Table of Contents

1.0 Introduction ……………………………………………………………………………………………. 1

2.0 Technology in the Cruise Industry ……………………………………………………………. 1
2.1 Digital Embarkation by Online Booking and Virtual Check-in ……………. 1
2.2 Onboard Geo-Location Service ……………………………………………………….. 2
2.3 Augmented Reality Touring ……………………………………………………………. 2
2.4 Chatbot Service Assistants ……………………………………………………………… 3
2.5 RFID wearable bracelets ………………………………………………………………… 3
3.0 Impact of Technology on the Business ………………………………………………………. 4
4.0 Impact of Technology on Consumers ………………………………………………………… 5
5.0 Conclusion ……………………………………………………………………………………………… 6
References
Appendix

ii
1.0 Introduction
MSC Cruises is a subsidiary of the Mediterranean Shipping Company S.A (MSC).
The parent company of MSC Cruises operates the largest container freight hauling
operation in the world, growing past the 25-year position holder – Maersk, by achieving
greater TEU capacity despite having a smaller fleet (Alphaliner, 2022, via Tan H., 2022).
The subsidiary company MSC Cruise is an international cruise line founded in Naples,
Italy in 1989. It is registered in Switzerland and based in Geneva. MSC Cruises which
employs a global 30,000 staff, within a fleet of 22 vessels and 110 offices across all
continents as of 2022 (MSC Cruises, 2022). MSC Cruises is the fourth-largest cruise
operator in the world after the Carnival Corporation, Royal Caribbean Group, and NCLH-
Norwegian (Mazur, 2021). The company also dominates the most market share in South
America, Europe, the Gulf Region and Southern Africa, with a highly competitive
presence in North America, the Caribbean, and East Asia (MSC Cruises).

2.0 Technological Integrations in MSC Cruise

The Integrated Communications Technologies and Passenger Experience
Enhancement Technologies incorporated into MSC Cruises recent vessels since 2017 have
become current day competitive exemplification thanks to continued innovation. In the
tourism industry in general, much technological advances have become highly accepted
and therefore prerequisite in order to stay in business (Huang, et. al., 2019). As such, MSC
Cruises has invested in integrating as many as 17 key integrated features into its mobile
application which can be used from one’s own devices as well as the tablets provided in
the suites. The application is called “MSC for Me” and is made to be uncomplicated,
convenient and user friendly for all ages.

2.1 Digital Embarkation by Online Booking and Virtual Check-in

Cruise ship embarkation often takes place on a pier that cannot accommodate all
the passengers who are about to board the ship, due to the severe mass of capacity on
cruise ships and the company’s goals to embark on schedule. The time-consuming process
of checking in thousands of passengers is frustrating and stressful because it is manual
and labor intensive. However, MSC Cruises allows passengers to complete the check in
process after the booking process as well entirely using the company website or the official
mobile application. By uploading a scan of their passport and a selfie, the passengers are
able to be recognized by onsite cameras at the boarding checkpoint via AI driven facial
biometrics recognition technology (Cerravala, 2018). Thus making the boarding process
much shorter over the lengthy waiting line. The online booking method allows the
passenger to complete the steps of information required to be inserted into the system by
themselves and skip the boarding process entirely, reducing the embarkation time from
90 minutes to 10 minutes (Dickson, 2019). This is also regarded as an environmentally
friendly option as it eliminates the use of paper in the boarding process.

1
2.2 Onboard Geo-Location Service
MSC Cruises vessels can have from 12 to 15 floors accessible to passengers. Across
the many areas, such as accommodation, entertainment, restaurants, movie theater,
waterpark and other places to visit, it would be extremely resourceful for the passengers
to be aided by an onboard location tracking application, which is exactly what the top
cruise ship companies in the industry are doing, including MSC Cruises (Cerravala, 2018).
The location services are facilitated by beacon technology which communicates between
radio beacons located around the ship and the user’s device to determine location.

