INDEX ◆◇◆◇◆◇
1. Management Plan and Improvement of Business Structure 3-5. Emerging Markets (China) ① Grain Transportation Driven by China (Soy Bean) P21 1-1. 2012 April "K"Line Vision 100 "Bridge to the Future" ② Trade Trends for China
①Review of the Medium-term Management Plan P1 ③ Energy Consumption in China
②Missions for Medium-term Management Plan ④ Per Capita GDP by Province in China
③Target for Financial Indices ⑤ Economic gap between Urban and Rural Areas
④Trends of Business Performance (P/L) P2 4. Bulk Carrier Business⑤Improvement in Financial Position 4-1. "K"Line Fleet ① "K"Line Dry Bulk Fleet P22
⑥Segment-wise Performance ② "K"Line Energy Transportation Fleet
⑦Fleet Upgrading Plan and Investment P3 ③ Ship Price as of Placing Order (Same as 3-2-①)
⑧Investment CF ④ Number of LNG Carriers
⑨New Buildings (Results and Plan) 4-2. Demand on Dry Bulk ① Transition of Crude Steel Production P23
1-2. History of Management Plans P4-5 ② Global Main Trades of Coal P24
1-3. Trends of Financial Indices ①Net Income and Dividend per Share P6 ③ World Coal Consumption
②Consolidated ROE/ROA ④ Iron Ore Import into Major Asian Countries
③Consolidated Assets Turnover ⑤ Iron Ore Stocks at Chinese Ports
④Consolidated EV/EBITDA ⑥ Port Congestion in Australia
⑤Operating Cash Flow 5. Car Carrier Business⑥Consolidated Interest Coverage Ratio 5-1. Fleet and Cargo Movements ① "K"Line PCC Fleet P25
1-4. Effort for Structural Reform ①Exchange rate and No. of Japanese Seafarers P7 ② Cars/Trucks Transported by Our Fleet
②Exchange rate and K"Line Employee ③ Total Cars/Trucks Exported from Japan
③Operating Revenues and Ordinary Income 5-2. Demand on Vehicles ① World Automobile Production (2012) P26
④Our Fleet Scale ② No. of Vehicles Possessed (Cars/1,000 People)
1-5. Current Business Composition ①Revenues, Ordinary Income P8 ③ Transition of Overseas Production by Japanese Automakers
②Fleet Composition & Division/Segment-wise Revenues ④ Car Production and Sales in USA
2. Comparison to Major Shipping Companies ⑤ Monthly Automobile Export Volume from Japan 2-1. Fleet-scale Ranking ① Major Container Carriers P9 ⑥ Car Ocean Transport Volume by Loading Country P27
② Containership Asia-N.America Loading Volume ⑦ Construction Sales in World Main Area③ Revenue and Margin level of each carriers in 1Q 2014 6. Containership Business④ Historical Top 20 Container Carriers P10 6-1. Fleet and Cargo Volume ① "K"Line Containership Fleet P28
⑤ Trade Share Breakdown by Carrier/Alliance ② "K"Line Average Freight/Volume for All Routes
⑥ Transition of Alliances for Containership P11 ③ "K"Line Volume & Share for Asia-N.America/Europe
⑦ Cape-size Bulker Fleet P12 ④ "K"Line/Market Volume and L/F for Asia-N.America/Europe P29
⑧ Panamax Bulker Fleet 6-2. Container Terminal Operated by "K"Line P30
⑨ Handymax Bulker Fleet 6-3. Cargo Movements ① Container Cargo Movements P31
⑩ Dry Bulker(All Types) Fleet ② Asia=>N.America/Europe Cargo Volume by Country
⑪ PCTC Operated P13 6-4. Handling Volume by Port ① Container Handling Volume in Asia P32
⑫ LNG Fleet (Managed) ② Top 10 Ports for 2013 Container Handling
⑬ Heavy Lifter Owned ③ Transition of Container Handling among Major Ports in Asia
⑭ Containership Fleet ④ Asia-N.America Trade Trends by Commodity
3. World Market 6-5. Factory of the World, Asia ① Procuction by Country P33 3-1. Fleet Scale by Vessel-type/Age ① Dry Bulk Carriers by Vessel-type/Age P14 6-6. Large Containership ① Deliveries of Large Containerships in the industry
② PCC by Vessel-type/Age P15 ② Large Containerships Fleet and Orderbook③ Oil Tankers by Vessel-type/Age 7. New Businesses④ Containerships by Vessel-type/Age P16 7-1. Business Target of our Energy Transportation Division P34
