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Capacity Growth is expected to drop in 2009 and 2010<br />

18.0%<br />

16.0%<br />

14.0%<br />

12.0%<br />

10.0%<br />

8.0%<br />

6.0%<br />

4.0%<br />

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011<br />

Drewry<br />

Clarkson<br />

Zero orders placed in the last eight months with expectations of ordering activity not to pick up any<br />

time soon<br />

Given significant contraction in demand in 2009 and marginal growth in 2010, industry set for<br />

overcapacity situation this year and the next<br />

Lay up of vessels/slow steaming likely to be a capacity modifier – current estimates from AXS-<br />

Alphaliner show that 1.3 million TEU equalling 10.4% of current fleet is idle<br />

10

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