DHL Global Forwarding, Freight OCEAN FREIGHT · PDF file1 OCEAN FREIGHT MARKET UPDATE DHL Global Forwarding, Freight December 2017

1

OCEAN FREIGHT MARKET UPDATE

DHL Global Forwarding, Freight

December 2017

2 2

Contents

DHL Global Forwarding | OFR Market Update | Dec 2017

TOPIC OF THE MONTH

Asia – North Europe Capacity, Q4 2017

HIGH LEVEL DEVELOPMENT

MARKET OUTLOOK

Freight Rates and Volume Development

ECONOMIC OUTLOOK & DEMAND DEVELOPMENT

CAPACITY DEVELOPMENT

CARRIERS

3 3

Topic of the Month

Asia – North Europe Capacity, Q4 2017

A S I A - N O R T H E U R O P E C A P A C I T Y G R O W T H T O H I T 1 1 % I N Q 4

• After ten blanked October sailings for the Chinese National Day ‘Golden

Week’ holidays, only seven blanked sailings are currently scheduled for

the months of November and December.

• The limited capacity cuts should remove any concerns about space

shortages, even though demand has picked up very quickly after the

October holidays in China. Capacity utilization has rebounded to 95% in

the last week of October, with only a mild fall in that month despite the

higher capacity on offer.

• Spot freight rates from the Far East to North Europe have rebounded in

the past two weeks, as carriers pushed out a fresh round of rate

increases after suffering a 33% drop since July this year.

Source: Alphaliner


4 4

High Level Market Development – Supply and Demand

1’200

0

200

400

600

800

1’000

Q3 Q2 Q1

16

Q4 Q3 Q2 Q1

15

Q3 Q4 Q1

17

Q2

0

2’500

2’000

1’500

1’000

500

Q3 Q1

15 Q2 Q3 Q2 Q4 Q3 Q1

16

Q2 Q4 Q1

17

0

200

400

600

800

Q2 Q3

Q1

17

Q3 Q4 Q2 Q1

16

Q4 Q3 Q2 Q1

15

BIX 380

BIX MGO

SHANGHAI

CONTAINERIZED

FREIGHT INDEX

(SCFI)3)

WORLD

CONTAINER

INDEX (WCI)2)

BUNKER

PRICE

INDEX 5)

ECONOMIC

OUTLOOK 1)

GDP GROWTH

BY REGION

SUPPLY VS

DEMAND

GROWTH 4)

Source: 1)real GDP, Global Insight, Copyright © IHS, Q2 2017 . All rights reserved; 2) Drewry Container Forecaster –

Forecast global supply-demand balance; 3) Shanghai Shipping Exchange, in USD/20ft container and USD/40ft container for

US routes, 15 routes from Shanghai, 4) Global Insight, Drewry, 5) Bunker Index, in USD/metric ton, Bunker Index MGO (BIX

MGO) is the Average Global Bunker Price for all marine gasoil (MGO) port prices published on the Bunker Index website,

Bunker Index 380 CST (BIX 380) is the Average Global Bunker Price for all 380 centistoke (cSt) port prices published on the

Bunker Index website

0.0

2.0

4.0

6.0

8.0

10.0

2011 2012 2013 2014 2015 2016 2017F 2018F

% Growth

2019F

Demand Growth

Supply Growth


2017F 2018F 2019F 2020F 2021F CAGR

(2017-2021)

EURO 2.1% 1.9% 1.8% 1.8% 1.8% 1.8%

MEA 3.0% 3.4% 3.7% 3.9% 4.0% 3.7%

AMER 2.0% 2.6% 2.5% 2.3% 2.4% 2.5%

ASPA 5.0% 4.8% 4.6% 4.5% 4.7% 4.7%

DGF World 3.1% 3.2% 3.1% 3.1% 3.2% 3.2%

Q4

Q4

5 5

Market Outlook December 2017 – Major Trades

No major space constraint on any trade.

KEY Strong

Increase ++

Moderate

Increase +

No

Change =

Moderate

Decline -

Strong

Decline - -

EXPORT REGION IMPORT REGION CAPACITY RATE

EURO AMNO = =

AMLA = +

ASPA = =

MENAT = =

SSA - =

AMNO AMLA = +

ASPA = =

EURO = =

MENAT = =

SSA = =

EXPORT REGION IMPORT REGION CAPACITY RATE

AMLA AMNO - ++

ASPA - ++

EURO - +

MENAT - +

SSA = ++

ASPA ASPA - =

AMNO - +

AMLA = +

EURO = =

MENAT = -

OCEANIA = +


Source: DGF

6 6

Market Outlook December 2017 – Ocean Freight Rates Major Trades

Market outlook on smaller

trades available in the back-up

O C E A N F R E I G H T R A T E S O U T L O O K

ASPA – EURO Overall space situation is manageable and carriers have announced a GRI for 1st and 15th DEC 2017. Second half of December is expected to show

stronger liftings.