3-2. Trend of Newbuildings ① Ship Price as of Placing Order P17 7-2. New Business Expansion ① Heavy Lifter Business P35
② Dry Bulker and Tanker Market ② Offshore Support Vessel Business P36
③ World Newbuilding Orders ③ Drillship Business P37
④ World Newbuilding Work In Progress 8. Financial Data P38⑤ World Newbuilding Delivery 9. Panama Canal Expansion Program P39⑥ World Total Existing Tonnage 10. Northern Sea Route P40⑦ Dry Bulker Scrap P18 11. "K"Line Overview⑧ Oil Tanker Scrap 11-1 "K"Line Corporate Governance System P41
⑨ Scrap Metal Prices 11-2 Safety in Navigation and Cargo Operations P42
⑩ Scrap History by Vessel-type 11-3 Enviroment Preservation P43
3-3. Global Cargo Movement ① Global Cargo Movements P19 11-4 Approach to Ballast Water Management P44
② Dry Bulk Market 11-5 Regulation for Exhaust Gas and Emission Control Area (ECA) P45③ Tanker Market 11-6 Brief History P46
④ China Containerized Freight Index (CCFI) History 11-7 Certification by Third-party Organization & Information on Convertible Bonds/Ratings P47
3-4. Latest Economic Trends ① Key Economic Indicators for North America P20 11-8 Corporate Principles and Charter of Conduct P48
② Real GDP Growth 12. Tonnage Tax P49③ Mining and Industrial Output Growth (%) 13. IR Policy P50④ Iron Ore Import of China and Japan 14. Shareholder Composition⑤ Steel Export and Import of China
⑥ Sales of Automobiles
◇◆◇◆◇◆
1-1. April 2012 ”K" Line Vision100 -Bridge to the Future -
April 2008 “K”LINE Vision 100 This medium-term management plan was established against a backdrop of growing marine transport demand resulting from global economic growth, focusing on the mid-2010s, while also extending its outlook to encompass K" Line's centennial anniversary in 2019. The theme of the plan was “synergy for all and sustainable growth.”
January 2010 “K”LINE Vision 100 KV2010 This plan was established as an emergency measure in response to the financial recession led by the collapse of Lehman Brothers in September 2008, and the vastly different business environment it produced.
April 2011 “K”LINE Vision100 - New Challenges - In response to changes in market structures including energy demand increase, the rise of emerging countries, etc. a new medium-term management plan based on the “K” LINE Vision 100 was adopted to expand stable earning and achieve sustainable growth.
April 2012 “K”LINE Vision100 - Bridge to the Future - Under such circumstances as supply pressure of new vessel capacity, fuel oil hike, further rise of yen, damage by the Great East Japan Earthquake, etc. , in response to opaquie business situation including market flactuation, by means of structural reform, we aim to increase stable profit, and change into constitution strong enough not to be over affected by market flactuation.
1
① Review of the Medium-Term Management Plan "K" LINE Vision 100
③ Updated Target for Financial Indicies as of April 2012 As of April 2014
②Updated Missions for our Medium-term Management Plan
(Billion yen、%)
Result(A)OriginalPlan(B)
(A)-(B) Result(A)OriginalPlan(B)
(A)-(B) Estimate(A)OriginalPlan(B)
(A)-(B)
Operating Revenues 1,134.8 1,120.0 14.8 1,224.1 1,070.0 154.1 1,230.0 1,110.0 120.0Ordinary Income 28.6 12.0 16.6 32.5 39.0 ▲ 6.5 34.0 60.0 ▲ 26.0Net Income 10.7 11.0 ▲ 0.3 16.6 25.0 ▲ 8.4 18.0 42.0 ▲ 24.0EBITDA 104.8 100.0 4.8 90.5 110.0 ▲ 19.5 89.0 135.0 ▲ 46.0Shareholder's Equity 340.6 260.0 80.6 388.8 280.0 108.8 404.0 330.0 74.0Operating CF 59.8 67.0 ▲ 7.2 88.2 90.0 ▲ 1.8 68.0 113.0 ▲ 45.0Investment CF ▲ 27.2 ▲ 50.0 22.8 ▲ 5.1 ▲ 50.0 44.9 ▲ 50.0 ▲ 50.0 0.0DER 185% 223% ▲38% 166% 193% ▲27% 136% 148% ▲ 12%NET DER 137% 186% ▲48% 105% 158% ▲53% 97% 119% ▲ 22%Equity Ratio 28.9% 23.4% 5.4% 31.0% 25.7% 5.3% 34.3% 30.3% 4.0%Interest-bering Debt 629.9 580.0 49.9 643.8 540.0 103.8 546.7 490.0 56.7ROA 2.5% 1.1% 1.4% 2.7% 3.5% ▲ 0.9% 2.8% 5.5% ▲ 2.7%ROE* 3.7% - - 4.6% - - 4.5% - -
