Clarkson Research Services

Container Intelligence MonthlyVolume 16, No. 7 ISSN: 1467-0488

Containership Timecharter Rate Index Container Supply and Demand2013 (est) 4.9% 2014 (f'cast) 6.0%

2013 (est) 4.7% 2014 (f'cast) 4.8%

Containership Market Indicators$7,500/day 2,750 teu gls 10yo Price

$116.5m Orderbook % of Fleet

July-2014

Container Trade % growth (teu)

Total Container Capacity % growth (teu)

6-12m 1,700 teu grd TC $10.25m

13,500 teu N/B Price 19.5%

(up 3% y-o-y)

(up 9% y-o-y)

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CONTENTS

Industry News p2

Container Trade & Capacity p3

Charter Market p4

Containership Fixtures p5

Secondhand Prices p6

Sale & Purchase Market p7

Newbuilding Market p8

Containership Building pi

Container Fleet Age Profile pii

Container Fleet Characteristics piii

Container Fleet Ownership piv-v

Container Freight Market pvi

Container Freight Rate Indices pvii

Liner Trade Indicators pviii

Liner Investment p9

Demolition Market p10

Economic & Financial Indicators p11

Container Trade Outlook p12

World Container Ports p13

World Container Capable Fleet p14

World Container Capable Orderbook p15

Container Commentary p16

Clarkson Research Services Limited (CRSL) is respected worldwide as the most authoritative provider of intelligence for global shipping. CRSL is part of the Clarksons group, the world's largest shipbroking and integrated shipping services provider. For more detail about the Clarksons group visit www.clarksons.com.

Dalian

Ho Chi Minh

Liangyungang

Tanjung Priok

Singapore

Tianjin

Hong Kong

Melbourne

Manila

Sydney

Ningbo

Tanjung Pelepas

BusanTokyo

Laem Chebang

Port Klang

Qingdao

New York/New Jersey

Vancouver

Colon

Balbao

Savannah

OaklandLong Beach Los Angeles

Santos

San Juan

Buenos Aires

ShenzenGuangzhou

Shanghai

XiamenKaohsiung

Selection of major container ports

New York/New Jersey

Le Havre

Rotterdam

Vancouver

Colon

Balbao

Savannah

Oakland

Long Beach Los Angeles

FelixstoweBremen/Bremerhaven

HamburgZeebrugge

Antwerp

Algeciras Marsaxlokk

Santos

San Juan

Valencia

Port Said

Buenos Aires

Colombo

Dubai

Jawaharlal Nehru

Salalah

Gioia Tauro

Lagos

Luanda

Durban

Selection of major container ports

Industry News

Clarkson Research Services Page 2 Jul-14

Following the Chinese regulatory authorities’ rejection of the proposed ‘P3 Alliance’, Maersk Line and MSC have signed a new 10-year vessel-sharing agreement (VSA) to cover the mainlane East-West trades: Far East - Europe, Transpacific and Transatlantic. Dubbed ‘2M’, the agreement will include around 185 vessels of a combined 2.1m TEU, operating on 21 services. Maersk will contribute around 110 ships, accounting for 55% of total ‘2M’ capacity. The partnership will have a smaller market share than the aborted ‘P3 Network’, accounting for an estimated 35% of Far-East Europe capacity. The carriers will terminate all other VSAs on the mainlane trade routes. Under a standard VSA, Maersk and MSC will operate their ships independently, as well as having separate sales, pricing, marketing and procurement functions. The duo hope to start their partnership in early 2015, subject to regulatory approval. According to the latest CTS data, the volume of European box imports from Asia rose by 13.2% y-o-y in May to 1.37m TEU. This brings volumes in the first five months of the year to 6.17m TEU, a 8.0% y-o-y increase. On the backhaul leg however, trade reportedly expanded by just 2.0% y-o-y in May, to hit

0.58m TEU, bringing year-to date volumes to 2.85m TEU, a 1.5% y-o-y increase. Meanwhile, according to US customs sources, volumes on the eastbound Transpacific trade rose by an estimated 6.8% y-o-y in May to 1.13m TEU, bringing the total in the first five months of the year to 5.36m TEU, a 5.1% y-o-y increase.

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M TEU

Peak-leg Asia-US box volumes

According to the Shanghai Containeri-sed Freight Index, spot rates for boxes shipped from Shanghai to Europe fell to $1,302/TEU on the 11th July, down from $1,416/TEU at the start of the month. So far this year the rate on the route has averaged $1,277/TEU, 17% higher than the full year 2013 average of $1,090/TEU. Meanwhile, Shanghai-Mediterranean rates fell to $1,567/TEU on 11th July down from $1,700/TEU at the start of the month. Elsewhere, freight rates for boxes shipped from Shanghai to the US West Coast sat at $1,824/FEU on 11th July. So far this year rates on the route have averaged $1,900/FEU, 6% lower than the full year 2013 average of $2,028/FEU. Meanwhile, spot rates to the US

East Coast were recorded at $3,598/FEU in early July and have averaged $3,331/FEU so far this year, marginally above their 2013 average of $3,285/FEU. Non-mainlane freight rates continue to enjoy mixed fortunes. According to the SCFI, Shanghai-Santos rates rose to $1,314/TEU on 11th July, their highest level since February and more than double the June lows. However, the ytd average on the route of $1,009/TEU remains 27% below the 2013 average of $1,384/TEU. Elsewhere, Shanghai - Melbourne rates sat at $622/TEU, down 24% on their 2013 average. However, box rates to Lagos have averaged $1,895/TEU so far this year, just 2% down on their full year 2013 average of $1,926/TEU. In the opening six months of 2014, container throughput at the port of Singapore reached 16.5m TEU, a 4.4% y-o-y increase. Meanwhile, handling at Hong Kong totalled 11.3m TEU over the same period, a rise of 5.2% y-o-y.

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Combined LA & Long Beach Throughput

Total combined container throughput at the ports of Los

Angeles and Long Beach reached 7.36m TEU in the first half of 2014, an increase of 6.1% y-o-y. Total loaded imports to the ports rose by 7.5% y-o-y to 3.77m TEU in 1H 2014, while total loaded exports increased by a slower 3.2% y-o-y to 1.83m TEU over the same period.

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Idle Containership Fleet

% of total fleet capacity, TEU

Source: CRSL, AXS Alphaliner

Total containership capacity in lay-up stood at 0.24m TEU by mid-July, according to data from Alphaliner. 131 idleships account for 1.4% of overall containership fleet capacity. However, charter owned tonnage accounts for 90% of the idled capacity, including 49 charter owned ships of 1,000-1,999 TEU, and37 of 500-999 TEU. The US Federal Maritime Commission granted unanimous approval for the CKYHEcarriers (COSCO, K-Line, Yang Ming, Hanjin, Evergreen) to discuss the expansion of their cooperation to Transpacific and Transatlantic trades. The alliance has been operating on Asia-Europe trades since Q1 2014, and, while most of the lines have existing slot-sharing agreements on US routes, they will now begin to explore a more formal alliance.

Container Trade and CapacityContainer Demand Containership Supply

Container Est. million teu lifts/teu Fundamentals

Volumes 2011 2012 2013 2014 2015

m. teu lifts N America 48 48 49 52 55 STEADY 3%

N Europe 66 66 66 68 71 STEADY 2%

Mediterranean 35 37 38 39 41 STEADY 5%

China (incl. HK) 168 178 188 199 213 STRONG 6%

Asia excl. China 150 153 159 169 180 STEADY 5%

Other 113 119 124 129 136 STEADY 5%

TOTAL, m. teu lifts 580 601 623 656 697 STEADY 5%

m. teu* Transpacific 20.8 20.8 21.7 22.7 24.0 STEADY 4%

Far East-Europe 20.4 20.1 21.0 22.2 23.5 STEADY 4%

Transatlantic 6.0 6.1 6.2 6.5 6.8 STEADY 3%

Non-mainlane East-West' 18.8 19.5 20.1 21.3 22.9 STRONG 5%

North-South 27.2 27.5 28.8 30.5 32.6 STEADY 5%

Other'' 56.0 59.6 63.3 67.7 72.6 STRONG 7%

TOTAL TRADE, m. teu 149 154 161 171 182 STRONG 5%

% growth 7.2% 3.0% 4.9% 6.0% 6.7%

Container ,000 teu, end

Capacity 2011 2012 2013 2014 2015

Containerships <3,000 teu 4,340 4,193 4,090 4,025 3,975 WEAK -2%

3-7,999 teu 7,169 7,347 7,428 7,298 7,190 STEADY 0%

8-11,999 teu 2,805 3,119 3,541 4,094 4,755 STRONG 14%

12,000+ teu 1,005 1,574 2,055 2,654 3,335 STRONG 35%

Total Containerships 15,319 16,233 17,114 18,070 19,254 STRONG 6%

% growth 7.9% 6.0% 5.4% 5.6% 6.5%

Multi-Purpose 1,417 1,464 1,506 1,518 1,542 STEADY 2%

Ro-Ro 309 290 265 259 273 WEAK -3%

Other Liner 533 462 438 407 390 WEAK -8%

Total Container Capacity 17,578 18,449 19,322 20,255 21,458 STRONG 5%

% growth 6.8% 5.0% 4.7% 4.8% 5.9%

Market Percentage growth

Balance 2011 2012 2013 2014 2015

Container Trade 7% 3% 5% 6% 7% STRONGER...

Total Container Capacity 7% 5% 5% 5% 6% STRONGER...

Balance 0% -2% 0% 1% 1% POSITIVE...

* Trade lane figures include volumes in both directions. ' Trade between N.America/Eur./Far East and M.East/ISC. '' Intra-regional and south-south trade.

Clarkson Research Services Page 3 Jul-14

Trend 2011-2015

% p.a.

Trend 2011-2015

% p.a.

Supply/Demand

Outlook

Global container trade is currently projected to expand by 6.0% in 2014, with 6.7% growth forecast for next year. Mainlane trade growth is expected to hit 5.0% this year, with European and US import growth proving spritely so far this year. Far East-Europe volumes are currently projected to register growth of 6.2% in full year 2014, while eastbound Transpacific trade is projected to grow by 5.4% over the year. Non-mainlane East-West trades are expected to improve following a lacklustre 2013, and are projected to expand by 5.8% this year to 21.3m TEU. Elsewhere, total North-South volumes are forecast to grow by 5.7% in 2014. Meanwhile, total intra-regional trade is expected to grow by 6.9% this year, with the largest component of global trade - intra-Asian volumes - projected to grow by 7.7% to 48.2m TEU. Global container capable supply is expected to increase by 4.8% this year. As such, it looks likely to be outstripped by global demand growth. The amount of capacity in lay-up has fallen seasonally to 0.24m TEU, the lowest for three years, but 82% of this is charter owned tonnage, surplus capacity that helps to supress rates in the charter market. Meanwhile, freight rates on individual trade lanes remain volatile, and are largely determined by the management of supply growth, which itself is dictated by the speed of cascading down from the mainlanes as high-capacity ships are delivered apace. However, improving demand overall, along with the elevated levels of scrapping (0.28m TEU was sold for demolition in 1H 2014), should help to alleviate some of the supply pressure over the course of the year. In addition, the still thin orderbook in the smaller sizes could be good news for the charter market in the medium-term.