EURO – ASPA & MEA Capacity is sufficient to cater all North European exports, no pre-Christmas space shortage despite current blank sailings. By that, no rate hikes or

reductions but horizontal movement only.

ASPA – AMLA

25% reduction in capacity from Asia to ECSA on Week 46. Do not foresee any permanent injection of capacity into Brazil & Argentina. We expect the

demand and supply in the ECSA to be balance. We do acknowledge that during the holiday season we will see the cargo volume reduced (which is a

normal trend coupled with blank sailing) however overall the demand and supply in the market is balance and we do not expect the QTR 4 rates to drop

too much. Carrier plans to impose GRI on 01 Dec 2017 at USD750 per TEU to WCSA/MX.

ASPA – AMNO Spot market continue to be under pressure in Nov but expect moderate increase from Dec 1st GRI. Overall space situation is manageable as most

carriers are in the low 90% utilization. Space utilization expected to improve 2nd half of Jan prior to China CNY holidays.

EURO – AMNO Rates are stable and vessels are well utilized. MSK introduce a new service 12/12 “Colombia Express” calling Newark, Charleston, Rotterdam &

Felixstowe.

ASPA – MENAT

Market into EMED/Middle East has been pretty quiet in November, and carriers have also drop rates in order to get more cargo onboard. Carriers is now

trying to impose another round of GRI into EMED w.e.f 01 Dec 2017.

Current operational situation in Durban has not improved significantly since the storm during October. Conditions have been further affected by poor

weather and strong winds, as well as equipment breakdowns alongside the quay. All indications are that the current status quo in terms of limited

productivity and berthing delays will remain as is until the end of 2017.

ASPA – ASPA Space into INCCU is expected to be tight in view of the winter draft restrictions. This has also resulted in berthing congestion. A blank sailing (AS1 –

APL service) has been planned in the first week of Dec, to Pakistan. Several carriers have announced the reshuffling or introduction of new Intra-Asia or

IPBC services.

AMNO – EURO Unchanged and stable


Source: DGF

7 7

Economic Outlook & Demand Development

3 . 2 % : B E S T G L O B A L G R O W T H R A T E I N S E V E N Y E A R S

EURO

Y/Y GDP growth is at 2.5% - nicely above the more usual 1.5-2.0%. More into detail, Germany, Spain show robust expansion (Q/Q GDP

growth at 0.8% both), so do Austria (0.6%), France and Italy (0.5%). Growth is led by better labor market, low inflation, and consumer

spending. With a better access to credit, firms are also increasing their investments.

AMER US: The effects of the recent hurricans are now shrruged off. 3.0% growth in Q3 – hurricanes subtracted 0.5 points. US economy is looking

strong, as the growth also reduces unemployment below 4%.

ASPA

JP: Solid, yet slower growth (+0.3% Q/Q) compared to most.Consumption tax is planned to rise (and possibly slow demand) as of October

2019.

CN: Growth is holding up thanks to government stimulus, at 6.5% est. for FY2017

High-impact/low probability risks (North Korea) could undermine this positive momentum.

EMERGING

MARKETS Emerging markets are out of their two-year growth slump, performing with a GDP growth estimated around 5% this year.

DEMAND

DEVELOPMENT

World PMI is up 0.1 point, at 54.0, showing a continued economic expansion, as high as that of August, which was the highest since March ’15

European PMI increased 0.4 points to 58.5 in October.

Developed markets’ PMI is up at 55.0, its highest point since April 2015, with the four largest economies sharing similar performance.

In emerging economies, it is down at 51.5, the weakest reading in a year. BR (especially its service industry) and RU are severely hit.

Source: Global Executive Summary, IHS Markit, Sep 2017. The Purchase Manager Index is an IHS proprietary metric that polls purchasing managers to understand if they are to order more or less in the future, hence giving a representative estimation

of the global business sentiment. Assessed monthly, a PMI at 50 is considered neutral, expanding above 50, and shows business shrinking below 50.


