PUBLIC

DHL Global Forwarding, Freight

OCEAN FREIGHT
MARKET UPDATE
December 2019
Publication Date 29th November 2019
Dominique von Orelli – Global Head, Ocean Freight

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Contents

TOPIC OF THE MONTH

Carrier Q3 ’19 Financial Results

HIGH LEVEL DEVELOPMENT

MARKET OUTLOOK
Freight Rates and Volume Development

ECONOMIC OUTLOOK & DEMAND DEVELOPMENT

CAPACITY DEVELOPMENT

CARRIERS

? DID YOU KNOW?

Maersk pilots onboard batteries to improve efficiency

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Topic of the Month
Carrier Q3 ’19 Financial Results
Lower Bunker Costs Rescue Carriers Q3 Earnings, But IMO 2020 Is At The Horizon

Main carrier’s average operating margin improved to 3.6% in Q3 ’19.

Main Carriers’ Average Operating Margin in % Except for HMM all main carriers posted a positive result in that period.
4.0 This is largely due to lower bunker costs (-19% YoY) and despite a 1.8%
decline in freight rates. Cargo liftings slowed to 1.2% growth.
3.0
Over the next few quarters we will see a steep raise in carriers’ operating
2.0
costs as a consequence of the IMO low-sulphur regulation that will come
1.0 into effect on 1 Jan next year.
0.0 The assumption is however that carriers will be successful in recovering
-1.0 the extra cost associated with IMO 2020 since shippers accept that cleaner
shipping is also more expensive. Some carriers however might need to
-2.0 resort to more drastic measures to reduce their operating costs such as
-3.0 slow-steaming and more blank sailing which will impact service reliability.

-4.0
-5.0
Q1 Q2 Q3 Q4 Q1 Q2 Q3
’18 ’19

Source: Alphaliner, DHL

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Did you know?
Carrier Financial Results 9 Months 2018-19

CARRIER FINANCIAL RESULTS 9 MONTHS 2018-19 (US$ MILLION)

Revenue Operating Profit Operating Profit Margin Net Profit

Carrier 2018 2019 % 2018 2019 % 2018 2019 2018 2019 %
Maersk (Ocean business) 5) 25’304.0 25’540.0 1% 3’219.0 3’861.0 20% 12.7% 15.1% n.a. n.a. n.a.
CMA CGM 2), 4) 17’176.0 17’600.0 2% 415.0 716.0 73% 2.4% 4.1% 49.0 0.0 -100%
COSCO SHIPPING Holdings 1), 4) 10’428.0 13’880.0 33% n.a. n.a. n.m. n.m. n.m. 126.0 296.0 135%
Hapag-Lloyd 1), 5) 9’777.0 10’416.0 7% 944.0 1’660.0 76% 9.7% 15.9% 15.0 326.0 >500%
OOCL (container transp. & logistics)4), 7) 3’102.0 3’298.0 6% -3.0 153.0 >500% -0.1% 4.6% -77.0 64.0 183%
Evergreen Marine Corp. 1), 4) 4’020.9 4’604.0 14% -38.4 122.4 419% -1.0% 2.7% -13.4 11.0 182%
Yang Ming 1), 4) 3’462.0 3’655.0 6% -209.9 16.9 108% -6.1% 0.5% -223.6 -107.3 52%
ONE 3) 4’847.0 5’984.0 19% n.a. n.a. n.m. n.a. n.m. -311.0 126.0 141%
Zim 5) 2’395.0 2’473.0 3% 79.0 285.0 261% 3.3% 11.5% -74.0 -14.0 81%
Wan Hai 1), 4) 1’614.1 1’745.0 8% 19.5 69.0 254% 1.2% 4.0% 28.0 77.2 175%
HMM (container shipping business 1) 3’007.0 3’021.0 0% -397.0 -222.0 -44% -13.2% -7.3% -527.0 -416.0 n.a.