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Asia

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Scrapping

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2014 & 2015 deliveries and scrapping are full year forecasts; contracting is ytd

Charter MarketContainership Timecharter Rates ($/Day) Charter Market Commentary

Post-Panamax Avg $/Day $/Day Post-Panamax Market

Market 2012 2013 2014* Mar Apr May Jun This Month

3 Year Timecharter

Post-Panamax 9,000 teu g'less 37,357^ 37,625 39,583 40,000 40,000 40,000 39,500 DOWN.… -1.3%

Post-Panamax 6,800 teu g'less 29,857^ 27,542 24,500 24,000 24,000 25,000 24,500 DOWN.… -2.0%

Panamax Avg $/Day $/Day Panamax Market

Market 2012 2013 2014* Mar Apr May Jun This Month

6-12 Months Timecharter

Panamax 4,400 teu g'less 9,942 8,696 7,817 7,500 7,750 8,500 8,750 UP BY… 2.9%

Panamax 3,500 teu g'less 7,179 7,021 7,558 7,350 7,850 7,750 7,800 UP BY… 0.6%

Sub-Panamax & Avg $/Day $/Day Sub-Pmx/Feeder Market

Feeder Market 2012 2013 2014* Mar Apr May Jun This Month

6-12 Months Timecharter

Sub-Panamax 2,750 teu g'less 6,742 6,829 7,050 6,800 7,250 7,100 7,250 UP BY… 2.1%

Sub-Panamax 2,500 teu geared 6,879 7,592 7,442 7,400 7,400 7,250 7,250 STEADY 0.0%

Sub-Panamax 2,000 teu g'less 6,408 6,483 6,967 7,100 7,100 7,100 7,000 DOWN.… -1.4%

Handy 1,700 teu geared 6,292 7,096 7,383 7,250 7,400 7,400 7,500 UP BY… 1.4%

Handy 1,000 teu geared 5,358 6,321 6,517 6,600 6,600 6,350 6,350 STEADY 0.0%

Feedermax 725 teu geared 4,383 4,842 5,017 5,000 5,000 5,000 5,000 STEADY 0.0%

Feeder 350 teu geared 3,742 3,971 4,000 4,000 4,000 4,000 4,000 STEADY 0.0%

Containership T/C Rate Index 43 46 47 47 47 47 47 UP BY… 0.3%

y-o-y growth -32% 7% 2% 8% 4% 2% 1%

Multi-Purpose Avg $/Day $/Day MPP Market

Market 2012 2013 2014* Mar Apr May Jun This Month

6-12 Months Timecharter

MPP (liner) 17,000 dwt 8,988 8,358 7,625 7,650 7,500 7,500 7,500 STEADY 0.0%

MPP (liner) 9,000 dwt 6,042 5,875 6,000 6,000 6,000 6,000 6,000 STEADY 0.0%

MPP T/C Rate Index 100 95 90 91 90 90 90 STEADY 0.0%

y-o-y growth -7% -5% -4% -7% -1% 0% -6%

* Average year to date. ^2012 average basis July-December data.

Clarkson Research Services Page 4 Jul-14

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4400 teu g'less

2750 teu g'less

1700 teu grd

• The containership charter market continued to see a relatively healthy level of activity in the second half of June and into July. In the Post-Panamax sector, a number of relets found employment, with a robust level of demand and a falling number of idle vessels. Demand also held solid in the Caribbean feeder market which has proved stable so far this year. Overall however, the Asian market continued to account for the largest share of fixture activity, although a significant portion of these deals have been the renewal of existing contracts. The 2,000-3,000 TEU market has seen the bulk of activity here, with periods typically flexible up to six months. • In the Post-Panamax sector, the guideline 3-yeartimecharter rate for a 9,000 TEU containership was $39,500/day in June, slightly higher than the full year 2013 average of $37,625/day. Meanwhile, the guideline 6-12 month 4,400 TEU Panamax charter rate rose to $8,750/day in June, exceeding the 2013 average of $8,696/day. In the smaller sizes, the guideline rate for a gearless 2,750 TEU boxship rose slightly to $7,250/day, with the guideline rate for a geared 2,500 TEU vessel at the same level.

Containership Fixtures

Latest Containership Timecharter FixturesShip Vessel Name Dwt Spd Cons Charterer Rate

Type Nom. Hom. Tonnes Kts t/day $/Day

G'Less Adrian Schulte 6969 4910 85,760 23 148 MSC 20,250

G'Less Margrit Rickmers 5060 3373 67,550 24.3 150.3 K-LINE 10,000

G'Less Charles Dickens 4992 3280 67,601 24.3 164.5 ZIM 9,550

G'Less Northern Precision 4380 2850 59,431 24 142.8 TS LINES 9,250

G'Less Quadriga 3426 2410 42,650 22.5 117 CMA CGM 7,800

G'Less Northern Defender 3534 2353 42,121 23.5 122 CMA CGM 7,700

G'Less 2824 2030 39,382 24 95 PIL 7,000

G'Less Teng Yun He 1702 1350 25,800 20.5 64.0 OOCL 7,300

G'Less Aruna Ipsa 1858 1300 24,219 22.2 80.5 SINOKOR 7,600

G'Less Sinar Bromo 1060 770 15,100 17.5 36 RCL 6,650

G'Less Italian Express 1084 730 14,233 19 39 NYK 7,550

G'Less FPMC Container 10 1096 700 13,760 17 39.5 SINOKOR 6,100

G'Less Klara 917 623 10,600 18 32 FAR SHIPPING 7,500

G'Less WMS Vlissingen 698 436 8,400 17.5 32 MEL 4,750

G'Less Contship Ace 704 413 8,200 17 25 GSL 5,000

G'Less K-Water 706 413 8,200 17.5 26.8 KMTC 4,700

Grd Cape Marin 2758 2220 41,463 20 93.5 MSC 7,500

Grd Bonny 2681 2040 36,019 21.5 86 HANJIN 7,400

Grd Northern Enterprise 2454 1890 33,900 21 82 PIL 7,000

Grd Merkur Gulf 2556 1860 34,263 22 78.7 CMA CGM 8,200

Grd Niara 2135 1599 29,266 20 58 SIMATECH 7,500

Grd Kamala 2135 1500 29,277 20 66 KMTC 7,500

Grd Hansa Altenburg 1740 1289 23,370 20 55 PIL 7,500

Grd Nefeli 1740 1289 23,265 20.4 55 KMTC 7,500

Grd Bahamian Express 1795 1312 25,884 20.5 60.4 PIL 7,300

Grd Lissy Schulte 1730 1124 22,878 20 54.5 SEACON 7,500

Grd Szczecin Trader 1728 1120 22,990 19.6 54.5 OEL 7,500

Grd Wehr Blankenese 1726 1120 22,900 19.6 54.5 OOCL 7,650

Grd Jork Valiant 1128 820 18,452 18 42 CMA CGM 6,500

Grd Vega Sachsen 1118 710 13,760 19.6 39.3 SFL 7,150

Grd Stadt Bremerhaven 1118 710 13,760 19.5 41 CMA CGM 6,300

Grd Karin Rambow 1118 710 13,760 19 40 MCC 5,700

Clarkson Research Services Page 5

Teu Year Delivery Charter Period

Built Loc/Typ

2009 FE 12 Months

2005 FE 50-60 Days

2005 FE 210-350 Days

2009 FE 45-90 Days

2008 SHANGHAI 8-12 Months

2007 FE 6 Months

SFL Hunter 2006 FE 4-5 Months

2000 FE 3-5 Months

2004 FE 3-5 Months

2009 BANGKOK 8-10 Months

2012 SINGAPORE 6 Months

2009 S KOREA 1 Month

2009 COLOMBO 12 Months

2005 FE 4-6 Months

2007 FE 3-12 Months

2007 PUSAN 14-21 Days

2012 JEBEL ALI 4-6 Months

2001 FE 1-3 Months

2001 SINGAPORE 3-5 Months

2005 CONT 9 Months

1999 JEBEL ALI 2-3 Months

1999 FE 6 Months

2011 FE 3-6 Months

2011 FE 3-5 Months

2010 FE 2-4 Months

1995 COLOMBO 3-5 Months

1998 FE 3-6 Months

1999 FE 3-5 Months

2000 MED 4-6 Months

2008 CARIBS 6 Months

2006 MED 2-5 Months

2005 SINGAPORE 3-5 Months

Jul-14

Clarkson Standard Container Ship Types Timecharter Rate Data Fully Cellular Containerships Feeder geared 340/365 teu 220/240@14t 12.5k on 11 3750/4750 dwt Feedermax geared 700/750 teu 430/450@14t 16½k on 21-23 7500/8500 dwt Handy geared 1000/1100 teu 630/660@14t 18k on 27-30 12/13000 dwt Handy geared 1650/1750 teu 1080/1120@14t 19k on 48-50 22/23000 dwt Sub-P’max g’less 1850/2100 teu 1550/1650@14t 19½ k on 50-55 29/30000 dwt Sub-P’max geared 2400/2600 teu 1950/2050@14t 22k on 70-75 34/36000 dwt Sub-P’max g’less 2600/2900 teu 2000/2100@14t 22k on 88-92 36/38000 dwt P’max g’less 3400/3600 teu 2550/2650@14t 22½k on 100-105 44/45000 dwt P’max g’less 4300/4500 teu 3200/3350@14t 24k on 150-160 60/62000 dwt Multi-Purpose (MPP) Vessels MPP (liner) 17,000 dwt 900 teu MPP (liner) 9,000 dwt 650 teu Newbuilding & Secondhand prices are also quoted for a selection of the fully cellular containership types listed above.

Price Data Containership Newbuilding/Secondhand Handy grd 1000/1100 teu 640/740@14t Handy grd 1650/1750 teu 1300/1400@14tv Sub-P’max grd 2400/2600 teu 1900/2000@14t# Wide Beam gls 3600/3800 teu 3000@14t Panamax gls 4300/4500 teu 2800/2900@14t Wide Beam gls 4800 teu 3600@14t Panamax gls 5100 teu 3300@14t Post P’max gls 6600/6800 teu 4900@14t* Post P’maxgls 8500/9100 teu 7100/7300@14t^ Post P’maxgls 13000 teu VResale; 5yo+ 1150/1250@14t, #Resale; 5yo+ 1850@14t, *Resale; 5yo+ 4500/4700@14t, ^Resale; 5yo 6400/6600@14t.

Multi-Purpose(MPP)Newbuilding MPP (liner) 17,000 dwt 980 teu MPP (liner) 28,000 dwt 1700 teu Ro-Ro Newbuilding & Secondhand (euros) Ro-Ro 2300/2500lm 20k 6.8-7m FHT 7/10000 dwtRo-Ro 3500/4000lm 20k 6.8-7m FHT 10/12000 dwt

Secondhand PricesLiner Vessel End Year, $m.* Three Month Asset Play in Focus

Prices 2011 2012 2013 Jun Trend Long Term Price Trends

CONTAINERSHIPS1,000 teu grd 5yo 2009 13.5 8.0 8.5 8.5 STEADY 0%1,000 teu grd 10yo 2004 8.5 5.0 5.3 5.3 STEADY 0%1,000 teu grd 15yo 1999 5.5 2.5 3.0 3.3 HIGHER 6%1,700 teu grd 5yo 2009 17.0 13.0 14.3 14.0 STEADY -2%1,700 teu grd 10yo 2004 12.3 8.0 9.3 9.5 STEADY 3%1,700 teu grd 15yo 1999 8.0 3.8 6.0 6.0 STEADY -3%2,500 teu grd 5yo 2009 23.0 18.0 19.5 18.5 STEADY -3%2,500 teu grd 10yo 2004 18.0 11.0 14.0 13.0 LOWER -5%2,500 teu grd 15yo 1999 12.3 5.5 8.3 9.0 STEADY 1%2,750 teu gls Resale 29.0 23.0 23.0 23.0 STEADY 0%2,750 teu gls 5yo 2009 23.0 17.0 16.3 16.3 STEADY 0%2,750 teu gls 10yo 2004 18.0 10.0 10.3 10.3 STEADY -3%2,750 teu gls 15yo 1999 12.3 5.5 6.3 6.0 STEADY -3%3,500 teu gls^ 5yo 2009 31.5 21.5 17.0 17.0 STEADY 0%3,500 teu gls^ 10yo 2004 27.0 13.0 11.0 11.0 STEADY 0%3,500 teu gls^ 15yo 1999 16.0 7.0 7.0 7.0 STEADY 0%3,800 teu gls' 45.0 35.0 40.0 35.0 LOWER -4%4,500 teu gls^ 5yo 2009 38.0 25.5 20.0 18.0 STEADY 0%4,500 teu gls^ 10yo 2004 30.5 14.0 12.0 12.8 HIGHER 4%4,500 teu gls^ 15yo 1999 23.0 9.0 9.0 10.3 HIGHER 6%4,800 teu gls' 55.0 45.0 49.0 43.0 STEADY -4%5,100 teu gls^ 5yo 2009 44.0 28.5 22.0 20.0 STEADY 0%5,100 teu gls^ 10yo 2004 34.5 18.0 13.0 14.0 HIGHER 6%6,600 teu gls' 65.0 56.0 66.0 66.0 STEADY 0%6,600 teu gls' 5yo 2009 50.0 42.5 52.0 52.0 STEADY 0%6,600 teu gls' 10yo 2004 0.0 0.0 37.5 37.5 STEADY 0%8,800 teu gls' Resale 85.0 80.0 87.0 87.0 STEADY 0%8,800 teu gls' 5yo 2009 69.0 63.5 67.0 67.0 STEADY 0%10 Yr Old Cont'ship Index 66 37 37 38 STEADY 0%

RO-RO TRAILERS, euro m.Ro-Ro 2500 lm 5yo 2009 30.5 28.0 25.0 25.0 STEADY 0%Ro-Ro 2500 lm 10yo 2004 22.0 21.0 17.0 17.0 STEADY 0%Ro-Ro 2500 lm 15yo 1999 14.3 14.0 14.0 13.0 STEADY 0%Ro-Ro 4000 lm 5yo 2009 25.0 25.0 25.0 STEADY 0%Ro-Ro 4000 lm 10yo 2004 20.0 18.0 18.0 STEADY 0%Ro-Ro 4000 lm 15yo 1999 18.0 16.0 15.0 STEADY 0%

Secondhand Investment

Volume of Year This Year's

Sales 2011 2012 2013 Jun'' Trend

Containerships, '000 teu100-999 teu 11.1 37.8 22.6 13.2 HIGHER 17%1-2,999 teu 70.6 122.9 166.4 68.6 LOWER -18%3,000 &+ teu (Panamax) 67.1 31.8 48.5 90.5 HIGHER 273%3-7,999 teu (Post-Pmax) 43.2 62.8 63.4 46.2 HIGHER 46%8-11,999 teu (Post-Pmax) 0.0 0.0 0.0 40.8 #DIV/0! #####12,000 &+ teu (Post-Pmax) 67.0 0.0 0.0 0.0 LOWER #####Containership Total ('000 teu) 258.9 255.3 300.9 259.4 HIGHER 72%

y-o-y growth -31% -1% 18%Containership Total (no. sales) 93 154 144 92 HIGHER 28%

y-o-y growth -46% 66% -6%

MPP/Ro-Ro ('000 teu) 36.0 24.5 31.2 14.5 LOWER -7%Other Liner ('000 teu) 1.6 1.3 1.4 0.4 LOWER -49%Liner Total ('000 teu) 296.5 281.1 333.5 274.2 HIGHER 64%

Note: This year's trend based on annualised figures. ''Data to end of month.

