BASIS Top 25 Container Liner Operators 2015 · The Top 25 Container Liner Operators (2015) Dynamar B.V. Noorderkade 1G 1823 CJ Alkmaar Tel: +31 72 514 74 00 E‐mail: [email protected]

The Top 25 Container Liner Operators

(2015)

Dynamar B.V.

Noorderkade 1G 1823 CJ Alkmaar

Tel: +31 72 514 74 00 E‐mail: [email protected]

Website: www.dynamar.com

2 Top 25 Container Liner Operators (2015)

3Top 25 Container Liner Operators series

The Top 25 Container Liner Operators

Corporate and Trading Profiles

December 2015

Dynamar B.V. Noorderkade 1g 1823 CJ ALKMAAR

Phone: +31 72 514 74 00 Fax: +31 72 515 13 97 [email protected] www.dynamar.com

Analyst Darron Wadey, MILT

Assistant Analyst Arthur Luiten, MA

Managing Editor

Dirk Visser

© All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any

form or by any means electronic, mechanical, photocopying, recording or otherwise without explicit permission of the

publisher.

While the information contained in this report is presented in good faith, it frequently involves estimates where no current

published data is available. This information, believed to be accurate, can therefore not be guaranteed. The publishers

cannot accept liability of any errors or omission. Any and all information for this report has been collected, researched and processed in the fourth quarter of 2014.


TOP 25 CONTAINER LINER OPERATORS SERIES

Since 2002 Dynamar has been publishing regular reports on the world’s largest container liner carriers.

Throughout they have offered an insight into the history, nature, characters, developments, strategies,

relationships and results of these companies and the larger groupings they may form or be part of. We

welcome readers to the 13th and 2015 edition of Top 25 Container Liner Operators.

In deciding the Top 25, and to assist in comparisons with previous and future years, the situation as at the mid‐

point of the year has been taken. The publication opens with a summary of the Top 25 carriers at that point in

time, this looking at operated vessel fleet and capacity, carryings and container box fleets, affiliations and

where available, financial results.

We also look at the carriers on vessel capacity basis and summarise who has come into the Top 25 and who

has moved out. Furthermore we provide charts summarising the shares of operated vessel capacity by region

of control and by company type plus an update on the financial and operational performance for the first

three‐quarters of 2015 (where available).

For all this, the core of the publication consists of the profiles of each of the individual members of the Top 25

and their affiliated companies whose fleets are consolidated into that of the main company. In summary, each

profile contains:

A first page overview of o key details (address, ownership, historical) o performance indicators (capacity, market position, carryings, revenues and results)1 o Indexes and ratios showing relevant progression

… all covering 2009‐13 inclusive together with 2005 as the index point

A history and corporate background introduction (how the carrier got to where it is today)

Operated containership fleet and orderbook development, with supporting table

Trade lanes and markets served, with tables of main developments and current service network

Overview of interests in container terminals worldwide, with supporting table

Summary of container related and other relevant affiliations or activities

Summary of Alliance memberships

Supporting profiles of relevant and affiliated container shipping companies

Concluding the study is a separate chapter on Alliances or similar including profiles constructed the same way

as those for the individual carriers. There is also a comprehensive listing of all major, main and regional/feeder

trade lanes along which the Top 25 are active (as vessel providers) listed by trade and country.

All this has been complemented by around 150 different tables of supporting information and another 45

figures. We trust that you find the following pages of use and interest and as always, welcome any comments

or feedback you may have.

Darron Wadey, MILT

Dynamar B.V.

