Toepfer Transport's Multipurpose Shipping Report · Nowowiejski 32.000 2016 700 mt 3 x 350 mt...

Toepfer Transport 12-July-2016

Toepfer Transport's Multipurpose Shipping ReportIssue No. 2

ContentsMPP-TC IndexNewbuildingsS & P HighlightsFleet StatisticStatistic FocusTop 15 PlayerIndustry NewsCargo DemandQuarterly FocusEditorial

MPP - Toepfer definition:

Within this report, we willmainly concentrate onvessels with a combinedlifting capacity equal to orgreater than 100 tons. Wealso take the definitions ofthe Heavy Lift Club,according to ourunderstanding as areference, and present thesame in separate fleet factsand show several rankingsof the anticipated fleetdefinition of an MPP HeavyLift Carrier.

Toepfer Transport GmbH Sale &Purchase / Newbuilding Brokers

Email: [email protected] Clemens Toepfer Hannes HollaenderEmail: [email protected] Panos Pantelis Lars WestphalPhone: +49 (0)40 32 58 21 – 0 Carlo Brandt Cornelius Schröder Fax: +49 (0)40 33 93 10 Research AssistantAlstertor 1 - D-20095 Hamburg / Germany Nicolas Breiding Jennifer Shresthawww.toepfer-transport.com

Top News: Rickmers-Linie is back among the Top 10 Multipurpose Shipping Operators afterthe integration of Weco's Nordana Project Carrier outlet - see page 8

Multipurpose Shipping Report

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© Copyright Toepfer Transport 2016

Dear Reader,

We are pleased to present to you the second edition of our Multipurpose ShippingMarket Report. In this issue you will find the first assessment for our newMultipurpose Shipping Time Charter Index as well as the latest industry news andfleet developments. Our quarterly focus "Wind of Change" is based on windturbine shipments, a segment which is subject to fierce competition (see page 12).The global conditions affecting the Multipurpose Shipping sector remainchallenging (BREXIT, political uncertainty in the US and parts of South America).Whilst there is hope that trade with Iran will pick up significantly, it will still takesome time for new projects to lead to a noticeable demand for the MultipurposeShipping market. Global forwarders hunting for bigger projects only saw a verylimited demand and could consequently negotiate very attractive freight rates fortheir clients with owners offering desperate rates in order to fill their capacities.The ever-increasing overcapacities from the Bulk and Container sectors are nothelping at all. Whether the slight recovery of the oil price will continue remains tobe seen. However, for a positive effect on demand for the multipurpose shippingindustry, the oil price needs to be clearly above the US$ 50 mark.Yo

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Newbuildings


Time Charter Market


The nearly non-existent newbuilding order activity for this shipping segment could also be seen as an indicator forthe overall gloomy market conditions. Whilst prices are at an attractive level, confidence in the market (low freightrates) is not supporting any new orders and/or the financing could not be realised.

The only remarkable new order was Spliethoff's "Happy Sun", a third sister to their existing "Happy S-type" (18,000tons deadweight, 2 x 900-ton cranes, combinable up to 1,800 tons) at Ouhua Shipbuilding, which will be added totheir heavy lift fleet under their BigLift brand in the first quarter of 2018.

From Japan, we have noted some rumours regarding multipurpose vessel newbuilding orders but at this stage itcannot be determined whether these 3 x 21,000 tons deadweight and 2 x 19,900 tons deadweight units fordelivery in 2018 and in the first half of 2019, from Shin Kurushima, will be sufficiently geared and whether theymight be the anticipated order from NYK Bulk & Projects.

For an existing order from COSCOL at Shanghai Shipyard for 6 x "Da An-Type" (bridge forward) with 29,000 tonsdeadweight and 2 x 350 tons & 1 x 100 tons gear, combinable up to 700 tons, at least three units should be up-graded to 36,000 tons deadweight. Furthermore the vessel's hull should be strengthened to receive an ice-classstatus.

We are currently seeing some interesting developments in the medium size segment of the “F-500 type”, (12,500tons deadweight / 2 x 250 tons gear), which have been ordered by several, mainly German, owners during the lastthree years.