Clarkson Research Services Page 6 Jul-14

Resale

Containership Sales Activity

Resale

Resale

Most prices are sourced from Clarkson brokers, based on the ship specifications on page 5, or Clarkson Research models. We would urge readers to use all the prices quoted here with caution and to contact us directly for information about specific prices. Container Index based on Jan '96 =100. *Ro-Ro prices in euro m. ^Panamax. 'Post-Panamax/wide-beam.

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Containership Price Index

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Sale & Purchase Market

Recently Reported Secondhand Sales Vessel Type Vessel Name Dwt Teu Nom/Hom Built Yard Date Price (mill.) Buyers

MPP 1x25t D Ruijin 8,036 214 1991 Nishi S.B. Co. Jun '14 $1.4 Undisclosed interests

FCC N/B RESALE HULL 4001 61,450 5,001 3,555 2014 Weihai Samjin Jun '14 Clients of Hammonia Shpg.

FCC N/B RESALE HULL* 30,000 2,200 2015 Zhejiang Yangfan Jun '14 $30 Clients of Seatrade Groninegen

FCC N/B RESALE HULL* 30,000 2,200 2016 Zhejiang Yangfan Jun '14 $30 Clients of Seatrade Groninegen

FCC Conti Anping 53,627 4,298 2,810 2006 Hyundai H.I. Jun '14 $14 Clients of Sinokor

FCC Leo Authority 24,336 1,560 1,210 1997 Imabari S.B. Jun '14 $4.5 Chinese interests

FCC 2x45t C Devon Strait 13,760 1,118 710 2008 Jinling Shipyard Jun '14 Undisclosed interests

FCC 3x40t C Vulkan 22,983 1,728 1,120 1996 Stocz. Szczecin Jun '14 $4.5 Undisclosed interests

MPP 2x40t C Narjes 5,215 349 225 1995 Marmara Tersanesi May '14 $1.4 Iraqi interests

FCC YM Utmost* 101,597 8,208 6,330 2006 Hyundai H.I. May '14 $58 Undisclosed interests

FCC SC Rotterdam* 50,953 4,253 2,805 2002 Samsung H.I. May '14 $11 Clients of Sinokor

FCC SC Tianjin* 50,953 4,050 2,800 2001 Samsung H.I. May '14 $11 Clients of Sinokor

FCC YM Unison* 101,411 8,208 6,330 2006 Hyundai H.I. May '14 $58 Undisclosed interests

FCC SC Qingdao* 50,953 4,050 2,800 2001 Samsung H.I. May '14 $11 Clients of Sinokor

FCC 2x40t C Westerkade 8,430 712 424 2000 Cassens Werft May '14 $2 Undisclosed interests

FCC 3x40t C Merkur Beach 22,996 1,728 1,120 1996 Stocz. Szczecin May '14 $3 Undisclosed interests

MPP 2x36t C Alex Y 5,010 218 2002 Damen Shipyards May '14 $2.15 Undisclosed interests

FCC Santa Paola 66,821 5,042 3,320 2005 Hyundai H.I. May '14 $14 Clients of Sinokor

FCC Pugwash 63,645 4,545 3,355 1997 Hyundai H.I. May '14 $9 Clients of MSC

FCC 3x45t C E.R. Lubeck 33,588 2,474 1,889 2000 Volkswerft May '14 $9.65 Clients of Costamare Shipping

FCC 3x40t C Conti Valencia* 34,051 2,456 1,780 1998 Daewoo May '14 Undisclosed interests

FCC 3x40t C Conti Cartagena* 33,290 2,446 1,843 1997 Daewoo May '14 Undisclosed interests

MPP 2x50t C Musashi 13,721 468 2007 Shin Kochi Jyuko May '14 $8 Undisclosed interests

FCC 2x45t C HS Schubert 23,508 1,732 1,282 2006 Guangzhou Wenchong Apr '14 $11.8 Greek interests

FCC 2x36t C PAC Natuna* 11,593 850 624 1997 Tachibana S.B. Apr '14 $6.2 Clients of Salam Pacific

FCC 2x40t C New Blessing* 10,500 802 566 1998 Jurong S.Y. Apr '14 # Clients of Salam Pacific

FCC 3x45t C Merian 20,336 1,452 1,011 1994 Kv. Warnowwerft Apr '14 $4 Clients of CIH

FCC 3x45t C Neptun* 29,240 1,835 1,392 1999 Stocznia Gdynia Apr '14 $5 Clients of Chartworld Shpg. Corp.

FCC 3x45t C Uranus* 29,240 1,835 1,392 1999 Stocznia Gdynia Apr '14 $5 Clients of Chartworld Shpg. Corp.

FCC 3x40t C ACX Marguerite 24,386 1,613 1,250 1997 Shin Kurushima Apr '14 $5 Clients of Kanway Line

FCC 2x40t C Imari 24,376 1,613 1,250 1997 Shin Kurushima Apr '14 $5 Clients of Kanway Line

FCC 3x40t C Conti Bilbao 33,330 2,456 1,780 1997 Daewoo Apr '14 $5.75 Norwegian interests

FCC 2x40t C Sawasdee Jakarta 20,072 1,512 1,480 1996 Thyssen Nordsee Apr '14 $3.5 Clients of OEL

MPP 2x40t C Norstar 9,372 536 1996 Varna Shipyard Apr '14 Undisclosed interests

MPP 2x30t C Amy C* 13,538 650 2006 Kyokuyo S.Y. Apr '14 $7.25 Greek interests

MPP 2x30t C Heleen C* 13,497 650 2006 Kyokuyo S.Y. Apr '14 $7.25 Greek interests

FCC 2x35t C Ville de Dubai 11,116 847 554 1996 Qingshan Shipyard Apr '14 $1.9 Undisclosed interests

FCC Rafflesia 24,581 1,675 1,200 1997 Kanasashi K.K. Mar '14 Undisclosed interests

* En bloc sales. # En bloc price shown under price of first ship of bloc.

Clarkson Research Services Page 7 Jul-14

Commentary

• German owners Hammonia Shipping purchased a wide-beam resale (built 2014, Weihai Samjin, 5,001TEU/3,555 at 14t) from Horst Zeppenfeld for a reported price of around $43m. The vessel is scheduled to be delivered in August. Meanwhile, Sinokor continued its interest in the Panamax sector with the purchase of the “Conti Anping” (built 2006, Hyundai H.I., 4,298 TEU/2,810 at 14t) for $14m from Conti Reederei. Also in the Panamax sector, at the end of June, the “Manhattan” (built 2005, Hyundai Samho, 5,018 TEU/3,300 at 14t) was sold by NSC Schiffahrt to clients of Cyprus Maritime for $15m. Elsewhere, reefer operator Seatrade has acquired 2 x 2,200 TEU resales from Deutsche Afrika Linien for $30m each. The geared vessels which are to be fitted with 500 reefer plugs, are being built at Chinese yard Zhejiang Yangfan, and are scheduled to be delivered in 2015 and 2016. In the feeder sector, the “Leo Authority” (built 1997, Imabari S.B., 1,560 TEU/1,210 at 14t) was sold by Tokei Kaiun to Chinese interests for $4.5m. Similarly, the “Vulkan” (built 1996, Stocz. Szczecin, 1,728 TEU/1,120 at 14t, 3 x 40t cr.) was sold by Komrowski to undisclosed interests for $4.5m. Finally, in the MPP sector, the “Ruijin” (built1991, Nishi S.B., 8,036 dwt, 214 TEU, 1 x 25t d.) was sold by COSCO Jiangxi to undisclosed interests for $1.4m.

Newbuilding MarketRecently Reported Orders

S Type Owner/Manager*5 PCC 30,000 2017 Toyohashi SB K-Line5 PCC 30,000 2017 Toyohashi SB K-Line5 RoPax 10,000 Dec 2016 Flensburger S.B $m 92.00 SeaRoad Shipping5 Container 33,000 2,400 2016 Bohai Shipbld. NOSC5 Container 33,000 2,400 2016 Bohai Shipbld. NOSC5 Container 33,000 2,400 2016 Bohai Shipbld. NOSC5 Container 30,350 2,350 2016 Zhejiang Yangfan Schulte Group5 Container 30,350 2,350 2016 Zhejiang Yangfan Schulte Group5 Container 30,350 2,350 2016 Zhejiang Yangfan Schulte Group5 Container 30,350 2,350 2016 Zhejiang Yangfan Schulte Group5 PCC 5,000 2016 Jinling Shipyard Anji Automotive Log5 PCC 23,000 Sep 2015 Hyundai H.I. Hyundai Glovis5 PCC 23,000 Nov 2015 Hyundai H.I. Hyundai Glovis5 PCC 23,000 Jan 2016 Hyundai H.I. Hyundai Glovis5 PCC 23,000 Mar 2016 Hyundai H.I. Hyundai Glovis5 Container 20,000 1,400 2016 Yangzhou Guoyu Nordic Hamburg5 Container 20,000 1,400 2016 Yangzhou Guoyu Nordic Hamburg5 MPP 7,000 500 Jan 2016 Jiangzhou Union SB Unknown German Owner5 MPP 7,000 500 Mar 2016 Jiangzhou Union SB Unknown German Owner5 MPP 7,000 500 May 2016 Jiangzhou Union SB Unknown German OwnerS = Status, where: 5= confirmed order, 16 = unconfirmed order, 17 = option.

* The Primary Reference Company, as used in the Clarkson Fleet Database i.e. the company with the main commercial responsibility for the ship.

Latest Newbuilding Market News Newbuilding Price Index

Newbuilding Year End, $m.* Three Month

Prices 2011 2012 2013 Jun Trend

Containerships Containership Newbuilding ContractsFeedermax 725 teu grd 15.5 13.0 14.0 14.9 STEADY 2.1%Handy 1,000 teu grd 20.0 18.0 19.5 20.3 STEADY 2.5%Handy 1,700 teu grd 30.5 25.0 26.0 26.8 STEADY 0.6%Sub-Panamax 2,500 teu grd 39.0 28.0 33.0 34.5 STEADY 1.0%Sub-Panamax 2,750 teu gls 38.3 30.5 31.5 32.0 STEADY 1.1%Post-Panamax 3,700 teu gls 49.5 36.8 39.0 41.0 HIGHER 4.7%Post-Panamax 4,800 teu gls 59.0 45.0 50.5 53.0 HIGHER 4.3%Post-Panamax 6,600 teu gls 69.0 58.0 65.5 68.0 STEADY 1.0%Post-Panamax 8,800 teu gls 92.5 76.5 85.5 88.5 STEADY 0.8%Post-Panamax 10,000 teu gls 98.5 85.5 95.5 98.5 STEADY 1.2%Post-Panamax 13,000 teu gls 128.0 107.0 113.5 116.5 STEADY 0.7%Container NB Price Index 91 73 79 82 STEADY 2.0%

Ro-Ro Vessels, euro m.2,000-2,500 Lane m. 41.0 41.0 41.0 43.0 HIGHER 4.1%3,500-4,000 Lane m. 51.0 51.0 53.0 HIGHER 4.1%Dry CargoMPP 17,000 dwt 24.5 19.8 20.5 21.3 STEADY 0.8%MPP 28,000 dwt 28.0 26.3 27.5 28.3 STEADY 0.6%PCC 6,500 cars 67.0 64.5 66.5 67.5 STEADY 1.8%

Clarkson Research Services Page 8 Jul-14

Date Dwt/Teu Delivery Builder PriceJun-14Jun-14May-14May-14May-14May-14May-14May-14May-14May-14May-14May-14May-14

Apr-14

Prices assume a "European spec." and 20/20/20/20/20% payments, basis "competitive yards" quotations. Prices relate to market contracts where these have taken place and to brokers' best estimates when no contracts have occurred, and can vary as to country of build, delivery date and ship spec. 4800 teu based on wide beam vessel (previously 4500 teu), 4300 teu on Panamax beam. See page 5 for further details. *Ro-Ro prices in euro m.