December 2015

1 Financials as available

5Contents

CONTENTS

TOP 25 CONTAINER LINER OPERATORS SERIES .................................................................................................................. 4

CONTENTS.................................................................................................................................................................. 5

LIST OF TABLES ............................................................................................................................................................ 7

LIST OF FIGURES ........................................................................................................................................................ 10

INTRODUCTION .................................................................................................................................................... 13

Selecting the Top 25 ......................................................................................................................................... 13

KEY INDICATORS ........................................................................................................................................................ 17

Average Vessel Sizes ......................................................................................................................................... 17

Operated Container Box Fleets......................................................................................................................... 18

Full Container Carryings .................................................................................................................................... 19

CAR/CAP Ratio .................................................................................................................................................. 20

Carriers Trade Lane Coverage ........................................................................................................................... 21

Revenues, Operating and Net Results .............................................................................................................. 23

Shipping Capacity Control ................................................................................................................................. 25

By Region ...................................................................................................................................................... 25

By company type .......................................................................................................................................... 25

APL ........................................................................................................................................................................ 27

CHINA SHIPPING ........................................................................................................................................................ 34

Golden Sea Shipping ......................................................................................................................................... 41

Shanghai Puhai ................................................................................................................................................. 42

CMA CGM ............................................................................................................................................................. 43

ANL ................................................................................................................................................................... 52

CNC Line ............................................................................................................................................................ 54

CoMaNav .......................................................................................................................................................... 56

Delmas .............................................................................................................................................................. 57

FAS .................................................................................................................................................................... 59

MacAndrews ..................................................................................................................................................... 60

OPDR ............................................................................................................................................................. 61

COSCON .................................................................................................................................................................. 62

Coheung ............................................................................................................................................................ 68

PanAsia ............................................................................................................................................................. 69

EVERGREEN LINE ....................................................................................................................................................... 70

HAMBURG SÜD ......................................................................................................................................................... 76

Aliança .............................................................................................................................................................. 83


CCNI .................................................................................................................................................................. 84

HANJIN .................................................................................................................................................................... 86

HAPAG‐LLOYD .......................................................................................................................................................... 92

HDS LINES ............................................................................................................................................................. 99

HYUNDAI MERCHANT MARINE ................................................................................................................................... 103

“K” LINE ............................................................................................................................................................... 110

KMTC .................................................................................................................................................................. 115

MAERSK LINE .......................................................................................................................................................... 119

MCC Transport ................................................................................................................................................ 128

Mercosul Line ................................................................................................................................................. 130

Safmarine ........................................................................................................................................................ 131

Safmarine MPV ............................................................................................................................................... 133

Seago Line ....................................................................................................................................................... 134

SeaLand ........................................................................................................................................................... 136

MOL .................................................................................................................................................................... 137

MSC ..................................................................................................................................................................... 143

NYK LINE ............................................................................................................................................................... 151

Camellia Line ................................................................................................................................................... 157

NYK Bulk & Projects Carriers ........................................................................................................................... 158

OOCL ................................................................................................................................................................... 159

PIL ....................................................................................................................................................................... 164

Advance Container Lines ................................................................................................................................ 170

Mariana Express Lines .................................................................................................................................... 171

Pacific Direct Line ........................................................................................................................................... 173

SITC ..................................................................................................................................................................... 174

T.S. LINES ............................................................................................................................................................ 178

UASC ................................................................................................................................................................... 181

WAN HAI ............................................................................................................................................................... 187

Interasia Lines ................................................................................................................................................. 192

X‐PRESS FEEDERS .................................................................................................................................................... 193

YANG MING ........................................................................................................................................................... 197

ZIM ...................................................................................................................................................................... 202

Gold Star Line.................................................................................................................................................. 208

ALLIANCES ........................................................................................................................................................... 211

East‐West Alliances development .................................................................................................................. 211

Changes over a long time ........................................................................................................................... 211

Changes over a short time .......................................................................................................................... 211

7List of Tables

Operational and commercial concepts ........................................................................................................... 213

Trades covered ............................................................................................................................................... 213

Alliances, overview ......................................................................................................................................... 215

CKYHE Alliance ................................................................................................................................................ 216

G6 Alliance ...................................................................................................................................................... 219

2M ................................................................................................................................................................... 223

Ocean Three ................................................................................................................................................... 225

Alliances’ present and future(?) market shares.............................................................................................. 228