We are delighted to present to you herewith our first Multipurpose Shipping Time Charter Index. The index isbased on a time charter rate assessment for the "F-type" ship design. This vessel type is deployed by manyoperators and, with more than 80 units, it is the most commonly built standardised ship design within theMultipurpose Shipping fleet, with a combined lifting capacity of over 100 tons. Its parameters of about 12,500tons deadweight, 16,000 cbm hold capacity, a combined crane capacity of 240 tons to 500 tons, a service speed ofup to 15 knots, tween decks and other useful features, make this type a universally recognised and usedworkhorse.Consequently, for several operators this class is the backbone of their fleet, which can be added to, in the event ofadditional demand, by further units from time charter owners. Sometimes operators also charter out theirtonnage on a trip or time charter basis to competitors if it makes commercial sense for them. Thus a regular flowof charter activities take place and all relevant players have a well-founded market understanding. For ourMultipurpose Shipping Time Charter Index, we selected a mix of owners, brokers and operators who handle timecharter requirements of this “F-type” on a regular basis. The purpose of this index is to show the general markettrends and we collect from the panellists, on a monthly basis, their estimate for a 6- 12 months’ time charter foran “F-type” which covers all versions and ages of this type. The index is the average result of all reportedevaluations and represents an independent and balanced market trend.

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Sale & Purchase



Newbuildings (continued)

The enhanced “F-type”, which in principle follows the original basic design, has been upgraded and optimisedmainly with regard to the lifting capacity, hull design, propulsion and consumption as well as the cargo holdconfiguration. In the meantime, nearly 50 units including several options, were ordered for this type (12 xDannebrog, 10 x Zeaborn, 9 x STV/Nordic/ACM, 8 x Briese/Auerbach, 4 x Krey, just to name the well-known).

This impressive order book currently under construction at Sanfu, Huanghai, Hongqiang and Union, has dwindledto less than a half of the peak level due to several causes. One of the main reasons was surely the poor marketwhich did not develop as expected with the result that none of the options has been exercised. Other factors arefinancing roadblocks, preventing the owners and shipyards from getting the necessary funding in place, andongoing charter (re-) negotiations.

But also with regard to those newbuilding orders which were eventually placed, we have recently noted that someof them were delayed to such an extent that the owners cancelled the units and the shipyards are now trying toresell the vessels. For some of the ships, which have a charter in place, we heard that the charterer would onlyaccept a later delivery outside the agreed laydays if a substantial charter reduction could be reached which, on theother side, would disrupt the whole financing concept of the owners who are consequently also trying torenegotiate terms with the shipyards. How many of the ships will finally come into service remains to be seen, butit will certainly only be a fragment of the original planned and ordered armada; at least for the supply and demandratio there are some signs of hope.

Name Dwat Built Max Lifting Gear Seller Buyer Date Price US$m

Parida 5.850 1999 120 mt 2 x 60 mt Harren & Part. Estonians Jun. 16 3.20

UAL Coburg 8.115 2002 120 mt 2 x 60 mt Intership PT Tanto Intim Line Jun. 16 3.10

Fernando 30.320 2003 200 mt 2 x 100mt; 2 x 50mt NSC May 16 high 5

BBC Rheiderland 20.144 1999 120 mt 2 x 60 mt Briese Sevnor Logistics Apr. 16 6.80

Eggella 8.825 2016 110 mt 2 x 55 mt Hongqiang SY Neptune Pacific Line May 16 about 7.00

S & P Deals

In the second-hand market, we have not noted new benchmark deals, except the rumoured price of US$ 11.5 forthe five 18,000 tons deadweight, 3 x 80 tons Safmarine ships, built 2010-2011, which were picked up by Thorco,making it hardly possible to put accurate market prices on MPP ships.

In fact many vessels are on the market at reduced prices while the number of buyers has not increased, whichexplains the falling price expectations of buyers. We have counted about 80 western-specified MPPs of 5,000 -32,000 deadweight tons currently for sale, of which alone 22 units are of the E/F-type and the improved F-500type. Buyers' expectations of falling prices are supported by weakening charter rates seen over more than thepast six months (see our MPP time charter Index page 2) and it remains to be seen whether we have alreadyreached the lowest point in this development.

It is questionable whether the MPP S&P market will follow the drastic developments seen with regard toContainer and Bulk ships. As a little glimpse of hope, we are witnessing fair to relatively high prices being underdiscussion for well-specified and well-maintained vessels which fit into trades with special requirements e. g. ice-class, roro-ramps and/or heavy lift cranes.

Deadweight Max Lifting No. Cranes 2002 2007 2011 2015 April 2016 June 2016

9.000 120 / 160 mt 2 4.00 11.50 10.50 6.00 5.50 5.00

12.500 120 / 150 mt 2 6.00 14.50 13.50 8.50 7.50 6.50

30.000 200 mt 3-4 10.00 28.50 19.50 10.50 9.50 9.00

The above prices are for guidance only as these strongly depend on crane capacity and design/quality.