82 80 2 100 80 20 100 80 20
671 720 ▲ 49 626 650 ▲ 24 621 650 ▲ 29
Cape (US$/Day) 7,350 18,750 ▲ 11,400 17,300 23,000 ▲ 5,700 21,000 25,000 ▲ 4,000
PMAX (US$/Day) 7,575 13,500 ▲ 5,925 10,400 17,000 ▲ 6,600 15,000 20,000 ▲ 5,000
HMAX (US$/Day) 9,250 13,500 ▲ 4,250 11,200 15,000 ▲ 3,800 13,000 18,000 ▲ 5,000
Small (US$/Day) 7,800 10,750 ▲ 2,950 8,400 12,000 ▲ 3,600 9,500 14,000 ▲ 4,500
Dry
T/C
Averag
e
Exchange Rate (\/US$)
Fuel Oil Price (US$/MT)
2012F 2013F 2014F
Assumptions
out of reach
achieved
※ Under present mid-term management plan, ROE targets were not announced officially
④ Trends of Business Performance (P/L) ⑥ Segment-wise Performance
(Fiscal Year) '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13
Exchange Rate (Yen/US$) 125 108 99 96 113 123 128 112 110 125 122 114 107 113 117 115 101 93 86 79 82 100 ※from FY2012, segmentation was reformed
Fuel Price (US$/MT) 99 83 99 108 118 104 76 117 158 134 161 170 192 286 319 407 504 407 489 672 671 626
2
-80
-60
-40
-20
0
20
40
60
80
100
120
140
-800
-600
-400
-200
0
200
400
600
800
1,000
1,200
1,400
billion yen billion yen
④ Trends of Business Performance (P/L) Operating RevenuesOperating IncomeOrdinary IncomeNet Income
Target 10 K.R.Plan K.R.PhaseⅡ
New K-21
KV-Plan
"K" Line Vision 2008
"K" Line Vision 2008+
"K" LINE Vision 100
KV2010
New Challenges
0%
100%
200%
300%
400%
500%
600%
700%
0
100
200
300
400
500
600
700
billion yen Equity Ratio indicated x10↓
⑤ Improvement in Financial Position
Interest Bearing Debt Shareholders' EquityEquity Ratio(x10) DER
below 95%
above 40%
Bridge to the Future
as of April 2014 (after reformation)※
as of April 2012 Unit FY2011 FY2012 FY2013 FY2014
Operating revenues (billion yen) 396 460 460 460
Ordinary income or loss (billion yen) ▲42 ▲3 10 15
Operating revenues (billion yen) 464 530 500 520
Ordinary income or loss (billion yen) ▲9 12 26 42
Operating revenues (billion yen) 113 130 110 130
Ordinary income or loss (billion yen) 7 7 6 7
Operating revenues (billion yen) 0 0 0 0
Ordinary income or loss (billion yen) ▲5 ▲4 ▲3 ▲4
Operating revenues (billion yen) 972 1,120 1,070 1,110
Ordinary income or loss (billion yen) ▲49 12 39 60
Exchange rate (\/US$) 79 80 80 80Bunker Price (US$/MT) 672 720 650 650T/C Average
CAPE (US$/Day) 15,350 18,750 23,000 25,000PMAX (US$/Day) 12,325 13,500 17,000 20,000HMAX (US$/Day) 13,225 13,500 15,000 18,000Small (US$/Day) 10,075 10,750 12,000 14,000
Assumptions
Total
Container Ships
Non-ContainerShips
Others
Adjustment andEliminations
1-1. April 2012 "K"Line Vision 100 - Bridge to the Future
⑨ New Buildings (Results and Plan) (as of July 2014)
FY2004 FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013FY2014
PlanFY2015
PlanFY2016
Plan
Containerships 5 5 6 4 6 13 11 6 4 0 1 4 01,700TEU 0 0 3 3 4 0 0 0 0 0 0 02,400TEU 0 0 0 1 3 1 0 0 0 0 0 03,500TEU 3 0 0 0 4 0 0 0 0 0 0 04,500TEU 2 3 0 0 0 7 5 0 0 0 0 06,400TEU 0 0 0 0 0 3 0 0 0 0 0 08,000TEU 0 3 1 2 2 0 1 4 0 1 4 0
Dry Bulk 5 19 22 10 16 20 16 34 25 23 9 10 1Capesize 3 8 9 2 6 9 8 18 14 5 2 1 0Panamax 2 3 4 4 0 6 3 4 1 8 4 5 0Handymax 5 4 2 2 1 4 7 5 5 1 1 0SmallHandy 1 2 1 4 2 0 3 3 2 1 1 0Chip/Pulp 0 1 0 3 0 0 0 1 0 0 0 0Corona 2 2 1 1 2 1 2 1 3 1 2 1
Car Carriers 3 6 8 5 4 8 7 6 4 3 1 4 42,000units 2 2 0 0 1 1 0 0 0 0 0 03,800units 0 2 1 0 1 0 0 0 0 0 0 04,000units 1 2 0 0 0 2 1 1 0 0 0 05,000units 3 1 0 0 3 0 0 2 0 0 0 06,000units 2 1 4 4 3 4 5 1 3 1 0 07,500units 0 0 0 0 0 0 0 0 0 0 4 4
LNG 2 4 2 2 14 1 0 0 0 0 0 1 3Tankers 3 1 4 3 4 4 0 1 1 1 1 0 0
VLCC 0 1 1 0 3 0 0 0 0 0 0 0AFRAMAX 1 1 0 2 0 0 0 0 0 0 0 0LRⅡ 0 2 0 1 1 0 0 0 0 0 0 0LPG 0 0 0 0 1 0 0CHEMICAL 0 0 2 1 0 0 1 1 1 0 0 0
