Visits the Maersk Group TMI for recruitment

HANSA January 2018

est.

1864

INTERNATIONAL MARITIME JOURNAL 01 |2018

SHIPPING

Review HANSA-Forum

Focus on shortsea

Scheduled services Latin America

MARINE TECHNOLOGY

Focus on bunkers

Remote control at sea

STG annual meeting

PORTS | OFFSHORE

Update marine technology

Empty container logistics

Ghent grows and merges

ISSN 0017750-4

01

9 770017 750007

January2018 | 155th year

ISSN 0017-7504 | C 3503 E | € 14.80

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Maritime Career Market


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Editorial

Michael Meyer

Responsible editor

Impersonation with scars

2018 has started greeting cards with well

intended phrases like »Alles Gute im

New Year "or" To continued good cooperation "

are filed or answered.

Quite a few become with such sayings

only being able to smile contrite is fine

for him it is simply a matter of survival.

2017 made that very clear. Because

what we experience in Germany

had to, wasn't a facelift, but one

Emergency surgery, more of a change of identity. With

clear scars. In the line and

tramp shipping, in the MPP market

Shipowners, ship managers, brokers and in

the ports. HANSA- and HANSA-Online reader

could follow this well.

The local industry is not just suffering

for one year. Whatever now

becomes clearer, the effects are:

Takeovers, mergers, fleet (ex)

Sales, take control from the

Abroad with the removal of those responsible ... The

List keeps getting longer.

The banks also have a share

who pull the much-cited plug. Just

to pass the buck on them,

however, it is too easy. But that is one

different story.

What is certain is that there is already a learning curve

has given and continues to give - at

(almost) everyone involved. That was last

at the high-ranking 21st HAN

SA forum clearly. The banks will

far more cautious of credit requirements

rise, we hear of something heightened again

Selling pressure. Become a shipowner

Expansion and new construction activities for a long time

consider becoming business partners with

selected more carefully. But also external ones

Sources of capital that last like a for years

Grail were carried through the branch,

but due to high requirements

and differences in business culture

ultimately only be tapped sporadically

could seem better to the situation

set on site. So speak

Chinese leasing companies, for example

now also explicitly small and medium-sized ones

Shipowner. For the "big" capital markets

However, it is lacking in many places

still on structural and intellectual

Requirements.

An important finding from 2017 is

but also: Even if the fleet sale

has accelerated dramatically, itself

when more and more shipowners become ship managers

be: What before the crisis the one

or others perceived as degradation

would have is today - rightly - as "after all"

and "successful realignment"

rated. There are also German actors

that grow. Not everything in this country

is sold, moves abroad.

The involuntary impersonation is

not completed. Like the face of the

Shipping at the end of this year looks like

nobody knows. So important are their contributions

also are, but a glass ball has none

Analyst, not a valuer and not a boatman

at hand. Also no

external observer. Their point of view

will however remain important in the future,

Incidentally, also in the commercial-technical

Area, keyword automation,

Digitization, blockchain etc.

Maybe give some of the fundamental

Industry indices give cause for hope.

This is how the Baltic Dry Index climbed

most recently to the highest level since 47 (!)

Months. Also the NewConTex and the

MPP index TMI rose sharply, even

the oil price recently settled at over

$ 62 fixed. Possibly gets the

Shipping to take a breather

let their scars heal.

Therefore and in spite of everything also from the

HANSA: I wish you the best for the next year!

THE BEST

WISHES

FOR 2018!