Asset 2nd Hand Prices 10 years old in US$ Millions

Deadweight Max Lifting No. Cranes Contracted 2002 Contracted 2007 Contracted 2011 Contracted 2015 April 2016 June 2016

9.000 160 mt 2 9.50 20.00 14.00 15.00 13.50 13.50

12.500 180 / 250 mt 2 14.50 29.00 18.50 19.50 18.50 18.25

30.000 640 / 700 mt 3-4 29.00 45.00 39.50 41.00 36.50 35.50

Asset Newbuilding Prices in US$ Millions

Name Dwat Built Max Lifting Gear Owner Shipyard Date Price US$m

Happy Sun 18.374 2018 1800 2 x 900 mt Spliethoff Zhejiang Ouhua Shipyard 2018 excess 50.00

New Ordered Vessels

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Fleet Statistic I: All Ships above 100 tons Combined Lifting Capacity




Pacific Venture 8.825 2016 110 mt 2 x 55 mt Neptune PL Jiangsu Hongqiang Marine Jun. 16

Baltic Harmony 31.200 2016 500 mt 2 x 250 mt; 1 x 100 mt Istanbul Deniz Huanghai Jun. 16

Tian Zhen 38.006 2016 200 mt 3 x 100; 1 x 80 mt COSCO Guangzhou Huangpu Mar. 16 33,70

BBC Birte H 12.550 2016 500 mt 2 x 250 mt Krey Schiffahrt Jiangsu Hongqiang Marine May 16

Thorco Lohas 16.966 2016 100 mt 2 x 50 mt Franbo Lines Honda Heavy Industries Apr. 16

Nowowiejski 32.000 2016 700 mt 3 x 350 mt Chipolbrok Shanghai Shipyard Mar. 16

Delivered Vessels

No. Dwat % Fleet No. Dwat % Fleet

Fleet as per 1st January 962 14.065.725 973 14.437.413

Changes: Deliveries 22 495.316 3,52% 13 305.100 2,11%

Sold For Scrap 7 78.070 0,56% 3 26.236 0,18%

Other Removals/Losses 4 45.558 0,32%

Net Change During Year 11 371.688 2,64% 10 278.864 1,93%

Fleet End Year / Year to date 973 14.437.413 983 14.716.277

Orderbook 68 1.207.715 8,37% 57 924.309 6,28%

Fleet AnalysisFleet by Deadweight Segments No. Dwat % Fleet No. Dwat % Fleet

2.000 - 4.999 Dwat 65 269.649 1,83% 0

5.000 - 9.999 Dwat 282 2.266.753 15,40% 8 72.000 3,18%

10.000 - 14.999 Dwat 273 3.352.204 22,78% 32 399.104 11,91%

15.000 - 19.999 Dwat 131 2.338.521 15,89% 6 103.389 4,42%

20.000 - 24.999 Dwat 59 1.283.490 8,72% 0

> 25.000 Dwat 173 5.205.658 35,37% 11 349.816 6,72%

Fleet by Age Profile % Fleet

0-5 years 285 5.635.831 38,30%

6 - 10 years 334 4.765.171 32,38%

11 - 15 years 129 1.998.349 13,58%

16 - 20 years 125 1.405.737 9,55%

> 20 years 110 911.189 6,19%

Existing Fleet

2015 2016 to date

Total Multipurpose

Fleet Facts

Above 100 tons Combined Lifting

OrderbookExisting Fleet

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Fleet Statistic II: Above 150 mts Combined Lifting

Analysis




As additional guidance for analysis of the Multipurpose Heavy Lift fleet, we also use the definition, as weunderstand it, set out by the members of the International Council of Heavy Lift and Project Cargo Carriers, alsoreferred to as the Heavy Lift Club.

In this Council, according to our sources, members including Austral Asia Line, BBC Chartering, Hansa Heavy Lift,Intermarine and Rickmers-Linie, to name a few, meet on a regular basis to discuss and exchange the latestdevelopments in their industry, particularly technological innovations, the environment, security and education.According to our understanding, their actual definition of a Multipurpose Heavy Lift Carrier is as follows:

A vessel with a minimum of 4,000 tons deadweight; Of any age; With a lifting capacity of a minimum of 100metric tons single crane or a minimum of 150 tons combination;With tween decks.