Energy New Biz 0 3 4 0 0 0 0 0 Offshore 3 3 0 0 0 0 0
⑧ Investment CF (billion yen) Drillship 0 1 0 0 0 0 0Heavy Lifters 0 0 0 1 3 0 2 0 0 0 0 0 0
Original Plan (Apr.'12) Short Sea etc. 0 1 5 2 2 0 1 1 3 2 1 1 1Updated (Apr.'13) Total 18 36 47 27 49 46 40 52 37 29 13 20 9Previous Plan (Apr.'11)
50.0FY2012
80.0 65.0 -
FY2014
50.083.283.2
95.0
50.0 50.0FY2013
27.2 50.0
FY2011
Container 80 Container 66
Dry Bulk Carrier 236
Dry Bulk Carrier 279
PCTC 97PCTC 93
Energy Resource 77
Energy Resource 77
Heavy Lifter/Coastal
/Ferry/Other 68
Heavy Lifter/Coastal
/Ferry/Other 69
0
100
200
300
400
500
600
March 12 March 14
Total 584Total 558
3
⑦ 【Fleet Upgrading Plan and Investment 】 In Mid-term Management Plan (as of April 2012)
(unit: vessels)
Fleet Size DevelopmentFY2011
Deliveries
Nbr ofVessels at
end ofFY2011
FY2012Deliveries
FY2013Deliveries
FY2014Deliveries
FY2012-FY2014Deliveries
Nbr ofVessels at
end ofFY2014
Container Ship Business 6 80 4 0 0 4 66
Dry Bulk Carrier Business 34 236 23 25 11 59 279
Car Carrier Business 6 97 2 0 0 2 93
Energy Transportation Business 5 77 1 1 1 3 77
Heavy Lifer / Others 1 68 3 0 0 3 69
Total 52 558 33 26 12 71 584(Showing vessels whose investment is decided only)
Only the number of newbuildings is indicated in this table. (vessels returned or sold etc. is not reflected)
as of April 2012 as of July 2014
1-2. History of Management Plans
Plan name Subjects RemarksNov.1982 Emergency Plan for Strengthening 1st theme: profitability improvement plan Radical improvement in operational structure was targetted,
- the Corporate Foundation 2nd theme: efforts to modernize and increase the efficiency of operational systems feared continued simultaneous slump in three sales division and yen rising.Aug.1983 ("K" Plan) First Stage 3rd theme: a cost-cutting campaign carried out with the participation of all personnel
Emergency Plan for Strengthening Reconstruction of system to implement "K"plan, mainly for above 2nd theme (Reference-in June 1983, the Head Office was relocated to current location ) - the Corporate Foundation Promotion of office automation、Improvement in business procedure, Cost reduction etc
Mar.1984 ("K" Plan) Second StageApr.1984 Intermediate-term Operational 1) Emergency Measures (disposal of uneconomical ships, establishment land-based and marine personnel plan.) Aimed to establish the capability to resume dividend payment.
Improvement Plan 2) Reinforcement of operational capabilities (development of an internationally competitive fleet, (A part of this plan was named Enhancement of cost control, Promotion of new business) (However, Plaza Accord in 1985 drastically rose yen to 150 yen per one U.S. dollar,
- New "K" Plan.) 3) Augmentaton of financial measures and the U.S. Shipping Act of 1984 made container freight fall significantly. 4) Modernization and increasing the efficiency of operational organization (streamlining of land-based Our losses were expanded.) operations, reorganization and utilization of an information systems)
Mar.1987 5)Promotion of safe vessel navigation and cost reduction Apr.1987 Emergency Ratiolization Plan 1) Disposal of uneconomical ships
2) Make the organization more efficient and streamlined. (inc. spinning off our subsidiaries)3) Slashing of both of land and sea workforth with intoroduction of a special retirement policy. Almost all targets completed on schedule.
- In F97 dividend paid after 15 year absenseMar.1998Apr.1998 New"K"Line Spirit for 21(New K-21) - Standing firm in our basic policy of pursuit of profitability while trying to expand scale of business, and Aiming to make containership division move into the black, which was not achieved in K.R.PhaseII.