TRADE LANES .......................................................................................................................................................... 230

Overview ......................................................................................................................................................... 230

Geographical definitions ................................................................................................................................. 233

Trade lane abbreviations ................................................................................................................................ 237

Stop Press ....................................................................................................................................................... 238

Sources ........................................................................................................................................................... 239

LIST OF TABLES

Table 1: The Top 25 – Overview by alphabetical order ........................................................................................ 13

Table 2: Comparison of Top 25 operated fleets mid‐2015/mid‐2014 .................................................................. 16

Table 3: Top 25 operated container BOX fleets .................................................................................................... 18

Table 4: Top 25 full container carryings ............................................................................................................... 19

Table 5: Top 25, Car/Cap ratios ............................................................................................................................ 20

Table 6: Top 25 Profit/Loss performances 2014 ................................................................................................... 23

Table 7: Top 25 Profit/Loss performances 9M 2015/14 ....................................................................................... 24

Table 8: APL ‐ key facts and figures ...................................................................................................................... 27

Table 9: APL fleet summary .................................................................................................................................. 30

Table 10: APL major service developments October 2014‐September 2015 ....................................................... 31

Table 11: APL services summary ........................................................................................................................... 31

Table 12: APL (NOL) container terminal interests ................................................................................................ 32

Table 13: China Shipping ‐ key facts and figures .................................................................................................. 34

Table 14: China Shipping – trades and capacity development 1998‐2007 ........................................................... 35

Table 15: China Shipping fleet summary .............................................................................................................. 37

Table 16: China Shipping major service October 2013‐September 2014 ............................................................. 38

Table 17: China Shipping services summary ......................................................................................................... 38

Table 18: China Shipping container volumes development ................................................................................. 39

Table 19: China Shipping identified container terminal interests ........................................................................ 39

Table 20: CMA CGM ‐ key facts and figures .......................................................................................................... 43

Table 21: CMA CGM group fleet summary ........................................................................................................... 47

Table 22: CMA CGM major service developments October 2014‐September 2015 ............................................ 48

Table 23: CMA CGM group services summary ..................................................................................................... 49

Table 24: CMA CGM group container terminal interests ..................................................................................... 50

Table 25: Cheng Lie (CMA CGM group) major service developments October 2014‐September 2015 ............... 54

Table 26: Coscon ‐ key facts and figures ............................................................................................................... 62


Table 27: Coscon fleet summary .......................................................................................................................... 64

Table 28: Coscon major service developments October 2014‐September 2015 ................................................. 65

Table 29: Coscon services summary ..................................................................................................................... 65

Table 30: Coscon container terminal interests ..................................................................................................... 66

Table 31: Evergreen ‐ key facts and figures .......................................................................................................... 70

Table 32: Evergreen fleet summary ...................................................................................................................... 72

Table 33: Evergreen major service developments October 2014‐September 2015 ............................................ 73

Table 34: Evergreen services summary ................................................................................................................ 74

Table 35: Evergreen container terminal interests ................................................................................................ 74

Table 36: Hamburg Süd ‐ key facts and figures .................................................................................................... 76

Table 37: Hamburg Süd acquisitions since 1989 .................................................................................................. 77

Table 38: Hamburg Süd fleet summary ................................................................................................................ 79

Table 39: Hamburg Süd major service developments October 2014‐September 2015 ....................................... 80

Table 40: Hamburg Süd services summary ........................................................................................................... 81

Table 41: Hamburg Süd container terminal interests ........................................................................................... 82

Table 42: Hanjin ‐ key facts and figures ................................................................................................................ 86

Table 43: Hanjin fleet summary ............................................................................................................................ 88

Table 44: Hanjin major service developments September 2014‐October 2015 .................................................. 89

Table 45: Hanjin services summary ...................................................................................................................... 89

Table 46: Hanjin container volumes development ............................................................................................... 90

Table 47: Hanjin container terminal interests ...................................................................................................... 90