Average 6) 69’858.0 72’352.0 4% 4’028.2 6’661.3 65% 5.8% 9.2% -696.9 236.9 134%

Source: Alphaliner; n.a. = not available, n.m. = not meaningful, 1) local currency numbers were converted into US$ using the average exchange rate for relevant financial period, 2) shipping activities only, excl. CEVA Logistics, 3) results are H1 of Japanese
financial year, i.e. Apr-Sep, not calendar year, 4) operating profit is “Core EBIT”, 5) operating profit is EBITDA, 6) Average excluding ONE, 7) Long Beach Container Terminal (LBCT) are excluded from Jul’18 pursuant the decision to sell the terminal

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High Level Market Development – Supply and Demand

ECONOMIC OUTLOOK GDP GROWTH BY REGION1) DHL TRADE BAROMETER6) SUPPLY/DEMAND GROWTH
SUPPLY/DEMAND GROWTH (ANNUALIZED),
(ANNUALIZED),ININ
%%2) 2)

CAGR 75 Demand
2019F 2020F 2021F 2022F 2023F Nov19 index 6%
(2020-23) 70 predicts Nov-
Growth
65 Jan trade 5% %
EURO 1.4% 1.2% 1.4% 1.6% 1.6% 1.5%
60 development 4%
MEA 1.9% 2.8% 2.9% 3.1% 3.3% 3.1%
55
AMER 2.4% 2.1% 1.8% 1.6% 1.6% 1.9% 50
3%
ASPA 4.5% 4.3% 4.4% 4.4% 4.5% 4.4% 45 2%
Supply
40 Ocean
1% Growth %
DGF World 2.7% 2.7% 2.8% 2.8% 2.8% 2.8% 35 Global
30
0%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2019F 2020F 2021F 2022F 2023F
’17 ’18 ’19

WORLD CONTAINER INDEX (WCI)3) SHANGHAI CONTAINERIZED FREIGHT INDEX (SCFI)4) BUNKER PRICES5)
3,000 1,200
1,100
2,500
1,000
2,000
900
1,500 800
700
1,000 Actual Actual
600
500 Forecast Forecast
500
0 400
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
’18 ’19 ’18 ’19

1) real GDP, Global Insight, Copyright © IHS, Q3 2019 . All rights reserved. 2) Demand growth = Port-to-Port Container Traffic growth. Supply growth = Fleet Growth. Source: Drewry Maritime Research. 3) Drewry, in USD/40ft container, including BAF & THC both ends, 42 individual routes, excluding intra-Asia
routes. 4) Shanghai Shipping Exchange, in USD/20ft container & USD/40ft ctnr for US routes, 15 routes from Shanghai. 5) Source: DHL. 6) DHL Global Trade Barometer Jun19, index value represents weighted average of current growth and upcoming two months of trade, a value at 50 is considered neutral,
expanding above 50, and shrinking below 50.

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Market Outlook December 2019 – Major Trades

Carriers implement IMO Low Sulphur Surcharge as of Dec 1st, 2019

EXPORT REGION1 IMPORT REGION CAPACITY RATE EXPORT REGION IMPORT REGION CAPACITY RATE
AMNO =/+ - AMNO = =
EURO AMLA
AMLA =/- = ASPA = =
ASPA -- + EURO = =
MENAT -- + MENAT = =
SSA = = SSA = =

AMLA = = ASPA -/= ++

AMNO ASPA
ASPA = = AMNO = +
EURO + - AMLA = +
MENAT = = EURO + ++
SSA = = MENAT = +
OCEANIA - +
Strong Moderate No Moderate Strong
KEY ++ + = - --
Increase Increase Change Decline Decline

Source: DGF

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Market Outlook December 2019 – Ocean Freight Rates Major Trades