8 8

Capacity Development

Source: Alphaliner, carriers

C A P A C I T Y D E V E L O P M E N T

With 7.7% growth in Q3 ’17 Global container volumes grew at their fastest pace since 2011. Alphaliner has therefore adjusted its full year growth estimate

upwards to 6.4% All regions posted improved year-on-year growth, led by strong volume growth of 10% in Latin America which in turn could lead to a major

revamp of Asia-South America services. Chinese ports also posted an impressive 9.3% growth and North American ports recorded 8.7% growth. However total

effective capacity growth has outpaced the growth in demand, reaching 8.1% at the end of September, due to combined effects of new ship deliveries and a

reduction in the idle fleet.

THE Alliance carriers plan to void only one Far East-North Europe sailing in Nov & Dec mirrors the OCEAN Alliance and 2M Alliance’s current schedules that

only show a single void sailing by each alliance, that also coincides with the scheduled arrival during the Christmas holiday period in Europe.

Latest annual growth of 3.5% of the containership fleet is at the slowest pace of growth since 2000. This is mainly due to the period between Aug16 and Feb17

when total fleet actually marginally shrunk. However, growth rate has resumed since Mar17 and is expected to continue.

MSC has started to upgrade its weekly service of North Europe to NCSA & WCSA by replacing some of the 8’800 TEU ships with larger 10’800 to 12’200 TEU

ships.



9 9

Carriers (1/2)


C A R R I E R S

Maersk’s Q3 earnings dropped compared to that of Q2, falling from $364 M to $254 M. They do represent a significant improvement over Q3 2016, during

whch the carrier posted a $-159 M loss. The setback is mostly due to the cyber-attack that hit the carrier at the end of June, causing lower volumes and capacity

utilization on top of the costs involved to resolve the cybercrime (an estimated $250-300 M according to the carrier, up from the $200-250 M initially announced).

The carrier forecasts lowe earnings in Q4 ’17. Maers also re-iterated that it «has currently no plans for new orders of vessels».

COSCO Shipping Holdings will issue new shares to raise up to RMB 12.9 Bn (USD1.95 Bn) that will be used to finance a newbuilding program for 20

containerships that were ordered in 2014 & 2015. COSCO Shipping will conditionally subscribe to 50% of the new shares, while the remaining 50% will be offered

to up to 9 specific target investors. COSCO Shipping is wholly owned by the Chinese state. Thus the move means a direct cash injection by the Chinese

government. COSCO Shipping’s shares in COSOC Shipping Holdings will increase to 46.22%.

COSCO Shipping Holdings reported a net profit of RMB 872m (USD131 m) in Q3 ’17. Results were supported by RMB 567 (USD85 m) of government subsidies,

adding to some RMB 388 m (USD66 m) that were already paid in H1 ’17. Total container liftings increase 23% in Q3 ’17 to 5.5 mTEU, while average rates

increased by 9%.

OOCL reports improvements in average freight rates (+4.5% vs. Q3 ‘17) and total liftings (5.0% Q3 ‘17 vs Q2 ‘17). OOCL does not provide quarter earnings

updates. The acquisition of OOCL by COSCO Shipping was cleared on 23 Oct by the US anti-trust authorities and COSOC Shipping shareholders approved the

transaction on 16 Oct.

Japanese carriers’ Q3 ’17 results were all positive, although all three lines expect their results to trend lower in the next 2 quarters. K Line reported a lower

ordinary income due to rate reductions on Asia-Europe & TP trades. Although MOL and NYK highlighted weakening rates on these two key trades, both of them

managed to produce improved ordinary income performance compared to Q2 ’17. MOL even recorded its 1st profitable quarter following 25 consecutive negative

quarters.



10 10

Carriers (2/2)


C A R R I E R S

On 7 Nov China’s Ministry of Commerce has approved Maersk’s proposed acquisition of Hamburg Süd. The approval is subject to several conditions all

concerning the Far East-ECSA and Far East-WCSA routes and are expected to radically alter the existing service structures.

Hapag-Lloyd posts a significantly improved net profit of EUR54 in Q3 ’17, with an EBIT margin of 6.5%. Results were boosted by strong liftings which grew by

44% due o the inclusion of UASC in May this year. Total volumes growth on a pro-forma basis including UASC volumes from 2016 would still have increased by

6.5%. Average freight rates also increased by 3.7% (9.0% on a pro-forma basis).

Yang Ming returns to profit in Q2 ’17, with core operating profits reaching TWD 1.5bn (USD50 m) and net profit of TW1.26 bn (USD42 m) driven by 11.1% higher

liftings and 15.8% higher freight rates as imputed by Alphaliner.