May-14May-14May-14May-14Apr-14Apr-14

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Index, Dec'96 = 100

ContainershipNewbuilding

Index

• Summer in the Northern Hemisphere has seen a marked slowdown in contracting activity in the containership sector. At the start of July Arkas Line ordered an additional two 2,500 TEU containerships at Zhejiang Ohua. This follows their initial order for two units in April, taking the series to four vessels. Delivery is scheduled for 2016 and 2017. • In the PCC sector, K-Line placed an order for two 7,500 ceu vessels at Japanese yard Toyohashi Shipbuilding. The ships are scheduled to be delivered in 2017. So far this year, 16 PCCs of a combined 102,200 ceu have been ordered. This includes 12 ships of 7,000+ ceu, two vessels of 3,800 ceu, and two smaller ships of 2,000 ceu each. • In the MPP sector, 33 vessels were contracted in the first half of 2014, all at Chinese shipyards. 22 of these ships are of 12-12,500 dwt, while four very large 55,500 dwt MPP vessels were contracted at Taizhou Kouan in April, with delivery set for 2016-17.

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No. Contracts

Containership BuildingShipbuilder…

...CountryNo. 000 teu No. 000 teu No. 000 teu No. 000 teu No. 000 teu No. 000 teu No. 000 teu No. 000 teu

Hyundai H.I. South Korea 12 110.3 36 552.2 11 147.9 27 389.0 10 125.6 48 662.5Daewoo South Korea 14 135.5 19 335.2 7 89.3 16 256.0 10 125.3 33 470.7Samsung H.I. South Korea 1 4.7 13 120.1 12 170.0 5 61.1 9 83.7 12 149.9 26 294.7HHIC-Phil. Inc. Philippines 17 93.3 14 138.3 12 67.5 14 111.0 5 53.1 31 231.6CSBC Taiwan 16 28.8 6 28.0 5 42.5 5 70.0 7 34.6 16 57.5 9 77.2 32 169.3Jiangsu New YZJ China P.R. 9 14.3 15 150.0 10 59.8 9 63.3 5 41.1 24 164.3Imabari S.B. Japan 3 3.2 10 139.4 8 72.5 5 70.0 13 142.5Dalian Shipbuilding China P.R. 11 42.9 10 90.4 4 31.8 12 77.2 5 24.4 21 133.3STX Shipbuild. South Korea 3 27.6 6 95.4 2 31.8 6 82.0 1 9.2 9 123.0Japan Marine United Japan 8 112.0 8 112.0 8 112.0Hudong Zhonghua China P.R. 11 103.2 3 30.0 6 54.4 2 18.8 11 103.2Jinhai Heavy Ind. China P.R. 3 7.5 10 88.0 4 35.2 9 60.3 13 95.5New Times S.B. China P.R. 9 81.2 2 18.6 7 62.6 9 81.2Hyundai Samho South Korea 7 62.9 1 8.4 4 35.7 2 18.9 7 62.9Huangpu Wenchong (W) China P.R. 27 57.2 10 20.0 10 20.9 7 16.3 27 57.2STX Dalian China P.R. 2 4.0 10 50.3 5 19.1 6 30.2 1 5.0 12 54.3Jiangnan Changxing China P.R. 3 53.6 3 53.6 3 53.6Shanghai Jiangnan China P.R. 5 47.0 5 47.0 5 47.0Zhejiang Ouhua China P.R. 15 27.4 3 14.4 11 28.2 3 5.2 4 8.5 18 41.8Zhejiang Yangfan China P.R. 18 41.4 3 7.1 10 22.8 5 11.6 18 41.4Daewoo-Mangalia Romania 4 36.5 3 27.4 1 9.1 4 36.5Jiangsu Rongsheng China P.R. 5 33.8 5 33.8 5 33.8Shanghai S.Y. China P.R. 7 28.6 7 28.6 7 28.6CIC (Jiangsu) China P.R. 3 28.2 3 28.2 3 28.2Nantong Cosco KHI China P.R. 2 26.8 2 26.8 2 26.8Jiangnan SY Group China P.R. 5 5.5 2 18.8 3 3.3 4 21.0 7 24.3Zhoushan Wuzhou China P.R. 6 15.0 3 7.5 3 7.5 6 15.0Hyundai Mipo South Korea 7 12.8 1 1.9 4 7.8 2 3.1 7 12.8Rongcheng Shenfei China P.R. 1 0.9 3 10.2 3 10.2 1 0.9 4 11.1Weihai Samjin China P.R. 2 10.0 2 10.0 2 10.0Sainty SB (Yangzhou) China P.R. 4 9.4 1 2.4 3 7.1 4 9.4Taizhou Catic China P.R. 2 8.7 2 8.7 2 8.7Eisa Shipyard Brazil 3 8.1 1 2.7 2 5.4 3 8.1Bohai Shipbld. China P.R. 3 7.2 3 7.2 3 7.2Aker Philadelphia United States 2 7.2 2 7.2 2 7.2Gen. Dynamics NASSCO United States 2 6.2 1 3.1 1 3.1 2 6.2Dae Sun S.B. South Korea 5 5.0 2 2.0 3 3.0 5 5.0Jinling Shipyard China P.R. 1 5.0 1 5.0 1 5.0Kyokuyo S.Y. Japan 5 4.9 1 1.1 3 3.3 1 0.5 5 4.9Tsuneishi Zhoushan China P.R. 4 4.1 4 4.1 4 4.1

Recently Reported DeliveriesType Date Flag

GCargo Glory Pioneer Jun-14 SG. Glory Navigation Co. Shin Kochi JyukoPCC Glovis Symphony Jun-14 M.I. Hyundai Glovis Hyundai SamhoMPP Kota Bistari Jun-14 SG. Pacific Int. Lines Kouan S.B.Container KMTC Mumbai Jun-14 PA. KMTC HHIC-Phil. Inc. $m 45.00Container Hanjin Tabul Jun-14 H.K. Seaspan Corp. Jiangsu New YZJ $m 98.00Container CMA CGM Danube Jun-14 MA. CIMC Dalian Shipbuilding $m 82.00Container Lagarfoss Jun-14 AT. Eimskip Rongcheng Shenfei $m 25.00Container Niledutch Breda Jun-14 NE. Nile Dutch Africa Shanghai S.Y. $m 51.00Container Kota Sabas Jun-14 SG. Pacific Int. Lines Dalian Shipbuilding $m 40.00Container Wide Bravo Jun-14 M.I. Rickmers Reederei HHIC-Phil. Inc.GCargo Thorco Lineage Jun-14 PH. Thorco Shipping Honda Zosen K.KMPP Al Hadbaa Jun-14 JO. ISCMT Dae Sun S.B. $m 24.50Container Hyundai Drive Jun-14 M.I. Hyundai M.M. Daewoo $m 128.00PCC Gravity Highway Jun-14 BS. Ray Shipping Hyundai MipoContainer Thalassa Niki Jun-14 SG. Enesel S.A. Hyundai H.I. $m 114.00Container Hanjin Ami Jun-14 H.K. Seaspan Corp. Jiangsu New YZJ $m 98.00Container Cap San Sounio Jun-14 SG. Enesel S.A. Hyundai H.I. $m 118.00Container Hammonia America Jun-14 LI. Hammonia Reederei Zhejiang Ouhua

Clarkson Research Services Page i Jul-14

10,000 115,2609,669 124,4794,896 56,620

13,100 145,97921,000

13,806 152,344

5,466 65,152200 16,949700 17,500

875 12,1503,508 47,2003,900 51,500

5,400 65,12810,000 115,0869,289 113,800

8,77719,410

1,400 27,000

Vessel name Teu Dwt Owner Yard Price

Containership Orderbook, July 2014

100-2,999 teu 3-7,999 teu 8-11,999 teu 12,000+ teu 2014 2015 2016+ Total

Container Fleet Age Profile

FCC Fleet Number ,000 Teu Fleet RatiosProfile Age Profile (years) Age Profile (years) Jul 20 yrs+/ O'book/

(by TEU size range) 25+ 20-24 15-19 10-14 5-9 0-4 25+ 20-24 15-19 10-14 5-9 0-4 2014 Fleet Fleet100/999 (Feeder) 152 99 319 156 303 68 62 53 178 108 230 47 678 17% 1%1000/1999 (Handy) 39 98 279 185 407 209 58 137 385 267 572 292 1,711 11% 6%2000/2999 (Sub-P'max) 22 23 131 168 246 61 54 58 314 419 648 161 1,653 7% 9%Sub-3,000 213 220 729 509 956 338 173 248 877 794 1,450 500 4,042 10% 7%3000/3999 (Panamax) 12 19 48 39 86 36 41 61 172 129 291 124 818 12% 2%4000/4999 (Panamax) 2 16 52 107 228 127 9 71 226 473 999 553 2,331 3%5000&+ (Panamax) 6 72 18 30 364 92 486Panamax 3,000+ 14 35 100 152 386 181 50 133 398 632 1,654 768 3,635 5% 1%<5000 (Post-Panamax) 3 9 6 5 101 13 44 26 21 443 547 2% 28%5000/5999 (P-P'max) 34 105 62 37 182 587 351 201 1,321 8%6000/6999 10 68 81 68 64 444 529 449 1,487 4%7000/7999 5 4 22 18 37 29 161 131 357 4%Post-Panamax <8,000 3 58 183 170 224 13 327 1,085 1,061 1,225 3,712 0% 9%8000/8999 4 19 123 136 33 157 1,022 1,157 2,368 14%9000/9999 3 3 60 32 29 29 555 303 916 68%10000/11999 16 39 171 411 583 58%Post-Panamax 8-11,999 7 22 199 207 61 185 1,748 1,872 3,867 33%12000/13999 3 124 41 1,634 1,674 14%14000/15999 8 27 124 379 503 142%16000/17999 3 48 48 211%18000&+ 9 164 164 311%Post-Panamax 12,000+ 11 163 165 2,225 2,390 65%

TOTAL 227 258 894 866 1722 1113 223 394 1,664 2,697 6,079 6,590 17,646 3% 20%

MPP Fleet Number ,000 Teu Fleet RatiosProfile Age Profile (years) Age Profile (years) Jul 20 yrs+/ O'book/

(by TEU size range) 25+ 20-24 15-19 10-14 5-9 0-4 25+ 20-24 15-19 10-14 5-9 0-4 2014 Fleet Fleet100/199 223 139 116 107 146 97 33 21 17 16 22 15 125 44% 1%200/349 202 94 148 103 195 129 53 24 38 27 52 35 230 34% 1%350/499 61 57 97 71 74 104 25 23 39 28 30 44 189 26% 2%Feeder 486 290 361 281 415 330 112 69 94 71 104 94 544 33% 1%500/749 61 35 81 98 210 127 36 22 51 57 132 81 379 15% 9%750/999 5 14 26 25 49 79 4 12 23 22 44 72 178 9% 3%Feedermax 66 49 107 123 259 206 40 34 74 79 176 154 557 13% 7%1000/1249 3 10 13 28 6 60 3 10 14 31 7 67 133 10% 3%1250/1499 2 12 10 9 24 3 15 13 12 32 76 3% 8%1500&+ 1 3 21 2 56 2 6 39 4 98 148 1% 9%Handy 4 13 28 59 17 166 5 15 35 84 22 250 412 5% 20%

TOTAL 556 352 496 463 691 702 157 118 204 234 302 498 1,513 18% 8%

Note : FCC fleet is the fully cellular containership fleet. MPP fleet is the multi-purpose vessel fleet.

