-
Chart of the week
· -
INSIDE THIS ISSUE:
The second-hand ship market boom
Corporate Updates
Matson doubles net profit
MPC reports loss but looks to brighter
days
Hapag-Lloyd triples dividend
Service Updates
CMA CGM to send LNG - box ships to Asia
-USWC 'PRX'
MSC and CMA CGM add Port Louis call to
Europe - Indian Ocean - ANZ service
OOCL enhances China - Western India -
Pakistan offer
Maersk and Hamburg Süd launch fort-
nightly New Zealand - Fiji service
Spliethoff to resume Antwerp - Great
Lakes service
Deliveries, Orders, Vessel Updates
Port and Terminal Updates
ZPMC delivers two STS to Charleston’s
Wando Welch
Two STS delivered to Hutchison Ports
Sohar - Expansion plans in the making
Kalmar delivers two STS to IPM Altamira
Helsingborg plans new box terminal
More equipment delivered: Tianjin
Shenghua makes progress
CMA CGM acquires terminal in Lebanon
Ship length restriction at Santos relaxed
as port prepares for 14,000 teu vessels
CMA CGM completes TTIA buy-in
Page 1
ALPHALINER
1 Sale and purchase volumes at four-year highs
4 Sale and purchase transactions have surged to the highest levels in four years,
with prices in some segments now double those seen a year ago. The final
quarter of 2020 marked the highest quarterly volume of sales by teu since mid
2017, with comparative numbers distorted that year by the sell-off of Hanjin
Shipping tonnage.
5
Despite the impact of the COVID-19 pandemic, sales in 2020 comfortably ex-
ceeded those of the previous year, reflecting the tight tonnage supply in the
second half of the year. Annual sales reached 267 ships of 971,055 teu, ver-
sus 195 ships of 810,000 teu in 2019. The trend has continued into 2021,
with 140,000 teu changing hands in January alone.
The mismatch between cargo demand and tonnage availability has also seen
8 owners pay high prices to secure tonnage: illustrating the trend, TS Lines pur-
chased the 5,443 teu NAXOS, built 2003, in January for USD 25.5M. The vessel
10
was acquired by previous owners, International Maritime Enterprises, in Janu-
ary 2020 for just USD 11M.
TS Lines, which is planning an IPO in Hong Kong in the second half of this year,
also snapped up the younger 4,957 teu SONGA TOSCANA, built 2013, in Febru-
ary for USD 42.3M, yielding seller Arne Blystad's Songa Container an 84% profit
on the ship compared to its purchase price in January 2018. Technomar is also
reported to have made a significant gain on the 6,030 teu MY NY, built 2004,
sold for USD 25M to Wan Hai in February.
© Copyright Alphaliner 1999-2021
 Weekly

MAIN STORY

The keen appetite for tonnage is also reflected in the age of vessels
changing hands: the average age of ship sold so far in 2021 has ris-
en to nearly 15 years as operators look to lay their hands on scarce
tonnage to meet demand.

At the far end of the age spectrum, Global Ship Lease bought seven
units of 20 and 21 years from Zeaborn Ship Management last
month. The ships will be chartered out to Maersk for a period of three
years, with two one-year extension options. However, stripping out
these deals, the average age of unit sold so far this year is still 14
years, up from 12.8 years in 2020.

This year has also seen a shift in dominant sizes. Sales of units un-
der 1,500 teu have shrunk dramatically, and make up just 15% of
the total count so far this year. At the other end of the scale, sales of
vessels over 7,500 teu, which were prominent in 2020, have yet to
make a significant appearance in 2021, with Technomar’s purchase
of the 9,200 teu MSC ROMA from Tufton Oceanic the most notable
example.
Dominating the headlines

By contrast, the 5,300-7,500 teu segment has seen a resurgence,

with Costamare, Wan Hai Lines, Regional Container Lines all active,
in addition to the aforementioned Global Ship Lease and TS Lines.
Wan Hai Lines has been a prominent buyer throughout in recent
months—see box left.

Overall, the S&P period is proving to be the busiest since 2017 and
may even outpace that in number of ships this quarter if not in teu
volume. That year saw 1.50 Mteu sold off, including 565,000 teu in
the second quarter alone. However, creditors of Hanjin Shipping sold
nearly 145,000 teu of tonnage during the year. The period was also
notable for extensive divestment of tonnage by the German KG sys-
tem, some of whose tonnage was picked up by new market entrants
such as Navios Containers and MPC Container Ships.