CMA CGM chooses LNG propulsion for the nine 22’000 TEU ships it has ordered earlier this year making CMA CGM the first shipping company to equip such

giant containerships with this type of motorisation. The large LNG tanks required for deep-sea long-haul trading will need a large amount of space. Alphaliner

estimates that half a hold/one 40ft bay will needed for the tanks. Gas propulsion also relies on a LNG-bunkering infrastructure that does not exist yet.

HMM has continued its rehabilitation with its best quarterly result since Q1 ’15. Its container shipping operations recorded a third quarter operating loss of KRW -

6.42 bn (USD 5.7m) with operating margins of -0.6%. The lower operating loss was achieved on 41% higher liftings to reach a new quarterly record of 1.05 mTEU.

Newcomer SM Line’s container shipping operations remain in the read in Q3 ’17. Despite the negative operating results it is continuing to expand rapidly and plans

entry into the Middle East and Pakistan and eying a new service to the US East Coast in 2018.

CMA CGM has posted the best operating margin amongst the main carriers in Q3’17 with operating income reaching USD 568m on revenue of USD 5’702m for an

operating margin of 10%, making it the best quarter since the integration of APL in Jun’16. Liftings increase by 11.6% while average revenue decreased by 14.4%

per TEU.



11 11 B A C K - U P

12 12

Source: DGF

Market Outlook December 2017 – Ocean Freight Rates Additional Trades (1/2)

Ocean Freight Rates Outlook

EURO – AMLA another rate increase will materialize in December to the South American East Coast. Carriers are reporting well utilized to full vessels.

EURO – SSA

unchanged stable, well utilized vessels. Space to South Africa is tight due to upcoming Christmas / Summer Holidays in South Africa in

addition to severe problems in POD Durban due to less capacity (cranes damaged after storm) and therefore heavy delays in berthings.

Situation shall improve end of December. Alternatively carriers are using POD Cape Town and Port Elizabeth / Coega for oncarriages into

South African hinterland.

AMNO – MENAT No major changes this month. Space to M.East is still tight from USEC & USGC Ports.

Current rates will stay the same until end of 2017.

AMNO – SSA No Space issues or service changes on USA to South & West Africa services

Rates are stable with no increase/decrease expected until new year or in the first quarter of 2018

AMNO – AMLA Capacity remains stable but full forcing upward pressure on rates.

US-WCSA under most stress w/full capacity. Vessels booked 2-3 weeks out.

AMLA Exports

Rates from SAEC continue to rise as fruit season begins and capacity is cut to EURO by 15%

Space issues continue in Brazil, WCSA and Mexico

Equipment deficits affecting conditions in Colombia

Numerous surcharges and fees being imposed

Source: DGF team

Source: DGF team

Source: DGF team


13 13

Market Outlook December 2017 – Ocean Freight Rates Additional Trades (2/2)

Freight Rates Outlook

EURO MED - AMNO Unchanged/Stable

EUR MED – AMLA Unchanged/Stable

EURO MED – ASPA Stable/some slight reductions can occur depending on the provider

EURO MED – MENAT Stable/some slight reductions can occur depending on the provider

EURO MED – SSA Unchanged/Stable

ASPA-SPAC Market is still very full but seems to be slowing down very slight in early December. Demand for space in January will be high again.


Source: DGF

14 14

Carriers – Drewry’s Altman Z-Score as at August ’17

Company Period Period End Unit Net Sales EBIT Asset Total Asset

Current

Book Value of

Equity

Liabilities

Total

Liabilities

Current

Retainted

Earnings Z-Score

AP Moller-Maersk 6 months 30-Jun-17 mn US$ 18’567 1’002 61’3100 11’294 32’349 28’961 8’583 27’749 2.07

OOIL (parent of OOCL) 6 months 30-Jun-17 mn US$ 2’898 110 9’693 2’783 4’592 5’101 1’437 4’529 2.03

CMA CGM 3 months 31-Mar-17 mn US$ 4’620 260 18,812 5,940 5,029 13’783 6’006 4’637 1.72

Wan Hai 6 months 30-Jun-17 mn NT$ 29’156 1’020 75’266 30’716 32’935 42’331 20’833 9’866 1.67