Figure 1.0
The highly customer oriented location feature of the app helps the passengers to
easily find their way anywhere by simply searching a type or specific location, selecting
the location, either by search, or on the map, and following the real time path generated
for them on the map.
In addition to helping the passengers find recreation during the trip, the integrated
location services have more critical utilizations as well. For example, it allows parents to
finding the location of passengers under their supervision - children. Another key use of
the location applications is for the management to collect mass data from all the
passengers’ location information and find out where to allocate more staff, such as
accumulating cues or highly occupied sunbed areas (Dickson, 2019). This is highly
important to employ an efficient number of staff and save costs and effectively satisfy the
passengers’ queries at the same time.
2.3 Augmented Reality Touring
MSC Cruises is a cruise fleet that has been operating since 1989, and therefore have
many storied places on the vessels that are interesting tourist sites. Passengers can now
take this tour as a little adventure on their own instead of having to go with a group of
others and accompanied by a tour guide. The passengers can now go visit these storied
places on their own at their own convenient time, with only their comfortable company.
Because augmented reality technology integrated into the MSC for Me Application allows

2
the passenger to look around areas marked on the map using the camera of their device
and familiarize themselves with the places, while enjoying 3d augmented decorations
appearing all around the ship. Highly personalized and exhilarating for many visitors.

2.4 Chatbot Service Assistants

MSC Cruises employs a virtual assistant called Zoe for a human touch to an AI
machine learning system. Similar to Amazon’s Alexa, and Apple’s Siri, Zoe was developed
for MSC Cruises in collaboration with HARMON and Samsung Electronics. It is
integrated with the ship’s booking systems and other networks, specifically for the
purpose of assisting passengers to book activities, order room service and find
information such as if certain restaurants are open (MSC Cruises, 2019).

Figure 2.0 – A picture of AI Voice Assistant “Zoe” on MSC Cruises

There is one device facilitating Zoe in every room of the cruise ship. This
technology is a highly versatile application which uses machine learning to better
recognize the voice of the specific guests, and recognize patterns of request more and
more accurately over time. Zoe is able to speak and recognize 7 languages, give
suggestions if someone is bored and does not know what to do, and contains 800 different
variants of the most common way a certain query is asked. Zoe is at the guests’ beck and
call with the voice command “OK Zoe”, to assist anyone at any time. Because a
representative assistant whom is available 24/7 is very important (Baeza & Kuma, 2109).

2.5 NFC & RFID wearable bracelets

Another use of the beacon technology
integrated into almost all of MSC Cruises’ ships
since 2017, is the use of wearable radio
frequency identification (RFID) (Weed, 2018).
Guests wristbands are able to help with over
130 smart services (Dickson, 2019). The
bracelets can communicate with over 16000
beacons located throughout the ship (Collins,
2017). Guests can make payments, check into

3
activities, check into restaurants, and gain access to vip specific services or locations.
Meanwhile the management can show visitors which bars are full.

3.0 Impact of Technology on the Business

Digital Booking and Check-in saves a lot of cost for the cruise company saving a
percentage of the largest cost in the labor intensive tourism industry, which is cost of
hiring staff (Clauberg, 2020). The existing staff in the public relations and tour
management offices can be used to expand into new locations by opening new offices. The
offices will need less staff because they can mostly assist with online booking instead of
processing manual bookings (Zsarnoczky, 2018). Checking in staff can also be reduced,
and their concurrent work as receptionists will also be reduced thanks to the voice
assistants and mobile applications to handle majority of passengers’ queries. The overall
working quality of staff will also be improved as the better technological development
comes with better management systems, allowing receptionists and service staff to work
with less stress, be more informed and better coordinated with each other.
Furthermore, beacon technology which places radio frequency communicators
across different locations on the cruise ship, which then communicate with passengers’
wearable technologies, allow the management to collect data through the MSC for Me
applications. Data such as times of the day and days of the week when and where certain
places are busiest. Big data on the behavior of passengers on cruise ships can be fed into
AI pattern analysis software and yield other information as well. Such as whether
passengers like to explore in groups of what sizes or if they more often travel in pairs or
alone. Whether they respond to physically posted advertisements or find certain places
where younger passengers tend to get lost often and take measures to prevent it.
Additional technologies which help to reduce the work load of staff and reduce the total
number of staff required are the Augmented Reality Tours and ensuite Chat-bot
Assistants.
An empirical research by Härting et. al. shows that digitalization in the tourism
industry increases sales, economies of scale, leads to offering more personalized services
and help to build brand reputation on social media (2017). Indicating that digitalization
gives a competitive advantage and helps to achieve growth of the company. The same
research also suggests that remaining in favor of classical booking will cause the business
to face competition from the other businesses which have adopted digital booking and
increasingly as well as with the companies which remained with manual booking.
On the other hand, however, elderly staff may not be particularly quick to adopt
the technological integrations and may complain to management, leave the business, or
otherwise struggle to do their job (Hanson, 2010). Moreover, technological integrations
such as beacons, wearables, mobile application, and voice activated room assistants may
require frequent maintenance and checking for proper functioning. This may be an
additional cost which will continue over the long run, thus leading to a net neutral
financial benefit from the application of these technologies.
4
 The many technological improvements made to the vessels in the fleet also helped
MSC Cruises to be the first major cruise company to restart its operation after the Covid-
19 Pandemic (Annual Report, 2021)