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MAIN STORY

-
Hapag-Lloyd: unusual second-hand panamax purchase
Hapag-Lloyd has reportedly purchased the 4,255 teu ‘classic pana-
max’ HOBBY HUNTER from CMB of Belgium for an unconfirmed price
of around USD 23 M according to broking sources.

This is slightly more than the USD 21 M obtained by CMB on the sale
of the sister vessel HARRIER HUNTER to Wan Hai Lines back in Janu-
- ary.

The HOBBY HUNTER is already on charter to Hapag-Lloyd which is

deploying her on its Med-Pacific ‘MPS’ weekly service.

The HOBBY HUNTER was built in 2009 by South Korea’s Hyundai

-
Heavy Industries, originally as the CPO CHARLESTON for Hamburg-
based CP Offen. She was sold to CMB in 2015.
- -

The vessel features a deadweight of 51,600 tons, a Loa of 262 me-

tres and a beam of 32.20 metres. She is fitted with 560 reefer plugs.
She is part of the ‘Hyundai 4250’ series of ships, of which 14 units
were built from 2009 to 2010.

Hapag-Lloyd is rarely active on the second-hand vessel purchase

market, having grown its fleet in recent years mainly through compa-
ny acquisitions and mergers, newbuildings and ship chartering.

The last second-hand container vessels bought by Hapag-Lloyd were

the 3,510 teu ‘SDARI 3500s’ NILEDUTCH ROTTERDAM and
NILEDUTCH DORDRECHT which the German carrier acquired already
five years ago from NileDutch of the Netherlands for its Chilean off-
shoot CSAV Austral SPA.

It is unclear if Hapag Lloyd might consider further second-hand ship

acquisitions in the near future. Several major shipping lines such as
MSC and Wan Hai Lines have embarked on substantial second-hand
acquisition programs in recent times, taking advantage of the current
-
moderately-priced assets to boost their fleets.

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CORPORATE UPDATES

Matson doubles net profit

Matson Navigation has reported a net profit of USD 193M for 2020
with USD 85.6 M of the result coming in the fourth quarter alone,
Hapag-Lloyd triples dividend after its Transpacific CLX and CLX+ services again performed strong-
- ly.

The carrier’s full-year result was more than double the USD 82.7M
recorded for 2019 after operating revenue from Ocean Transporta-
tion activities rose 11% during the year, while company costs and
expenses rose only 1%.

Container volumes out of China were up 140% in the fourth quarter

compared to the same period in 2019, with Matson expecting favour-
able Transpacific dynamics to continue through the first half of 2021.
- - The company’s local tradelanes, which had struggled at the outbreak
- of the pandemic, showed signs of recovery with the Hawaii and Guam
services close to recuperating the levels of 2019, while Alaska vol-
umes were slightly higher in 2020 than the previous year. The com-
-
pany’s stock price was trading around USD 75 at the start of the
week, more than double levels last July.

MPC reports loss but looks to brighter days

MPC Container Ships (MPC) has reported a net loss of USD 64.5M
(2019: USD 39.7M) for 2020 but is promising significantly improved
results in 2021 after re-chartering out the majority of its fleet in the
last four months at robust rates.

Operating revenue fell 7% to USD 172M in 2020 after charter rates

were depressed by the pandemic. The company had renewed char-
ters on as many as 50 ships in Q2 2020 when rates were at a low —
see box left. Meanwhile, losses in the fourth quarter were inflated by
an impairment of USD 4.8M on the sale of two vessels, the 1,200 teu
AS FRIDA, built 2003, and the 966 teu AS LAGUNA, built 2008.

However, results are expected to be substantially better in 2021 af-

ter the company signed new fixtures on a reported 41 vessels in the
November-February period in very strong charter markets. A further 7
new fixtures are expected in the remainder of Q1 2021, with 30
more charters up for renewal in the second and third quarters.

It has now secured revenues for 68% of its 2021 days at an average
TCE of USD 11,209. The fleet currently numbers 64 vessels,

MPC was forced into a recapitalisation last July after running into li-
quidity and covenant problems. It subsequently raised USD 27.5M in
a private share placement but promised investors a ‘market rehabili-
tation’.

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SERVICE UPDATES

CMA CGM to send LNG - box ships to Asia-USWC 'PRX'

CMA CGM has announced that it will, as from October, introduce six
LNG-powered 15,000 teu newbuildings on the Transpacific.