Market outlook on smaller trades available in the back-up

OCEAN FREIGHT RATES OUTLOOK

The pre-CNY rush is around the corner and strong booking pipelines are supporting the GRI plans of the carriers for Dec 2019. In addition,
ASPA – EURO
the LSF 2020 will be applicable from Dec onwards.
EURO – ASPA & MEA space remains tight on all eastern hemisphere trades.
Carriers do not have any capacity injection/removal plans in Dec 2019 at the moment. Space is relatively stable, with West Coast being
ASPA – AMLA tighter due to recent AC1 Termination. Carriers are anticipating a pre-lunar new year rush on the 1st half of Dec 2019 and are planning for a
GRI eff. 1st Dec. With such uncertainty of the rate developments, most carriers are declining to offer spot deals with at the moment.
IMO 2020 LSF will be applicable from Dec 2019 and carriers are pushing the rate levels up hoping for some pre-CNY rush.
ASPA – AMNO
Another GRI is announced for 15th Dec 2019.
EURO – AMNO no space issues anymore, rates are dropping overall.
For Gulf, tight space scenario towards end Nov because of blank sailings and customers rushing to avoid 1st Dec IMO implementations.
Demand is expect to be strong for Gulf/Red sea market. However reduced blank sailings for Dec + Jan in anticipation of pre-CNY rush
should balance out any demand/supply variance.
ASPA – MENAT
EMED market remains lukewarm despite some signs of market recovery towards end Nov. We do not anticipate any pre Chinese new year
rush before mid Dec. Africa demand is strong now with peak season/Christmas rush, along with congestion leading to delays averaging 2
days at SAFR base ports, 3 ~ 4 days across East/West AFR base ports.
IPBC capacity will see a slight recovery due to fewer blank sailings in Dec compared to Oct/Nov. Space from SEA will remain tight in Dec
ASPA – ASPA 2019 due to previous blank sailing cascading from North Asia. Short Term rates for IPBC expected to increase with carriers starting to
charge IMO 2020 LSS from 1st Dec 2019.
Rates expected to be increased with the introduction of IMO2020 by most carriers. Declined capacity : Due to the expected winter slow
AMNO – EURO
Source: DGF season in the Atlantic trade , THE Alliance will have blank sailings on the AL1, AL4, AL6. AT2, ATA during December & January.

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Economic Outlook & Demand Development
For the moment downward pressure has eased
EU country results show real GDP rising 0.4% QoQ in ES, 0.3% in FR, and 0.1% in IT & DE (narrowly avoiding a technical recession, in the latter case).
Recent data on industrial production suggest the worst of the manufacturing slump may be over. The UK economy grew 0.3% QoQ in Q3.
EURO
Worryingly, real GDP fell month on month in Aug & Sep, which alongside poor survey data suggest the economy will continue to struggle. Moreover,
ongoing Brexit uncertainty will keep dragging down fixed investment.

Unanticipated strength in final sales to domestic purchasers & in net exports was only partially offset by weaker-than-expected inventory
accumulation. Recent data on consumer spending & business fixed investment were on the soft side, though, & the United Auto Workers’ strike
AMNO
against GM lasted 6 weeks instead of the 3 weeks observers assumed last month. Three special factors will help nudge GDP growth up to 2.1% next
year: a post-strike rebound of production at GM, a recovery in Boeing’s production of 737 MAX aircraft, and spending for the decennial census.

The expected growth bounce ahead of the sales-tax hike in JP was slight. This largely reflected a 0.3-percentage-point drag on real GDP growth
from changes in private inventories, along with continued weakness in net exports due to a 0.7% QoQ decline in real exports. Contraction is likely in
Q4 due to downside impacts from the consumption-tax increase in Oct ‘19 and supertyphoon Hagibis, before a modest economic recovery
ASPA early next year. CN’s economic growth slid further in Q3. Real GDP growth rate was the slowest pace since CN began reporting quarterly GDP data
in 1992. In Oct, YoY growth in industrial output, retail sales, & fixed-asset investment slowed. Exports & imports continued to decline, partly because
of the ongoing trade conflict. Equally worrisome are the struggles in the automotive sector, where sales keep falling. Mixed signals regarding the
progress of the trade talks between China and the United States continue to cloud the outlook.

The biggest-single issue facing Emerging Markets is the sharp drop in productivity growth. Much of the blame lies with the lack of (or poor
EMERGING implementation of) structural reforms. High debt levels (both domestic & foreign) are another impediment to growth. Large budget and/or current-
MARKETS account deficits are problems for many emerging markets. Finally, weak growth in the developed world and meager commodity prices make for a
tough external environment. All this means emerging markets will not be able to break out of the doldrums in the next few years.

