-Asia (ext) 5,200 1008 Elan 13,740 2005 gearless 18.0 33.0 WEC Lines Oct 5-6 months West Med 6,400 1036 Lindaunis 12,850 2012 gearless 18.5 36.0 CMA CGM Oct 6 months North Europe (+opt) €7,000 1496 Warnow Master 21,146 2009 gearless 19.6 45.0 Evergreen Oct 3-6 months Intra-Asia 8,900 1713 MCC Dhaka 22,314 2007 geared 20.0 62.0 Maersk Oct 3-12 months China / SE Asia (ext) 9,200 1714 Box Express 21,730 2016 gearless 19.7 52.9 CMA CGM Oct 3-6 months Intra-Asia 11,200 1748 Vladivostok 23,200 1998 gearless 19.6 54.0 Maersk Oct 4-12 months Intra-Asia 8,000 1794 VNL Ruby 25,795 2012 gearless 20.0 68.0 Wan Hai Lines Oct 30-65 days Intra Asia / Taiwan 8,750 Sub-Panamax 2202 Cape Araxos 25,283 2016 geared 19.0 46.5 Zim Oct 7-11 months Intra-Asia 13,800 2524 Kiel Trader 33,716 2003 geared 22.0 74.0 Regional Container Lines Oct 6-7 months Intra-Asia 10,000 2742 Posen 37,951 2007 gearless 22.0 88.0 Sinokor Oct 5-8 months Far East (ext) net 11,300 3091 Lutetia 41,800 2005 geared 22.0 105.0 CMA CGM Oct 12 months US Gulf / EC South America 12,250 3586 Nordautumn 44,985 2008 gearless 13.5 23.5 Maersk Oct 3-7 months Med / W. Africa 11,000 3838 Merkur Fjord 51,500 2013 gearless 20.3 100.0 Zim Oct 5-7 months Far East 13,100 Traditional Panamax and Widebeam 4253 Singapore Bridge 50,953 2002 gearless 23.5 145.3 Maersk Oct 2-12 months Far East (ext) 10,100 4600 Northern Prelude 59,186 2009 gearless 22.5 124.9 Milaha Oct 3-5 months PG / Indian Ocean 11,500 4992 Maine Trader 67,677 2004 gearless 20.0 89.0 OOCL Oct 30-60 days Atlantic 11,000 Large and very large 6039 Irenes Warwick 66,199 2007 gearless 26.0 188.0 Maersk Oct 2-12 months FE / Australia (ext + opt) escalating f. 8,500 6230 Santa Viola 72,064 2005 gearless 25.0 215.0 Hapag-Lloyd Oct 10-14 months Med / US Gulf 11,000 8189 Conti Annapurna 101,906 2004 gearless 25.6 248.8 Shipping Corp. of India Oct 6-8 months Far East (ext) 13,250 Bulk carrier (Period) dwt Name built Charterer Delivery Period Rate Capesize 176,298 Iron Fritz 2003 n.a. Jiangyin prompt 12 months, redelivery worldwide BCI5 average otherwise no period activity by 19 October… Panamax / Kamsarmax 81,640 Astarte 2013 Glencore Tianjin in direct continuation 17 October 14-17 months, redelivery worldwide 14,250 78,844 Pantera Rosa 2009 n.a. Taranto 17-20 October 150 days / max. April 2019, redelivery ww 16,000 + 600,000 bb Supramax / Handy 63,510 SSI Formidable 2017 Oldendorff Ulsan 19-20 October 4-6 months, redelivery Persian Gulf / Japan 13,750 53,529 AP Sveti Vlaho 2009 Meadway Mississippi River 19-22 October 4-6 months, redelivery worldwide 15,500 Charter deals October / all information without guarantee 10 HANSA International Maritime Journal – 155. Jahrgang – 2018 – Nr. 11

Orders & Sales New Orders Container Contracting activity in the newbuilding market slowed over the past weeks. In total, only two orders were placed during the last four weeks. On the feeder sizes, Evergreen ordered four 2,400 TEU vessels at Jiangnan for an estimated price of around 32 mill. $ to 33 mill. $. Nissen Kaiun added four 1,900 TEU vessels to their orderbook at Tsuneishi Zhoushan. The vessels have been contracted at a price of above 25 mill. $ and are scheduled for completion in 2020. as start of October. Analysts predict a further substantial increase as a couple of service closures were delayed by typhoons and hurricanes worldwide. Trends in tonnage availability in the charter market have been alarming as well, especially for the 5,500-7,500 TEU, 4,000-5,100 and the 1,000-2,000 TEU sectors. One London broker counted 126 vessels available on a spot/prompt basis as per start of October versus an average of just 60 during the previous three months and only 13 back in April. Most of the open vessels in the larger sectors are concentrated in Asia but smaller tonage sits in the Atlantic. Some sectors that were showing more resilience over the past weeks were super-post-panamax tonnage in excess of 7,500 TEU, 3,400 TEU class and 2,700 TEU class ships. Following a steep fall of charter rates, several carriers were enticed back into the market to fix or extend the largest gearless vessels, including some multi-year deals for 10,000 TEU ships by Hapag-Lloyd, as brokers reported. The effect was that rates stabilised and even recovered slightly as illustrated by the extension of the circa 8,200 »Conti Annapurna« at 13,250 $/day by the Shipping Corporation of India. Latest information from brokers was that spot supply of ships in excess of 7,500 TEU was stable at just three vessels. By contrast, the next smaller segment of 5,500-7,500 TEU has seen no signs of support so far, with spot supply climbing to more than a dozen units and rate levels for older 5,500-6,000 TEU class tonnage falling to mid 8,000’s $/day in one benchmark fixture in Asia. Worse yet for owners, charterers have started implementing extremely flexible period durations again, with a couple of vessels fixing 2-12 months. Owners are thus left with no planning certainty and no Secondhand Sales Container After a lethargic September with buyers waiting for securing tonnage below last done, secondhand sales activity returned throughout the last weeks. One transaction included two 6,500 TEU Post- Panamax vessels, purchased from Cyprus Maritime. 