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ALPHALINER Weekly Newsletter 2009-Week 16 axs-alphaliner.com – the worldwide reference in liner shipping Top 3 Carriers Volume Growth MSC operating costs lower than its competitors? Carrier CAGR 2005-2008 Maersk 1.9% MSC 17.3% CMA CGM 23.8% MSC Newbuilding Delivery Schedule 2009-2011 Delivery TEU Shipyard Feb-09 11,660 Hyundai Mar-09 13,798 Samsung Mar-09 14,000 Daewoo May-09 14,000 Daewoo May-09 13,798 Samsung May-09 4,254 Zhejiang Jun-09 13,798 Samsung Jun-09 4,254 Zhejiang Jul-09 4,254 Zhejiang Aug-09 13,798 Samsung Oct-09 13,798 Samsung Dec-09 13,798 Samsung Jan-10 14,000 Daewoo Jan-10 13,798 Samsung Feb-10 14,000 Daewoo Mar-10 14,000 Daewoo May-10 14,000 Daewoo Jul-10 14,000 Daewoo Nov-10 14,000 Daewoo Feb-11 14,000 Daewoo TEU Millions 14.00 12.00 10.00 8.00 6.00 4.00 2.00 0.00 Top 3 Carriers - Liftings 2005-2008 2008 TEU 2007 TEU 2006 TEU 2005 TEU Maersk Line 2008, MSC liftings increased by 5% to reach 10.5 Mteu, closing in on Maersk’s 13.8 Mteu. Most other carriers are actively laying up idle capacity. Notably, carriers such as APL have 21 ships of 3,300-6,400 teu idled, representing 22% of its operated capacity at today’s count. In the case of these lines the cost of keeping ships inactive is apparently lower than operating them on unprofitable routes at the moment. MSC on the other hand has only 2 ships currently believed in idle status. The line has in fact been adding capacity by chartering ships at bargain rates. While most carriers ceased to charter ships and to the contrary redeliver excess tonnage, MSC is on its side breathing life into the charter market for large ships. During the past six months, it has chartered a dozen ships of the 2,500-6,000 teu range for periods of 12 to 24 months, plus ten other ships for shorter periods. Recent fixtures include the 24-monthscharter of ER FRANCE (5,762 teu) at a reported $8,000/day, SANTA CELINA (3,430 teu) at $7,250/day for 12 months and CALA PANCALDO and CALA PIGAFETTA (2,785 teu) at $6,000/day for 12 months. MSC’s fleet has also been boosted by the addition of three ULCS of 14,000 teu (MSC DANIELA and DANIT classes) and four VLCS of 11,660 teu (MSC SOLA class), all assigned to its Far East-Europe 'Silk' service. The carrier seems unaffected by the downturn and is for the moment receiving its large newbuildings on schedule. MSC’s orderbook includes a further 41 units over 12,500 teu. Below this size, the carrier’s orderbook is surprisingly low, with six units of 5,550 teu and three ones of 4,250 teu. This explains why MSC has been active in chartering ships of this size during the past 12 months, including a series of five 5,500-5,700 teu ships taken en bloc from Hyundai M.M. last summer for delivery in January-April 2009. In the meantime, MSC has been active in the scrap market, sending two dozen (15 owned, 9 chartered) of its aging ships to the breakers, removing 43,000 teu from its fleet since September. All of these ships have been P a g e | 2 © Copyright Alphaliner 1999-2009 MSC CMA CGM
Note : ALPHALINER Weekly Newsletter 2009-Week 16 axs-alphaliner.com – the worldwide reference in liner shipping To avoid any misinterpretation, Alphaliner uses the word ‘IDLE’ instead of ‘LAID UP’. Idle ships include: - Carrier-controlled ships left without service assignment - Chartered ships redelivered to owners with no further employment - Ships in long term lay-up - Ships damaged or under long time repairs following damage (or under conversion) - Ships arrested for financial/legal reasons Following categories are NOT included as idle: - Ships awaiting their sailing slot as they change service (if waiting period is less than a week) - Ships in routine GR/dry-dock - Ships waiting to a berth at the roads / anchorages due to strike, missed slot or port congestion Idle ships by operators > 6,000 teu Operator No of Idle ships Maersk Line 14 APL 8 CSAV 5 CSCL 3 OOCL 2 MISC Bhd 2 IRISL 2* MOL 1 MSC 1 Evergreen 1 HMM 1 COSCO 1 UASC 1 * Note: IRISL ships are lying at yard and have not been handed over to owner more than 28 years old, including the 40 years old MSC STEFANIA and six other ships built in 1970. MSC still has 42 ships (22 owned and 20 chartered) built before 1980 currently in its fleet, totalling 64,000 teu. 42 ships of over 6,000 teu idle 1. Tracking idle container ships is a challenge as most owners and operators do not disclose the ships they put at anchor. Alphaliner has implemented procedures that allow the identification of idle vessels with a high degree of reliability. Other methods such as those relying only on tracking inactive ships using AIS (Automatic Identification System) data or other automated reporting are prone to error. 2. Furthermore, these automated methods of tracking idle ships suffer from several disadvantages, notably the inability to track ships that are outside of the coverage range. Such methods also incorrectly treat empty ships which are moving from one anchorage to another as ‘active’ while actually they are not actively working and thus continue to be considered ‘idle’ by Alphaliner. Conversely, certain ships in routine dry-dock are erroneously considered as idle while they should not be, as dry-docking is a routine part of ship operations. 3. The AIS-based or other automated analysis are also based on a certain number of inactive days before declaring ships as inactive, thereby missing out early data as it takes between 7 to 21 days before these inactive ships are actually classified as idle. Observation also shows that these methods have erroneously classified as idle some ships routed via the Cape of Good Hope, as AIS often fails to capture ships in such remote waters. Alphaliner’s tracking method provides a more comprehensive and up-todate snapshot of the idle fleet with a satisfying degree of reliability. Ships are classified as inactive as soon as they leave an active assignment. This data is updated on a daily basis, thereby providing a reliable and up-todate account of the current inactive fleet. As at 20 April, a total of 42 ships of more than 6,000 teu capacity tracked by Alphaliner are now classed as idle. Maersk Line currently has the largest number of large ships idle with 14 such ships followed by APL which has 8 ships of above 6,000 teu that are inactive. Detailed idle containership statistics are available exclusively from Alphaliner. They include vessel and operator particulars. The report provides a unique insight into the current operating environment for both owners and operators. For subscription details, please contact us at commercial@axsmarine.com P a g e | 3 © Copyright Alphaliner 1999-2009
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