DEMAND Global manufacturing output PMIs edged up for a second consecutive month indicating that the recent industrial downturn may have bottomed out
DEVELOPMENT during the summer.
Source: IHS Markit, IHS Purchasing Manager Index Manufacturing, a PMI at 50 is considered neutral, expanding above 50, and business shrinking below 50.

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Capacity Development 1/2

CAPACITY
Maersk and Hamburg Süd (both Maersk Group) are to restructure their Far East – Mexico – WCSA offer. The current 3 weekly loops will be replaced by 2 weekly loops
complemented by a new Chile feeder service to offer a similar port coverage in Chile. The change will involve the withdrawal of the current ‘AC-1 ASPA 1’ loop while the
‘AC-2/ASPA 2’ and ‘AC-3 ASPA3’ loops will be revised. The reorganization will results in a weekly capacity reduction of a 3,500 – 4,000 TEU magnitude. The new pattern,
focusing on 9,500 TEU-class tonnage, only will also allow to mitigate the impact of the new IMO 2020 emission standards by reducing overall bunker fuel consumption,
compared to the current 3 loop pattern. The new service will start in late November and early December.
Maersk has announced a restructuring of its network covering the trades between North Europe/Med, Central America and the West Coast of South America. Six ships
of 2,500 TEU featuring 600 reefer plugs will be freed up in the process. The previous restructuring for the North Europe services occurred in June this year and for Med
services in June 2018.
Maersk and CMA CGM are to remove in December the calls at Buenos Aires and Malaga from the rotation of their joint Med-ECSA ‘Bossa Nova/Sirus’ joint service, on
which Hamburg Süd co-loads under the ‘MESA’ brand name. The removal of both ports will allow to reduce the total duration of the rotation from 8 to 7 weeks. CMA
CGM has announced that it will continue to serve the Med-Buenos Aires market by transhipment. Maersk and Hamburg Süd have yet to announce alternative connections
to cover this market.
COSCO SHIPPING Lines, PIL and Wan Hai are to modify the two transpacific services that they have been operating within a Vessel Sharing Agreement (VSA) since April
2017. COSCO is to launch in the first week of December a direct Indian Subcontinent-Far East-US West Coast service by combining the existing Transpacific ‘AAC3’ service
operated within this VSA and the China Pakistan ‘CIX1/CI1’ service jointly operated with OOCL. Wan Hai and PIL will continue their participation to the Transpacific ‘AAC3’
segment which they brand as ‘CP2’ (Wan Hai) and ‘ACS’ (PIL) as slot takers as COSCO will become the sole ship provider for the new pendulum service. On their side, Wan
Hai and PIL will become the only ship providers on the 2nd Far East-USWC joint service operated within this VSA, the ‘SEA/CP1/AC5’ service, with COSCO continuing as
slot taker. This latter service will be extended to add a new call at the Southern Vietnamese port of Cai Pei, while Oakland will be dropped from the rotation.
SM Line has announced the planned addition of the US West Coast Port of Portland (Oregon) to the rotation of its weekly Far East – PMN ‘Pacific Northwest Service’
(PNS) with a first call expected at Portland on 12 January 2020. The South Korean operator will re-introduce a direct transpacific service covering Portland for the first
time since 2015 when the US port lost its two East West services – the Far East – PNW ‘ PNH’ service operated by Hanjin Shipping and the Med – USWC ‘MPS’ service
operated by Hapag Lloyd. The re-establishment of a Portland-Asia container service is especially welcome by the local Agriculture Transportation Coalition as agriculture
and forest products are Oregon’s most important export commodities.
Source: Alphaliner, Dynaliners, carriers

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Capacity Development 2/2

CAPACITY
The eastbound transpacific container trade will register its first negative year in a decade, with a -2% drop expected for the full year 2019. While volume growth has
remained marginally positive in the first 3 quarters of this year despite the ongoing trade war between China and the US, the 4th Q is expected to register a significant
decline, with no repeat of the frontloading by shippers to avoid higher import tariffs at the end of last year.
The inactive containership fleet has fallen slightly since the last survey end of October, standing at 195 units for 1,037,782 TEU as at 11 November. The drop is due to
ships returning to service following the October Golden Week holidays in China. The number of inactive ships while undergoing scrubber retrofits remains high, with a
total of 65 units for 619,189 TEU in the inactive fleet count undergoing retrofits.

