The Top 25 Container Liner Operators
(2015)
Dynamar B.V.
Noorderkade 1G 1823 CJ Alkmaar
Tel: +31 72 514 74 00 E‐mail: [email protected]
Website: www.dynamar.com
2 Top 25 Container Liner Operators (2015)
3Top 25 Container Liner Operators series
The Top 25 Container Liner Operators
Corporate and Trading Profiles
December 2015
Dynamar B.V. Noorderkade 1g 1823 CJ ALKMAAR
Phone: +31 72 514 74 00 Fax: +31 72 515 13 97 [email protected] www.dynamar.com
Analyst Darron Wadey, MILT
Assistant Analyst Arthur Luiten, MA
Managing Editor
Dirk Visser
© All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any
form or by any means electronic, mechanical, photocopying, recording or otherwise without explicit permission of the
publisher.
While the information contained in this report is presented in good faith, it frequently involves estimates where no current
published data is available. This information, believed to be accurate, can therefore not be guaranteed. The publishers
cannot accept liability of any errors or omission. Any and all information for this report has been collected, researched and processed in the fourth quarter of 2014.
4 Top 25 Container Liner Operators (2015)
TOP 25 CONTAINER LINER OPERATORS SERIES
Since 2002 Dynamar has been publishing regular reports on the world’s largest container liner carriers.
Throughout they have offered an insight into the history, nature, characters, developments, strategies,
relationships and results of these companies and the larger groupings they may form or be part of. We
welcome readers to the 13th and 2015 edition of Top 25 Container Liner Operators.
In deciding the Top 25, and to assist in comparisons with previous and future years, the situation as at the mid‐
point of the year has been taken. The publication opens with a summary of the Top 25 carriers at that point in
time, this looking at operated vessel fleet and capacity, carryings and container box fleets, affiliations and
where available, financial results.
We also look at the carriers on vessel capacity basis and summarise who has come into the Top 25 and who
has moved out. Furthermore we provide charts summarising the shares of operated vessel capacity by region
of control and by company type plus an update on the financial and operational performance for the first
three‐quarters of 2015 (where available).
For all this, the core of the publication consists of the profiles of each of the individual members of the Top 25
and their affiliated companies whose fleets are consolidated into that of the main company. In summary, each
profile contains:
A first page overview of o key details (address, ownership, historical) o performance indicators (capacity, market position, carryings, revenues and results)1 o Indexes and ratios showing relevant progression
… all covering 2009‐13 inclusive together with 2005 as the index point
A history and corporate background introduction (how the carrier got to where it is today)
Operated containership fleet and orderbook development, with supporting table
Trade lanes and markets served, with tables of main developments and current service network
Overview of interests in container terminals worldwide, with supporting table
Summary of container related and other relevant affiliations or activities
Summary of Alliance memberships
Supporting profiles of relevant and affiliated container shipping companies
Concluding the study is a separate chapter on Alliances or similar including profiles constructed the same way
as those for the individual carriers. There is also a comprehensive listing of all major, main and regional/feeder
trade lanes along which the Top 25 are active (as vessel providers) listed by trade and country.
All this has been complemented by around 150 different tables of supporting information and another 45
figures. We trust that you find the following pages of use and interest and as always, welcome any comments
or feedback you may have.
Darron Wadey, MILT
Dynamar B.V.