Figure 4 – Annual Number of Passengers Carried by MSC Cruises

MSC Cruises recorded a net profit of 405 million euros on 3.2 billion euros in 2019,
compared to a net profit of 348 million euros on 2.7 billion euros in 2018. MSC also
recorded a 16.2 percent rise in passengers from the previous year, to more over 2.7 million.
The occupancy rate increased to 112.3 percent from 111.6 percent in 2018. Year-over-year,
cruise capacity was stated to be up 14.4%. According to MSC, fuel expenditures rose by
24.1 percent to 244 million euros from 196 million euros the previous year, owing to
increasing capacity and price hikes. These pre-pandemic statistics are in favor of the
hypothesis of Härting et. al. (2017) suggesting that digitalization has helped MSC Cruises
to increase their profitability, market share and overall competitiveness.

4.0 Impact of Technology on Consumers

An anlysis of 241 twitter comments by Aggett (2011), reveals that almost 15% of
cruise reviewers reports complaint issues regarding administration and management.
Therefore, the technological innovations which improve the management, result in a
better quality experience for the passengers (Herrman, Huber, & Braudstein, 2000).
The integration of communication technologies into cruise ship services also
empower the tourists to voice their dissatisfactions to the staff and management. A
research conducted by Hjalager (2001) confirms that empowering tourists improves their
end perception of achieved satisfaction.
However, some tourists may be concerned about their privacy and cyber security
when using these technologies. Such as voice being leaked or hacked through the Zoe
room assistant. Or personal information being compromised through the MSC for Me
application. Spying on location using unauthorized access to the beacon system.
Therefore, it is crucial to ensure the digital security of all the passengers in order to
maintain the foreseeable brand image of MSC Cruises.

5
 A study by Buhalis, Papathanassis & Vafeidou (2022) suggest that through
technological incorporation in the cruise industries, a smart cruise ecosystem gradually
arises as a result of embracing all available technologies and involves cruise passengers,
who, as smart actors, engage dynamically with stakeholders, producing value before,
during, and after the cruising experience. This coincides with the high rates of adoption
as described by Lee (2016) which suggest that technological conveniences are highly
appreciated and even demanded possibly as tourists of generation y and generation z
begin to enter the market. Therefore, passengers are generally satisfied by technological
improvements and amenities.

5.0 Conclusion
Technology is being integrated into the tourism facet of the cruise industry to
generally improve the experience of the passengers and to increase the competitiveness
and cost efficiency of cruise operating businesses. As we can see from the case of MSC
Cruises, the company has highly benefited since its technological uprising since 2017, in
terms of market share domination, in terms of profit maximization and cost effectiveness.
And studies conducted on the consumer’s response to technology has been mostly
positive and often do not usually complain about the conveniences made by technological
improvements. In fact, the trend is increasing demand for technological conveniences for
tourists as younger tourists start entering the market.