Thank you for what you have shown us

Trust. We wish the readers of the

HANSA and our business partners

a successful and happy new year.

dnvgl.com/maritime

HANSA International Maritime Journal - Volume 155 - 2018 - No. 1 3


Content | Contents January2018

Markets | Markets

Optimism growing in shipping. . . . . . . . . . . . . . . . . . . . . . . . . . . .10

Insurance | Insurance

Northern Lloyd sets foot in the Lloyd’s market. . . . . . . . . . . . .14

Financing | Financing

M&A and sell-offs - an update. . . . . . . . . . . . . . . . . . . . . . .17

What to buy for Christmas ?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18

21. HANSA-Forum »Shipping | Financing":

Real chances after a horse cure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20

Shipping | Shipping

New start for rally around Latin America. . . . . . . . . . . . . . . . . . . . . .26

Lesson learned: The Hamburg Süd brand remains - the flag changes. . 29

Margin pressure on ocean freight continues. . . . . . . . . . . . . . . . . . . . . . . . .30

FreightHub: digital forwarding on the advance. . . . . . . . . . . . . .31

Shortsea: Lehmann relies on smaller tonnage. . . . . . . . . . . . . .32

Guest comment

ALEXANDER GEISLER, managing director

Central Association of German Ship Brokers:

»Short Sea Shipping -

the sleeping beauty! «. . . . . . . . . . . . . . . . . . .34

"Brexit" & Shortsea: Ireland looks to increase links with EU. .36

A nearly balanced tanker market? . . . . . . . . . . . . . . . . . . . . . . . . . .38

Singapore: Mass flow meters change bunkering game. . . . . . . .40

20

Ship technology | Ship Technology

Pipeline? Shuttle tanker! . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .46

New puzzle pieces for an autonomous future. . . . . . . . . . . . . . . . . . .48

Interview with TORE MORTEN OLSEN,

President Maritime, Marlink:

"We are pushing the boundaries". . . . . . . . . .51

STG annual meeting: shipbuilding vies for young talent. . .52

Spotlight on new ships: "Celine" sets new standards. . . . . . .54

Aveva: Capturing the digital vision. . . . . . . . . . . . . . . . . . . . . . . . .55

40

Hansa 181x44.qxp_IMMH 02/09/17 17:52 Page 1

Experience the sea

in the heart of HafenCity

KAISPEICHER B

KOREASTRASSE 1 | 20457 HAMBURG

TEL. 040 300 92 30-0 | WWW.IMM-HAMBURG.DE

OPEN: EVERY DAY 10 AM TO 6 PM

4 HANSA International Maritime Journal - 155th volume - 2018 - Number 1


Content | Contents

Highest paid circulation

among maritime

journals in Germany

YOUR

NO. 1

Offshore

Interview with MICHAEL JAROWINSKY,

Head of the National Master Plan Office

Maritime Technologies (NMMT):

»Deadline forecast not possible«. . . . . . . . . . .58

Marine technology gets a test environment. . . . . . . . . . . . . . . . . . . .60

Ports | Ports

Ghent intends to stay a specialized port. . . . . . . . . . . . . . . . . . . . .62

Wilhelmshaven in the LNG advantage? . . . . . . . . . . . . . . . . . . . . . . . . . .64

Interview with

JOHANNES SCHLINGMEIER

Managing Director xChange:

»Great savings potential in

Empty Container Logistics «. . . . . . . . . . . . . . . . . . .66

Bunker: Singapore goes organic. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .68

Port News. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .69

HTG info and calendar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .70

62

Rubrics

Editorial –Identity change with scars. . . . . . . . . . . . . . . . . . . . .3

People. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

News. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7

Snapshot. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8th

Buyer's Guide. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44

Freight & Trade Events. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72

List of advertisers | Imprint . . . . . . . . . . . . . . . . . . . . . . .73

Last page: "USS Fitzgerald" - the breakdown ship. . . . . . . . . . . .74

HERO LONG

Aerial photography

BREMERHAVEN

The PHOTO SPECIALIST

for aerial photos from all areas of shipping

Dieselstrasse 17 | 27574 Bremerhaven | Tel. 0471-31063

HANSA International Maritime Journal - Volume 155 - 2018 - No. 1 5


People

For more news, simply scan the QR code

or visit www.hansa-online.de

BOLUDA: Antonio Bordilis Montero,

CEO of the Spanish tractor group

Boluda, has the management

the

bought in February 2017

German

Daughter of URAG

accepted. Affected

are also

the Lütgens & Reimers

Towing and URAG International.