*In '00, raised the numerical targets continuing stable payment of dividends Positive management plan for the first time in many years.- *Completed a year ahead of - To expand shipping-based logistics business globally with customer-oriented attitude, and to aim at a corporate =>Most targets achieved, though 9.11changed conditions at all.
Mar.2002 schedule as most targets achieved group which is soild, and fully commited to challenge with courage.Apr.2002 KV-Plan 1. Further enhancing of Company’s overall organization through cost reductions and profitable use of IT, etc. Reconstruction of containership business-"Cost Slash 300"
2. Reinforcement of globalization firmly based on regional communities and pursuit of business synergy among business sectors. (Total 30 bln. yen cost reduction plan: 15 bln. is from deployment of larger ships)- 3. Initiate stronger efforts to implement logistics business. In F03 (ends Mar. '04) most of final targets inc. numerical ones were atatined a year ahead of schedule.
4. Persuit of technical innovations in marine transport, perfection of safety in navigation and cargo operations, =>"K"Line Vision 2008*Completed a year ahead of and further contribution to environmental preservation.
Mar.2004 schedule as most targets achieved 5. Strengthening of corporate governance aiming at more transparency and greater effectiveness in management. 4
1-2. History of Management Plans
Apr.2004 "K"LINE Vision 2008 1.Ensuring a stable profitability structure through reinforcing our business base Set a vision for F08, to regard the period from now to F09, our 90th anniversary, as a runway.- -Sustainable Growth and Establish- 2.Creation of a high-level, refined and more matured culture of the "K" Line Group with materialization of As profit targets, set F04, 05 estimation & F08 vision
ment of a Stable Profitability Structure- dreams and upgrading of the "K" Line Brand Fulfilled most final numerical goals in F05/fuel price hike=>2008+Mar.2006 (Completed as most targets achieved) 3.Reinforcement of corporate governance and response to risk managementApr.2006 "K"LINE Vision 2008+ -Measures to support systematic expansion of business scale (new target) F06 targets NOT achieved due to container freight drop
- -Sustainable Growth and Establish- - Response to changes in business enviroments (new target) F07 resuts exceeded most targets for F08 in the plan due to dry bulk market hike and ment of a Stable Profitability Structure- containership freigt restoration, & conditions change => "K"Line Vision 100
Mar.2008 (Completed as most targets achieved) Apr.2008 "K"Line Vision 100 1. Activities to promote environmental protection
- Themes: Synergy for All 2. Stable safety ship operation administration structure The plan based on what we will be like in 2019 when we celebrate our 100th anniversary.Mar.2012 and Sustainable Growth 3. Borderless management through the best and strongest organization
+ 4. Strategic investment and proper allocation of management resources Detailed targets are set for 4years fom 2008F to 2011FImage for 2019 5. Improvement of corporate value and complete risk managementJan.2010 "K"Line Vision 100 KV2010 (In addition to above 5 basic themes, new 3 missions as follows) ○Basic Strategies
- Themes: Synergy for All 1. FY2010:move into the black and early resumption of dividends 1. Strengthening make up of containership businessMar.2013 + and Sustainable Growth(Continue) 2. Expansion of stable earnings base and sustainable growth 2. Restructuring business portfolioMid of 2010's 3. Improvement and strengthening of financial make up 3. Adaptation to business environment fluctuations and strengthening of financial baseApr. 2011 "K"Line Vision 100 KV2010 (In addition to above 5 basic themes in the KV 100) Financial results in FY 2010 exceeded initial plans. However, there may be effects from the recent earthquake - -New Challenges - 1. Expansion of a stable earnings base and sustainable growth and there are still many uncertain elements. In response to changes in market structures including energy supply Mar.2014+ 2. Strategic investment in response to changes in market structures and increase in demand and demand and the emergence of developing countries, a new medium-term management plan based on the
- Investment in creation of a flexible fleet and in new businesses “K” LINE Vision 100 was adopted to expand stable earning and achieve sustainable growth.Mid of 2010's - Ongoing measures for improvement and strengthening of financial makeup Apr. 2012 "K"Line Vision 100 KV2010 (In addition to above 5 basic themes in the KV 100) For FY 2011, the containership and dry bulk markets have deteriorated markedly, and the Great East Japan Earthquake, the yen - Bridge to the Future 1. Generate ordinary income in FY2012 appreciation, and rising fuel oil prices resulted in the Company reporting a net loss. In response to these developments, theMar.2015+ 2. Build a stable earnings structure "K" Line Group adopted a newly reformed medium-term management plan with three priority tasks. By means of structuralMid of 2010's 3. Reinforce financial standing reform, we aim to increase stable profit, and change into constitution strong enough not to be over affected by market flactuation.