The ships are to join the South China - California 'Pearl River Ex-
-
press' (PRX), also knows as the 'PSW1' loop of the OCEAN Alliance.

- The 'PRX' currently turns in six weeks with 6 x 9,300 - 16,000 teu
ships calling at Fuzhou, Nansha, Yantian, Xiamen, Los Angeles,
Kaohsiung, Fuzhou. The Fuzhou call is expected to be dropped in
April when the OCEAN Alliance will launch its new 'Day 5 Product'.

Overall, CMA CGM intends to operate 32 LNG-fueled ships by the end

of 2022. These include 9 x 23,112 teu megamax ships in the Far
East - North Europe trade, 11 x 15,000 teu between Asia and the
Mediterranean, 6 x 15,000 teu on the Transpacific and 6 x 1,380 teu
vessels operated by Containerships in intra-European services.

The French carrier decided in November 2017 to order the first LNG-
powered deep sea mainline container ships as the use of this fuel
delivers a reduction of 99% in sulfur dioxide, 91% in particulate mat-
ter and 92% in nitrogen oxide emissions.

CMA CGM considers LNG as an initial response to the challenge of

tackling climate change. The group aims to achieve carbon neutrality
by 2050.

MSC and CMA CGM add Port Louis call to Europe - In-
dian Ocean - ANZ service
MSC and CMA CGM have reinstated Port Louis in the rotation of their
joint Europe - Indian Ocean - ANZ - South East Asia 'Australia Ex-
press / NEMO' service.

The first ship to call again at the port in Mauritius will be the 9,326
- teu APL SAVANNAH on 25 March.

The 'Australia Express / Nemo' turns in 14 weeks with 14 x 8,200 -

-
9,600 teu ships (9 x MSC and 5 x CMA CGM) calling at London-
Gateway, Rotterdam, Hamburg, Antwerp, Le Havre, Fos, La Spezia,
Gioia Tauro, Marsaxlokk, Le Port (Reunion), Port Louis, Sydney, Mel-
bourne, Adelaide, Fremantle, Singapore, Colombo, Marsaxlokk, Gioia
- Tauro, Valencia, London-Gateway.

OOCL enhances China - Western India - Pakistan offer

OOCL will introduce in late March a weekly service connecting China,
Western India and Pakistan. It will be ensured through its participa-
tion in an existing ‘China - India West Coast service’.

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SERVICE UPDATES

This service is operated by KMTC, TS Lines and X-Press Feeders that

- - advertise it as ‘AIS4’ and ‘CWX’ respectively.

OOCL will advertise this service as ‘CIX2’ and it is scheduled to start

- on 23 March from Shanghai with a ship that is yet to be named.

The service turns in six weeks with 6 x 4,100 - 5,500 teu ships call-
ing at Shanghai, Ningbo, Shekou, Singapore, Port Kelang, Nhava She-
va, Karachi, Mundra, Colombo, Port Kelang, Hong Kong, Shanghai.

The new ‘CIX2’ service will complement OOCL's current offering on

the China - Western India - Pakistan trade, which includes the ‘CIX1’
service that is ensured through slots on the Far East - Indian Subcon-
tinent segment of COSCO’s ‘AACI’ pendulum service and the 'CPX'
service operated by OOCL and Yang Ming.

It will also add to OOCL's 'CIX3' service connecting China, Korea and
Western India, that is operated jointly with CMA CGM, RCL and Gold
Star Line.

Maersk and Hamburg Süd launch fortnightly New Zea-

land - Fiji service
Maersk and its German affiliate, Hamburg Süd have announced the
- introduction of a fortnightly service that will connect the ports on New
Zealand's North and South Island and Fiji.

The loop will be advertised as ‘Fiji Express - Regional New Zea-

land’ (FERN) by Hamburg Süd.

The ‘FERN’ service will call at Tauranga, Auckland, Nelson, Timaru,

Lyttelton, Nelson, Timaru, Lyttelton, Tauranga, Suva, Lautoka, Tau-
ranga.

The New Zealand secondary ports of Lyttelton and Nelson served by

the 'FERN' are currently covered by Maersk through slots on the New
Zealand domestic service operated by Swire-controlled Pacifica Ship-
ping, that calls at Tauranga, Auckland, Lyttelton and Nelson.