The previous managing director

Carsten Rohrssen and Gerhard

Woerheide was given notice in mid-December.

CMA CGM: Reinhard Peschel, long

Managing Director for CMA CGM in

Germany, goes

after more than 25 years

at the French

Shipping company in

retirement. in the

spring 2018 took over

he's the position

of the President of the

CMA CGM Central Europe Cluster and

gave the baton of the managing director

to his long-term colleague Peter

Wolf continues.

DEUGRO: Klaus Hilpert is leaving

Logistics group and mother of the heavy lift shipping company

dship.

The Vice President

has retired

adopted.

The designated

Transport expert

Hilpert was eight years

in the deugro-

Group active. As part of a company party

for the tenth anniversary

he officially came from deugro Japan

withdrawn. CEO Thomas C. Press

emphasized the great merits of Hilpert

in the diversification of the group,

which also included the establishment of the heavy lift carrier

dship belonged to.

News of the month: Personnel carousel at MPC is turning

MPC: Christian Rychly (left), currently still managing director of the Leonhardt shipping company

& Blumberg, will be the new managing director of MPC Maritime Holding at the turn of the year.

There he will be responsible for all shipping activities together with Michael Silies

of the MPC group. It was recently announced that Peter Ganz,

Board member responsible for Shipping, who is leaving MPC Capital AG.

He will be replaced by CFO Constantin Baack (right).

LLOYD FUND: Torsten Teichert,

CEO for 16 years, leaves

surprisingly the

decisive from him

with built Lloyd

Fund AG. Justified

becomes the decision

with “disagreements

to

operational and strategic

Questions «. Teicherts

Board colleague takes on tasks

and ex-Commerzbanker Klaus M. Pinter,

General Manager since June 2016.

DEUTSCHE BANK: Klaus Stoltenberg

leaves the bank after almost four years

and takes one

Time out. The reasons

for goodbye

weren't initially

known. In the course of

of the year he wanted

after weighing

different options

accept a new challenge,

is it [called. After positions at the

He joined KfW and NordLB in 2014

Deutsche Bank, where he was Global Head of

Ship Finance was.

HSM: Oliver Zimmer is the new board member

at the Hanse Ship Management association.

He should »due to sener

Technical expertise «

focussed on

in the area of ​​controlling

/ Reporting

/ legal affairs responsible

his and the administrative

Fortunes

of the association.

Zimmer, previously authorized signatory at HSM,

follows Malte Rambow, who for three years

Board was.

GRONINGER WELKE JANSSEN:

Jörn Groninger, dispatcher in fifth

Generation, is for

President of the international

Professional association

Association

Mondiale de

Average adjuster elected

been. The lawyer,

who is also chairman

of the Association of German Dispacheurs

is, was established in 2002 by the Chamber of Commerce

Bremen publicly appointed and sworn in.

Groninger runs the firm's business

with partner captain Dirk Janssen.

6 HANSA International Maritime Journal - 155th volume - 2018 - Number 1


News

NEWS

financing

DNV GL: The Det

Norske Veritas becomes sole

Owner of DNV GL

Group. The family has heart

sold their shares of 36.5%.

Price unknown.

Scandlines: The capital fund

3i obviously wants the ferry company

to sell. Circulated as a price

a sum of up to

$ 800 million.

Magellan Maritime: Round

8,000 creditors of the insolvent

Magellan Maritime

Services receive an advance payment

in the amount of

a total of € 100 million.

DVB Bank: DZ Bank has

apparently commissioned Goldman Sachs,

a buyer for the ailing

To look for daughter.

Color Line: The Norwegian

Color Group plans for their

Daughter going public.

Borealis Maritime by Christoph

Toepfer sets in Istanbul

a joint with »new partners«

Venture for the commercial

Chemical tanker management

on.

Euronav / Gener8: By share swap

Euronav takes over the

Shipping company Gener8. For every 1 Gener8 share

there are 0.7272 Euronav shares.

The price lies

35% above the last market price.

In the new company

Euronav holds 72% of the shares.

shipping

Thorco is expanding its activities

in the bulk market with a new one

Daughter out. She is supposed to get on

focus on larger ships.