Sold For Scrap 5 59.037 0,62% 3 26.236 0,27%




Orderbook 52 944.500 9,57% 52 855.420 8,46%


4.000 - 4.999 Dwat 10 43.767 0,43%

5.000 - 9.999 Dwat 150 1.210.135 11,96% 6 54.000 4,46%

10.000 - 14.999 Dwat 216 2.654.283 26,24% 32 399.104 15,04%

15.000 - 19.999 Dwat 80 1.449.556 14,33% 3 52.500 3,62%

20.000 - 24.999 Dwat 31 699.778 6,92%

> 25.000 Dwat 135 4.058.405 40,12% 11 349.816 8,62%


0-5 years 211 4.351.360 43,01%

6 - 10 years 226 3.268.546 32,31%

11 - 15 years 85 1.421.472 14,05%

16 - 20 years 71 785.521 7,77%

> 20 years 29 289.026 2,86%

* according to our understanding

Existing Fleet

MPP Heavy Lift Carrier as per

Heavy Lift Club* - Fleet Facts 2015 2016 to date


Existing Fleet Orderbook

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Fleet Statistic III: Above 250 mts Combined Lifting (PPC Fleet)






Sold For Scrap 3 23.998 0,48% 3 26.236 0,51%




Orderbook 46 773.306 15,09% 45 711.556 13,57%


2.000 - 4.999 Dwat 6 25.200 0,48%

5.000 - 9.999 Dwat 95 781.955 14,91% 6 54.000 6,91%

10.000 - 14.999 Dwat 99 1.244.851 23,74% 30 383.740 30,83%

15.000 - 19.999 Dwat 57 1.032.382 19,69%

20.000 - 24.999 Dwat 13 285.082 5,44%

> 25.000 Dwat 61 1.858.496 35,44% 9 273.816 14,73%


0-5 years 105 2.123.946 40,50%

6 - 10 years 122 1.752.513 33,42%

11 - 15 years 41 684.317 13,05%

16 - 20 years 44 464.268 8,85%

> 20 years 19 219.232 4,18%

Premium Project Carrier (PPC)

Fleet Facts


2015 2016 to date

Existing Fleet Orderbook

Existing Fleet


Wilma 9.544 1997 550 mt 2 x 275 mt; 1 x 150 mt SAL Sietas Apr. 16 scrapped

Ardent 8.874 1997 300 mt 2 x 150 mt Ariston Zhonghua Shipyard Apr. 16 scrapped

Han Hong 7.818 1991 300 mt 2 x 150 mt JOSCO Sietas Apr. 16 scrapped

Scrapped or Lost Vessels


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Fleet Statistic Focus

Multipurpose Fleet Age Breakdown by Top 15 Operators



Especially those operators whose fleets have reached an average age of more than ten years should seriouslyconsider having new tonnage built or buying modern second-hand tonnage, in case the same meets their servicerequirements, since high value cargo owners very often only accept tonnage with a maximum age of 15 years. Itshould be taken into consideration that specialised tonnage with a high specification easily requires 18 months tobe built after contract signing; the financing is also a matter which needs some time to arrange.

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Top 15 Market Player above 100 tons Combined Lifting




Since our last evaluation for a market position among the top 15 Multipurpose Operators in April 2016, we havenoted some changes. Rickmers-Linie, together with the tonnage of Nordana Project & Chartering, is now back inthe top 10 at number 8, whilst Wagenborg is now in the top 12 (previously number 8).

BBC Chartering, Chipolbrok, Intermarine and Thorco could raise their market shares while AAL / Döhle, COSCOand Biglift / Spliethoff lose some ground. In general the dispersal was quite stable, with the major changes beingdue to delivery/redelivery of time charter tonnage or newbuilding tonnage entering their service.

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Top 15 Market Player above 250 tons Combined Lifting



In the Premium Project Carrier segment, it is interesting to note that more than 85% of the fleet is controlled bythe top 15 operators. Furthermore, it is evident that there are two bigger clusters of operators which in terms ofthe specification of their fleet offer similar service concepts. While operators with smaller tonnage focus on trampshipping solutions, the operators with larger tonnage have to offer liner services in order to collect sufficient cargoto fill their units. However, in the meantime, some liner operators also offer tramp and project shipping serviceswith smaller units, which will bring the average fleet down and consequently the cluster is likely to furtherconverge in the middle of the chart. Only operators with unique selling points like SAL and Jumbo could distinguishthemselves from the two clusters by offering higher lifting capacities together with complex engineering solutionsfor offshore constructions.