December 2015
1 Financials as available
5Contents
CONTENTS
TOP 25 CONTAINER LINER OPERATORS SERIES .................................................................................................................. 4
CONTENTS.................................................................................................................................................................. 5
LIST OF TABLES ............................................................................................................................................................ 7
LIST OF FIGURES ........................................................................................................................................................ 10
INTRODUCTION .................................................................................................................................................... 13
Selecting the Top 25 ......................................................................................................................................... 13
KEY INDICATORS ........................................................................................................................................................ 17
Average Vessel Sizes ......................................................................................................................................... 17
Operated Container Box Fleets......................................................................................................................... 18
Full Container Carryings .................................................................................................................................... 19
CAR/CAP Ratio .................................................................................................................................................. 20
Carriers Trade Lane Coverage ........................................................................................................................... 21
Revenues, Operating and Net Results .............................................................................................................. 23
Shipping Capacity Control ................................................................................................................................. 25
By Region ...................................................................................................................................................... 25
By company type .......................................................................................................................................... 25
APL ........................................................................................................................................................................ 27
CHINA SHIPPING ........................................................................................................................................................ 34
Golden Sea Shipping ......................................................................................................................................... 41
Shanghai Puhai ................................................................................................................................................. 42
CMA CGM ............................................................................................................................................................. 43
ANL ................................................................................................................................................................... 52
CNC Line ............................................................................................................................................................ 54
CoMaNav .......................................................................................................................................................... 56
Delmas .............................................................................................................................................................. 57
FAS .................................................................................................................................................................... 59
MacAndrews ..................................................................................................................................................... 60
OPDR ............................................................................................................................................................. 61
COSCON .................................................................................................................................................................. 62
Coheung ............................................................................................................................................................ 68
PanAsia ............................................................................................................................................................. 69
EVERGREEN LINE ....................................................................................................................................................... 70
HAMBURG SÜD ......................................................................................................................................................... 76
Aliança .............................................................................................................................................................. 83
6 Top 25 Container Liner Operators (2015)
CCNI .................................................................................................................................................................. 84
HANJIN .................................................................................................................................................................... 86
HAPAG‐LLOYD .......................................................................................................................................................... 92
HDS LINES ............................................................................................................................................................. 99
HYUNDAI MERCHANT MARINE ................................................................................................................................... 103
“K” LINE ............................................................................................................................................................... 110
KMTC .................................................................................................................................................................. 115
MAERSK LINE .......................................................................................................................................................... 119
MCC Transport ................................................................................................................................................ 128
Mercosul Line ................................................................................................................................................. 130
Safmarine ........................................................................................................................................................ 131
Safmarine MPV ............................................................................................................................................... 133
Seago Line ....................................................................................................................................................... 134
SeaLand ........................................................................................................................................................... 136
MOL .................................................................................................................................................................... 137
MSC ..................................................................................................................................................................... 143
