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Continental Chartering Bulletin, July 2012

1

News Flash

Maersk Line plans to re-establish its

direct China- New Zealand link. The new

service will be called “Asia Star”. It will

employ seven vessels between 1,700 and

1,800 TEU.

The Namibian port authority (Namport)

countered media reports stating that the

planed container terminal at Walvis Bay

would threaten to fail. The authority

announced that there were many financ-

ing inquiries and it is expected that

financing will soon come to a close. After

the completion the terminal will have

two over 350 meter long piers with a

depth of 14 meters. A concrete date of

finalization has not been named yet, but

it has to be expected that the whole

project will be delayed. Currently the

inception of the terminal´s commercial

operation is believed to be in 2016.

Spanish carrierer Marguisa and Delmas

have founded a Ro-Ro-Service between

the Mediterranean and West Africa.

Trend continuation at charter market

While fright rates gave in slightly, charter market development

remained similar to June´s.

Freight rates still stay on a

reasonable level, though since

June rates gave in. The rate

decrease could be partly

caused by the fallen bunker

prices, as a SeaIntel Analyst

argues. Forward freight rates

currently don´t supply us

with a clear signal of the mar-

kets´ future direction. Market

participants seem to wait

whether liner operators´ an-

nounced rate increase for Au-

gust will be successful. Bun-

ker prices have increased

quite a bit in July. The price

for bunker oil with a viscosity

of 180 mm2/sec is slightly

above the 650-US-Dollar

threshold. The price of bunker

with 360 mm2/sec oscillates

below 650 USD.

At the charter market rate

levels dropped slightly. Exist-

ing trends remained con-

sistent. Charter rates for ves-

sels of 4,250 TEU upwards are

situated on a bearable,

those for even bigger ves-

sels on a passable level. By

contrast, smaller container

vessel segments do suffer.

The size range of sub-

4,000-TEU, especially those

below 3,000 TEU, is under

pressure. Among others

this is displayed by the

change of the idle fleet,

which increased in the

smaller segments. Between

2,000 and 2,999 TEU the

amount of idle vessels in-

creased especially steeply.

One factor influencing this

development is the effi-

ciency compulsion liner

operators are exposed to.

Slow steaming potentials

are mostly exhausted.

Hence, considering the still

high bunker prices, the

major remaining lever to

minimize cost per TEU is

the realization of scale ef-


2

fects by the employment of

bigger vessels. Where it is

physically possible and just

economically reasonable,

smaller vessels are replaced

by bigger ones.

Nevertheless the rate decrease

could reach a temporary end:

After the ConTex published

by Hamburger Schiffsmakler

und Schiffsagenten (VHSS)

had dropped at the beginning

of the month it slightly stabi-

lised at the month´s end. Tak-

ing an optimistic interpreta-

tion, this could be viewed as a

sign for an approaching

summer gap´s end and a sta-

bilizing charter market.

The sales & purchase market

for container vessels wit-

nessed brisk activity, which

was limited to the regional

and interregional feeder seg-

ment. Thus in July ten S&P

transactions of container ves-

sels were registered.

After the scrapping activity

had slowed down in June, in

July more container vessels

were sold for scrapping, even

though prices paid per light

displacement tonnage were

far underneath those which

could have been realized three

months ago.

The new building market re-

mained relatively calm. The

ten 14,000 TEU vessels des-

tined for Evergreen finally go

for the benefit of Lemos.

Apart from that there was no

further activity besides the

order of four 2,900 TEU Con-

tainer-Ro-Ro vessels by an

Italian owner.

The global business cycle is

cooling down. Worldwide

central banks are lowering

interest rates, which shows

that action has already been

undertaken to counteract the

downturn. In the medium run

the decreasing key interest

rates could have a stimulating

effect on the economic situa-

tion. Beside the scheduled

delivery of Ultra Large Con-

tainer Ships (ULCS), the busi-

ness cycle “downside-risk”

seems currently one factor

that threatens a charter mar-

ket upswing. On the other

hand it should be recorded

that in recent months only

little new building orders

have been done indeed,

though at invincible prices.

History teaches us that those

historically cheap deals often

can mark a turning point. Mi-

nor new building activity and

increasing number of scrap-

ings, as well as scores of S&P

transactions in the feeder

segment lead to one conclu-

sion: Even though the road to

the market equilibrium may

be longer than some expected,

it is visible that we slowly

move towards it.