Containership Fleet Age Profile Multi-Purpose Fleet Age Profile

Clarkson Research Services Page ii Jul-14

223 394

1,664

2,697

6,0796,590

0

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,000 teu

156.8117.7

203.8234.2

301.7

498.4

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Container Fleet Characteristics

FCC Fleet Avg. Size/Age Average Average Geared

Profile Nom Hom Dwt Dwt Years Speed/Cons Dimensions (m.) %

(by TEU size range) Teu Teu per Teu Knots t/day LOA Beam Draft N. Teu100/999 (Feeder) 618 441 8,407 13.6 15.7 16.1 25.5 123.4 19.7 7.1 40%1000/1999 (Handy) 1,406 1,012 19,267 13.7 11.4 19.2 48.2 166.8 25.6 9.4 54%2000/2999 (Sub-P'max) 2,539 1,932 35,123 13.8 11.4 21.7 82.7 209.1 30.5 11.4 52%Sub-3,000 1,363 1,031 18,730 13.7 13.0 18.7 49.6 160.0 24.5 9.0 51%3000/3999 (Panamax) 3,409 2,491 44,391 13.0 11.4 22.7 109.8 239.6 32.2 11.8 21%4000/4999 (Panamax) 4,381 2,947 55,402 12.6 8.7 24.1 144.7 273.0 32.2 12.65000&+ (Panamax) 5,066 3,335 66,336 13.1 7.2 25.0 166.7 294.1 32.2 13.3Panamax 3,000+ 4,188 2,861 53,567 12.8 9.3 23.8 137.5 266.1 32.2 12.5 5%<5000 (Post-Panamax) 4,412 3,294 58,440 13.2 4.2 22.3 123.4 254.2 37.1 13.0 24%5000/5999 (P-P'max) 5,551 4,163 68,367 12.3 10.5 24.8 193.4 277.2 39.7 13.76000/6999 6,549 4,832 80,889 12.4 7.6 25.0 224.4 299.5 40.5 14.07000/7999 7,289 5,733 91,235 12.5 7.5 24.2 209.5 304.2 43.2 14.0Post-Panamax <8,000 5,818 4,376 72,649 12.5 8.0 24.4 194.9 282.8 39.7 13.7 3%8000/8999 8,396 6,405 102,743 12.2 5.4 24.7 243.0 328.5 44.0 14.49000/9999 9,349 7,124 112,148 12.0 5.7 24.4 246.1 340.5 45.0 14.710000/11999 10,593 7,933 122,750 11.6 3.3 24.8 258.9 350.4 46.0 14.7Post-Panamax 8-11,999 8,889 6,699 107,392 12.1 5.2 24.6 245.7 334.0 44.5 14.512000/13999 11,609 8,407 129,565 11.2 1.9 20.9 218.1 320.0 43.1 13.414000/15999 14,371 10,809 157,142 10.9 3.3 24.0 262.1 373.8 52.3 15.316000/17999 16,020 12,100 186,470 11.6 1.2 24.1 288.0 395.0 53.6 16.018000&+ 18,270 194,736 10.7 0.4 23.0 399.7 59.0 16.0Post-Panamax 12,000+ 13,735 9,536 152,398 11.1 2.3 24.1 258.7 369.9 50.4 15.3

TOTAL 3,474 2,330 43,625 12.6 10.7 20.9 106.3 215.7 30.3 10.9 13%

MPP Fleet Avg. Size/Age Average Average Heavy Lift

Profile Nom Hom Dwt Dwt Years Speed/Cons Dimensions (m.) 50t & over

(by TEU size range) Teu Teu per Teu Knots t/day LOA Beam Draft % N. Teu100/199 150 133 4,039 26.9 18.0 11.7 7.3 93.8 13.9 5.4 2%200/349 264 196 5,609 21.3 16.4 12.8 10.8 105.2 15.7 6.0 13%350/499 408 268 7,824 19.2 14.1 14.2 15.7 115.5 17.5 7.1 34%Feeder 251 208 5,483 21.8 16.5 12.7 10.8 103.0 15.4 6.0 18%500/749 619 415 11,154 18.0 11.5 14.9 21.6 131.2 20.0 7.9 52%750/999 899 631 16,623 18.5 9.0 15.9 29.9 149.5 22.8 9.2 67%Feedermax 687 459 12,491 18.2 10.9 15.2 23.7 135.6 20.7 8.2 57%1000/1249 1,105 725 22,426 20.3 9.2 15.9 32.8 166.9 25.3 9.8 67%1250/1499 1,333 924 24,902 18.7 8.5 15.5 32.6 172.9 26.3 10.2 52%1500&+ 1,782 1,368 29,100 16.3 5.3 16.7 43.1 180.7 27.5 10.5 80%Handy 1,437 1,038 26,084 18.2 7.3 16.1 35.1 174.9 26.5 10.2 69%

TOTAL 464 369 9,038 19.5 14.3 13.6 16.4 117.5 17.7 6.9 46%

All parameters as of current month.

Multi-Purpose Fleet with Heavy Lift 50t & Over

Clarkson Research Services Page iii

Containership Fleet with Gear

Jul-14

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Container Fleet OwnershipFleet Fleet Orderbook Schedule…

Jul-14 Jul-14 ...teu

No. teu No. teu No. teu No. teu % Flt 2014 2015 2016+

1 Maersk 241 1,308,212 251 1,417,524 256 1,508,874 11 200,970 13% 36,540 109,620 54,810

2 MSC 167 910,598 162 914,448 162 897,626

3 CMA-CGM 94 548,383 95 574,519 95 574,378 9 61,800 11% 48,000 6,300 7,500

4 Evergreen 94 388,634 105 476,676 106 512,743 6 50,992 10% 25,468 25,524

5 China Shpg 80 408,796 85 429,767 81 470,126 8 125,000 27% 68,000 57,000

6 COSCO 124 418,477 116 468,156 98 452,091 7 73,772 16% 26,772 47,000

7 NOL/APL 45 251,233 47 354,336 55 451,607 1 9,200 2% 9,200

8 Hapag-Lloyd 66 354,034 64 387,114 67 426,621

9 OOCL 44 269,976 54 393,416 56 419,832 4 35,552 8% 35,552

10 Hanjin 51 319,017 56 376,755 43 319,085 1 4,662 1% 4,662

11 K Line 54 293,703 51 288,707 51 288,707 5 69,350 24% 69,350

12 NYK 63 297,514 62 292,632 57 286,020

13 Yangming 56 268,008 53 261,348 53 265,977 6 27,972 11% 13,986 13,986

14 Hamburg-Sud 47 223,780 42 236,950 44 257,336 9 72,900 28% 41,400 21,000 10,500

15 Mitsui OSK 46 271,978 44 263,250 41 252,910

16 PIL 96 195,727 106 233,087 105 238,046 11 42,900 18% 3,900 23,400 15,600

17 UASC 27 214,618 27 214,618 27 214,618 17 262,000 122% 18,000 146,000 98,000

18 Wan Hai 70 161,034 72 173,885 72 173,885

19 HMM 20 119,685 20 119,685 23 158,985 2 26,200 16% 26,200

20 Zim 28 148,310 28 150,798 28 150,798

21 CSAV 17 107,298 15 94,216 15 94,216 7 65,100 69% 65,100

22 HDS Lines 26 92,472 19 60,378 19 60,378

23 RCL 37 49,953 38 50,518 38 50,518

24 Arkas 29 41,046 31 43,518 34 50,371 2 5,000 10% 5,000

25 SITC 27 25,166 31 31,010 33 34,284 12 21,600 63% 3,600 14,400 3,600Note : Operator owned fleets are fleets owned by service providers.

Fleet Fleet Orderbook Schedule...

Jul-14 Jul-14 ...teu

No. teu No. teu No. teu No. teu % Flt 2014 2015 2016+

1 C-P Offen 109 655,698 100 637,950 96 618,202

2 Seaspan 69 401,947 71 411,125 76 461,125 30 360,000 78% 50,000 200,000 110,000

3 Blue Star Holding 117 531,129 101 494,536 88 447,390

4 Peter Dohle 111 396,921 109 402,270 110 411,653 4 50,208 12% 50,208

5 Costamare 51 241,001 61 311,033 65 340,332 11 137,830 40% 22,020 115,810

6 Danaos Shpg 64 360,522 59 342,517 54 318,773

7 Norddeutsche 74 324,967 70 312,486 70 312,478

8 Rickmers Group 69 308,438 8 43,728 14% 27,330 16,398

9 NSB N'elbe 74 329,855 59 290,235 48 264,312

10 Schulte Grp 48 160,971 49 190,963 53 212,563 12 28,200 13% 7,050 11,750 9,400

11 Zodiac M'time 58 331,507 32 187,985 36 209,941 20 173,932 83% 46,906 61,996 65,030

12 Eastern Pacific Shpg 27 153,293 30 188,077 2 31,816 17% 31,816

13 Shoei Kisen 45 164,960 43 173,949 45 181,915 5 70,000 38% 70,000

14 Technomar 22 81,309 36 127,334 35 125,942 2 13,600 11% 13,600

15 Hansa T'hand 32 107,359 33 115,772 34 123,566 3 19,764 16% 19,764

16 MPC Capital 16 51,084 11 39,532 46 118,073

17 N.S. Lemos 2 27,612 9 111,843 5 64,893 58% 64,893

18 NSC Schiff. 33 113,144 31 111,196 31 111,196 4 36,120 32% 18,060 18,060

19 T Schulte 34 101,373 31 95,072 29 91,544 1 3,405 4% 3,405

20 Hermann Buss 62 99,201 53 90,507 51 89,193

21 Kaisho Shpg 14 82,416 14 82,416 14 82,416

22 Leonhardt &B 50 90,619 37 67,989 42 78,595 1 3,646 5% 3,646

23 Conti Reed. 11 79,275 10 74,977 10 74,977

24 Gebab 30 97,872 22 76,425 21 73,725

25 Synergy Marine 16 70,430 16 70,430 16 70,430

Clarkson Research Services Page iv

Owner end'12 end '13

Fleets

Note : Charter owner fleets are owned by non-service providers. NSB N'elbe includes some shipmanagement interests.

Jul-14

Top Operator

Owned end'12 end '13

Fleets

Top Charter

Liner InvestmentContainership Deliveries Investment Scene This Month

Liner Vessel No. 000 teu Ordering Trends

Ordering 2010 2011 2012 2013 Jun* 2010 2011 2012 2013 Jun* This Year %**

Containerships, 000 teu Feeder/Max 100-999 teu 9 10 2 3 1 5.0 6.1 1.2 1.7 0.5 LOWER... -36%Handy/Sub-P'max 1-2,999 teu 36 55 24 69 34 50.6 97.6 37.8 121.0 70.0 HIGHER... 16%Panamax 3,000 &+ teu 0 5 2 0 0 0.0 20.8 6.2 0.0 0.0 #DIV/0! #DIV/0!Post-Panamax 3-7,999 teu 25 69 29 22 0 105.3 357.3 143.9 113.6 0.0 LOWER... -100%Post-Panamax 8-11,999 teu 42 60 11 101 16 371.4 551.1 101.4 941.9 155.9 LOWER... -67%Post-P'max 12,000 &+ teu 4 51 10 52 20 52.7 798.4 138.1 813.9 285.8 LOWER... -30%Containership Total 116 250 78 247 71 585.1 1831.4 428.5 1992.0 512.2 LOWER... -49%% growth 544% 116% -69% 217% 566% 213% -77% 365%

Multi-Purpose 100 45 20 54 33 92.4 35.0 13.0 73.8 29.0 LOWER... -21%Other Liner 113 68 86 80 18 36.1 10.2 40.3 6.4 0.0 LOWER... -100%Liner Total 329 363 184 381 122 713.6 1876.6 481.9 2072.2 541.2 LOWER... -48%

Investment Avg Est. Contract Value $m Total Est. Value $bn Investment Trends

Trends 2010 2011 2012 2013 Jun* 2010 2011 2012 2013 Jun* This Year %**

ContainershipsFeeder/Max 100-999 teu 11 6 0 4 11 0.1 0.1 0.0 0.0 0.0 HIGHER... 75%Handy/Sub-P'max 1-2,999 teu 20 26 21 24 27 0.7 1.4 0.5 1.7 0.9 HIGHER... 11%Panamax 3,000 &+ teu ##### 47 70 ##### ##### 0.0 0.2 0.1 0.0 0.0 #DIV/0! #DIV/0!Post-Panamax 3-7,999 teu 54 59 46 60 ##### 1.3 4.1 1.3 1.3 0.0 LOWER... -100%Post-Panamax 8-11,999 teu 100 98 84 83 91 4.2 5.9 0.9 8.4 1.5 LOWER... -65%Post-P'max 12,000 &+ teu 130 156 114 120 118 0.5 8.0 1.1 6.2 2.4 LOWER... -25%Containership Total 60 79 52 71 67 6.9 19.7 4.0 17.6 4.7 LOWER... -46%% growth -12% 32% -35% 38% 468% 185% -80% 338%

Multi-Purpose 1.9 0.6 0.2 1.0 0.4 LOWER... -10%Other Liner 1.6 1.3 2.9 1.9 0.4 HIGHER... -58%Liner Total 10.4 21.5 7.1 20.4 5.6 HIGHER... -45%

Liner Vessel No. 000 teu Delivery Trends

Deliveries 2010 2011 2012 2013 Jun* 2010 2011 2012 2013 Jun* 2014 (f) 2015 (f)

Containerships, 000 teuFeeder/Max 100-999 teu 21 14 15 3 4 16.1 9.2 8.7 2.3 2.7 3.1 1.8Handy/Sub-P'max 1-2,999 teu 61 47 55 41 14 114.8 80.6 77.0 69.2 22.0 50.8 76.2Panamax 3,000 &+ teu 84 8 20 17 4 366.0 30.2 82.5 69.4 14.8 24.0 5.4Post-Panamax 3-7,999 teu 36 51 39 58 22 212.1 296.4 204.4 283.2 113.6 225.9 126.2Post-Panamax 8-11,999 teu 38 36 35 49 35 342.5 333.5 313.5 430.6 325.3 552.5 661.1Post-P'max 12,000 &+ teu 25 35 43 34 23 338.0 461.0 569.3 481.0 334.6 598.3 681.3Containership Total 265 191 207 202 102 1389.4 1210.8 1255.3 1335.8 813.0 1454.5 1552.1% growth -4% -28% 8% -2% 26% -13% 4% 6% 9% 7%

Multi-Purpose 165 184 149 89 22 105.9 117.5 113.7 90.4 20.5 40.4 51.7Other Liner 196 184 148 94 35 7.5 9.7 9.3 10.1 3.8 12.8 30.1Liner Total 626 559 504 385 159 1502.8 1338.0 1378.3 1436.3 837.3 1507.7 1633.8'' Tankers 5k+ dwt plus spec. tankers 1k+ dwt. $ bn values for tankers 10k+ dwt. * To end of the month quoted. ** Annualised figures for current year vs previous year.