"Thorco Projects Dry Cargo"

is already after »Thorco Bulk«

the second bulk initiative of the

Danish MPP operator.

LNG projects: The Federal Ministry of Transport

in Berlin

represents the promotion of LNG

Projects totaling € 278 million

ready. Applications can be submitted until February

2018 be asked.

OOCL: The EU Commission

has her consent for the

Takeover of OOCL by

COSCO given. The buying price

is over $ 6 billion.

Ship technology

Arctech: The state shipbuilding group

USC from Russia

want the majority of the Finnish

Arctech shipyard to one

Sell ​​"western" partners.

The reason are the sanctions

against Russia, the new business

increasingly prevent.

FSG: The Flensburg shipbuilding company

has two

new RoRo ships in the order book

taken. The orders

come from the parent company

Siem from Norway.

Vard: The one belonging to Fincantieri

Shipyard is building for € 270 million

a new cruise ship for

Ponant. It is made with LNG

Technology and should be delivered in 2021

become.

Dockstavarvet: The pilot association

has the »Dithmarschen«,

the first of two

new transfer ships from the

Swedish shipyard received.

Samsung Heavy Industries

(SHI) is planning another capital increase.

The South Korean

Shipyard company wants $ 1.3 billion

collect about new shares.

Offshore

Global Rewenable Shipbrokers

(GRS), a hamburger

Spezialmarkler, continues its expansion

with a new office

in Atlanta, USA.

Ports

Cuxhaven: The berth 9.3

gets until mid-March 2018

a shore power connection. It

is the first port owned

from Niedersachsen Ports

(NPorts) with such a

Technology is equipped.

Hamburg: The Federal Cartel Office

has fines in the amount

of a total of around € 13 million

against three port towing service providers

and those responsible

imposed. Both

Company is

to Fairplay Towage, Bugsier

and Petersen & Alpers.

Elbe: The Federal Administrative Court

in Leipzig

last complaints from residents

against the fairway adjustment

the exterior and

Lower Elbe rejected. In order to

can currently the largest German

Transport project planned

become.

Bremen ports: At the quays

and terminals of the Bremen

Ports will be for the year

2017 a sea-side cargo handling

of 75.1 million t expected.

That corresponds to a minus

of 0.1% compared to 2016.

Hamburg: The insolvent

Stevedoring company Carl Tiedemann

and the Lasch Company

Hamburg (LCH) are sold

been. The contract for Tiedemann

received the hamburger

Company HLG, Paul

Grimm, also from the Hanseatic city,

secured the LCH.

Rostock has a funding notification

amounting to almost

€ 13.5 million for the construction of a

new quay for bulkers

received in the overseas port.

More details and other news as usual

HANSADigital

www.hansa-online.de

HANSA International Maritime Journal - Volume 155 - 2018 - No. 1 7


Snapshot

snapshot

Don't be afraid of ice and snow

Unlike the Deutsche Bahn, shipping has to be due

of the "surprisingly" winter not

report extensive damage and malfunctions every year.

There are - still - ice areas with restricted traffic

like the Northeast Passage. Overall, the winter season is always good

prepared and can only be stopped by the cold and ice in exceptional cases. Therefore

The result is even more beautiful motifs, like in this picture from the Baltic Sea Photo: Magnus Rietz

8 HANSA International Maritime Journal - Volume 155 - 2018 - Number 1


Snapshot

Dear readers,

if you too have captured a maritime moment, please send us the photo with a few personal or explanatory lines

to. We look forward to your submissions to: [email protected] and Schiffahrts-Verlag »Hansa«, Stadthausbrücke 4, 20355 Hamburg.

Note: The publisher reserves the right to use received photographs for editorial purposes.