Top 10 Carriers : Scrubber and LNG fuel ships vs total fleet

According to Alphaliner records, 119 containerships have completed their scrubber retrofits so
far with a further 60 units that were already fitted with scrubbers at delivery. MSC leads the Top
10 Carriers with confirmed orders for about 250 scrubbers, followed by Evergreen with some 150
units and Maersk with about 140, including both on owned and chartered ships. ONE is the only Top
10 Carrier that will not have scrubbers on any of its containerships by 2020 and will thus have to
rely on compliant low-sulphur fuel to meet the requirements of the IMO 2020 regulations.

Source: Alphaliner, Dynaliners, carriers

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Carriers
CARRIERS
THE Alliance members have filed an amended version of their Vessel Sharing Agreement with the US Federal Maritime Commission (FMC) in Washington as Hyundai
Merchant Marine (HMM) will join the alliance on 1 April 2020 as a fourth member. The revised document also confirms the extension of the VSA duration. Hapag-Lloyd,
HMM, ONE and Yang Ming intend to cooperate until at least 1 April 2030.
COSCO Shipping Lines (Europe) has established Diamond Line, a wholly-owned subsidiary incorporated in Germany in July, to take over the intra-Europe trade and
feeder operations from COSCO. After the handover, bills of lading will be issued under the name of Diamond Line. The new company will take over all Intra Europe
business and feeder rights and obligations from COSCO Shipping Lines (Europe). The specific time of the transfer is yet to be announced.
CMA CGM will raise $2,083 M from asset sales that will allow it to repay its short term debt and roll over part of its outstanding liabilities due in 2020. The company
announced on 25 November the disposal of 10 of its terminals to Terminal Link for $968 M, which will be fully funded by China Merchants including a $500 M loan that
CMA CGM will need to repay in 8 years with interest at 6% per year. The specific terminals involved in the deal was not disclosed yet, but CMA CGM said that it expects to
provide further details of the sale before the end of December. CMA CGM and China Merchants signed the Memorandum of Agreement on 25 November and the deal is
expected to be closed in Q 2 2020. CMA CGM has also confirmed the sale and leaseback of additional vessels that will raise proceeds of $880 M, including $550 M that
was closed in Q3 2019 and $100 M in October. A further $210 M is due to be concluded in Q 1 2020.
Top 10 Carriers : Change in Global Capacity Share 2018-2019
Shareholder’s position on strict capital expenditure discipline will continue to constrain Maersk’s
ability to grow in the next 2 years. In its latest earnings call, the company confirmed that the
group’s annual capex will be limited to just $1.5 Bn to $2.0 Bn. This capex limit is below Maersk’s
current annual depreciation of about $3.0 Bn a year (excluding leases), and is expected to result in a
shrinking asset base for the company over the next 2 years. Maersk stated that its capacity growth
is expected to be ‘slightly below’ market in 2020 and 2021. As far as overall fleet size is
concerned, rival carriers have continued to gain share on Maersk’s expense. Its closest competitors,
MSC and COSCO, gained 1.1% and 1.0% of global market share in the last 2 years, while Maersk
lost -1.5% over the same period.

Source: Alphaliner, Dynaliners, carriers

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Did you know?
Maersk pilots onboard batteries to improve efficiency
Maersk will install in December a 600 kWh marine battery system fitted in a 40 ft container on its 4,500
TEU MAERSK CAPE TOWN to improve vessel efficiency while reducing CO2 emissions.

Propelling deep-sea vessels with battery power alone is still years away from being a technically and
economically viable option. However marine battery systems can be used to improve the efficiency of a
vessel’s onboard electrical system.