Note: 'Other Liner' ordering subject to revision as teu capacity of orders becomes known. Delivery projections account for historical and expected delivery performance.

Clarkson Research Services Page 9 Jul-14

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Deliveries ,000teu • 71 fully cellular containerships of a combined 512,232 TEU were ordered in the first half of 2014. This includes contracts for 20 ships of 12,000+ TEU, and a further 16 ships of 8-11,999 TEU. In addition, there have been orders for 34 ships in the 1,000-2,999 TEU range so far this year. However, ordering this year has been either large or small, with no orders for ships of 3-7,999 TEU.

• Meanwhile, data available at the start of July indicates that 102 containerships of a combined 813,008 TEU were reported delivered in the opening six months of 2014. This included 13 vessels of 12,000+ TEU, of a combined 0.19m TEU, and 16 ships in the 8-11,999 TEU sector totalling 0.15m TEU. The Post-Panamax 3,000-7,999 TEU sector saw 13 deliveries in the first half of the year, while 10 ships of sub-3,000 TEU hit the water. Overall, 1.45m TEU is currently projected to be delivered in full year 2014, 41% of which on ships of 12,000+ TEU, and 38% on ships of 8-11,999 TEU.

Demolition Market

Recently Reported ScrappedType Dwt Ldt Date Break-Up Loc. Buyer $/ldt $m

Ro-Ro Tyrusland 16,675 10,882 1978 Swedish Orient Jun-14 India India 502 5.46Container Reya 17,520 6,260 1991 Shreyas Shpg. Ltd. Jun-14 India IndiaMPP Danny Rose 9,606 3,677 1988 Neptune PL Jun-14 India India 485 1.78GCargo New Fortune 6,831 2,374 1986 New Legend Group Jun-14 Bangladesh Bangladesh 430 1.02Container MSC Jade 43,293 1986 Mediterranean Shpg. Jun-14 India India 484Container King Justus 18,395 6,810 1995 Konig & Cie. Jun-14 Turkey As is Las Palmas

Container Tai He 45,987 1989 Shanghai Panasia Jun-14 PRC Old saleContainer MSC Fuji 34,790 1997 NSB Niederelbe Jun-14 India IndiaContainer Xiang Jin 18,274 1993 China Shpg. Cont. Jun-14 PRC Old saleContainer Xiang Bin 16,274 1992 China Shpg. Cont. Jun-14 PRC Old saleContainer Lian Feng 9,586 1985 CULines Jun-14 PRC PRCRo-Ro El Morro 16,079 1974 Sea Star Line Jun-14 U.S.A. Old saleContainer Golden Voyage 3,240 1,638 1993 Sinokor Merchant Mar Jun-14 Japan JapanContainer Sun Road 57,904 22,144 1993 Dainichi-Invest Jun-14 India IndiaMPP Golam E Mostafa 16,223 4,950 1986 Mr Trading M/S Jun-14 Bangladesh Old saleMPP Lorcon Zamboanga 6,630 1984 Magsaysay Maritime Jun-14 Bangladesh BangladeshContainer Sea Breezer 8,965 4,220 1999 Ocean Shell Shpg Jun-14 India IndiaContainer Long Mu Wan 44,585 12,500 1994 POS Line Jun-14 PRC PRCContainer Takeko 9,513 1999 COSCON Jun-14 PRC PRCContainer MSC Hina 21,370 10,665 1984 Mediterranean Shpg. Jun-14 India India 502 5.35

Type 2011 2012 2013 Jun* 2014 2015

100-999 teu 11.3 22.2 20.6 12.9 21.4 21.71-2,999 teu 56.0 202.6 151.6 59.3 97.0 107.13,000 &+ teu (Panamax) 10.5 104.5 240.7 140.0 260.5 194.73-7,999 teu (Post-Pmax) 0.0 4.5 30.8 68.9 119.6 45.38,000 &+ teu (Post-Pmax) 0.0 0.0 0.0 0.0 0.0 0.0Containership Total 77.8 333.7 443.7 281.1 498.5 368.7% growth -41% 329% 33% 12% -26%

MPP/Ro-Ro (000 teu) 80.9 83.7 82.2 25.8 53.9 51.2Other Liner (000 teu) 16.6 14.4 7.3 2.8 6.7 6.3Liner Total (000 teu) 175.3 431.9 533.2 309.7 559.2 425.9

Scrap Year End ($/ldt)

Prices 2011^ 2012 2013 Latest %

India 460 445 450 500 UP... 11%Bangladesh 495 408 430 475 UP... 10%Far East 425 375 350 325 DOWN -7%Note: Scrap prices ($/ldt) above based on prices for a c. 2,000 teu Containership vessel from 2012.

^End 2011 prices based on a Tweendeck vessel. *Year to end of the quoted month.

Clarkson Research Services Page 10

Size & Year Forecast

Containership Demolition ActivityContainerships, 000 teu

This Year

Jul-14

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Demolition Market News Scrapping Price Trends

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• Twelve containerships of a combined 23,205 TEU were sold for demolition in June, bringing the total in 1H 2014 to 104 ships of 281,128 TEU. This included 14 Post-Panamax ships of a combined 68,944 TEU and 35 Panamaxes of 3,000+ TEU with a totalling 139,960 TEU. Current projections suggest that 0.50m TEU of boxship capacity will be scrapped in 2014, with 0.37m TEU expected to be sold for demolition in 2015. • The average age of the containerships sold for scrap in the first half of 2014 was 21.2 years, including 24 ships of less than 18 years old. In comparison, the average age of boxships scrapped last year was 22.8 years. • An early July emergency budget in India has cut import duty from 5% to 2.5%, which may lead to a $10-15/ldt increase in demolition prices there. Alternative scrapping locations are likely to struggle to compete with the expected boost in prices.

Economic & Financial Indicators

Based on basket of listed container shipping company prices.

GDP: OECD & World Exchange Rate TrendsYear UK Germany EU US OECD World2008 -0.8% 0.8% 0.6% -0.3% 0.2% 2.7%2009 -5.2% -5.1% -4.4% -2.8% -3.5% -0.4%2010 1.7% 3.9% 2.0% 2.5% 3.0% 5.2%2011 1.1% 3.4% 1.7% 1.8% 1.9% 3.9%2012 0.3% 0.9% -0.3% 2.8% 1.6% 3.2%

2013 (e) 1.8% 0.5% 0.2% 1.9% 1.2% 3.0%2014 (p) 2.9% 1.7% 1.6% 2.8% 2.3% 3.6%2015 (p) 2.5% 1.6% 1.8% 3.0% 2.7% 3.9%

GDP: Developing WorldSub-S. LatinAfrica Am.

2008 9.6% 3.9% 7.3% 5.7% 5.0% 4.3%2009 9.2% 8.5% 7.7% 2.6% 2.8% -1.3%2010 10.4% 10.3% 9.8% 5.6% 5.2% 6.0%2011 9.3% 6.6% 7.8% 5.5% 3.9% 4.6%2012 7.7% 4.7% 6.7% 4.9% 4.2% 3.1%

2013 (e) 7.7% 4.4% 6.5% 4.9% 2.4% 2.7%2014 (p) 7.5% 5.4% 6.7% 5.4% 3.2% 2.5%2015 (p) 7.3% 6.4% 6.8% 5.5% 4.4% 3.0%

Currency Trends Interest Rates Bunker PricesPrime Lending Rates 380 cst, $/tEuro USA Japan Rott. Sing. L. A.

2008 1.41 90.67 6.84 1299.6 1.54 48.46 2008 3.9% 5.1% 1.9% 2008 171.50 234.50 254.002009 1.42 91.79 6.83 1,180.1 1.56 46.81 2009 1.3% 3.3% 1.5% 2009 427.50 457.00 476.502010 1.33 81.75 6.60 1,134.9 1.54 44.96 2010 1.0% 3.3% 1.5% 2010 494.00 510.50 543.502011 1.29 77.73 6.32 1,152.0 1.53 53.06 2011 1.3% 3.3% 1.5% 2011 623.50 681.50 687.502012 1.32 85.93 6.24 1,072.2 1.54 54.96 2012 0.9% 3.3% 1.5% 2012 585.00 613.00 650.002013 1.37 104.70 6.07 1,059.3 1.54 62.07 2013 0.5% 3.3% 1.5% 2013 587.00 617.00 620.00Feb 1.37 102.11 6.08 1,071.6 1.54 62.29 Oct 0.5% 3.3% 1.5% 13-Jun 601.00 570.00 602.50Mar 1.38 102.44 6.17 1,070.2 1.55 60.97 Nov 0.3% 3.3% 1.5% 20-Jun 601.00 570.00 602.50Apr 1.38 102.48 6.22 1,043.7 1.55 60.43 Dec 0.3% 3.3% 1.5% 27-Jun 596.00 611.00 621.00May 1.37 101.73 6.24 1,025.3 1.55 59.40 Jan 0.3% 3.3% 1.5% 4-Jul 579.00 597.50 572.50Jun 1.36 101.91 6.23 1,018.3 1.54 59.71 Feb 0.3% 3.3% 1.5% 11-Jul 570.00 593.00 574.00

18-Jul 1.35 101.55 6.20 1,029.4 1.54 60.13 Mar 0.3% 3.3% 1.5% 18-Jul 572.00 592.50 580.50~Currency units per US$ except Euro and SDR. Source : Economist, OECD.

Clarkson Research Services Page 11

end:

Clarksons Liner Share Price Index Financial News

Year China India Dev. AsiaMiddle

East

Jul-14

GDP figures sourced from the IMF/OECD. Exchange rates sourced from the Financial Times.

end: Euro Japan China R.o K. SDR India avg:

• In early July, Singapore-based Pacific International Lines raised $241m in the bond market as part of a medium-term note programme of up to $800m. The first issuance for a three year bond was oversubscribed, with the yield of 5.9% below the initial guidance of 6.25%-6.375%. PIL’s finance raising comes as it gears up for expansion in the emerging markets of Africa (which accounted for 40% of its revenue in 2013) and the Middle East, with a two pronged strategy of investing in new fuel-efficient vessels as well as retro-fitting older ships to allow for slow steaming. The privately owned group made a loss of $66.1m in 2013, following a profit of $178m in 2012. PIL blamed last year’s losses on the soft freight rate environment along with weak orders for Singamas, the world’s second largest container manufacturer in which it has a 39% stake. • The Clarksons Liner Share Price Index stood at 257.2 points by early July, having declined by 3.0% since the start of 2014.

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Index Jan'00=100

Container Trade OutlookMainlane Eastbound

Year m TEU % growth m TEU % growth m TEU % growth2007 14.4 0.3% 5.4 9.6% 3.1 20.0%2008 13.4 -6.8% 5.4 -1.3% 3.2 2.7%2009 11.4 -15.1% 5.6 4.6% 2.4 -25.1%2010 13.1 15.0% 5.8 3.0% 2.7 11.1%2011 13.2 0.7% 6.2 7.5% 2.8 3.4%2012 13.3 0.5% 6.5 4.3% 2.6 -4.7%

2013 (e) 13.8 4.2% 6.8 4.7% 2.7 2.1%2014 (p) 14.6 5.4% 7.1 4.3% 2.8 3.4%2015 (p) 15.5 6.1% 7.6 6.7% 2.9 3.5%

'Far East-North America including via Suez.