Through local feeders, the service will also offer a transit connection
via Tauranga to Port Chalmers and Napier.

The new service will turn in four weeks using two ships of about
2,500 teu. Its maiden voyage is scheduled on 13 March from Tau-
ranga with the 2,478 teu SEASPAN HANNOVER. Ship number two has
yet to be nominated.

In addition to improving the carriers’ coverage of coastal ports in New

Zealand and Fiji, the new service will also offer connections via Tau-
ranga with Maersk's and Hamburg Süd's global network.

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SERVICE UPDATES

Spliethoff to resume Antwerp - Great Lakes service

- -
Spliethoff is planning to resume its North Europe - Cleveland 'CEE'
service in mid-March as the Montreal / Lake Ontario section of the
Great Lakes Seaway System is to open again on 22 March.

The 'Cleveland Europe Express' (CEE) offers one or two sailings per
month calling at Antwerp, Valleyfield (Quebec), Ramey's Bend
(Ontario), Cleveland (Ohio), Duluth (Minnesota), Antwerp. It caters for
both containers and breakbulk cargo.

The Dutch carrier has nominated the 665 teu NUNALIK for the first
sailing from Antwerp, where the closing date for the delivery of cargo
has been set at 12 March.

Spliethoff is to operate the 'CEE' until the end of the year when the
Great Lakes Seaways System will close again for the winter season.

Do you know that Alphaliner is more than a Shipping Newsletter?

It is also an interactive online knowledge base that reflects decades of data collection.
Alphaliner comes with a data base of all container ships, liner services, vessel owners,
operators, container ports and terminals.
-

Why not learn more or ask for a free trial at www.alphaliner.com

Page 7 © Copyright Alphaliner 1999-2021

 Weekly

VESSEL UPDATES

Grimaldi orders six ‘Grande 5’ class ConRos at HMD

Grimaldi Group of Naples, Italy, on 23 February disclosed that it
Name Teu Operator placed orders for six next-generation deep-sea conro vessels at the
YM TARGET 12,726 Yang MIng South Korean Hyundai Mipo Dockyard.

EVER FRANK 12.118 Evergreen The ships are scheduled for delivery in 2023 and 2024 and they are
intended to join Grimaldi’s North Europe - West Africa service net-
EVER FAST 11,888 Evergreen work, where they will replace a series of smaller 2000 to 2002-built
conros which will soon reach the end of their economic lifetime.
MAERSK NARVIK 2,086 SeaLand

FEEDER 1 1,774 SeaLand Grimaldi Group refers to the new vessels as its ‘Grande G5’ class, in
line with its previous generations of Grimaldi deep-sea conros, all of
MTT SAMALAJU 1,162 MTT Shipping which carry the ‘Grande’ name prefix.

The group’s first-generation ‘Grande G1’ series originally comprised

ten 3,500 lm / 400 teu vessels from Italy’s Fincantieri yards. These
were followed by seven ‘Grande G2’ vessels from Uljanik Shipyard of
Croatia, which have a capacity of 3,900 m / 400 teu.

Since 2010, when Grimaldi began to receive vessels from Korea, the
carrier has been working closely with Hyundai Mipo Dockyard. The
South Korean builder supplied the carrier with five ‘Grande G3’ ves-
sels of 3,900 m / 400 teu and six ‘Grande G4’ vessels of 5,700 m /
900 teu.

Compared to the first three generations, which have a panamax

beam of 32.20 m, the ‘G4’ ships were the first Grande type conros
with a wider beam of 36.20 m. At 236.00 m in length, they are also
notably longer than the first three vessel generations.

The new ‘Grande G5’ series will be an evolution of the ‘G4’ type, but
up-sized to a length of 250,00 m and a breadth of 38.00 m.

Compared to the previous series, the ship’s design has however

been modified, so that the vessel size increase only boosts the con-
tainer intake to 2,000 teu, while roro space is slightly reduced to
4,700 lm.

continues on next page...

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VESSEL UPDATES

Unconfirmed: Wan Hai in talks Unlike the first four generations, which only carry containers on the
with HHI for 13,000 teu sextet weather deck and (if required) on the roro decks, the ‘G5’ vessels will
feature cellular container holds under deck in the forward part of the
ship - similar to the layout of a full container ship.