• By maintaining auxiliary generators at an optimal load, and avoiding running generators when not needed, overall fuel consumption can be reduced.
• Additionally, batteries can support the generators with up to 1,800 kVA of power during rapid changes in electrical load such as thruster operation.
This can reduce generator maintenance requirements.
• The battery system is also capable of providing redundant power, which can improve reliability at sea by ensuring continuous power supply, thus
complementing the emergency generator in case of black-out.

The MAERSK CAPE TOWN includes a waste heat recovery system, which is common on containerships. Numerous powerful containerships are fitted
with turbo alternators driven by the main engine exhaust gases, allowing to convert into electricity the heat that would otherwise be wasted. This
‘waste heat’ electricity can then be used to recharge the batteries.

Maersk stated that this trial will provide a greater understanding of energy storage that will support the company in moving towards further
electrification of its fleet and port terminals in its journey to become carbon neutral by 2050.

Source: Alphaliner

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BAC K- UP
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Market Outlook December 2019 – Ocean Freight Rates Additional Trades (1/2)

OCEAN FREIGHT RATES OUTLOOK

EURO – AMLA No capacity issues. Some decreases on WCSA rates.

EURO – MENAT ME region shows same trend as ASPA; space remains tight on all eastern hemisphere trades.

Rates remain stable for now, but might slightly increase as of Q1 2020. Carriers implemented IMO 2020 surcharges as of December 1st. The
EURO – SSA
South Africa trade will become more quite within the next weeks, due to summer/Christmas holidays in South Africa.

Rates in the market are still stable as expected. No changes are expected before January.
AMNO – MENAT Space is tight out of USEC & USGC Ports as usual on services to M. East & India Subcontinent but getting better since mid-October.
No space issues out of USWC at this time.

Rates to South Africa and West Africa still remained unchanged except congestion surcharges in Nigeria. No changes in capacity. Space is
AMNO – SSA
available.

Market remains soft on US Exports. CMA re-enters the USEC to WCSA Americas service, with slots shared HS/HL. Carriers poised to apply
AMNO – AMLA
low sulfur charges Dec 1 and Jan 1, 2020.

Equipment imbalance affecting drop off conditions in CO & CL

13% VAT to be implemented on all haulage within Costa Rica
AMLA Exports Space constraints w/weekly rolls at Callao Port
Carriers introducing service to Posorja EC(deep water port)
Congestion continues at all t/shipment ports in Central America
AMNO – ASPA All carriers are looking for new customers for TPWB and are very aggressive in pricing and terms.

Source: DGF

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Market Outlook December 2019 – Ocean Freight Rates Additional Trades (2/2)

OCEAN FREIGHT RATES OUTLOOK

EURO MED - AMNO Rates will remain stable. Depending on the agreement and provider IMO2020 bunker has been implemented.
EURO MED – AMLA Unchanged / stable. Depending on the agreement and provider IMO2020 bunker has been implemented.
EURO MED – ASPA Unchanged / stable. Depending on the agreement and provider IMO2020 bunker has been implemented.
EURO MED – MENAT Unchanged / stable. Depending on the agreement and provider IMO2020 bunker has been implemented.
EURO MED – SSA Unchanged / stable. Depending on the agreement and provider IMO2020 bunker has been implemented.

In preparation for 2020 Lunar New Year and to avoid IMO2020 surcharges implementation in Jan 2020, customers rush to ship out
ASPA-SPAC their cargoes in Dec 2019. Coupled with the A3 consortium blank sailings, there will be highly anticipated space crunch which sees the
last cargo rush of this peak season cycle. Carriers have announced a GRI USD 300/TEU for Dec 2019.