3


4

NEW BUILDINGS CONTAINER - Deliveries – July 2012

NAME TEU ORDERED SHIPYARD ORDERING PARTY

Hamburg Express 13.169 02/2008 Hyundai H.I. Hapag-Lloyd CMA CGM Margrit 13.092 07/2007 Hyundai H.I. Blue Star Holding

Maersk Lins 8.700 06/2008 Daewoo (DSME) APM

Ever Lambent 8.452 07/2010 Samsung Evergreen

Tirua 8.004 07/2012 Samsung CSAV

Santa Ines 7.800 05/2007 Daewoo (DSME) Hamburg Süd

Xin Lan Zhou 4.738 06/2008 Jiangnan Changxing CSCL

Wan Hai 512 4.532 05/2007 China SB Wan Hai

Maersk Colombo 4.496 06/2008 Hyundai H.I. APM

Hansa Europe 3.646 06/2007 Shanghai Chengxi Leonhardt & Blumberg

Martha Schulte 3.635 05/2007 Shanghai Chengxi Thomas Schulte

Cape Marin 2.758 04/2008 Gunagzhou Wenchong Schoeller Holdings

Rio Anna 2.554 01/2008 Jiangsu Yangzijang MPC

Hansa Duburg 1.732 07/2012 Guangzhou Wenchong Leonhardt & Blumberg

SITC Moji 1.100 07/2012 Zhejiang Yangfan SITC

SITC Lianyungang 1.100 07/2012 Zhejiang Yangfan SITC

SITC Shenzhen 1.100 07/2012 Zhejiang Yangfan SITC

Chattanooga 1.042 07/2012 Kouan Shipyard Norse Management

Maasholm 1.036 07/2012 Jiang Dong Shipyard Brise Schiffahrt

Lindaunis 1.036 07/2012 Jiang Dong Shipyard Brise Schiffahrt

Condor 889 05/2006 Mawei Shipyard Gebrüder Winter

2nd-HAND SALES CONTAINER – December 2011

NEW BUILDINGS CONTAINER - New Orders – July 2012

QUANTITY/NAME TEU DELIVERY SHIPYARD ORDERING PARTY

4 x Con Ro 2.900 2014 STX Linea Messina


5

2nd-HAND SALES CONTAINER – July 2012

Name TEU BUILT YARD GEAR PURCHASR PRICE COMMENT

Pembroke 2.442 1997 Germany GD Greece $7.000.000,-

R. Partner 1.354 1994 Poland GD Dubai $2.700.000,-

Hyundai Concord 1.032 2002 Japan GL Korea $9.100.000,- Special Survey due

Bunga Teratai Dua 1.725 1998 Korea GL SEA $6.000.000,-

Avonmoor 779 1998 China GD Malta $1.050.000,- Auction

Magellan Comet 735 2002 Germany GL $5.000.000,- Incl. finance

Pioneer Buzzard 735 2002 Germany GL $5.000.000,- Incl. finance

Acacia 504 1993 Japan GD China $2.000.000,-

Elation 538 1994 Germany GL Greece €1.000.000,- Creditor forced

Elevation 538 1994 Germany GL Lebanon €1.000.000,- Creditor forced

DEMOLITION SALES CONTAINER – July 2012

Name TEU BUILT LDT SCRAP LOCATION USD/LTD

Nordstrand 2.280 1993 13.697 Turkey 325

MSC Ukraine 1.939 1989 13,190 India 422 (incl. Bunker)

Sp5. Eric G. Gibson 1.914 1984 13.281 Undisclosed 370

Fresena 1.651 1997 7.406 Turkey 295

Tiger 1.210 1989 6.964 India 410 (incl. Bunker)

Seaboard Costa Rica 742 1984 Undisclosed 265


6

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 by 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)


7

Source: Alphaliner

-10%

0%

10%

20%

30%

40%

50%

2012 2013 2014 2015

4.0% 1.1% 0.3% 0.0% 0.9%

4.9% 0.3% 0.0%

-2.5%

3.7% 0.4% 0.0%

2.4%

9.4%

0.0% 0.0%

tonnage growth according to size group

1000-1499 1500-1999 2000-2999 3000-3999

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2012 2013 2014 2015

6.8% 7.9%

0.4% 0.0%

4.3% 4.5% 0.9% 0.0%

10.8%

17.0%

6.8%

1.7%

50.0%

31.6%

13.8%

9.0%

tonnage growth according to size group

4000-5099 5100-7499 7500-9999 10000-18000


8

Shanghai Containerized Freight Index (SCFI)

weight 2012-06-21 2012-06-29 change

SCFI (total)