K Line Group 3 months 30-Jun-17 bn Yen 287 4 1’056 388 253 802 229 65 1.59

NYK Group 3 months 30-Jun-17 bn Yen 522 4 2’072 606 587 1’486 481 330 1.56

Hapag-Lloyd Holding 3 months 31-Mar-17 mn EUR 2’132 4 11’206 1’573 4’940 6’266 2’386 3’090 1.54

Pacific International Lines Annual 30-Dec-15 mn US$ 3’732 146 5’830 1’215 1’979 3’851 1’493 1’184 1.26

Evergreen Marine Corp 6 months 30-Jun-17 mn NT$ 71’543 2’871 189’505 58’751 55’095 134’410 43’342 8’071 1.26

MOL Group 3 months 30-Jun-17 bn Yen 403 1 2,199 478 679 1,519 445 361 1.26

China Cosco1) 3 months 31-Mar-17 mn RMB 20’101 566 120’574 46’136 38’531 82’044 35’473 8’576 1.22

Yang Ming 6 months 30-Jun-17 million NT$ 63’483 -1’047 132’694 25’215 16’260 116’435 42’504 -3’016 0.80

Hyundai Merchant Marine 6 months 30-Jun-17 bn Won 2’544 -259 3’419 1’295 702 2’718 744 -2’400 0.35

Zim 3 months 31-Mar-17 mn US$ 655 25 1’723 512 -110 1’833 562 -1’901 0.09

• Slight improvement in all carrier results, as most of them are now stretched over a shorter period of time. HMM now scores a positive 0.35, whilst OOIL went back to the grey zone

(scoring above 2.00). Hapag-Lloyd is marginally down vs. their annual results published in March. Again, none of the carriers manage to reach the > 2.99 “safe“ zone.

• The Z-score is a statistical analysis to predict a company’s probability of failure in the next 2 years, using data from the company’s financial statement.

• A Z-score ≥ 2.99 company is “safe”.

• A Z-score between 1.8 and 2.99 exercise caution (“grey zone”).

• A Z-score ≤ 1.8 higher risk of the company going bankrupt (“distress zone”). All indications based on these financial figures only.

Source: Drewry Sea & Air Shipper Insight, June 2017; 1) parent of Cosco Container Lines; Z-score is calculated as follows: T1 = (Current Assets - Current Liabilities) / Total Assets, T2 = Retained Earnings / Total

Assets, T3 = Annualized EBIT / Total Assets, T4 = Book Value of Equity / Total Liabilities, T5 = Annualized Sales / Total Assets, Z-score bankruptcy rating = 1.2*T1 + 1.4*T2 + 3.3*T3 + 0.6*T4 + 1.0*T5


15 15

Market Outlook – Volume Outlook in Main Trade Lanes, 2017 Estimate & Growth

Forecast 2017/20 in %

N O R T H

A M E R I C A I n c l .

M E X I C O

3.5 mTEU +1.2%

1.7 mTEU +0.9%

1.7 mTEU +1.3%

0.2 mTEU +3.0%

N O R T H

A M E R I C A I n c l .

M E X I C O

L A T I N

A M E R I C A

E U R O P E

I n c l . M E D

11.9 mTEU +1.6%

7.0 mTEU +0.9%

7.6 mTEU +0.7%

15.8 mTEU +0.9%

7.0 mTEU +0.9%

4.5 mTEU +2.8%

2017e, in mTEU 2017e-2021e CAGR, in %

F A R E A S T

I N T R A A S I A

excl. Oceania

35.1 mTEU +3.1%

3.5 mTEU

+1.3%

2.0 mTEU

+0.7%

L A T I N

A M E R I C A

G L O B A L C O N T A I N E R T R A D E 2 0 1 7 e 1 3 8 . 5 m T E U + 2 . 3 % C A G R 2 0 1 7 e - 2 0 2 0 e

Mid-term growth is mainly driven by Asian tradelanes.

Source: Drewry


16 16

Global Capacity Development all Trades

20 19 23 23 23 24

28 28 27

Highest scrapping level ever Idling remains high

[TTEU]

602

(May 2017)

1,324

Q4

2016

Q4

2015

1,359

Q4

2014

228

Q4

2013

779

Q4

2012

809

Q4

2011

595

Q4

2010

356

Q4

2009

1,480

Returning

capacity

well

absorbed

by

demand

3.0%

[TTEU]

381

2013

444

2012

332

2011

75

2010

131

2009

351

+239%

Apr 17

YTD

205

2016

654

2015

193

2014

Average age Net capacity growth remains low

Net capacity growth 2017E

Scrapping Net capacity

growth

2.7%

-3.3%

-1.8%

Scheduled

capacity growth

Post-ponements

7.7%

Orders placed by year [TEU m] Vessel deliveries by year [TEU m]