-
Maersk emerges as charterer of GSL’s recently ac-
quired 6,000 teu vessels
Maersk A/S has emerged as the charterer of seven 6,000 teu con-
tainer vessels that Global Ship Lease (GSL) announced having pur-
chased in early February for a total of USD 116 M. Although GSL did
not disclose the ships’ identity, Alphaliner correctly identified the ves-
sels as being Zeaborn-controlled 2000-2001-built ‘Samsung 5500’
tonnage which Maersk initially moved to buy in late 2020 (See Al-
phaliner Newsletter 2021-06)
-
-
The E.R. BERLIN, E.R. CANADA, E.R FELIXSTOWE, E.R. FRANCE, E.R.
KOBE, E.R. LONDON and E.R. LOS ANGELES will commence in the
second and third quarter of the year a 36 month period charter with
the Danish liner shipping company. In addition, Maersk has negotiat-
- ed a set of two 12 months optional periods for each vessel. No char-
ter rates have been officially disclosed for this long-term fixture.
Maersk has already got on charter the E.R. BERLIN but the other six
units will add to the carrier’s current fleet, bringing in an extra capaci-
ty of 36,000 teu.

GSL is expected to rename the vessels to GSL ARCADIA, GSL DOR-

OTHEA, GSL MARIA, GSL MELITA, GSL TEGEA, GSL VIOLETTA and GSL
MY NY although it cannot be excluded that Maersk might ultimately
decide to use its own Maersk names considering the duration of the
charters agreed.

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PORT UPDATES

ZPMC delivers two STS to Charleston’s Wando Welch

The US East Coast port of Charleston, South Carolina, on Thursday
received a shipment with two new ship-to-shore cranes from ZPMC.

Charleston’s new jumbo cranes were manufactured by ZPMC and

shipped to America aboard the transporter ZHEN HUA 27. On its way,
from Shanghai to the United States via the Cape of Good Hope, the
vessel made a stop at Dakar, Senegal, to drop off two cranes for DP
Word.

Unlike most ZPMC cranes, the gantries for the Charleston are being
transported in a semi-assembled state. This allows the ZHEN HUA 27
to fit underneath the Ravenel Bridge and deliver the cranes to the
SCSPA’s Wando Welch Terminal.

Hence, the ship has first docked at Charleston Columbus Street Ter-
minal, located seaward of the bridge, two allow the ship’s crew to
lower the cranes’ booms. The vessel can then set off to complete the
last three miles of its delivery voyage.

The same maneuver was used in December of 2020, when two

ZPMC transport vessels delivered a total of five large cranes to
Charleston’s new Leatherman container terminal, which is scheduled
to launch next month.

With a volume of 2.31 Mteu (-5%) in 2020, Charleston is one of the

top-five US East Coast ports and the only one to launch an entirely
new container terminal this year.

Two more container cranes delivered to Hutchison

Ports Sohar - Expansion plans in the making
Hutchison Ports Sohar (HPS), also known as Oman International Con-
tainer Terminal (OICT), has taken delivery of two ULCS-ready ship-to-
shore cranes from ZMPC.

The equipment upgrade at HPS comes just a few weeks after

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PORT UPDATES
Hutchison signed an agreement with Sohar Port and Freezone to
jointly conduct a feasibility study for the next-stage expansion of So-
har Port. This project would include, among other things, the develop-
ment of an additional container terminal capable of receiving ultra
large ships.

According to Hutchison, the feasibility study will commence this year

and will assess the social, environmental, logistical, in-country value
and economic impacts of any future expansion. Moreover, it will pro-
vide a clear roadmap for future expansion.

HPS currently operates on a 970 m pier and, including the most re-
cent shipment, it is equipped with a total of 15 quay cranes.

The terminal’s main users are Hapag-Lloyd, Oman Container Line,

MSC and Qatar Navigation. The largest ships handled at the terminal
are 13,000 to 14,000 teu neo-panamax units of Hapag-Lloyd and
Yang Ming, deployed in the THEA far East - Middle East service
‘AG3’ (aka ‘new AG3’).

Kalmar delivers two mid-sized STS to IPM Altamira

Cargotec Group this month delivered two ship-to-shore cranes and
three rubber-tyred gantries to the container terminal of Infraestructu-
ra Portuaria Mexicana (IPM) at Altamira, Mexico.

- -

The cranes were manufactured in Taicang, China, and shipped to

Mexico aboard the heavy-load vessel XIANG RUI KOU.