2003-built »NYK Aphrodite« and »NYK Artemis« changed hands for an undisclosed price. In the smaller segments, Lomar sold two 2,500 TEU vessels. MPC purchased 2002-built »Norfolk Trader« for 7.8 mill. $, while the 2 years older »Devon Trader« was sold to Tehama for 6.8 mill. $. Apparently Hartmann sold four 1.100 feeder vessels to Greek’s Pacific & Atlantic. Demolition Sales Scrapping activity picked up due to growing uncertainty regarding the demand for old vessels after 2020 and rising scrap steel prices. The highest price was achieved by Costamare’s 3,840 TEU »MSC Koroni«, sold for scrap at 502 $/ldt – the highest price achieved since late 2014. Demolition prices for other sales ranged between 420 $ and 480 $/ldt. Jan Göldner COMPASS ConTainer ship t / c market Märkte | Markets Month on Month 467 - 4.0 % doubt, the ships are going to be redelivered as early as possible if rates continue Container freight market to fall. WCI Shanghai-Rotterdam 1,427 $/FEU - 8.2 % The panamax segment remained relatively busy, keeping the volume of spot Average rates spot / up to 4 weeks validity WCI Shanghai-Los Angeles 2,590 $/FEU + 8.7 % tonnage fairly low up until early October. WCI = World Container Index, supplier: Drewry Since then, more and more ships were piling up in spot positions as fresh Dry cargo / Bulk activity could not absorb the volume Baltic Dry Index 1565 + 12.0 % of redeliveries. The pool of spot vessels Spot time charter averages ($/day) worldwide grew to 18 units by the middle of October, almost all of them located in Capesize 5TC average 18,491 + 16.8 % Asia. Rate levels have been slipping faster since then, falling below 11,000 $/day and stabilising in a range from 10,000 to Panamax 4TC average Supramax 6TC average Handysize 6TC average 14.327 13,183 9,674 + 14.6 % + 1.9 % + 8.5 % 10,500 $/day after a mini-spike in fixing Forward / ffa front month Nov’18 ($/day) activity in Asia in week 42. The 2,500-2,800 TEU sub-panamax Capesize 180k 23,008 + 9.9 % classes are still maintain rate levels in the low 5-digits after only modest falls during the past weeks. Popular Aker 2,700 TEU designs still achieved more Panamax MPP 13,271 + 6.7 % TMI than 11,000 $/day while Mipo designs Toepfer’s Multipurpose Index got fixed in the mid/high 10,000’s $/day October ’18 in Asia. In the feeder/handy segments $ 7,499 below 2,000 TEU, owners are generally faced with limited employment opportunities October ’17 in all regions. $ 6,475 The workhorse 1,700 TEU type has now seen fixing levels drift below 9,000 $/day in Asia and even in the Caribbean, as excess spot supply is spread both for a 6-12 months TC and represents the monthly assessment The index is based on a 12,500 tdw MPP/HL »F-Type« vessel across the Atlantic and the Pacific. Even from operators, owners and brokers. modern fuel-efficient ships are reportedly struggling to secure employment, with rates in Asia established below 12,000 $/ day now. The market in the smaller feeder segments of 1,100 TEU and smaller is sluggish Tankers Baltic Dirty Tanker Index Baltic Clean Tanker Index shortsea / Coaster 963 + 24.6 % 598 + 19.8 % basically in all regions and owners Norbroker 3,500 dwt earnings est. 2,600 €/d + 10.6 % are competing heavily even for very HC Shortsea Index 16.14 + 1.4 % short interim employments, brokers report. Activity in the 700 TEU segment ISTFIX Shortsea Index 570 + 4.0 % remained very limited, however with the Norbroker: spot t/c equivalent assessment basis round voyage North Sea/Baltic; HC Shipping & Chartering index few fixtures that were reported still concluded at around last done levels of flat Istanbul Freight Index covering spot freight ex Black Sea tracking spot freights on 5 intra-European routes; Istfix or low 5,000’s $/day. n Data per 18.10.2018, Alterations within four weeks 550 525 500 475 450 17.05.18 18.10.18 HANSA International Maritime Journal – 155. Jahrgang – 2018 – Nr. 11 11

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