NYK LINE ............................................................................................................................................................... 151
Camellia Line ................................................................................................................................................... 157
NYK Bulk & Projects Carriers ........................................................................................................................... 158
OOCL ................................................................................................................................................................... 159
PIL ....................................................................................................................................................................... 164
Advance Container Lines ................................................................................................................................ 170
Mariana Express Lines .................................................................................................................................... 171
Pacific Direct Line ........................................................................................................................................... 173
SITC ..................................................................................................................................................................... 174
T.S. LINES ............................................................................................................................................................ 178
UASC ................................................................................................................................................................... 181
WAN HAI ............................................................................................................................................................... 187
Interasia Lines ................................................................................................................................................. 192
X‐PRESS FEEDERS .................................................................................................................................................... 193
YANG MING ........................................................................................................................................................... 197
ZIM ...................................................................................................................................................................... 202
Gold Star Line.................................................................................................................................................. 208
ALLIANCES ........................................................................................................................................................... 211
East‐West Alliances development .................................................................................................................. 211
Changes over a long time ........................................................................................................................... 211
Changes over a short time .......................................................................................................................... 211
7List of Tables
Operational and commercial concepts ........................................................................................................... 213
Trades covered ............................................................................................................................................... 213
Alliances, overview ......................................................................................................................................... 215
CKYHE Alliance ................................................................................................................................................ 216
G6 Alliance ...................................................................................................................................................... 219
2M ................................................................................................................................................................... 223
Ocean Three ................................................................................................................................................... 225
Alliances’ present and future(?) market shares.............................................................................................. 228
TRADE LANES .......................................................................................................................................................... 230
Overview ......................................................................................................................................................... 230
Geographical definitions ................................................................................................................................. 233
Trade lane abbreviations ................................................................................................................................ 237
Stop Press ....................................................................................................................................................... 238
Sources ........................................................................................................................................................... 239
LIST OF TABLES
Table 1: The Top 25 – Overview by alphabetical order ........................................................................................ 13
Table 2: Comparison of Top 25 operated fleets mid‐2015/mid‐2014 .................................................................. 16
Table 3: Top 25 operated container BOX fleets .................................................................................................... 18
Table 4: Top 25 full container carryings ............................................................................................................... 19
Table 5: Top 25, Car/Cap ratios ............................................................................................................................ 20
Table 6: Top 25 Profit/Loss performances 2014 ................................................................................................... 23
Table 7: Top 25 Profit/Loss performances 9M 2015/14 ....................................................................................... 24
Table 8: APL ‐ key facts and figures ...................................................................................................................... 27
Table 9: APL fleet summary .................................................................................................................................. 30
Table 10: APL major service developments October 2014‐September 2015 ....................................................... 31
Table 11: APL services summary ........................................................................................................................... 31
Table 12: APL (NOL) container terminal interests ................................................................................................ 32
Table 13: China Shipping ‐ key facts and figures .................................................................................................. 34
Table 14: China Shipping – trades and capacity development 1998‐2007 ........................................................... 35
Table 15: China Shipping fleet summary .............................................................................................................. 37
Table 16: China Shipping major service October 2013‐September 2014 ............................................................. 38
Table 17: China Shipping services summary ......................................................................................................... 38
Table 18: China Shipping container volumes development ................................................................................. 39