0.2

2015

0.0

2016

2.2

2014

1.1

2013

2.0

2012

0.4

2011

1.8

2010

0.6

2009

0.1

2008

1.2

2007

3.2

Apr17

YTD

+33%

1.2

2017E 2016

0.9

2015

1.7

2014

1.5

2013

1.3

2012

1.3

2011

1.2

2010

1.4

2009

1.2

2008

1.4

2007

1.4 15,300 TEU

Very few deliveries expected post 2017

Source: Alphaliner (May 2017), carrier views


17 17

Carrier Mergers, Acquisitions and Alliances

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

China

Shipping Cosco

OOCL TBC

Evergreen APL CMA

CGM Hapag

Lloyd

United

Arab

Shipping

Hyundai

Merchant

Marine

Hamburg

Süd Maersk

Line MSC K Line MOL NYK

Yang

Ming Hanjin

Shipping

CHINA COSCO SHIPPING EVER

GREEN CMA CGM HAPAG-LLOYD/UASC

HYUNDAI

MERCHANT

MARINE MAERSK LINE MSC

OCEAN NETWORK

EXPRESS (ONE) YANG

MING Bankrupt

A L L I A N C E S

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

2M MAERSK LINE

MSC OCEAN 3

CMA CGM

CHINA SHIPPING

UNITED ARAB

SHIPPING COMPANY

2M

MAERSK LINE

MSC

HMM (strategic

cooperation)

OCEAN

ALLIANCE

OOCL

CMA CGM

CHINA COSCO SHIPPING

EVERGREEN

G6

HAPAG-LLOYD

MOL

NYK

APL

HYUNDAI

MERCHANT

MARINE

OOCL

CKYHE

COSCO

EVERGREEN

HANJIN

SHPPING

K-LINE

YANG MING THE ALLIANCE

HAPAG-LLOYD/UASC

ONE

YANG MING

Source: Carriers


18

Acronyms and Explanations

2M - Carrier Alliance: Maersk / MSC OCRS - Operational Cost Recovery surcharge

AMLA - Latin America OWS - Overweight Surcharge

AMNO - North America PH - Philippines

AR - Argentina PNW - Pacific North West

ASPA - AsiaPacific Ppt. - Percentage points

BR - Brazil PSW - Pacific South West

CAGR - Compound Annual Growth Rate RR(I) - Rate Restoration

CENAC - Central Amercia and Caribbean SAEC - South America East Coast

CKYHE - Carrier Alliance: Cosco, K-Line, YangMing, Hanjin and Evergreen SAWC - South America West Coast

CNC - CNC Line (Cheng Lie Navigation Co. Ltd.) SOLAS - Safety of Life at Sea

DG - Dangerous Goods SPRC - South People’s Republic of China – South China

DWT - Dead Weight Tonnage SSA - Sub-Saharan Africa

EB - Eastbound SSL - Steam Ship Line

ECSA - East Coast South America T - Thousands

EURO - Europe TEU - Twenty foot equivalent unit (20‘ container)

FMC - US Federal Marine Commission TP - Trans Pacific

G6 - Carrier Alliance: APL, Hapag Lloyd, Hyundai, MOL, NYK and OOCL TSA - Trans Pacific Stabilization Agreement

GRI - General Rate Increase ULCS - Ultra Large Container Ship

HJS - Hanjin Shipping USGC - US Gulf Coast

HMM - Hyundai US FMC - US Federal Maritime Commission

HSUD - Hamburg Süd USEC - US East Coast

HWS - Heavy Weight Surcharge USWC - US West Coast

IA - Intra Asia VGM - Verified Gross Mass

IPBC - India Pakistan Bangladesh Colombo VLCS - Very Large Container Ship

IPI - Inland Point Intermodal VSA - Vessel Sharing Agreement

ISC - Indian Sub Continent WB - Westbound

MENAT - Middle East and North Africa WCSA - West Coast South America

mn - Millions YML - Yang Ming Line

MoM - Month-on-Month YoY - Year-on-Year

NOO - Non-operating (vessel) owners YTD - Year-to-Date

Ocean 3 - Carrier Alliance: CMA, UASC, China Shipping


Documents

DHL Global Forwarding, Freight OCEAN FREIGHT · PDF file1 OCEAN FREIGHT MARKET UPDATE DHL Global Forwarding, Freight December 2017