5
1-2. Trends of Financial Indices in Recent Years
6
0 0 0 0 0 3 3 4 5 3 5 10 16.5 18 18
26
13.5 0
9.5 0
2.5 4.5
▲ 120
▲ 90
▲ 60
▲ 30
0
30
60
90
120
150
▲ 80
▲ 60
▲ 40
▲ 20
0
20
40
60
80
100
92F93F94F95F96F97F98F99F00F01F02F03F04F05F06F07F08F09F10F11F12F13F
yen/share billion yen ① Net Income and Dividend per Share
Net IncomeNet Income per ShareDividend per Share
▲ 30%
▲ 20%
▲ 10%
0%
10%
20%
30%
40%
▲ 80
▲ 40
0
40
80
120
92F93F94F95F96F97F98F99F00F01F02F03F04F05F06F07F08F09F10F11F12F13F
billion yen ② Consolidated ROE, ROA
Net Income ROE ROA
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
1.6
0
200
400
600
800
1000
1200
1400
92F93F94F95F96F97F98F99F00F01F02F03F04F05F06F07F08F09F10F11F12F13F
billion yen ③ Consolidated Assets Turnover
Operating Revenues
Assets Turnover
▲ 20
0
20
40
60
80
100
▲ 50
0
50
100
150
200
92F 93F 94F 95F 96F 97F 98F 99F 00F 01F 02F 03F 04F 05F 06F 07F 08F 09F 10F 11F 12F 13F
billion yen ④ Consolidated EV, EBITDA
EBITDA EV/EBITDA
▲ 80
▲ 60
▲ 40
▲ 20
0
20
40
60
80
100
120
140
92F93F94F95F96F97F98F99F00F01F02F03F04F05F06F07F08F09F10F11F12F13F
billion yen ⑤ Operating Cash Flow
Net Income
Operating Cash Flow
▲ 15
▲ 10
▲ 5
0
5
10
15
20
25
30
35
▲ 60
▲ 10
40
90
140
92F93F94F95F96F97F98F99F00F01F02F03F04F05F06F07F08F09F10F11F12F13F
billion yen ⑥ Consolidated Interest Coverage Ratio
Operating Income
Interest Coverage Ratio
1-4. Effort for Structural Reform and Business Scale Expansion
▲ 70
▲ 50
▲ 30
▲ 10
10
30
50
70
90
110
130
(700)
(500)
(300)
(100)
100
300
500
700
900
1,100
1,300
(Ordinary Income(Bln.
Yen)) (Operating Revenues (Bln. Yen)) ③Operating Revenues and Ordinary Income
(Consol) Operating Revenues
(Consol) Ordinary Income
0
50
100
150
200
250
300
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
① Exchange Rate and No. of Japanese Seafarer
Japanese Seafarer for Overseas Shipping
Exchange Rate (\/$)
7
0
50
100
150
200
250
300
350
400
450
500
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
(Exchange Rate) (No. of Employee ② Exchange Rate and "K"Line Employee
Consolidated Group Employee(Non-Consolidated) Employee on Sea(Non-Consolidated) Employee on LandExchange Rate (\/$)
0
100
200
300
400
500
600
700
800(Fleet (No. of Vessels, 100,000 Tons)) ④ Our Fleet-Scale
(Non-Consol) Operating Fleet (Tons)
(Non-Consol) No. of Operating Vessels
(Consol) No. of Operating Vessels
(Consol) Operating Fleet (Tons)
1-5. Current Business Composition
① Operating Revenues, Ordinary Income
Business Division FY2005 FY2006 FY2007 FY2008 FY2009 FY2009 FY2010 FY2011 FY2011 FY2012 FY2013Operating Revenues 451.4 503.5 599.8 530.1 364.0 358.5 445.0 395.5 463.0 552.8 582.4Ordinary Income 30.5 ▲ 7.8 4.7 ▲ 37.3 ▲ 67.0 ▲ 65.6 29.0 ▲ 41.8 ▲ 39.7 6.6 ▲ 0.1Operating Revenues 468.4 615.8 609.1 394.8 393.1 447.1 463.5 443.1 502.6 572.7Ordinary Income 66.0 115.3 92.9 ▲ 2.9 1.1 17.0 ▲ 8.6 ▲ 0.0 24.1 41.3Operating Revenues 20.4 35.7 32.8Ordinary Income ▲ 8.6 ▲ 2.4 ▲ 4.5Operating Revenues 489.4 113.6 115.4 105.2 79.3 86.4 93.0 113.3 45.8 43.7 36.2Ordinary Income 58.1 5.7 5.9 4.4 3.7 2.3 4.7 6.6 4.1 6.6 2.6Operating Revenues - - - - - -Ordinary Income ▲ 4.1 ▲ 3.4 ▲ 5.2 ▲ 4.7 ▲ 6.3 ▲ 6.8Operating Revenues 940.8 1,085.5 1,331.0 1,244.3 838.0 838.0 985.1 972.3 972.3 1,134.8 1,224.1Ordinary Income 88.6 63.9 125.9 60.0 ▲ 66.3 ▲ 66.3 47.4 ▲ 49.0 ▲ 49.0 28.6 32.5
ContainershipBusinessBulk ShippingBusiness
Others
Total
Adjustment
Offshore EnergyE&P Support &Heavy Lifter
Containe
rship
Business
, 582.4
Bulk
Shipping
Business
, 572.7
Offshore
Energy
E&P
Support
& Heavy
Lifter,
32.8
0
200
400
600
800
1,000
1,200
Fleet Composition
Containership Business
※ For FY2005, we had disclosed our total results in two 'division's: Containership Business and Others ※ ~FY 2009, we disclosed in three divisions: 'Containership Business' 'Other Marine Business' and 'Others' ※ 'Bulk Shipping Business' in new categories introduced from FY2010 is almost same as 'Other Marine Business' in the previous categories ※ From FY2012, 'Offshore Energy E & P Support & Heavy Lifter' division is carved out from the former 'Bulk Shipping Businesss 'division, and logistics business included in the 'Others' is transfered to 'Containership Business'.