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Industry News:


Sharing Economy

In our first report we noted that we were already expecting further consolidations so the latest news about thetakeover of WECO Group's Nordana Project & Chartering activities by Rickmers-Linie was in line with the latestdevelopments. That Nordana is somehow changing their business direction was already clear during the course oflast year, as they redelivered time chartered tonnage, sold newbuildings and tightened their co-operation withRickmers-Linie by nominating them as their commercial agent for Japan and China.

The remaining tonnage from Nordana is mainly represented by four long-term chartered vessels under Thai flagand management, which seem to be the core fleet to be integrated by Rickmers-Linie as a separate entity.

The main benefit for Rickmers-Linie seems to be the experience and market access of the Nordana staff and thefact that they can now also offer tramp shipping services to their liner clients, a development which we also sawwith the AAL / Peter Döhle co-operation.

A new co-operation to expand their service networks has been agreed between MACS and Seaboard Marine,connecting European ports Immingham, Brake, Antwerp and Bilbao via Houston with Kingston, Guayaquil, Callao,Arica, Angamos and Valparaiso. Under this agreement, MACS can offer shipments from the Continent throughSeaboard’s fortnightly liner service to Jamaica and the West Coast of South America.Another space charter agreement has been signed between the National Shipping Company of Saudi Arabia(Bahri) and Rickmers-Linie, covering exports from the US Gulf and US East Coast to the Red Sea and Middle Eastports. While Bahri will offer space on their six Multipurpose RoRo vessels ( 26,000 tons deadweight, 2 x 120 tonsgear, combinable up to 240 tons) trading between the US East Coast and Arabian Gulf / India, Rickmers-Linie willtake cargo on their eastbound Round-The-World Pearl String Service operated with 9 x 30,000 tons deadweightvessels, which can lift pieces up to 640 tons.

As co-operation seems to be at least one recipe for the challenging market, another joint venture was announcedbetween NYK Bulk & Projects Carriers Ltd. (NBP) and Licvem Shipping & Trading ApS (Licvem), which operate asLicvem NBP ApS (LBP). LBP commercially operate 3 - 8 Multipurpose vessels, which are mainly deployed betweenEurope and African ports.

For yacht transport solutions, a strategic partnership has been signed between Peters & May and BBC Chartering,enabling Peters & May access to BBC's over 130 Multipurpose ships. Peters & May already have a partnership withNormed for their Northern Europe to the Mediterranean yacht transport business.

A new conventional liner service has recently been launched by the Islamic Republic of Iran Shipping Lines (IRISL)with their first sailing of the M/V Sevgi ( 28,165 tons deadweight, 2 x 200 tons plus 1 x 45 tons gear, combinable upto 360 tons) linking European and Mediterranean ports with Iranian and Middle East Gulf ports.

Interestingly M/V Sevgi was originally ordered by IRISL at Huanghai Shipbuilding together with seven sisters, butcould not be taken over due to the imposed sanctions against Iran. However the vessels were completed and soldto Turkish Owner Istanbul Denizcilik Ve Deniz respectivly chartered out by the Huanghai Shipyard-related NewLegend Group. Another vessel built by Huanghai Shipbuilding, M/V Baltic Harmony (31,778 tons deadweight, 2 x250 tons plus 1 x 100 tons gear, combinable up to 500 tons), was also handed over to IRISL although the officiallyregistered owner is Istanbul Deniz. Thus we would not be surprised to see further vessels originally related to IRISLcoming back under their control.

For the Europe - West Africa trade, Dutch operator Breadbox announced a new parcel service on a semi-linerbasis, for which they will offer 1-2 sailings per month with lifting capacities of up to 500 tons. The range of ports ofloading covers the Baltic to the Iberian Peninsula, for cargo to be discharged in ports from Morocco to SouthAfrica.

Although the Multipurpose Liner operators are trying to offer their clients a wider service network and higherfrequencies by means of space sharing agreements, it remains to be seen whether additional volumes can begenerated. Especially when it comes to transhipments, cargo owners usually prefer direct sailings, it is at leastquestionable whether they can be persuaded to change from a tramp operator sailing to a liner service.

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Cargo Demand



The latest rig count by Baker Hughes seems to have bottomed out after a free fall starting in the first quarter of2015. As the oil price is also creeping bravely in the direction of US$ 50 per barrel, we hope to see a return ofactivities from the drilling industry and its suppliers in the 3rd quarter.