Table 48: Hapag‐Lloyd ‐ key facts and figures ...................................................................................................... 92

Table 49: Hapag‐Lloyd fleet summary .................................................................................................................. 95

Table 50: Hapag‐Lloyd major service developments October 2014‐September 2015 ......................................... 96

Table 51: Hapag‐Lloyd services summary ............................................................................................................. 97

Table 52: Hapag‐Lloyd container volumes ........................................................................................................... 97

Table 53: HDS Lines ‐ key facts and figures .......................................................................................................... 99

Table 54: HDS Lines fleet summary .................................................................................................................... 101

Table 55: HDS Lines services summary ............................................................................................................... 102

Table 56: Hyundai ‐ key facts and figures ........................................................................................................... 103

Table 57: Hyundai fleet summary ....................................................................................................................... 106

Table 58: Hyundai major service developments October 2014‐September 2015 ............................................. 106

Table 59: Hyundai services summary ................................................................................................................. 107

Table 60: Hyundai container carryings ............................................................................................................... 107

Table 61: Hyundai container terminal interests ................................................................................................. 108

Table 62: “K” Line ‐ key facts and figures ........................................................................................................... 110

Table 63: “K” Line fleet summary ....................................................................................................................... 112

Table 64: “K” Line major service developments October 2014‐September 2015 .............................................. 113

Table 65: “K” Line services summary .................................................................................................................. 113

Table 66: “K” Line container terminal interests ................................................................................................. 114

Table 67: KMTC‐ Key facts and figures ............................................................................................................... 115

Table 68: KMTC Line fleet summary ................................................................................................................... 117

Table 69: KMTC major service developments October 2014‐September 2015 ................................................. 117

Table 70: KMTC services summary ..................................................................................................................... 117

Table 71: Maersk ‐ key facts and figures ............................................................................................................ 119

Table 72: Maersk major service developments October 2014‐September 2015 ............................................... 124

Table 73: Maersk services summary ................................................................................................................... 125

Table 74: MCC Transport major service developments October 2014‐September 2015 ................................... 128

Table 75: Seago Line major service developments October 2014‐September 2015 .......................................... 134

9List of Tables

Table 76: MOL ‐ key facts and figures ................................................................................................................. 137

Table 77: MOL fleet summary ............................................................................................................................ 139

Table 78: MOL major service developments October 2014‐ September 2015 .................................................. 140

Table 79: MOL services summary ....................................................................................................................... 140

Table 80: MOL container terminal interests ....................................................................................................... 141

Table 81: MSC ‐ key facts and figures ................................................................................................................. 143

Table 82: MSC fleet summary ............................................................................................................................. 145

Table 83: MSC major service developments October2014‐September 2015 .................................................... 146

Table 84: MSC services summary ....................................................................................................................... 148

Table 85: TIL and MSC [believed] container terminal interests .......................................................................... 149

Table 86: NYK ‐ key facts and figures .................................................................................................................. 151

Table 87: NYK group fleet summary ................................................................................................................... 153

Table 88: NYK major service developments October 2014‐September 2015 .................................................... 154

Table 89: NYK services summary ........................................................................................................................ 154

Table 90: NYK container terminal interests ........................................................................................................ 155

Table 91: OOCL ‐ key facts and figures ............................................................................................................... 159

Table 92: OOCL fleet summary ........................................................................................................................... 161

Table 93: OOCL major service developments October2014‐September 2015 ................................................... 162

Table 94: OOCL services summary ...................................................................................................................... 162

Table 95: OOCL container volumes development .............................................................................................. 163

Table 96: OOCL container terminal interests ..................................................................................................... 163

Table 97: PIL ‐ key facts and figures .................................................................................................................... 164

Table 98: PIL group fleet summary ..................................................................................................................... 166

Table 99: PIL major service developments October 2014‐September 2015 ...................................................... 167

Table 100: PIL group services summary ............................................................................................................. 168

Table 101: Marianas Express major service developments October 2014‐September 2015 ............................. 171

