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Box Club 2015 Tokyo Final
Box Club 2015 Tokyo Final
Tokyo
16 September 2015
‐ Significantly altered
1,200 carriers’ cost
economics
1,000 ‐ Initial freight rate
inertia
800 ‐ Followed by rate
FO $/ton decline
600
CCFI (Aggregate)
Fuel Adjusted Freight Index But slow steaming not
400 reversed (yet)
ULCS ordering continues
200 Alliance framework
retained
0
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Box Club : Sep 2015 © Alphaliner Page 1
ALPHALINER Containership Market Outlook
www.alphaliner.com – the worldwide reference in liner shipping © Alphaliner 1999‐2015 – Contents not to be reproduced without permission
16.0%
1,800
Capacity in TEU Thousands
13.8%
13.2%
12.8%
1,600
12.3%
2015 deliveries highest in
1,400 absolute TEU terms
10.1%
9.1%
9.7%
9.3%
1,200
9.1%
8.9%
7.9%
1,000
5.5%
6.3%
6.0%
5.8%
5.4%
800 2016 deliveries lowest in %
600 y‐o‐y growth terms
400
200
Net Fleet Additions include adjustments for scrapping and delivery slippage
• 2015F deliveries : 1.8 million TEU (with low scrapping rate of 0.14 million TEU)
• 2016F deliveries : 1.4 million TEU (with higher scrapping rate of 0.30 million TEU)
Box Club : Sep 2015 © Alphaliner Page 2
ALPHALINER Containership Market Outlook
www.alphaliner.com – the worldwide reference in liner shipping © Alphaliner 1999‐2015 – Contents not to be reproduced without permission
What is due in 2016 (vs 2015)
• 37 ships of 14,000‐20,000 teu (50)
• 51 ships of 8,800‐11,000 teu (83)
• 91 ships of 1,000‐5,000 teu (104)
Capacity growth resumes in 2017
2014 A 2015 F 2016 F 2017 F
Deliveries Deliveries Deliveries Deliveries
In 2017, 57% of all
deliveries are > 13,300 teu TEU size range No. TEU No. TEU No. TEU No. TEU
13,300‐21,000 30 469,905 50 835,634 37 592,195 39 701,288
Others >13,300
43% TEU 10,000‐13,300 35 386,315 14 143,834 26 282,610 28 318,080
57%
7,500‐10,000 33 294,856 69 633,084 25 230,720 2 18,800
All ships > 7,500 teu 98 1,150,576 133 1,612,552 88 1,105,525 69 1,038,168
All ships < 7,500 teu 105 316,298 104 247,448 91 205,455 73 191,261
• Intra‐Asia/Middle‐East trades have taken the largest capacity increase in 2015
35 new Intra‐Asia services launched in first half of 2015
• Strong growth in transatlantic (westbound) – but this trade accounts for only 4%
of global containership demand
Box Club : Sep 2015 © Alphaliner Page 4
ALPHALINER Containership Market Outlook
www.alphaliner.com – the worldwide reference in liner shipping © Alphaliner 1999‐2015 – Contents not to be reproduced without permission
Idle fleet as % of total fleet
1,000,000 10%
800,000 8%
Idle capacity in TEU
600,000 6%
400,000 4%
200,000 2%
0 0%
2009
2010
2011
2012
2013
2014
2015
800,000
600,000 Surplus Asia‐Europe capacity
400,000 Diversion to US East Coast
200,000
US West Coast congestion
0
2009
2010
2011
2012
2013
2014
2015
• Orderbook has remained steady at 18‐23% since 2012
• Owners avoiding the excesses of the mid‐2000s when orderbook reached >50%
• Impact of IMO Tier III Nox on orders after 2016
Box Club : Sep 2015 © Alphaliner Page 8
ALPHALINER Containership Market Outlook