Total 1,224.1 bln. yen
Marine Transportation
Logistics/Harbour
Transportation Other
Containership Business
Bulk Shipping Business
Offshore Energy
E&P Support &
Heavy Lifter
8
Bulk Shipping Business
Offshore Energy E&P Support & Heavy Lifter
(unit: billion yen)
※New Segment (Starting from FY 12 1Q disclosure) Containership Business: containership , port , logistics businesses Bulk Shipping Business: dry bulk, PCC, LNG, oil tanker, coastal & ferry (operated by Kawasaki Kinkai Kisen) businesses Offshore Energy E&P Support & Heavy Lifter: marine energy resorce development, offshore support, heavy lifter businesses Others: ship management, inter-group businesses, etc. Adjustment (no change): ship management business, administration costs not to be distributed to each segement, etc.
【FY2013 Consolidated Operating
segement change segement change
② Fleet Composition and Division/Segment-wise Revenues
2. Comparison to Major Shipping Companies
① Major Container Carriers
Top 18 Container Carriers Ranked by Operating Capacity (TEU)
1 (1) APM-Maersk 1,453 10.5%
1 (1) Mediterranean Shg Co 2,473,405 429,448 2,902,853 16.6% 14.3% 2 (2) Evergreen 1,337 9.7%
2 (2) MSC (Mediterranean Shg C) 1,578,337 371,036 1,949,373 11.1% 9.6% 3 (3) Hanjin 1,124 8.1%
3 (3) Evergreen Line 882,348 246,224 1,128,572 6.5% 5.5% 4 (4) APL(NOL) 1,044 7.5%
4 (4) COSCO Container Lines 785,129 73,772 858,901 4.9% 4.2% 5 (7) COSCO 934 6.7%
5 (5) Hapag-Lloyd 764,671 0 764,671 4.4% 3.8% 6 (6) CMA-CGM 913 6.6%
6 (6) CSCL(China Shipping) 649,170 115,072 764,242 4.4% 3.8% 7 (5) MSC 870 6.3%
7 (9) Hanjin Shipping 603,739 60,720 664,459 3.8% 3.3% 8 (8) Hyundai M.M 798 5.8%
8 (8) APL 568,272 9,200 577,472 3.3% 2.8% 9 (9) K-Line 769 5.6%
9 (7) MOL 567,453 115,344 682,797 3.9% 3.4% 10 (10) Yang Ming 688 5.0%
10 (10) OOCL 510,578 35,552 546,130 3.1% 2.7% 11 (11) CSCL 677 4.9%
11 (11) NYK Line 494,458 112,000 606,458 3.5% 3.0% 12 (14) MOL 626 4.5%
12 (13) Hamburg Süd Group 490,053 117,616 607,669 3.5% 3.0% 13 (12) OOCL 618 4.5%
13 (12) Yang Ming Marine 407,448 224,646 632,094 3.6% 3.1% 14 (13) NYK 588 4.2%
14 (14) Hyundai M.M. 390,635 73,154 463,789 2.7% 2.3% 15 (15) Hapag-Lloyd 529 3.8%
15 (17) K Line 359,865 69,350 429,215 2.5% 2.1% *( ) is ranking for previous year16 (16) PIL (Pacific Int. Line) 355,090 42,779 397,869 2.3% 2.0% Source: Japan Maritime Center (as of June 2014)17 (15) Zim 346,977 0 346,977 2.0% 1.7%18 (18) UASC 298,415 271,760 570,175 3.3% 2.8% 13838.147
Alliance Operating On Order Total Prev. Total YoY Alliance Cargo Share1 MSC&CMA CGM 2,460,685 617,260 3,077,945 17.6% 15.1% 1 CKYHE 4,852 35%2 G6 (GA+TNWA) 3,296,067 564,934 3,861,001 22.1% 19.0% 2 G6 (GA+TNWA) 4,201 30%3 CKYHE 3,038,529 198,905 3,237,434 18.5% 15.9% 3 MSC&CMA CGM 1,783 13%4 Mediterranean Shg Co 2,473,405 429,448 2,902,853 16.6% 14.3% 4 Maersk 1,453 11%