Table 102: Pacific Direct Line major service developments October 2014‐September 2015 ............................ 173

Table 103: SITC ‐ key facts and figures ............................................................................................................... 174

Table 104: SITC fleet summary ........................................................................................................................... 176

Table 105: SITC major service developments October 2014‐September 2015 .................................................. 177

Table 106: SITC services summary ...................................................................................................................... 177

Table 107: T.S. Lines ‐ key facts and figures ....................................................................................................... 178

Table 108: T.S. Lines fleet summary ................................................................................................................... 179

Table 109: T.S. Lines major service developments October 2014‐September 2015 .......................................... 180

Table 110: T.S. Lines services summary .............................................................................................................. 180

Table 111: UASC ‐ key facts and figures ............................................................................................................. 181

Table 112: UASC fleet summary ......................................................................................................................... 183

Table 113: UASC major service developments October 2014‐September 2015 ................................................ 184

Table 114: UASC services summary .................................................................................................................... 185

Table 115: Wan Hai ‐ key facts and figures ......................................................................................................... 187

Table 116: Wan Hai fleet summary .................................................................................................................... 189

Table 117: Wan Hai major service developments October 2014‐September 2015 ........................................... 189

Table 118: Wan Hai services summary ............................................................................................................... 190

Table 119: Wan Hai container terminal interests ............................................................................................... 191

Table 120: Interasia Lines sailing opportunities summary ................................................................................. 192

Table 121: X‐Press Feeders ‐ key facts and figures ............................................................................................. 193

Table 122: X‐Press Feeders fleet summary ......................................................................................................... 195

Table 123: X‐Press Feeder major service developments October 2014‐September 2015 ................................. 196

Table 124: X‐Press Feeder services summary ..................................................................................................... 196


Table 125: Yang Ming ‐ key facts and figures ..................................................................................................... 197

Table 126: Yang Ming fleet summary ................................................................................................................. 199

Table 127: Yang Ming services summary ............................................................................................................ 199

Table 128: Yang Ming major service developments October 2014‐September 2015 ........................................ 200

Table 129: Yang Ming container volumes development .................................................................................... 201

Table 130: Yang Ming container terminal interests ........................................................................................... 201

Table 131: ZIM ‐ key facts and figures ................................................................................................................ 202

Table 132: ZIM fleet summary ............................................................................................................................ 205

Table 133: ZIM major service developments October 2014‐September 2015 ................................................... 205

Table 134: ZIM services summary ...................................................................................................................... 206

Table 135: ZIM container terminal interests ...................................................................................................... 206

Table 136: Gold Star Line major service developments October 2014‐September 2015 .................................. 208

Table 137: Individual Alliances – fleet overviews ............................................................................................... 215

Table 138: Alliances service networks overview ................................................................................................ 215

Table 139: CKYHE Alliance fleet summary .......................................................................................................... 217

Table 140: CKYHE Alliance major service developments October 2014‐September 2015 ................................. 218

Table 141: CKYHE Alliance services summary .................................................................................................... 218

Table 142: G6 fleet summary ............................................................................................................................. 221

Table 143: G6 Alliance services summary........................................................................................................... 221

Table 144: G6 Alliance major service developments October 2014‐September 2015 ....................................... 222

Table 145: 2M fleet summary ............................................................................................................................. 224

Table 146: 2M services summary ....................................................................................................................... 224

Table 147: 2M VSA major service developments October 2014‐September 2015 ............................................ 224

Table 148: Ocean Three fleet summary ............................................................................................................. 226

Table 149: Ocean Three major service developments October 2014‐September 2015 .................................... 226

Table 150: Ocean Three services summary ........................................................................................................ 227

LIST OF FIGURES

Figure 1: Carrier groupings, subsidiaries, affiliates etc ......................................................................................... 14

Figure 2: Carriers moving in/out Top 25 ............................................................................................................... 15

Figure 3: Carriers changing position within the Top 25 ........................................................................................ 15