Mainlane Westbound

Year m TEU % growth m TEU % growth m TEU % growth2007 6.7 15.0% 13.8 19.0% 3.6 -5.5%2008 7.1 5.3% 13.8 -0.2% 3.2 -8.9%2009 7.0 -1.6% 11.7 -14.7% 2.8 -15.1%2010 7.2 3.6% 13.8 17.2% 3.0 10.0%2011 7.6 5.5% 14.2 3.3% 3.3 8.4%2012 7.6 -0.4% 13.6 -4.2% 3.5 5.5%

2013 (e) 7.9 4.0% 14.2 4.1% 3.6 2.8%2014 (p) 8.1 3.1% 15.1 6.2% 3.8 5.3%2015 (p) 8.6 5.4% 16.0 6.0% 3.9 3.3%

'North America-Far East including via Suez.

Non-Mainlane East/West

Year m TEU % growth m TEU % growth m TEU % growth2007 6.2 6.9% 1.5 12.9% 5.2 12.7%2008 7.1 15.3% 1.7 8.0% 5.6 8.1%2009 7.4 3.7% 1.7 3.2% 5.5 -0.9%2010 8.8 18.8% 1.9 12.1% 6.2 13.0%2011 10.0 14.4% 2.0 4.5% 6.8 8.6%2012 10.5 4.5% 2.1 3.7% 7.0 3.1%

2013 (e) 10.8 3.1% 2.1 2.8% 7.2 3.2%2014 (p) 11.5 6.2% 2.2 5.0% 7.6 5.6%2015 (p) 12.3 7.6% 2.4 7.0% 8.1 6.8%

* Combined trade in both directions.

North-South Trades

Year m TEU % growth m TEU % growth m TEU % growth2007 10.7 5.9% 6.2 10.1% 4.4 2.4%2008 11.4 6.0% 6.8 10.5% 4.6 4.6%2009 10.3 -9.9% 6.7 -1.8% 4.5 -2.1%2010 11.9 16.4% 7.8 16.5% 5.0 11.2%2011 13.0 8.8% 9.0 15.1% 5.2 4.3%2012 12.7 -2.6% 9.3 4.1% 5.5 5.1%

2013 (e) 13.1 3.3% 9.9 5.6% 5.9 7.2%2014 (p) 13.7 4.8% 10.5 6.1% 6.3 6.9%2015 (p) 14.6 6.7% 11.3 7.8% 6.7 6.5%

"Total trade between these regions and Northern Hemisphere regions (Asia, Europe, North America).

Container Trade Summary, m TEUTrans- Far East- Total % Non-ML % % Intra % Other World %

Date pacific Europe* Mainlane growth E-W growth growth Asia growth Trades^ Total growth2007 21.1 19.2 47.1 9.1% 12.9 9.9% 6.3% 31.7 11.6% 16.6 129.5 10.8%2008 20.5 19.1 46.1 -2.0% 14.3 11.5% 7.0% 33.0 4.1% 18.5 134.7 4.0%2009 18.4 17.4 40.9 -11.3% 14.6 1.8% -5.9% 30.2 -8.2% 15.2 122.4 -9.2%2010 20.3 19.6 45.6 11.5% 16.9 15.8% 15.4% 35.5 17.5% 16.5 139.3 13.8%2011 20.8 20.4 47.3 3.8% 18.8 11.1% 9.9% 38.8 9.2% 17.2 149.3 7.2%2012 20.8 20.1 47.1 -0.5% 19.5 3.9% 1.1% 41.7 7.5% 17.9 153.7 3.0%

2013 (e) 21.7 21.0 48.9 4.0% 20.1 3.1% 4.9% 44.7 7.2% 18.6 161.2 4.9%2014 (p) 22.7 22.2 51.4 5.0% 21.3 5.8% 5.7% 48.2 7.7% 19.5 170.8 6.0%2015 (p) 24.0 23.5 54.3 5.7% 22.9 7.2% 7.0% 51.9 7.8% 20.7 182.3 6.7%

*Combined trade in both directions. ^Other trades include: intra-Europe, other intra-regional, ME/ISC-South and South-South. Subject to revision.

Clarkson Research Services Page 12

CommentaryTranspacific' Far East-Europe Transatlantic

Transpacific' Far East-Europe Transatlantic

ME/ISC-Asia* ME/ISC-Europe* ME/ISC-N.Am*

Latin America" Africa" Oceania"

North-South21.322.821.424.727.227.528.830.532.6

Jul-14

• Supported by improving European consumer demand, FarEast-Europe headhaul trade volumes have displayed strong growth so far this year, and are currently projected to expandby 6.2% in full year 2014 to 15.1m TEU. This would representthe fastest annual growth since the bounce-back year of 2010.Meanwhile, on the other key mainlane route headhaul Transpacific trade volumes are currently expected to grow by5.4% this year to 14.6m TEU, which would also be thestrongest growth since 2010.

• The World Trade Organisation (WTO) has ruled that theUS illegally imposes tariffs on some products imported from China and India, including steel and solar panels. However,the US argues that the tariffs combat the artificially low pricesthat are supported by overt and hidden subsidies to state-owned industries. As part of an ongoing series of tradedisputes, the US is expected to appeal the ruling.

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North-South Intra Asia WORLDTOTAL

Regional Growth Trends

5 Year Avg Growth (2008-13)2014(p) Growth2015(p) Growth

World Container PortsSelected Container Port Throughput

Europe Year-on-Year2010 2011 2012 2013 Growth %

Algeciras 2.81 3.60 4.11 4.34 UP BY... 5%Antwerp 8.47 8.66 8.63 8.58 DOWN BY... -1%Bremen/Bremerhaven 4.89 5.92 6.12 5.83 DOWN BY... -5%Felixstowe 3.40 3.52 3.70 3.70 UP BY...Gioia Tauro 2.85 2.30 2.72 3.09 UP BY... 13%Hamburg 7.90 9.01 8.86 9.26 UP BY... 4%Le Havre 2.36 2.22 2.30 2.49 UP BY... 8%Rotterdam 11.15 11.88 11.87 11.62 DOWN BY... -2%Valencia 4.21 4.33 4.47 4.33 DOWN BY... -3%

Americas Year-on-Year

2010 2011 2012 2013 Growth %

Hampton Roads 1.90 1.92 2.11 2.22 UP BY... 6%Long Beach 6.26 6.06 6.05 6.73 UP BY... 11%Los Angeles 7.83 7.94 8.08 7.87 DOWN BY... -3%New York/New Jersey 5.29 5.50 5.53 5.47 DOWN BY... -1%Oakland 2.33 2.34 2.34 2.35 STEADY… 0%Santos 2.72 2.99 2.96 3.22 UP BY... 9%Savannah 2.83 2.94 2.97 3.03 UP BY... 2%Vancouver 2.51 2.51 2.70 2.83 UP BY... 4%

Middle East/ Year-on-Year

ISC/Africa 2010 2011 2012 2013 Growth %

Colombo 4.12 4.26 4.19 4.31 UP BY... 3%Dubai 11.60 13.00 13.28 13.64 UP BY... 3%Durban 2.76 2.71 2.53 2.63 UP BY... 4%Jawaharlal Nehru 4.27 4.36 4.26 4.12 DOWN BY... -3%Jeddah 3.83 4.01 4.74 4.56 DOWN BY... -4%Khor Fakkan 3.02 3.23 4.00Port Said 3.47 4.27 3.63 3.90 UP BY... 7%Salalah 3.49 3.12 3.62 3.34 DOWN BY... -8%

Asia Pacific Year-on-Year2010 2011 2012 2013 Growth %

Busan 14.17 16.18 17.05 17.68 UP BY... 4%Dalian 5.23 6.40 8.06 9.91 UP BY... 23%Guangzhou 12.49 14.40 14.50 15.31 UP BY... 6%Ho Chi Minh 4.11 4.67 5.08 5.50 UP BY... 8%Hong Kong 23.53 24.40 23.10 22.29 DOWN BY... -3%Kaohsiung 9.18 9.64 9.78 9.94 UP BY... 2%Laem Chabang 5.07 5.73 5.93 6.04 UP BY... 2%Lianyungang 3.84 4.85 4.98 5.49 UP BY... 10%Manila 3.26 3.25 3.71Ningbo 13.07 14.69 16.17 17.33 UP BY... 7%Port Klang 8.87 9.60 10.00 10.35 UP BY... 3%Qingdao 12.01 13.02 14.50 15.52 UP BY... 7%Shanghai 29.00 31.50 32.53 33.62 UP BY... 3%Shenzhen 22.34 22.57 22.86 23.28 UP BY... 2%Singapore 28.43 29.94 31.65 32.58 UP BY... 3%Sydney 1.99 2.05 2.09 2.15 UP BY... 3%Tanjung Pelepas 6.53 7.50 7.72 7.62 DOWN BY... -1%Tanjung Priok 4.71 5.62 6.21 6.50 UP BY... 5%Tianjin 10.08 11.50 12.29 13.00 UP BY... 6%Tokyo 4.28 4.55 4.75 4.90 UP BY... 3%Xiamen 5.81 6.46 7.19 8.01 UP BY... 11% Sources : Information from ports, port websites, the AAPA and various press

Yokohama 3.28 3.08 3.05 2.89 DOWN BY... -5% including Lloyds List, and Containerisation International.

Clarkson Research Services Page 13 Jul-14

M. teu lifts

M. teu lifts

Port News This Month

M. teu lifts

M. teu lifts

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• Terminal operators Bollore and APMT have secured loans totalling $272m to develop Abidjan’s second container terminal. Once completed, the new facility will have a berth length of 1,100m and an annual capacity of 2.1m TEU.

• Dutch dredging specialist Van Oord has started deepening the River Mersey as part of the project to develop a new deep-water container terminal for the port of Liverpool. The new facility, named ‘Liverpool 2’ is scheduled to open in 2015, and is designed to handle large Post-Panamax vessels, although it faces competition from established hubs Southamp-ton, Felixstowe and the new Thames Gateway.

• Europe’s largest two container ports, Rotterdam and Hamburg, were suffering from congestion and delays in June and into July. The finger of blame was pointed at larger containerships, which are creating unprecedented volume peaks at the terminals. In addition, in today’s high bunker price environment, when faced with a late-running service, operators are reluctant to burn excess fuel in an attempt to catch up.

• The 18,270 TEU ‘Madison Maersk’ became the largest containership to call at Nansha (Guangzhou) in the Pearl River Delta. The Triple-E vessel made an off-schedule stop, loading and discharging more than 12,000 TEU during its 28-hour stay. The port’s South China Oceangate terminal has a quay length of 2,100m and is equipped with 22 ultra-large container cranes.

• Container handling at major Indian ports increased by just under 4% y-o-y in the first quarter of fiscal year 2014-15, with total volumes at the country’s 12 state owned ports reaching 1.94m TEU. Nhava Sheva handled 1.1m TEU over the period, a 6% y-o-y rise, while traffic at Chennai port reached 0.38m TEU, a 2% y-o-y increase.