Table 19: China Shipping identified container terminal interests ........................................................................ 39
Table 20: CMA CGM ‐ key facts and figures .......................................................................................................... 43
Table 21: CMA CGM group fleet summary ........................................................................................................... 47
Table 22: CMA CGM major service developments October 2014‐September 2015 ............................................ 48
Table 23: CMA CGM group services summary ..................................................................................................... 49
Table 24: CMA CGM group container terminal interests ..................................................................................... 50
Table 25: Cheng Lie (CMA CGM group) major service developments October 2014‐September 2015 ............... 54
Table 26: Coscon ‐ key facts and figures ............................................................................................................... 62
8 Top 25 Container Liner Operators (2015)
Table 27: Coscon fleet summary .......................................................................................................................... 64
Table 28: Coscon major service developments October 2014‐September 2015 ................................................. 65
Table 29: Coscon services summary ..................................................................................................................... 65
Table 30: Coscon container terminal interests ..................................................................................................... 66
Table 31: Evergreen ‐ key facts and figures .......................................................................................................... 70
Table 32: Evergreen fleet summary ...................................................................................................................... 72
Table 33: Evergreen major service developments October 2014‐September 2015 ............................................ 73
Table 34: Evergreen services summary ................................................................................................................ 74
Table 35: Evergreen container terminal interests ................................................................................................ 74
Table 36: Hamburg Süd ‐ key facts and figures .................................................................................................... 76
Table 37: Hamburg Süd acquisitions since 1989 .................................................................................................. 77
Table 38: Hamburg Süd fleet summary ................................................................................................................ 79
Table 39: Hamburg Süd major service developments October 2014‐September 2015 ....................................... 80
Table 40: Hamburg Süd services summary ........................................................................................................... 81
Table 41: Hamburg Süd container terminal interests ........................................................................................... 82
Table 42: Hanjin ‐ key facts and figures ................................................................................................................ 86
Table 43: Hanjin fleet summary ............................................................................................................................ 88
Table 44: Hanjin major service developments September 2014‐October 2015 .................................................. 89
Table 45: Hanjin services summary ...................................................................................................................... 89
Table 46: Hanjin container volumes development ............................................................................................... 90
Table 47: Hanjin container terminal interests ...................................................................................................... 90
Table 48: Hapag‐Lloyd ‐ key facts and figures ...................................................................................................... 92
Table 49: Hapag‐Lloyd fleet summary .................................................................................................................. 95
Table 50: Hapag‐Lloyd major service developments October 2014‐September 2015 ......................................... 96
Table 51: Hapag‐Lloyd services summary ............................................................................................................. 97
Table 52: Hapag‐Lloyd container volumes ........................................................................................................... 97
Table 53: HDS Lines ‐ key facts and figures .......................................................................................................... 99
Table 54: HDS Lines fleet summary .................................................................................................................... 101
Table 55: HDS Lines services summary ............................................................................................................... 102
Table 56: Hyundai ‐ key facts and figures ........................................................................................................... 103
Table 57: Hyundai fleet summary ....................................................................................................................... 106
Table 58: Hyundai major service developments October 2014‐September 2015 ............................................. 106
Table 59: Hyundai services summary ................................................................................................................. 107
Table 60: Hyundai container carryings ............................................................................................................... 107
Table 61: Hyundai container terminal interests ................................................................................................. 108
Table 62: “K” Line ‐ key facts and figures ........................................................................................................... 110
Table 63: “K” Line fleet summary ....................................................................................................................... 112
Table 64: “K” Line major service developments October 2014‐September 2015 .............................................. 113
Table 65: “K” Line services summary .................................................................................................................. 113
Table 66: “K” Line container terminal interests ................................................................................................. 114
Table 67: KMTC‐ Key facts and figures ............................................................................................................... 115
Table 68: KMTC Line fleet summary ................................................................................................................... 117
Table 69: KMTC major service developments October 2014‐September 2015 ................................................. 117
Table 70: KMTC services summary ..................................................................................................................... 117
Table 71: Maersk ‐ key facts and figures ............................................................................................................ 119
Table 72: Maersk major service developments October 2014‐September 2015 ............................................... 124
Table 73: Maersk services summary ................................................................................................................... 125
Table 74: MCC Transport major service developments October 2014‐September 2015 ................................... 128
Table 75: Seago Line major service developments October 2014‐September 2015 .......................................... 134
9List of Tables
Table 76: MOL ‐ key facts and figures ................................................................................................................. 137