HANSA International Maritime Journal - Volume 155 - 2018 - No. 1 9


Markets | Markets

Optimism growing in shipping

2017 closing on improved spot vessel earnings. Firmer trend forecast in the new year

based on world GDP predictions and orderbook profile, writes Michael Hollmann

Hire rates for both container ships

and for bulk carriers saw substantial

improvements from extremely depressed

levels in 2017 and most brokers,

Consultants and analysts agree that

2018 should see a continuation of the

firmer trend, work at different speeds.

In container shipping, average charter

rate levels are expected to improve

slightly although upward momentum is

likely to be reined in by a late of deliveries

of ultra large newbuildings. For the

dry bulk market, the outlook is considered

to be more positive thanks to very

low fleet growth last year.

The final weeks of 2017 saw a continuation

of the stable trend in container ship

charter rates, with the New ConTex even

posting a marginal increase and thus defying

typical seasonal patterns that normally

see rate levels easing between late

autumn and Chinese New Year.

Tonnage demand for the largest available

ships of 8,000-10,000 TEU did not

fall over a cliff as some were expecting, in

what reflects the deepsea container lines ’

reluctance today to scale back route capacities

during winter as they normally

do. Hence there was still reasonable fixing

activity for ships out of prompt positions

and for forward delivery in March

and April, brokers said.

One 10,000 TEU ship was reportedly

committed to Hapag-Lloyd for a

12-month period at around $ 25,000 / day

while a slightly smaller units secured

TEU Name dwt Built Type Speed ​​Cons. Charterer Laycan Period Rate ($)