From the crude steel production sector, we have noted for the EU 28 a small but steady growth, while Japan areat least keeping their production for the first half of 2016 on a constant level.

The value of shipments counted under Parker Bay's Surface Mining Equipment Index in the first quarter of 2016declined by nearly 9 % and an encouraging change in this trend is not expected for the Q2 numbers.At least not all indicators are in a downward direction and we see some shades of grey, but a fundamental changein the general market development cannot be expected in the second half of this year.

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Quarterly Focus:



Wind of Change

A constantly growing cargo source for Multipurpose Carriers is the wind power industry. Wind mill components,such as the towers, the hubs, the turbines, the nacelles and the blades, the last of which could easily have a lengthof 60 metres or more, are becoming a firm part of the cargo mix for nearly every operator.

Wind mill components appeared as a regular cargo from 2000 onwards, with the global annual installed windcapacity developing from 3.76 GW to 63.47 GW in 2015, which represents an impressive CAGR of more than 20 %over the last 15 years. Today, China is by far the leader of newly installed capacity with a share of 48.5 % or 30.5GW, followed by the United States with 13.5% and Germany with 9.5% market share of newly installed windturbines in 2015.

The top ten countries supplying newly installed wind power capacity represent 89 % of the total world capacity.Besides China, USA and Germany, Brazil, India, Canada, Poland, France, UK and Turkey represent the top tensuppliers of newly installed capacity. From this list one can see where the most building activities, andconsequently the most transportation of wind mill components, currently take place.

For the Multipurpose Carriers, the part of the business which is not sourced by local production facilities was veryattractive in the beginning, especially because extensive expertise and experience was needed to handle thesensitive blades for the ocean transport of the wind mills. Over the years, and with the growing volumes, theproducers streamlined their product portfolios and simultaneously developed new standards for the handling andtransportation of their components. Nowadays, wind mill blades and towers are transported in specially designedframes which can be stowed up to five tiers high on the deck of a vessel.

For the cargo itself, this development and optimisation of sea transportation methods was quite positive sincedamages and losses went significantly down. However, as a result of this process the wind mill parts increasinglybecame a commodity which could be also handled by transport providers other than Multipurpose Carriers.

Especially the open hatch bulk carriers identified wind turbine transportation as a new opportunity and believedthey could somewhat compensate for the desperate dry cargo market by offering their deck space to this industry.For bulk operators like Gearbulk, Grieg Star and Oldendorff Carriers, this commodity became a regular cargo forwhich they built up special teams within their organisations to handle the increasing volumes. According toOldendorff Carriers, they started their wind turbine transportation business in 2002 and since then they havehandled over 7500 wind turbine towers and other components, such as blades and nacelles.

On a typical voyage, a Gearbulk open hatch gantry crane vessel can easily carry 20 to 30 tower sections, eachweighing 60 tons or more. Alternatively, they can carry 45 sets of blades, each with a length of 50 metres. Whilethis cargo type is booked on a last in, first out basis and only needs 1-2 days for loading and securing, it makes agood contribution to the voyage result, in addition to the usual bulk cargos carried on such vessels.

Another threat to the Multipurpose Carriers for this commodity comes from RoRo Carriers such as Höegh, NYK andWallenius Wilhelmsen, who either transport shorter blades and towers on 25-metre shuttle trailers or longer unitsdirectly with their transport frames on the weather deck. Other components, like nacelles and hubs, are usuallyloaded together on a 40-foot roll trailer and could thus be easily handled like all other cargo on board the RoRoCarriers.

Consequently, wind mill transportation is no longer a unique selling point for Multipurpose Carriers; quite thecontrary, the active Bulk Carriers and RoRo operators in this segment have gathered considerable experience inthe handling and transportation of this cargo and this has led them to also hunt for other project cargo from theMultipurpose Carriers, thus putting further pressure on freight rates as a result of the additional supply.

In this triangle of Container, Bulk and RoRo Carriers trying to get a piece of the Multipurpose and Project Cargocake, the pressure on rates is constantly increasing and will last as long as the freight rates for the container andbulk cargoes remain flat and until the problem of oversupply is alleviated, with tonnage returning to a morebalanced level.

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Editorial and commercial inquiries:

Toepfer Transport's Multipurpose Shipping ReportPublished by:

Toepfer Transport GmbHEmail: [email protected]: [email protected]: +49 (0)40 32 58 21 – 0Fax: +49 (0)40 33 93 10

Alstertor 1 - D-20095 Hamburg/Germany

www.toepfer-transport.com

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