6
References

Alphaliner, (2022), Alphaliner TOP 100 League/ 12 Jun 2022, Based on existing fleet and
orderbook TEU capacity available on board operated ships.
https://alphaliner.axsmarine.com/PublicTop100/
Tan H. (2022) Maersk is no longer the world's largest container line as MSC takes the top
spot, Business Insider, https://www.businessinsider.com/msc-overtakes-
maersk-worlds-largest-container-line-2022-1
MSC Cruises., (2022), About, Linkdin, https://www.linkedin.com/company/msc-
cruises/
MSC Cruises., (2022), About - History – A centuries-old Relationship with the Sea,
Official Website, https://www.msccruisesusa.com/about
MSC Cruises., (2022), About – Offices, Official Website,
https://www.msccruisesusa.com/about
Mazur C., (2021), 15 Largest Cruise Lines in the World, Zippia,
https://www.zippia.com/advice/largest-cruise-lines/
Cerravala Z., (2018), MSC Cruises digitizes the passenger experience, The Digital CIO,
https://www.cio.com/article/228242/msc-cruises-digitizes-the-
passenger-experience.html
Huang, Y. C., Chang, L. L., Yu, C. P., & Chen, J. (2019). Examining an extended technology
acceptance model with experience construct on hotel consumers’ adoption
of mobile applications. Journal of Hospitality Marketing & Management,
28(8), 957-980.
Dickson I., (2019), Five ways tech is transforming the cruise business, Here360,
https://360.here.com/cruise-ship-technology
Collins K., (2017), These cruise ships will deck you out in wearable tech, CNET,
https://www.cnet.com/tech/mobile/msc-cruise-ships-wearable-tech-
meraviglia-seaside/
MSC Cruises, (2019), Meet ZOE, The World's First Virtual Personal Cruise Assistant
Powered By Artifical Intelligence - Designed Exclusively For MSC Cruises'
Guests, Cision PR Newswire, https://www.prnewswire.com/news-
releases/meet-zoe-the-worlds-first-virtual-personal-cruise-assistant-
powered-by-artifical-intelligence---designed-exclusively-for-msc-cruises-
guests-300788241.html
Baeza, R. R., & Kumar, A. R. (2019, November). Perceived Usefulness of Multimodal
Voice Assistant Technology. Human Factors and Ergonomics Society
Annual Meeting 63(1), 1560-1564.

iii
Weed J., (2018), Cruise Lines Use Technology to Add the Personal Touch, The New York
Times, https://www.nytimes.com/2019/02/01/travel/cruise-lines-use-
technology-to-add-the-personal-touch.html
Pozuelo Barceló A., (2017), The cruise industry: a case study of MSC Cruises, University
of Illes Balears, Faculty of Tourism, Alumni DNI:43225948R.
Clauberg, R. (2020). Challenges of digitalization and artificial intelligence for modern
economies, societies and management. RUDN Journal of Economics, 28(3),
556-567.
Hanson, V. L. (2010). Influencing technology adoption by older adults. Interacting with
Computers, 22(6), 502-509.
Zsarnoczky, M. (2018). The digital future of the tourism & hospitality industry. Boston
Hospitality Review, 6, 1-9.
Härting, R. C., Reichstein, C., Härtle, N., & Stiefl, J. (2017, June). Potentials of digitization
in the tourism industry–empirical results from German experts. In
International Conference on Business Information Systems (pp. 165-178).
Springer, Cham.
MSC Cruises, Annual Report (2021), Leading the Industry Restart,
https://www.msccruises.com/en-gl/Assets/A-R-2021.pdf
Aggett, M. (2011). Cruise passengers’ complaints: An analysis of online reviews. In Cruise
sector challenges, pp. 147-161
Hjalager, A. M. (2001). Quality in tourism through the empowerment of tourists.
Managing Service Quality: An International Journal.
Herrmann, A., Huber, F., & Braunstein, C. (2000). Market-driven product and service
design: Bridging the gap between customer needs, quality management,
and customer satisfaction. International Journal of production economics,
66(1), 77-96.
Buhalis, D., Papathanassis, A., & Vafeidou, M. (2022). Smart cruising: smart technology
applications and their diffusion in cruise tourism. Journal of Hospitality
and Tourism Technology, ISSN 1757-9880
Appendix

iv
Figure 5 - No of Operating Ships in the MSC fleet (Annual Report, 2021)

Tables 1 - Business Performance Statistics (Annual Report 2021)

v
 Table 2 – Customer Feedback on Cruise Ship Services (Aggett, 2011)

Table 3 – Twitter Complaints Analysis on Cruise Industry (Aggett, 2011)

vi
 Figure 6 – Prepandemic Figures by Craft co.