Figure 4: The Top 25 – Overview by average vessel size ...................................................................................... 17

Figure 5: Top 25 trade lane coverage and services offered .................................................................................. 22

Figure 6: Summary of TEU capacity control by region .......................................................................................... 25

Figure 7: Summary of TEU capacity control by company type ............................................................................. 25

Figure 8: President Tyler, one of APL’s first ships adapted to carry containers .................................................... 28

Figure 9: APL operated capacity and capacity rank development ........................................................................ 29

Figure 10: APL container volumes development .................................................................................................. 32

Figure 11: Major CMA CGM acquisitions since 1999 ............................................................................................ 44

Figure 12: the 16,000 TEU CMA CGM Marco Polo, for a while the largest containership in the world ............... 46

Figure 13: Delmas growth by acquisition 1971‐2001 ........................................................................................... 57

Figure 14: Coscon container volumes ................................................................................................................... 66

Figure 15: Columbus New Zealand, one of Hamburg Süd’s first containerships .................................................. 78

Figure 16: Hamburg Süd's 9,800 TEU Cap San Nicolas maiden call to Buenos Aires (2013) ................................ 79

Figure 17: Hamburg Süd volumes by company (TEU)........................................................................................... 82

Figure 19: “K” Line’s container business share of consolidated revenue ........................................................... 111

Figure 18: “K” Line’s first containership, the 690 TEU Golden Gate Bridge ....................................................... 111

Figure 20: Maersk group liner acquisitions ........................................................................................................ 120

11List of Figures

Figure 21: Maersk Line operated capacity milestones ....................................................................................... 122

Figure 22: The 18,270 TEU Mærsk Mc‐Kinney Møller, for a while the largest containership in the world ........ 122

Figure 23: MOL shares of group revenue (fiscal year ending March 31) ............................................................ 138

Figure 24: MOL container volumes development .............................................................................................. 141

Figure 25: the 19,200 TEU MSC Oscar, for a while in 2015, the largest containership in the world .................. 145

Figure 26: NYK’s 750 TEU Hakone Maru, Japan’s first cellular ship ................................................................... 152

Figure 27: The 13,200 TEU NYK Helios, NYK’s first +10,000 TEU unit ................................................................. 153

Figure 28: The Kota Singa, one of PIL’s first two vessels .................................................................................... 165

Figure 29: The Sea Hawk, PIL’s first containership ............................................................................................. 165

Figure 30: The 235 TEU Union Fortune, SITC’s first containership, in later life as Dubai Fortune ...................... 175

Figure 31: The 1,200 TS Keelung, T.S. Lines’ first owned containership ............................................................. 179

Figure 32: UASC’s 19,900 TEU Barzan the largest containership in the world ................................................... 182

Figure 33: UASC fleet capacity expansion .......................................................................................................... 184

Figure 34: YM Wish (14,000 TEU), Yang Ming’s largest vessel ........................................................................... 198

Figure 35: ZIM Tianjin (10,100 TEU) maiden call to Savannah (US), March 2015 .............................................. 204

Figure 36: Alliance structure 2015 ...................................................................................................................... 212

Figure 37: Evolution of the G6 Alliance .............................................................................................................. 219

Figure 38: Global trade lanes – East‐West Axis .................................................................................................. 230

Figure 39: Global trade lanes – North‐South Axis .............................................................................................. 231

Figure 40: Global trade lanes – intra‐ or regional trades .................................................................................... 232

Figure 41: Listing of trades, their component regions and allocated countries ................................................. 233

Figure 42: Listing of countries and their allocated (component) regions and trades ......................................... 234

Figure 43: Trades related abbreviations used .................................................................................................... 237

Documents

BASIS Top 25 Container Liner Operators 2015 · The Top 25 Container Liner Operators (2015) Dynamar B.V. Noorderkade 1G 1823 CJ Alkmaar Tel: +31 72 514 74 00 E‐mail: [email protected]