100% 1327.45 1327.08 -0.37

Europe (Base port) USD/TEU 20.0% 1667 1728 61

Mediterranean (Base port) USD/TEU 10.0% 1651 1649 -2

USWC (Base port) USD/FEU 20.0% 2389 2368 -21

USEC (Base port) USD/FEU 7.5% 3559 3513 -46

Persian Gulf and Red Sea (Dubai) USD/TEU 7.5% 875 853 -22

Austrlian/New Zealand (Melbourne) USD/TEU 5.0% 827 790 -37

East/West Africa (Lagos) USD/TEU 2.5% 2197 2190 -7

South Africa (Durban) USD/TEU 2.5% 1052 1040 -12

South America (Santos) USD/TEU 2.5% 2073 2034 -39

West Japan (Base port) USD/TEU 5.0% 342 343 1

East Japan (Base port) USD/TEU 5.0% 342 342 0

Southeast Asia (Singapore) USD/TEU 5.0% 267 264 -3

Korea (Pusan) USD/TEU 2.5% 191 187 -4

Taiwan (Kaohsiung) USD/TEU 2.5% 247 256 9

Hong Kong (Hong Kong) USD/TEU 2.5% 127 125 -2

Source : Shanghai Shipping Exchange


9

Source: Vereinigung Hamburger Schiffsmakler und Schiffsagenten e.V.

$4,000

$9,000

$14,000

$19,000

$24,000

$29,000

Okt. 10 Jan. 11 Apr. 11 Jul. 11 Okt. 11 Jan. 12 Apr. 12 Jul. 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

Sep. 10 Nov. 10 Jan. 11 Mrz. 11 Mai. 11 Jul. 11 Sep. 11 Nov. 11 Jan. 12 Mrz. 12 Mai. 12 Jul. 12