Table 4 – Largest Cruise Companies by Aplhaliner

vii
   Alphaliner TOP 100 / 12 Jun 2022 
 

 6,376 active ships

 25,676,876 TEU

Global

307,619,370 DWT
figures including 5,578 fully cellular 25,298,242 TEU fully cellular

Trans-Atlantic 172,092 TEU

Regional Trades

Figures are consolidated  

weekly capacities
Trans-Pacific 676,525 TEU  
Feast-Europe 442,963 TEU

Rank Operator Teu Share     Existing fleet         Orderbook

1 Mediterranean Shg Co 4,413,344 17.3%    

2 Maersk 4,271,894 16.7%    
3 CMA CGM Group 3,299,470 12.9%    
4 COSCO Group 2,924,926 11.4%    
5 Hapag-Lloyd 1,752,026 6.9%    
6 Evergreen Line 1,533,410 6.0%    
7 ONE (Ocean Network Express) 1,508,272 5.9%    
8 HMM Co Ltd 814,557 3.2%    
9 Yang Ming Marine Transport Corp. 660,420 2.6%    
10 Zim 474,969 1.9%    
11 Wan Hai Lines 422,195 1.7%    
12 PIL (Pacific Int. Line) 284,370 1.1%    
13 KMTC 152,123 0.6%    
14 IRISL Group 150,040 0.6%    
15 UniFeeder 146,728 0.6%    
16 SITC 139,580 0.5%    
17 X-Press Feeders Group 137,421 0.5%    
18 TS Lines 108,593 0.4%    
19 Zhonggu Logistics Corp. 108,238 0.4%    
20 Sinokor Merchant Marine 98,966 0.4%    
21 Antong Holdings (QASC) 90,424 0.4%    
22 SM Line Corp. 85,047 0.3%    
23 Sea Lead Shipping 83,638 0.3%   
24 China United Lines (CULines) 78,989 0.3%   
25 Global Feeder Shipping LLC 73,634 0.3%   
26 RCL (Regional Container L.) 71,230 0.3%   
27 Matson 68,563 0.3%   
28 Emirates Shipping Line 56,541 0.2%   
29 Arkas Line / EMES 50,557 0.2%   
30 Swire Shipping 50,028 0.2%   

Total Owned Chartered Orderbook

Rank Operator
Teu Ships TEU Ship… TEU Ships % Chart TEU Ship… % existing

1 Mediterranean Shg Co 4,413,344 674 1,761,324 340 2,652,020 334 60.1% 1,371,978 109 31.1%
2 Maersk 4,271,894 739 2,520,313 345 1,751,581 394 41% 321,938 29 7.5%
3 CMA CGM Group 3,299,470 580 1,486,071 209 1,813,399 371 55% 655,543 69 19.9%
4 COSCO Group 2,924,926 472 1,563,507 176 1,361,419 296 46.5% 586,672 34 20.1%
5 Hapag-Lloyd 1,752,026 250 1,084,483 118 667,543 132 38.1% 415,588 22 23.7%
6 Evergreen Line 1,533,410 201 827,777 124 705,633 77 46% 598,252 62 39%
7 ONE (Ocean Network Express) 1,508,272 206 787,587 90 720,685 116 47.8% 464,192 34 30.8%
8 HMM Co Ltd 814,557 74 553,676 36 260,881 38 32% 161,088 12 19.8%
9 Yang Ming Marine Transport Corp. 660,420 90 216,346 51 444,074 39 67.2% 47,440 4 7.2%
10 Zim 474,969 131 28,681 8 446,288 123 94% 391,704 45 82.5%
11 Wan Hai Lines 422,195 152 277,733 97 144,462 55 34.2% 312,935 44 74.1%
12 PIL (Pacific Int. Line) 284,370 89 179,703 68 104,667 21 36.8% 56,000 4 19.7%
13 KMTC 152,123 67 86,464 32 65,659 35 43.2%    
14 IRISL Group 150,040 33 150,040 33          
15 UniFeeder 146,728 92     146,728 92 100%    
16 SITC 139,580 97 120,645 79 18,935 18 13.6% 74,663 41 53.5%
17 XP F d G 137 421 91 64 603 38 72 818 53 53% 108 834 23 79 2%
17 X-Press Feeders Group 137,421 91 64,603 38 72,818 53 53% 108,834 23 79.2%
18 TS Lines 108,593 53 67,827 27 40,766 26 37.5% 78,857 25 72.6%