FEEDER / MOBILE PHONE

618 MCP Kyrenia 7709 2008 geared 15.0 20 + 1.5 CMA CGM Dec 9-12 months Indian Ocean (ext) 5800

698 Max Pluto 8400 2009 g ›less 17.5 26.3 Centrans Dec 5-7 months Intra-Asia (ext) 5000

698 Pengalia 8268 2008 g ›less 17.3 27 SCS Multiport Dec 12 months Cont / Baltic € 4500

735 Star Comet 7960 2002 g ›less 17.5 29 X-Press Feeders Dec 1-2 months Mediterranean (ext) 4800

917 Vega Alpha 10600 2005 g ›less 17.5 33 APL / CMA CGM Dec 3-6 months SE Asia / India (ext) 7300

990 Warnow Carp 11979 2009 g ›less 18.0 35 + 2 Hasco Dec 2-4 months Intra-Asia 6200

1042 Chattanooga 12580 2012 g ›less 18.5 17.5 + 3 X-Press Feeders Dec 4-7 months Intra-Asia (ext) 7675

1102 Max Contender 13760 2008 geared 18.0 41 Hayley Lines Dec Indian Ocean trade (ext) 6100

1118 Vega Fynen 13760 2006 geared 19.6 39.3 OOCL Dec 3-9 months Intra-Asia 6000

1338 Bomar Regent 17108 2007 geared 20.0 46.8 + 3 Seatrade Dec 84-168 days N. Europe / Caribbean 8850

1440 Sima Sadaf 20250 2007 g ›less 19.0 54 + 3.5 Yang Ming Line Dec 2-6 months Intra-Asia 7950

1717 Ophelia 21700 2018 geared 19.0 40.5 + 3.5 Rizhao Port Jan 6 months Intra-Asia 10250

1714 Olivia 22000 2013 geared 19.7 45 + 3.5 OOCL Dec 8-10 months Intra-Asia 10250

1730 Leopard 22983 1998 geared 20.0 54.5 X-Press Feeders Dec 3-5 months SE Asia / Bangladesh 8000

1732 RHL Agilitas 23600 2007 geared 21.0 64 + 6 Maersk Dec 2-4 months Caribbean 9000

1756 Nordlily 23673 2016 g ›less 18.5 42.4 + 2.8 CMA CGM Dec 3-4 months Intra-Asia (ext) 10500

SUB-PANAMAX

2345 Melchior Schulte 30350 2015 geared 19.0 47.6 + 4.2 Baltic Reefers Jan 45-100 days N. Europe / WCSA reefer 12500

2432 Buxfavourite 33994 1998 geared 20.5 67 + 3 CMA CGM Dec 9-12 months Far East / East Africa 8750

2572 Nordwoge 34800 2006 g ›less 22.0 89.5 + 6 Evergreen Dec 4-6 months Intra-Asia (ext) 8650

2770 Ete N 41424 2012 geared 22.0 108 + 5.5 Hapag-Lloyd Dec 3-6 months Persian Gulf 8950

2782 Bright 37000 2018 g ›less 18.0 48.7 X-Press Feeders Jan 4-6 months SE Asia / Bangladesh 11950

2796 Calidris 41400 2012 g ›less 22.0 98 CMA CGM Dec 6-12 months worldwide 8500

2824 Irenes Rhythm 39462 2007 g ›less 22.0 94.0 OOCL Dec 10-14 days Intra-Asia 9750

3091 Lutetia 41800 2005 geared 22.0 105 + 4.5 X-Press Feeders Dec 14-28 days Mediterranean (ext) 8500

3108 Hebe 41800 2008 g ›less 22.0 97.5 + 4.5 Oman Shipping Jan 3-5 months Persian Gulf trade (ext) 9000

TRADITIONAL PANAMAX AND WIDEBEAM

4300 Rio Charleston 55345 2008 g ›less 24.2 144.5 CMA CGM Dec 4-8 months Far East 7900

4330 Bahamas 52315 2010 g ›less 24.0 141 + 7 Zim Jan 3-6 months Asia / West Africa (ext) 8300

4620 RHL Constantia 57500 2013 g ›less 23.3 115 + 8 Hapag-Lloyd Dec 1 Far East / Australia round voyage private

5089 Aeneas 63500 2010 g ›less 25.0 144 + 8 Vasi Shipping Dec 2-4 months Asia trade 7400

5089 Memphis 68618 2008 g ›less 22.9 138 Maersk Dec 2-3 months Far East net 7700

LARGE AND VERY LARGE

6008 E.R. Felixstowe 67500 2000 g ›less 25.8 212 Cosco Dec 6-9 months Far East 13250

6494 Hamburg 72982 2009 g ›less 26.0 Wan Hai Lines Dec 4-7 months Far East 11250

8073

Seamax New

Haven

98500 2005 g ›less 25.9 OOCL Dec 1-4 months transpacific trade 12500

8580 CPO Bremen 103773 2009 g ›less 25.6 MSC Jan 12 months + option 12 months ww

12500 /

17500

9954 Athenian 118835 2011 g ›less 25.7 250 Hapag-Lloyd Jan 2-5 months Far East / Mediterranean 15250

10114 Express Athens 115000 2011 g ›less 24.5 247 Hapag-Lloyd Jan 12 months worldwide 25000

Charter deals / all information without guarantee

10 HANSA International Maritime Journal - Volume 155 - 2018 - Number 1


Markets | Markets

Orders & Sales

NB

Within the new building market

for container vessels, only

one order was placed during

the last four weeks. Greece`s

Cosmoship has ordered four

1,500 TEU vessels at Guangzhou

Wenchong in China. The

ships are scheduled to be delivered

in the second half of 2019.

S&P

The market for further trading

container vessels was less active

in the second half of November

and the first half of

December compared to the

previous reporting period. In

above $ 15,000 / day for a short flexible

period that will allow it to seek new employment

possibly at much higher levels

in the middle of this year. Demand

for older standard 8,500 TEU continued

as well although rate levels slipped

to around $ 12,500 / day.

Underlying demand for container

transportation remains on the way up,

illustrated by another all-time high of

the ISL / RWI container handling index

for November. So it appears that trade

volumes justify the carriers' expansive

capacity strategy up till now. Operators

managed to grow their business without

sparking a major rate was throughout

2017, turning in profits from the

second quarter onwards with only a

few exceptions. However, spot freights

and contract rates, too, were declining

as the year progressed, hitting critical

levels at the end of the year that should

prompt carriers to take a more cautions

approach to capacity growth.

