AXS-Alphaliner - AXSMarine

Maersk’s remarkable comeback can be explained by a change in
management and strategy as well as massive deliveries of newbuildings.
During the first four months of 2008, no less than 20 newbuildings
-owned or long term chartered- have joined the Maersk Line
and Safmarine fleet, for a total capacity of 113,000 teu.
Furthermore, Maersk has ceased to release or to sublet ships, except
for a trio of 5,500 teu units to be released in mid-2008, for which
the charters were not renewed. To the contrary, it is to recover at
the end of April, the 4,546 teu HIJAZ (ex MAERSK DIADEMA – alias
VIKTORIA WULFF), which has been sublet to UASC for the past 18
months.
Maersk has also been active again on the charter market, although
exclusively for ships under 2,100 teu. During the first four months of
2008, the carrier has either chartered in or extended some 40 ships.
It has also exercized some ten options at advantageous rates, half of
them in the 2,500-4,500 teu range.
However, the line has been inactive on the ordering side for a while,
although in this respect, it is far from alone. Carriers are obviously
taking a breath after last year’s hectic ordering activity, with a total
of 3.6 Mteu ordered for a contractual value of USD 53 bn, according
to Alphaliner figures. Credit tightening and a bearish economic outlook
presently weigh on the ordering decision process. Hardly
350,000 teu have been ordered since 1 st January.
With a declared orderbook reaching only 340,000 teu (end April),
APM-Maersk is not in a position to maintain its market share over
16% in the medium term (2009-2011), unless a vigorous chartering
activity helps to keep the pace at which rivals MSC and CMA CGM
are to grow, with unrivalled orderbooks hovering around the
600,000 teu figure for each of them. However, perhaps APM-Maersk
has hidden plans. Especially as the Odense shipyard is underloaded
for the years 2009 and beyond.
Liner Market Shares Page 4 of 9 © Alphaliner 2008
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