19 h i i C 108 238 9 8 629 28 9 609 6 8% 83 0 2 18 6 %

20 Sinokor Merchant Marine 98,966 70 85,081 59 13,885 11 14% 98,818 30 99.9%
21 Antong Holdings (QASC) 90,424 94 61,294 44 29,130 50 32.2% 4,888 2 5.4%
22 SM Line Corp. 85,047 16 53,263 11 31,784 5 37.4%    
23 Sea Lead Shipping 83,638 23     83,638 23 100%    
24 China United Lines (CULines) 78,989 31 6,655 4 72,334 27 91.6% 31,090 9 39.4%
25 Global Feeder Shipping LLC 73,634 25 41,502 13 32,132 12 43.6%    
26 RCL (Regional Container L.) 71,230 38 60,888 35 10,342 3 14.5% 52,800 6 74.1%
27 Matson 68,563 29 38,573 19 29,990 10 43.7%    
28 Emirates Shipping Line 56,541 12 2,546 1 53,995 11 95.5%    
29 Arkas Line / EMES 50,557 31 50,557 31       3,100 1 6.1%
30 Swire Shipping 50,028 26 44,100 21 5,928 5 11.8%    
31 Sinotrans 45,157 32 23,970 16 21,187 16 46.9% 7,000 4 15.5%
32 Interasia Line 44,004 18 21,964 10 22,040 8 50.1% 9,165 3 20.8%
33 Ningbo Ocean Shg Co 41,294 48 30,806 33 10,488 15 25.4% 15,104 7 36.6%
34 Grimaldi (Napoli) 40,338 38 40,338 38       13,200 10 32.7%
35 Shanghai Jin Jiang Shipping 36,888 40 23,994 29 12,894 11 35% 7,600 4 20.6%
36 Samudera 36,105 30 7,467 11 28,638 19 79.3%    
37 Meratus 35,390 54 34,772 53 618 1 1.7% 3,600 2 10.2%
38 Tanto Intim Line 35,179 55 35,179 55          
39 Pasha Hawaii Transport Lines 32,510 13 11,570 6 20,940 7 64.4% 6,400 2 19.7%
40 Seaboard Marine 31,945 20 9,389 6 22,556 14 70.6% 10,500 3 32.9%
41 Salam Pacific Indonesia Lines 30,981 44 30,981 44          
42 Namsung Shipping 29,874 26 24,130 20 5,744 6 19.2% 10,600 6 35.5%
43 Great White Fleet 22,274 12 9,238 4 13,036 8 58.5%    
44 BAL Container Line 22,029 10 4,545 4 17,484 6 79.4%    
45 Transfar Shipping ltd 21,503 6     21,503 6 100%    
46 Linea Messina 20,940 8 20,440 7 500 1 2.4%    
47 FESCO 20,223 16 18,095 14 2,128 2 10.5%    
48 Temas Line 17,431 32 17,431 32          
49 Tropical Shg / TOTE Maritime 16,835 20 15,435 18 1,400 2 8.3%    
50 Transworld Group Singapore 16,565 13 15,648 12 917 1 5.5%    
51 Crowley Liner Services 15,751 14 11,787 10 3,964 4 25.2%    
52 Turkon Line 15,715 8 10,521 6 5,194 2 33.1%    
53 Westwood 15,492 7     15,492 7 100%    
54 Peel Ports (BG Freight) 15,297 17     15,297 17 100% 4,140 3 27.1%
55 Dole Ocean Liner 14,966 13 14,966 13          
56 Oman Container Line 14,339 4 4,250 1 10,089 3 70.4% 5,564 2 38.8%