IPM’s two new ship-to-shore gantries have an outreach of 21 contain-

er rows and a lift capacity of 65 mt. As such, they are designed to
work on neo-panamax ships of up to 15,000 teu.

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PORT UPDATES

Altamira’s IPM is one of two container terminals in the Mexican Atlan-

More equipment delivered: Tian-
jin Shenghua makes progress
tic port, adding to the smaller Altamira Terminal Portuaria (ATP). The
terminal’s main users at Hapag-Lloyd, MSC and Maersk. IPM typically
handles mainline vessels of up to 9,000 teu. The largest callers at
the terminal are the ships trading on the joint US Gulf - NCSA-ECSA
service number 2 of Hapag-Lloyd, ONE and MSC, as well as ships of
the 2M Transatlantic loop TA3 - ATL3 / NEUATL3.

- The port of Altamira handled a full-year volume of 762,000 teu in

2020, down 13% from the year before. Affected by the COVID-19
-
-
pandemic, 2020 saw the first annual decline in volume at the port
since the global economic crisis of 2009. Back at the time, Altamira’s
volumes registered at around 400,000 teu.

Helsingborg plans new container terminal

The Swedish port of Helsingborg has announced to build a new con-
tainer terminal. Scheduled to be commissioned in 2028, the new
facility is intended to replace Helsingborg’s existing container facili-
ties and prepare the port for bigger vessels.

To be located in the port’s south on a new-built quay, the new termi-

nal will offer 750 m of berth space, designed to handle compact
deep-sea vessels or large feeders of up to 225 m in length.

The planned container handling system will consist of electric cranes,

making it possible for the port to be completely fossil-free and highly
automated.

In addition to the terminal itself, the port of Helsingborg also plans to

develop an intermodal ship-to-rail facility for containers.

Helsingborg is one of three ports in the Danish-Swedish Oresund re-

gion that handle containers, adding to Malmo and Copenhagen. The
latter is about to suffer a blow later this month, when Maersk will re-
locate its traffic from the Danish capital to Kalundborg in northwest
Zealand.

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PORT UPDATES

Ship length restriction at Santos CMA CGM acquires Tripoli Terminal in Lebanon
relaxed as port prepares for
14,000 teu vessels The French CMA CGM Group has reportedly acquired the Tripoli Con-
tainer Terminal in Lebanon.

Local sources claim that CMA CGM in February finalized negotiations

with the incumbent operator Gulftainer Liban, a subsidiary of the UAE
-based Gulftainer.

Lebanon’s Tripoli Container Terminal is operated under a 25-year

concession from the government, awarded in late 2013.

CMA CGM, founded by the French-Lebanese businessman Jacques

Saadé and still headed by the Saadé family, has traditionally strong
ties with Lebanon and it is one of the most prominent carriers to
serve the region and its gateway ports of Beirut and Tripoli.

The French Line had already acquired a 20% stake in Gulftainer Li-
ban in 2016.

So far, CMA CGM Group has not yet publicly commented the matter
and the reported transaction remains to be formally confirmed.

The Tripoli Container terminal has a berth length of 600 m with a

depth alongside of more than 15 m. Equipped with five large STS, the
facility has an annual design capacity of 750,000 teu.

Two deep-sea mainline loops call at the terminal: A CMA CGM

(MEDEX), COSCO (MINA) and Hapag-Lloyd (IMX) operated Med - Red
Sea - Middle East loop and the OCEAN ALLIANCE service MED 3,
which is operated with CMA CGM and COSCO tonnage of 9,000+ teu.

CMA CGM completes buy-in at TTI Algeciras

Five months after receiving approval from the Port Authority of Algeci-
ras (APBA), CMA CGM and the investment fund managers DIF Capital
Partners (DIF) could eventually finalize the joint acquisition of a 50%
(minus one share) stake in the HMM-owned Total Terminal Interna-
tional Algeciras (TTIA).

A recent statement also confirmed the shareholding split between

CMA CGM (via its wholly-owned subsidiary CMA Terminal Espagne)
and DIF at 51% and 49%, respectively.

- The new ownership structure of TTIA will thus be: HMM at 50% (plus
one share), CMA CGM at 25.5% and DIF at 24.5%

TTIA is the second main container terminal at Algeciras after the

APMT Terminal. It offers an 850 m deep-water main pier for large
container ships, as well as an unequipped 550 m berth on the side,
which is typically not used for container handling.

Page 13 © Copyright Alphaliner 1999-2021