Based on positive world GDP growth

forecasts for 2018 (IMF: 3.7%), there is

no reason why container trade growth

should weaken from current levels of

around + 5%. As in the recent past,

though, top line trade growth can be

expected to yield different results for

different vessel segments. Imbalances

in supply across all size classes from

feeders up to very large vessels already

led to a notable disparity in rate developments.

For example, handy / feeder

vessels of 1,700 TEU were fixing short

periods at rates ranging from 8,000 to

over 10,000 $ / day at the of 2017 whereas

conventional panamaxes only

achieved mid 7,000’s to low 8,000’s $ /

day in most cases.

total we recorded twelve transactions

including two en bloc

deals. Again, the Oslo-based

ship investment company

MPC Container Ships AS expanded

its activities and acquired

ten container vessels

for a total price of 130 mill. $.

Nine 1,700 TEU vessels and

an additional 2,800 TEU

vessel with an average age of

eight years were purchased

from South Korean owner

Cido Shipping. Furthermore,

Hanseatic Lloyd has

sold four panamax containers

vessels for a high price of

27.5 mill. $ each with additional

long-term remaining

time charters for $ 27,500 /

day until 2020. They were purchased

by Navios.

demo

The scrap price increase observed

in the past weeks continued

during this reporting

period. The positive development

of global iron ore prices

had its impact on quoted scrap

prices. Scrapping even though

activity for container vessels

remained low with in total

five vessels sold for scrap,

prices well above $ 400 / ldt

were achieved. On the Indian

sub-continent, the 1996 built

panamax container ship "Fortunate"

for example was sold

for 467 $ / ldt. Jan Göldner

In the big picture, all container ship

types were in a better position at the

end of 2017 than 12 months prior, as illustrated

by the ConTex period assessments

with year-on-year improvements

in charter market rates between + 10.0%

(1,100 TEU) and 87% (4,250 TEU,

12 months).

Based on projected order book deliveries

and capacity reserves from idle

vessels, market developments are likely

to be varied again across the spectrum

of vessels. The consensus among

shipbrokers seems to be that smaller

vessels below 4,000 TEU are in a relatively

favorable position while larger

vessels may have more limited opportunities

to obtain rate increases due

to rising competition from new ultra

large vessels.

Deliveries of newbuildings in excess

of 10,000 TEU are expected to accelerate

from an estimated 67 in 2017 to 89 this

year which is going to cause pressure on

smaller vessels perhaps down to panamax

class through cascading and displacement

of ships from their established service

loops.

Smaller handy / feeder vessels - especially

geared types - clearly enjoy

a better outlook judging by the delivery

profile, with deliveries especially

in the 1,500-2,000 TEU and the 500-

1,000 TEU sectors falling sharply this

year (to just 10 and 1 units, respectively,

according to Alphaliner). The situation

will be different next year when

newbuilding deliveries are forecast

to fall sharply across all sizes, hence

2019 is likely to be the "year of real improvement"

in the container market, as

one major broker put it.

M.

COMPASS

CONTAINER SHIP T / C MARKET

420

380

340

300

20.07.17

19.12.17

Month on Month 404 +1.0%

CONTAINER FREIGHT MARKET

WCI Shanghai-Rotterdam $ 1.376 / FEU +1.0%

WCI Shanghai-Los Angeles $ 1.077 / FEU -20.0%

Average rates spot / up to 4 weeks validity

WCI = World Container Index, supplier: Drewry

DRY CARGO / BULK

Baltic Dry Index 1547 + 11.0%

Spot time charter averages ($ / day)

Capesize 5TC average 23,942 + 8.4%

Panamax 4TC average 12.751 + 24.7%

Supramax 6TC average 10,766 + 10.4%

Handysize 6TC average 9,267 +1.5%

Forward / ffa front month Jan ($ / day)

Capesize 180k 16,460 -10.6%

Panamax 11,460 + 4.5%

MPP

December ´16

$ 6,366

TMI

Toepfer's Multipurpose Index

December ´17

$ 6,700

The index is based on a 12,500 tdw MPP / HL "F-Type" vessel for a 6-12 months

TC and represents the monthly assessment from operators, owners and brokers.