57 Caribbean Feeder Services 14,296 11     14,296 11 100%    
58 Ellerman 13,814 4     13,814 4 100%    
59 Taicang Container Lines 12,988 11     12,988 11 100% 3,273 3 25.2%
60 Independent Container Line 12,381 4     12,381 4 100%    
61 Eimskip 12,261 14 6,029 7 6,232 7 50.8%    
62 Boluda Lines 12,229 16 4,892 7 7,337 9 60%    
63 MTT Shipping 11,918 10 10,752 9 1,166 1 9.8% 4,015 3 33.7%
64 DKT Allseas 11,628 7     11,628 7 100%    
65 Bengal Tiger Line 11,539 6     11,539 6 100%    
66 Pan Ocean (Container) 11,329 9 6,037 5 5,292 4 46.7% 5,600 4 49.4%
67 King Ocean 10,506 10     10,506 10 100%    
68 Qatar Navigation (Milaha) 10,125 7 6,813 4 3,312 3 32.7%    
69 Samskip 9,622 21 4,202 7 5,420 14 56.3%    
70 Shipping Corp. of India 9,418 3 8,800 2 618 1 6.6%    
71 Borchard Lines 9,332 10     9,332 10 100%    
72 Chun Kyung (CK Line) 9,313 11 3,075 4 6,238 7 67%    
73 HR Lines 9,220 6 9,220 6       17,400 6 188.7%
74 MACS 9,158 5 8,000 4 1,158 1 12.6%    
75 VASI Shipping 8,768 4 1,730 1 7,038 3 80.3%    
76 Akkon Lines 8,749 12     8,749 12 100%    
77 Pan Continental Shg 8,660 7 8,660 7          
78 Neptune Pacific Direct Line 8,553 7 8,553 7          
79 Del Monte Fresh Produce Co 8,432 9 7,996 8 436 1 5.2%    
80 Asean Seas Line 8,154 10     8,154 10 100% 14,660 8 179.8%
81 Far Shipping 7,910 6     7,910 6 100%    
82 Philippine Span Asia Carrier Corp 7 871 19 7 871 19
82 Philippine Span Asia Carrier Corp. 7,871 19 7,871 19          
83 EAS Datong 7,826 6 7,415 5 411 1 5.3%    
84 Marfret 7,728 7 7,402 6 326 1 4.2%    
85 Dalian Trawind Marine Co 7,650 4 7,305 3 345 1 4.5%    
86 Rifline 7,227 5     7,227 5 100%    
87 Imoto Lines 7,186 28 6,071 23 1,115 5 15.5%    
88 GS Lines 6,778 7 3,580 4 3,198 3 47.2%    
89 Oceanic Cargo Lines 6,762 17 6,762 17          
90 Stream Line (Seatrade BV) 6,312 32 3,096 15 3,216 17 51%    
91 Safeen Feeders 6,214 4 6,214 4          
92 Tarros 6,186 5     6,186 5 100%    
93 Goto Shipping 5,882 6 5,533 5 349 1 5.9%    
94 Guangxi Hongxiang Shipping Co 5,790 14 5,790 14          
95 Hai An Transport 5,787 5 5,787 5       3,600 2 62.2%
96 Shin Yang Shipping Sdn Bhd 5,691 11 5,691 11          
97 Tehama Shipping 5,665 4 4,853 3 812 1 14.3%    
98 Irish Continental Group 5,449 6 4,646 5 803 1 14.7%    
99 Medkon Lines 5,380 10 4,216 7 1,164 3 21.6%    
100 TCI Seaways Ltd 5,302 6 5,302 6