Source: DGF

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Market Outlook – Volume Outlook in Main Trade Lanes, 2019 Estimate &
2020/23 Growth Forecast in %
2019e, in mTEU 2020e-2023e CAGR, in %

N O R T H N O R T H
A M E R I C A A M E R I C A
I n c l . 4.3 mTEU +2.2% 7.6 mTEU +3.0% I n c l .
M E X I C O F A R E A S T M E X I C O

2.3 mTEU +1.5% 14.6 mTEU +3.8% 18.5 mTEU +3.4%

2.0 mTEU 1.5 mTEU
+3.9% +3.0% 1.7 mTEU +3.4% E U R O P E 7.3 mTEU +2.2% 1.7 mTEU +4.0%
L A T I N L A T I N
I n c l . M E D
A M E R I C A 1.9 mTEU +2.5% 4.4 mTEU +4.8% A M E R I C A
INTRA ASIA
excl. Oceania

40.7 mTEU +3.8%

GLOBAL CONTAINER TRADE 2019e 151.2 mTEU +3.9% CAGR 2020e-2023e

 Mid-term growth is mainly driven by Asian tradelanes.

Source: Seabury Jun19 update

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Carrier Mergers, Acquisitions and Alliances

M E R G E R S A N D A Q U I S I T I O N S

United Hyundai
China CMA Hapag Hamburg Maersk Yang
Cosco OOCL Evergreen APL Arab Merchant MSC K Line MOL NYK
Shipping CGM Lloyd Süd Line Ming
Shipping Marine
    
HYUNDAI
CHINA COSCO SHIPPING EVER CMA CGM MAERSK LINE OCEAN NETWORK YANG
HAPAG-LLOYD MERCHANT MSC
OOCL GREEN APL MARINE Hamburg Süd EXPRESS (ONE) MING

A L L I A N C E S
F O R M E R A L L I A N C E S P R E S E N T A L L I A N C E S

CMA CGM OOCL

MAERSK LINE CHINA SHIPPING MAERSK LINE OCEAN CMA CGM
2M OCEAN 3 2M
MSC UNITED ARAB MSC ALLIANCE CHINA COSCO SHIPPING
SHIPPING COMPANY EVERGREEN

HAPAG-LLOYD
HAPAG-LLOYD HYUNDAI COSCO
ONE
MOL MERCHANT EVERGREEN K-LINE
G6 MARINE CKYHE THE ALLIANCE YANG MING
NYK HANJIN YANG MING
OOCL SHPPING HMM (from 1 April
APL
2020)
*Source: Carriers

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Acronyms and Explanations

AMLA - Latin America OWS - Overweight Surcharge
AMNO - North America PH - Philippines
AR - Argentina PNW - Pacific North West
ASPA - AsiaPacific Ppt. - Percentage points
BR - Brazil PSW - Pacific South West
CAGR - Compound Annual Growth Rate QoQ - Quarter on quarter
CENAC - Central Amercia and Caribbean SAEC - South America East Coast
CNC - CNC Line (Cheng Lie Navigation Co. Ltd.) SAWC - South America West Coast
DG - Dangerous Goods SOLAS - Safety of Life at Sea
DWT - Dead Weight Tonnage SPRC - South People’s Republic of China – South China
EB - Eastbound SSA - Sub-Saharan Africa
ECSA - East Coast South America (synonym for SAEC) SSL - Steam Ship Line
EGLV - Evergreen Marine Corp T - Thousands
EURO - Europe TEU - Twenty foot equivalent unit (20‘ container)
GRI - General Rate Increase TSA - Trans Pacific Stabilization Agreement
HMM - Hyundai USGC - US Gulf Coast
HL - Hapag-Lloyd US FMC - US Federal Maritime Commission
HSUD - Hamburg Süd USEC - US East Coast
HWS - Heavy Weight Surcharge USWC - US West Coast
IA - Intra Asia VGM - Verified Gross Mass
IPBC - India Pakistan Bangladesh Ceylon (= Sri Lanka) VLCS - Very Large Container Ship
IPI - Inland Point Intermodal VSA - Vessel Sharing Agreement
ISC - Indian Sub Continent (synonym for IPBC) WB - Westbound
MENAT - Middle East and North Africa WCSA - West Coast South America (synonym for SAWC)
ML - Maersk Line WHL - Wan Hai
mn - Millions WRS - War Risk Surcharge
MoM - Month-on-Month YML - Yang Ming Line
NOO - Non-operating (vessel) owners YoY - Year-on-Year
OCRS - Operational Cost Recovery surcharge YTD - Year-to-Date
OOCL - Orient Overseas Container Line

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