Table 77: MOL fleet summary ............................................................................................................................ 139
Table 78: MOL major service developments October 2014‐ September 2015 .................................................. 140
Table 79: MOL services summary ....................................................................................................................... 140
Table 80: MOL container terminal interests ....................................................................................................... 141
Table 81: MSC ‐ key facts and figures ................................................................................................................. 143
Table 82: MSC fleet summary ............................................................................................................................. 145
Table 83: MSC major service developments October2014‐September 2015 .................................................... 146
Table 84: MSC services summary ....................................................................................................................... 148
Table 85: TIL and MSC [believed] container terminal interests .......................................................................... 149
Table 86: NYK ‐ key facts and figures .................................................................................................................. 151
Table 87: NYK group fleet summary ................................................................................................................... 153
Table 88: NYK major service developments October 2014‐September 2015 .................................................... 154
Table 89: NYK services summary ........................................................................................................................ 154
Table 90: NYK container terminal interests ........................................................................................................ 155
Table 91: OOCL ‐ key facts and figures ............................................................................................................... 159
Table 92: OOCL fleet summary ........................................................................................................................... 161
Table 93: OOCL major service developments October2014‐September 2015 ................................................... 162
Table 94: OOCL services summary ...................................................................................................................... 162
Table 95: OOCL container volumes development .............................................................................................. 163
Table 96: OOCL container terminal interests ..................................................................................................... 163
Table 97: PIL ‐ key facts and figures .................................................................................................................... 164
Table 98: PIL group fleet summary ..................................................................................................................... 166
Table 99: PIL major service developments October 2014‐September 2015 ...................................................... 167
Table 100: PIL group services summary ............................................................................................................. 168
Table 101: Marianas Express major service developments October 2014‐September 2015 ............................. 171
Table 102: Pacific Direct Line major service developments October 2014‐September 2015 ............................ 173
Table 103: SITC ‐ key facts and figures ............................................................................................................... 174
Table 104: SITC fleet summary ........................................................................................................................... 176
Table 105: SITC major service developments October 2014‐September 2015 .................................................. 177
Table 106: SITC services summary ...................................................................................................................... 177
Table 107: T.S. Lines ‐ key facts and figures ....................................................................................................... 178
Table 108: T.S. Lines fleet summary ................................................................................................................... 179
Table 109: T.S. Lines major service developments October 2014‐September 2015 .......................................... 180
Table 110: T.S. Lines services summary .............................................................................................................. 180
Table 111: UASC ‐ key facts and figures ............................................................................................................. 181
Table 112: UASC fleet summary ......................................................................................................................... 183
Table 113: UASC major service developments October 2014‐September 2015 ................................................ 184
Table 114: UASC services summary .................................................................................................................... 185
Table 115: Wan Hai ‐ key facts and figures ......................................................................................................... 187
Table 116: Wan Hai fleet summary .................................................................................................................... 189
Table 117: Wan Hai major service developments October 2014‐September 2015 ........................................... 189
Table 118: Wan Hai services summary ............................................................................................................... 190
Table 119: Wan Hai container terminal interests ............................................................................................... 191
Table 120: Interasia Lines sailing opportunities summary ................................................................................. 192
Table 121: X‐Press Feeders ‐ key facts and figures ............................................................................................. 193
Table 122: X‐Press Feeders fleet summary ......................................................................................................... 195
Table 123: X‐Press Feeder major service developments October 2014‐September 2015 ................................. 196
Table 124: X‐Press Feeder services summary ..................................................................................................... 196
10 Top 25 Container Liner Operators (2015)
Table 125: Yang Ming ‐ key facts and figures ..................................................................................................... 197
Table 126: Yang Ming fleet summary ................................................................................................................. 199
Table 127: Yang Ming services summary ............................................................................................................ 199
Table 128: Yang Ming major service developments October 2014‐September 2015 ........................................ 200
Table 129: Yang Ming container volumes development .................................................................................... 201
Table 130: Yang Ming container terminal interests ........................................................................................... 201
Table 131: ZIM ‐ key facts and figures ................................................................................................................ 202
Table 132: ZIM fleet summary ............................................................................................................................ 205
Table 133: ZIM major service developments October 2014‐September 2015 ................................................... 205