www.alphaliner.com – the worldwide reference in liner shipping © Alphaliner 1999‐2015 – Contents not to be reproduced without permission
• Neo‐panamax : 8,000‐12,000 teu Newbuilding prices
expected to remain
low
• Potential shortage of neo‐panamax ships
• 16 existing Panamax all‐water strings to be replaced by 8‐10 neo‐panamax strings
► Requirement for 80‐100 neo‐panamax ships for FE‐ECNA
► Plus additional 20‐30 neo‐panamax ships for FE‐Carib/Eur‐ECNA‐WCSA
► Total of 100‐130 neo‐panamax ships required
• Upgrades for 9 current Suez all‐water strings (~5 strings to be shifted to Panama)
► Additional requirement for ~50 neo‐panamax ships
Box Club : Sep 2015 © Alphaliner Page 10
ALPHALINER Containership Market Outlook
www.alphaliner.com – the worldwide reference in liner shipping © Alphaliner 1999‐2015 – Contents not to be reproduced without permission
17 rows across 43 22 165 40 12 0
42‐43 m beam 2 0 2 0 0 0
6,300‐7,800 teu 6,700‐7,900 teu 8,000‐9,600 teu 8,600‐9,600 teu 9,500‐9,700 teu
18 rows across 23 15 98 34 16 0
45‐46 m beam 0 0 1 0 0 0
7,500‐8,700 teu 8,100‐8,600 teu 8,400‐9,600 teu 9,900‐11,000 teu 11.300‐11.600 teu
19 rows across 75 0 35 0 95 0
48‐49 m beam 66 0 35 0 6 0
8,600‐10,600 teu 10,000‐11,000 teu 12,500‐14,000 teu
20 rows across 0 0 0 0 41 38
51‐52 m beam 0 0 0 0 33 16
13,300‐14,500 teu 13,800‐15,000 teu
• Older Panamax ships to be scrapped
Only 4 panamax ships > 4,000 teu
scrapped in 2015 (vs 28 units in 2014)
No over‐panamax ships scrapped in
2015 (vs 16 units in 2014)
~40 panamax ships expected to be
retired in 2016 but the rate of scrapping
is still unclear especially as scrap prices
have fallen to 6 year low
• But impact of scrapping remains limited
Deletions forecast at 300,000 teu in
2016 (1.5% of fleet)
Intra-Europe : 33%/70%%
Transatlantic : 29%/86% FE-Europe : 20%/60%
20%/66%
Transpacific : 11%/44% ME/ISC : 14%/44%
11%/47% 14%/45%
Africa : 33%/84%
Intra-Far East : 8%/32%
15%/37%
LTAM : 19%/73%
Oceania : 16%/57%
16%/59%
• No single carrier control >35% of individual tradelane
• Consolidation moves remain difficult
• Potential COSCO/CSCL impact limited – fragmentation remains (apart from China domestic trade)
Box Club : Sep 2015 © Alphaliner Page 13
ALPHALINER Containership Market Outlook
www.alphaliner.com – the worldwide reference in liner shipping © Alphaliner 1999‐2015 – Contents not to be reproduced without permission
17.3%
Annual Demand Growth by Trade
16.8%
20%
FE‐Europe FE‐US
15%
7.5%
6.0%
5.9%
5.5%
10%
3.9%
3.1%
1.3%
0.8%
5%
0%
‐5%
‐4.5%
‐4.9%
‐10%
‐15%
‐14.8%
‐15.3%
‐20%
2009 2010 2011 2012 2013 2014 2015
(to Jul)
• Supply pressure remains in 2016
• Any recovery will have to be demand‐driven
Recovery on both the Asia‐Europe & Asia‐North America trade is critical
Capacity pressure coming in the larger sizes
4%‐5% demand growth (headhaul) is needed to absorb additional capacity
Box Club : Sep 2015 © Alphaliner Page 16
ALPHALINER Containership Market Outlook
www.alphaliner.com – the worldwide reference in liner shipping © Alphaliner 1999‐2015 – Contents not to be reproduced without permission
End Please send any queries to hjtan@liner‐research.com