ConTex


10

Representative Fixtures – July 2012

NAME TEU BUILT REEFER GD/GL DURATION CHARTERER REPORTED RATE

Hanjin Rotterdam 8,586 2011 700 GL 8 months MSC 2012-07-18 $33,500

Apl Ningbo 8,540 2010 630

GL 12 months APL 2012-07-05 $37,500

Ilse Wulff 6,969 2009 714

GL 12 months MAERSK 2012-07-26 $31,000

Ym Maturity 6,572 2010 500 GL 12 months MSC 2012-07-06 $28,250

E.R. Dallas 5,043 2004 1,100 GL 2-3 months MAERSK 2012-07-22 $11,575

Hyundai Federal 4,651 1994 350 GL 2-3 months NORASIA 2012-07-27 $11,500

Rhl Concordia 4,620 2012 600 GL 12 months CCNI 2012-07-13 $18,500

Northern Prelude 4,616 2009 470 GL 3-4 months HAMBURG SÜD 2012-07-27 $11,975

Hansa Atlantic 4,565 1996 300

GL 12 months MSC 2012-07-12 $9,000

Stx Maliakos 4,398 2012 450 GL 7-9 months KMTC 2012-07-27 $11,000

Cscl Dalian 4,253 2002 400 GL 5 months HMM 2012-07-10 $11,500

Bavaria 4,253 2003 400 GL 1 month MAERSK 2012-07-09 $10,500

Zim Shekou 4,250 2007 400 GL 6 months OOCL EUROPE LTD 2012-07-20 $12,000

Santa Romana 4,112 2002 1,300 GL 4-6 months HMM 2012-07-20 $12,475

Ville D'orion 3,961 1997 150 GL 8 months CMA CGM 2012-07-24 $9,960

Martha Schulte 3,635 2012 550 GD 6 months CMA CGM 2012-07-22 $8,200

Hugo Schulte 3,635 2010 550 GD 9-11 months HAMBURG SÜD 2012-07-13 $8,500

HS Bach 3,586 2007 500 GL 4-5 months CMA CGM 2012-07-12 $7,750

Karmen 3,352 1991 121 GL 2-3 months SEACON 2012-07-27 $7,150

Apl Amman 3,323 2002 440 GL 6 months RCL FEEDER 2012-07-27 $8,700

Jenaz 2,824 2006 586 GL 3-6 months 2012-07-16 $6,500

Sarah Schulte 2,824 2005 586 GL 12 months HAMBURG SÜD 2012-07-13 $7,200

Northern Valour 2,808 1996 400 GL 2-3 months UASC 2012-07-27 $7,000

Aldebaran 2,785 2008 432 GD 1-2 months CMA CGM 2012-07-13 $7,500

Stadt Dresden 2,742 2006 400 GL 1-2 months CMA CGM 2012-07-12 $6,500

Alexandra P 2,732 2000 450 GL 2-3 months WAN HAI 2012-07-27 $6,900

King Adrian 2,702 2004 400 GL 2-3 months WAN HAI 2012-07-26 $6,900

Welle 2,572 2005 600 GD 2-23 months CMA CGM 2012-07-13 $6,850

Rio Taku 2,556 2004 600 GD 10 months APL 2012-07-13 $7,750

E. R. Elsfleth 2,496 2003 344 GD 10-13 months CMA CGM 2012-07-20 $7,300

E. R. Helgoland 2,496 2002 342 GD 10 months CMA CGM 2012-07-22 $7,500

Frisia Hannover 2,478 2006 400 GD 6 months HAPAG 2012-07-18 $7,200

Anafi 2,420 1994 300 GD 3-5 months MSC 2012-07-22 $6,100


11

Representative Fixtures – July 2012

NAME TEU BUILT REEFER GD/GL DURATION CHARTERER REPORTED RATE

Nordfalcon 2,105 1997 200 GD 11-13 months PIL 2012-07-12 $6,900

OM Agarum 2,015 2008 510 GD 6 months SEA CONSORTIUM 2012-07-03 $7,500

Kamala 2,011 1999 164 GD 3 months KMTC 2012-07-13 $6,900

Frisia Nuernberg 1,970 2010 442 GL 2-4 months WAN HAI 2012-07-27 $6,500

Valdivia 1,875 2006 385 GD 3-8 months MCC 2012-07-26 $6,300

Pluto 1,837 1999 350 GD 8-10 months CMA CGM 2012-07-13 $6,600

Belgian Express 1,794 2010 319 GD 7-11 months CMA CGM 2012-07-20 $6,500

BF Ipanema 1,794 2009 319 GD 7-10 months CMA CGM 2012-07-03 $6,800

Nefeli 1,740 2011 300 GD 4-8 months MARIANAS EXPRESS 2012-07-18 $6,650

Catena 1,740 2009 300 GD 3-4 months MARIANAS EXPRESS 2012-07-06 $6,750

Hansa Regensburg 1,740 2008 300 GD 9 months CMA CGM 2012-07-19 $6,650

Maximilian Schulte 1,740 2005 300 GD 7 months MAERSK 2012-07-13 $6,775

Dorothea Rickmers 1,730 1998 200 GD 7-9 months MAERSK 2012-07-27 $6,100

Deike Rickmers 1,730 1996 200 GD 9 months CMA CGM 2012-07-16 $6,500

Rickmer Rickmers 1,730 1995 200 GD 6 months MAERSK 2012-07-13 $6,800

Tasman Strait 1,713 2008 388 GL 5-7 months MOL 2012-07-27 $7,500

Ocean Arrow 1,713 2007 377 GD 6-8 months MCC 2012-07-22 $6,750

Queen of Luck 1,684 1995 152 GD 1-2 months CMA CGM 2012-07-27 $6,500

Hansa Centurion 1,645 1998 128 GD 12 months HEUNG A 2012-07-18 $7,000

Ranee 1,613 1995 206 GD 6-9 months EVERGREEN 2012-07-13 $6,600

Arisara 1,461 1992 200 GL 3-5 months MCC 2012-07-13 $6,100

Cape Forby 1,440 2006 174 GL 3-5 months RCL FEEDER 2012-07-20 $5,300

Cape Ferrol 1,440 2008 174 GL 9-10 months STX PANOCEAN 2012-07-20 $6,675

Indep. Concept 1,432 2007 250 GL 3-4 months UFS 2012-07-26 $6,700

Concord 1,388 1994 150 GD 6-12 months IACC

2012-07-13 $6,850

Novia 1,388 1995 209 GD 3 months PORTLINE 2012-07-06 $6,500

Warnow Dolphin 1,284 2007 390 GD 3-6 months SINOKOR 2012-07-06 $6,650

Stadt Gotha 1,284 2008 390 GD 1 month GOLD STAR LINE 2012-07-25 $6,600

Warnow Whale 1,284 2007 390 GD 6 months SEABOARD MARINE 2012-07-06 $6,800

Varamo 1,284 2007 390 GD 1-3 months MAERSK 2012-07-27 $6,700

Acapulco 1,162 1996 100 GD 11-12 months MSC 2012-07-30 $5,150

Murat K 1,147 2007 240 GL 3-5 months ZIM 2012-07-09 $5,900

Akari 1,133

1999 100 GD 3 months YANG MING 2012-07-13

$6,225


12

Container Vessel Market Overview

Source: Hansa International Maritime Journal/ Clarkson Research


13

Container Vessel Market Overview

Source: Hansa International Maritime Journal/ Clarkson Research


14

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

[email protected]

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

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