World Container Capable Fleet

Container Capable Fleet & Capacity

Containership Numbers, start million dwt, start ,000 teu capacity, start

Fleet 2011 2012 2013 2014 Jul 2011 2012 2013 2014 Jul 2011 2012 2013 2014 Jul

100-999 teu 1,225 1,200 1,155 1,116 1,097 10.3 10.1 9.7 9.4 9.2 737 730 708 688 678

1,000-2999 teu 1,974 1,986 1,933 1,886 1,868 50.2 50.3 48.3 46.9 46.3 3,592 3,610 3,485 3,401 3,364

3,000+ teu (Panamax) 956 960 949 899 868 51.0 51.2 50.7 48.3 46.5 3,937 3,954 3,932 3,761 3,635

3-7,999 teu (Post-Pmax) 490 541 579 630 638 36.2 40.0 42.6 45.9 46.4 2,919 3,215 3,415 3,667 3,712

8-11,999 teu (Post-Pmax) 281 317 352 400 435 29.8 33.7 37.5 42.7 46.7 2,472 2,805 3,119 3,541 3,867

12,000+ teu (Post-Pmax) 39 74 117 151 174 6.1 11.3 17.6 22.9 26.5 544 1,005 1,574 2,055 2,390

Total Containerships 4,965 5,078 5,085 5,082 5,080 183.7 196.7 206.5 216.1 221.6 14,201 15,319 16,233 17,114 17,646

% growth y-o-y / ytd 3.5% 2.3% 0.1% -0.1% 0.0% 8.7% 7.1% 5.0% 4.6% 2.6% 9.6% 7.9% 6.0% 5.4% 3.1%

Fleet Value ($ bn)* 134.9 120.1 91.0 97.8 104.9

Other Liner Numbers, start million dwt, start ,000 teu capacity, start

Fleet 2011 2012 2013 2014 Jul 2011 2012 2013 2014 Jul 2011 2012 2013 2014 Jul

Multi-Purpose 100-499 teu 2,236 2,222 2,203 2,173 2,163 12.58 12.24 12.11 11.92 11.86 556 551 550 546 544

500-999 teu 832 847 847 818 810 10.87 10.94 10.73 10.20 10.12 557 575 579 561 557

1000+ teu 184 213 242 280 287 4.69 5.50 6.23 7.28 7.49 245 290 334 399 412

Total Multi-Purpose 3,252 3,282 3,292 3,271 3,260 28.13 28.68 29.07 29.39 29.46 1,358 1,417 1,464 1,506 1,513

% growth y-o-y / ytd 1.9% 0.9% 0.3% -0.6% -0.3% 3.1% 2.0% 1.4% 1.1% 0.2% 4.7% 4.3% 3.3% 2.9% 0.5%

Ro-Ro <10,000 dwt 739 699 678 662 651 3.83 3.64 3.54 3.44 3.39 134 122 114 108 104

10,000+ dwt 270 273 266 252 249 5.11 5.15 5.05 4.77 4.70 193 187 176 157 152

Total Ro-Ro 1,009 972 944 914 900 8.94 8.79 8.59 8.21 8.09 327 309 290 265 256

% growth y-o-y / ytd -4.8% -3.7% -2.9% -3.2% -1.5% -6.2% -1.7% -2.2% -4.4% -1.5% -9.9% -5.6% -6.0% -8.8% -3.1%

Cargo Liner 215 140 85 60 53 3.03 1.92 1.13 0.79 0.71 32.5 20.2 13.9 8.3 7.2

Cargo Tramp 1,519 1,571 1,599 1,603 1,595 12.49 12.83 13.07 13.20 13.15 24.0 20.4 16.6 16.0 15.8

Conbulker 356 321 270 246 237 12.51 11.42 9.90 9.43 9.14 429.1 396.9 345.3 330.6 323.0

Barge/Heavy Lift 39 41 38 32 31 0.37 0.43 0.39 0.31 0.29 20.0 23.5 21.5 19.0 17.9

PCC 679 722 750 756 767 10.43 11.22 11.73 11.85 12.06 6.2 5.9 5.7 5.2 5.0

Note:For ro-ros, cargo liners/tramps, conbulkers, barge/heavy lifts and PCCs, total teu capacity based on vessels with recorded teu capacity.

Reefer Numbers, start m.cu ft, start ,000 teu capacity, start

Fleet 2011 2012 2013 2014 Jul 2011 2012 2013 2014 Jul 2011 2012 2013 2014 Jul

<200,000 cu.f. 478 460 420 416 413 50.5 48.3 45.5 45.1 44.6 3.8 3.6 3.5 3.5 3.5

200-449,999 cu.ft. 318 294 254 251 251 97.1 89.8 76.3 75.5 75.4 12.4 11.1 8.7 8.6 8.6

450,000+ cu.ft. 245 231 204 198 192 132.6 125.8 112.8 109.6 106.5 51.9 51.8 46.9 46.5 45.8

Total Reefer 1,041 985 878 865 856 280.2 264.0 234.6 230.2 226.5 68.1 66.5 59.1 58.5 57.8

% growth y-o-y / ytd -5.5% -5.4% -11% -1.5% -1.0% -5.5% -5.8% -11% -1.9% -1.6% 0.4% -2.3% -11% -1.0% -1.3%

Cont'ship Rfr. Cap. 4,861 4,954 4,919 4,876 4,839 3,154 3,375 3,532 3,733 3,804 3,071 3,287 3,439 3,635 3,704

Note:Reefership teu capacity based on vessels with a recorded box capacity.Containership figures based on vessels with recorded reefer capacity only.

Global Liner Numbers, start million dwt, start ,000 teu capacity, start

Fleet 2011 2012 2013 2014 Jul 2011 2012 2013 2014 Jul 2011 2012 2013 2014 Jul

Total 13,075 13,112 12,941 12,829 12,779 265.8 277.8 285.5 294.3 299.5 16,465 17,578 18,449 19,322 19,842

% growth y-o-y / ytd 1.4% 0.3% -1.3% -0.9% -0.4% 8.9% 4.5% 2.8% 3.1% 1.8% 8.3% 6.8% 5.0% 4.7% 2.7%

Clarkson Research Services Page 14

July-14

*Value based on estimates of the value of each vessel based on type, size and age. Orderbook value based on reported newbuilding contract prices wherever possible and estimated contract prices adjusted for vessel type, size and date of the contract elsewhere.

Jul-14

World Container Capable Orderbook

Container Capable Orderbook & Capacity July-14

Containership No. ,000 % Delivery schedule: Est. fleet, start Orderbook/Fleet % by Sector

Orderbook ships teu fleet 2014 2015 2016+ 2015 2016

100-999 teu 5 4 1% 1 2 1 670 650

1,000-2999 teu 139 261 8% 69 103 89 3,355 3,324

3,000+ teu (Panamax) 6 20 1% 14 3 3 3,524 3,335

3-7,999 teu (Post-Pmax) 66 323 9% 170 120 33 3,774 3,855

8-11,999 teu (Post-Pmax) 137 1,281 33% 242 655 384 4,094 4,755

12,000+ teu (Post-Pmax) 101 1,555 65% 281 694 580 2,654 3,335

Total Containerships 454 3,443 20% 776 1,577 1,090 18,070 19,254

% growth y-o-y 5.6% 6.5%

Orderbook Value ($ bn)* 33.0 8.0 14.5 10.5

Other Liner No. ,000 teu % Delivery schedule: Est. fleet, start

Orderbook ships /m dwt fleet 2014 2015 2016+ 2015 2016

Multi-Purpose 100-499 teu 27 8 1% 4 3 1 542 535

500-999 teu 57 38 7% 8 16 15 555 556

1000+ teu 42 81 20% 12 38 32 421 452

Total MPP ('000 teu) 126 127 8% 23 56 48 1,518 1,542

% growth y-o-y 0.9% 1.6%

Ro-Ro <10,000 dwt 7 0.04 1% 0.04 0.00 3.33 3.12

10,000+ dwt 24 0.74 16% 0.24 0.45 0.06 4.78 4.94

Total Ro-Ro (m dwt) 31 0.78 10% 0.27 0.45 0.06 8.11 8.06

% growth y-o-y -1.2% -0.6%

Cargo Liner (m dwt) 0.66 0.54

Cargo Tramp (m dwt) 51 0.48 4% 0.35 0.13 13.08 12.99

Conbulker (m dwt) 8.76 7.95

Barge/Heavy Lift (m dwt) 4 0.06 19% 0.04 0.02 0.29 0.26

PCC (m dwt) 69 1.54 13% 0.22 0.73 0.59 12.19 12.69

Note: Capacity figures based on units used for vessel size ranges.

Reefer No. m.cu ft % Delivery schedule Est. fleet, start Containership Fleet

Orderbook ships ,000teu fleet 2014 2015 2016+ 2015 2016

<200,000 cu.ft. 45 44

200-449,999 cu.ft. 75 74

450,000+ cu.ft. 104 98

Total Reefer (m cu. Ft.) 223 216

% growth y-o-y -3.1% -3.3%

C'ship Rfr. Cap. ('000 teu) 143 195.6 5% 83.2 73.3 39.1 3,749 3,798

Note: Containership reefer teu subject to revision as reefer teu capacity of orderbook becomes known.

Global Liner No. ,000 % Delivery schedule Est. fleet, start

Orderbook ships teu fleet 2014 2015 2016+ 2015 2016

Total ('000 teu) 735 3,618 18% 812 1,664 1,142 20,255 21,458

% growth y-o-y 4.8% 5.9%

Note: Global fleet figures based on the sum of liner vessel numbers and teu figures and reefer fleet numbers and teu figures. Fleet projections take into account historical and expected delivery performance in terms of slippage and cancellation.

Clarkson Research Services Page 15 Jul-14

Containership Orderbook

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Chart shows containership and MPP orderbook as a % of the fleet by

TEU size range

Container Commentary

The rejection of the proposed ‘P3 Alliance’ by Chinese regulatory authorities, on the grounds of poten-tially excessive market share on key trade lanes, again raises the issue of consolidation in the container-ship market. This month we look at the fleets of the top ten boxship operators, and look at how concen-trated the containership sector really is.

Container Intelligence Monthly, July 2014 Published by: Clarkson Research Services Limited St. Magnus House, 3, Lower Thames Street, London EC3R 6HE, England. Tel: + (44) (0) 20 7334 3134 E-mail: sales.crs@clarksons.co.uk On-line Shop: http://www.crsl.com Website: http://www.clarksons.com/research Shipping Intelligence Network: http:/www.clarksons.net World Fleet Register: http://www.clarksons.net/wfr

Editorial Board: Managing Director Stephen Gordon Research Director Trevor Crowe Editor/Analyst Ben Hanslip Publisher Rob Benson Production Sheena Sunny Fleet Data Karen McBride Clarksons Container Contacts: Managing Director Jakob Tolstrup-Moller Chartering Graeme Murray S&P Victor Heal Newbuilding Peter Love Singapore Chris Smith

Container Intelligence Monthly is published 12 times a year. It reviews the markets for containerships and other liner vessel types, including the secondhand, newbuilding and demolition markets. It provides details of charter rates, prices and activity in all these markets; fleet statistics; trade, financial and economic indicators. It is available on subscription at a price of £635/£650 per year (within Europe/outside Europe), including postage. Whilst care has been taken in the production of this review, no liability can be accepted for any loss incurred in any way what-soever by any person who may seek to rely on the information contained herein. The information in this report may not be reproduced without the written permission of Clarkson Research Services Limited.

A Consolidated Sector In terms of operation, the containership industry is the most consolidated part of the major volume sectors. At the start of July 2014 the top ten container lines in the world operated a fleet of 11.6m TEU, equivalent to 66% of total fully cellular capacity (17.6m TEU). These carriers have been responsible for deploying over 75% of total additional capacity since July 2009, when their share of total fleet ca-pacity was 62%. As a result, the combined deployed fleets of the top ten carriers have expanded by 48% over the last five years, compared to growth amongst smaller lines of 25%. Fleet growth has been unevenly distribut-ed, with some carriers pursuing fleet ex-pansion more intensively than others. The Big Three (Too Big for P3!) Above all, one thing jumps out from the graph, how much larger the ‘big three’ carriers are than the rest of the top ten. Maersk (no. 1 operator) has seen its op-erated capacity expand by 35% over the last five years to 2.7m TEU, accounting for 14% of total capacity growth, while its market share slipped slightly to 15.4% from 15.9% in July 2009. Meanwhile, CMA-CGM’s (no. 3) fleet grew by 56% over the same period to 1.6m TEU, ac-counting for 11% of total fleet growth, and increasing its market share from 8.0% to 9.0%. However, in terms of actual capaci-ty growth, MSC (no. 2) has contributed most, its operated fleet expanding by 62% since July 2009 to reach 2.5m TEU. Accounting for 19% of all boxship fleet growth over the period, MSC’s share of the fleet has risen from 12.0% to 14.1%.

Together, these three carriers operated 6.8m TEU at start July 2014, equivalent to 38% of the overall containership fleet, a share that has risen from 36% in July 2009. Their combined fleets have grown by 49% (2.2m TEU) over the last five years, accounting for 45% of all boxship fleet growth. Even without P3, they re-main the biggest fish in the sea. Mergers & Alliances Smaller carriers have also explored paths towards a larger market share. The forth-coming merger between Hapag-Lloyd and Chilean liner company CSAV will create the world’s fourth largest carrier.

1.0m TEU is currently operated by the pair, 6% of the containership fleet. Mean-while, the expansion of both the G6 Alli-ance, and the CKYHE group of carriers, to Transpacific and Transatlantic trade lanes, in order to provide full East-West coverage, demonstrates another trend in increased cooperation. Compared to many other shipping sec-tors, containership operation is relatively consolidated. Despite the collapse of P3, the big three carriers together have a significant and expanding market share. In addition, across the liner sector, opera-tors continue to pursue closer ties through mergers and alliance building.

Graph of the Month The Top Ten Containership Operators

Graph shows the nominal TEU capacity operated (including chartered in vessels) by the ten largest containership operators as of 1st July 2014. Deployment data basis industry sources.

Source : Clarkson Research Services

Container Carriers: Carry On Consolidating?

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Operators No. 4-10