Table 134: ZIM services summary ...................................................................................................................... 206
Table 135: ZIM container terminal interests ...................................................................................................... 206
Table 136: Gold Star Line major service developments October 2014‐September 2015 .................................. 208
Table 137: Individual Alliances – fleet overviews ............................................................................................... 215
Table 138: Alliances service networks overview ................................................................................................ 215
Table 139: CKYHE Alliance fleet summary .......................................................................................................... 217
Table 140: CKYHE Alliance major service developments October 2014‐September 2015 ................................. 218
Table 141: CKYHE Alliance services summary .................................................................................................... 218
Table 142: G6 fleet summary ............................................................................................................................. 221
Table 143: G6 Alliance services summary........................................................................................................... 221
Table 144: G6 Alliance major service developments October 2014‐September 2015 ....................................... 222
Table 145: 2M fleet summary ............................................................................................................................. 224
Table 146: 2M services summary ....................................................................................................................... 224
Table 147: 2M VSA major service developments October 2014‐September 2015 ............................................ 224
Table 148: Ocean Three fleet summary ............................................................................................................. 226
Table 149: Ocean Three major service developments October 2014‐September 2015 .................................... 226
Table 150: Ocean Three services summary ........................................................................................................ 227
LIST OF FIGURES
Figure 1: Carrier groupings, subsidiaries, affiliates etc ......................................................................................... 14
Figure 2: Carriers moving in/out Top 25 ............................................................................................................... 15
Figure 3: Carriers changing position within the Top 25 ........................................................................................ 15
Figure 4: The Top 25 – Overview by average vessel size ...................................................................................... 17
Figure 5: Top 25 trade lane coverage and services offered .................................................................................. 22
Figure 6: Summary of TEU capacity control by region .......................................................................................... 25
Figure 7: Summary of TEU capacity control by company type ............................................................................. 25
Figure 8: President Tyler, one of APL’s first ships adapted to carry containers .................................................... 28
Figure 9: APL operated capacity and capacity rank development ........................................................................ 29
Figure 10: APL container volumes development .................................................................................................. 32
Figure 11: Major CMA CGM acquisitions since 1999 ............................................................................................ 44
Figure 12: the 16,000 TEU CMA CGM Marco Polo, for a while the largest containership in the world ............... 46
Figure 13: Delmas growth by acquisition 1971‐2001 ........................................................................................... 57
Figure 14: Coscon container volumes ................................................................................................................... 66
Figure 15: Columbus New Zealand, one of Hamburg Süd’s first containerships .................................................. 78
Figure 16: Hamburg Süd's 9,800 TEU Cap San Nicolas maiden call to Buenos Aires (2013) ................................ 79
Figure 17: Hamburg Süd volumes by company (TEU)........................................................................................... 82
Figure 19: “K” Line’s container business share of consolidated revenue ........................................................... 111
Figure 18: “K” Line’s first containership, the 690 TEU Golden Gate Bridge ....................................................... 111
Figure 20: Maersk group liner acquisitions ........................................................................................................ 120
11List of Figures
Figure 21: Maersk Line operated capacity milestones ....................................................................................... 122
Figure 22: The 18,270 TEU Mærsk Mc‐Kinney Møller, for a while the largest containership in the world ........ 122
Figure 23: MOL shares of group revenue (fiscal year ending March 31) ............................................................ 138
Figure 24: MOL container volumes development .............................................................................................. 141
Figure 25: the 19,200 TEU MSC Oscar, for a while in 2015, the largest containership in the world .................. 145
Figure 26: NYK’s 750 TEU Hakone Maru, Japan’s first cellular ship ................................................................... 152
Figure 27: The 13,200 TEU NYK Helios, NYK’s first +10,000 TEU unit ................................................................. 153
Figure 28: The Kota Singa, one of PIL’s first two vessels .................................................................................... 165
Figure 29: The Sea Hawk, PIL’s first containership ............................................................................................. 165
Figure 30: The 235 TEU Union Fortune, SITC’s first containership, in later life as Dubai Fortune ...................... 175
Figure 31: The 1,200 TS Keelung, T.S. Lines’ first owned containership ............................................................. 179
Figure 32: UASC’s 19,900 TEU Barzan the largest containership in the world ................................................... 182
Figure 33: UASC fleet capacity expansion .......................................................................................................... 184
Figure 34: YM Wish (14,000 TEU), Yang Ming’s largest vessel ........................................................................... 198
Figure 35: ZIM Tianjin (10,100 TEU) maiden call to Savannah (US), March 2015 .............................................. 204
Figure 36: Alliance structure 2015 ...................................................................................................................... 212
Figure 37: Evolution of the G6 Alliance .............................................................................................................. 219
Figure 38: Global trade lanes – East‐West Axis .................................................................................................. 230
Figure 39: Global trade lanes – North‐South Axis .............................................................................................. 231
Figure 40: Global trade lanes – intra‐ or regional trades .................................................................................... 232
Figure 41: Listing of trades, their component regions and allocated countries ................................................. 233
Figure 42: Listing of countries and their allocated (component) regions and trades ......................................... 234
Figure 43: Trades related abbreviations used .................................................................................................... 237