Alliance Operating On Order Total Share(ope) Share(ttl) Alliance Cargo Share1 2M (MSK&MSC) 4,051,742 800,484 4,852,226 27.7% 23.8% 1 CKYHE 4,852 35%2 G6 (GA+TNWA) 3,296,067 345,250 3,641,317 20.8% 17.9% 2 G6 (GA+TNWA) 4,201 30%3 CKYHE 3,038,529 674,712 3,713,241 21.2% 18.2% 3 2M (MSK&MSC) 2,323 17%
RankRank
Rank * OperatorCargo
Loaded Share
Rank
Prev. Total YoYOperator Operating Orderbook TotalRank*
Rank
9
0 500 1,000 1,500 2,000 2,500 3,000 3,500
Mediterranean Shg CoMSC (Mediterranean Shg C)
Evergreen LineCOSCO Container Lines
Hapag-LloydCSCL(China Shipping)
Hanjin ShippingAPLMOL
OOCLNYK Line
Hamburg Süd GroupYang Ming Marine
Hyundai M.M.K Line
PIL (Pacific Int. Line)Zim
UASC
1,000 (TEU)
Operating Orderbook
2,000 4,000 6,000
MSC&CMA CGM
G6 (GA+TNWA)
CKYHE
Mediterranean Shg Co
1,000(TEU) Alliance-wise Operating and Newbuilding Delivery
OperatingOn Order
0 300 600 900 1,200 1,500
APM-Maersk
Evergreen
Hanjin
APL(NOL)
COSCO
CMA-CGM
MSC
Hyundai M.M
K-Line
Yang Ming
CSCL
MOL
OOCL
NYK
Hapag-Lloyd
1,000TEU ② Containership Asia-N.America Loading Volume
Top 15 Carriers
Source:ALPHALINER Weekly Newsletter Volume 2014 Issue 22
③ Revenue and Margin level of each carriers in 1st quarter of 2014 (Jan-Mar 2014)
2. Comparison to Major Shipping Companies
④ Historical Top 20 Container Carriers Ranked by Operating Full Containership Capacity (From 1983, biyearly)
Rank '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '131 HAPAG EVERGREEN EVERGREEN EVERGREEN EVERGREEN MAERSK MAERSK MAERSK MAERSK/SL MAERSK MAERSK MAERSK MAERSK MAERSK MAERSK MAERSK2 SEA-LAND USL MAERSK MAERSK MAERSK EVERGREEN SEA-LAND SEA-LAND EVERGREEN P&ON MSC MSC MSC MSC MSC MSC3 MAERSK MAERSK NYK SEA-LAND SEA-LAND SEA-LAND EVERGREEN P&ON P&ON EVERGREEN P&O/FARREL EVERGREEN CMA CGM CMA CGM CMA CGM CMA CGM4 OCL SEA-LAND APL APL NYK NYK COSCO EVERGREEN HANJIN/SEN HANJIN EVERGREEN CMA CGM/ANL EVERGREEN COSCO COSCO EVERGREEN5 NYK HAPAG YANGMING NYK COSCO COSCO NYK COSCO MSC MSC HANJIN/SEN HAPAG HAPAG APL HAPAG COSCO6 OOCL OCL SEA-LAND COSCO APL P&OCL P&OCL HANJIN COSCO APL(NOL) COSCO HANJIN/SEN CSCL HANJIN EVERGREEN HAPAG7 APL NYK HAPAG OOCL MOL HANJIN NEDLLOYD NOL/APL NOL(APL) COSCO APL(NOL) COSCO COSCO EVERGREEN APL APL8 NEDLLOYD OOCL OOCL HAPAG OOCL "K"LINE HANJIN MSC NYK/TSK CP SHIPS CMA CGM/ANL CSCL NYK HAPAG CSAV HANJIN9 EVERGREEN "K"LINE P&OCL "K"LINE HAPAG NEDLLOYD MOL NYK CMA/CGM NYK "K"LINE APL(NOL) APL(NOL) CSCL HANJIN CSCL
10 UASC APL "K"LINE YANGMING HANJIN HAPAG APL HMM CP CMA CGM NYK NYK HANJIN NYK CSCL MOL11 MOL MOL MOL HANJIN "K"LINE APL HAPAG MOL ZIM MOL CP SHIPS MOL OOCL ZIM MOL OOCL12 USL COSCO COSCO MOL YANGMING YANGMING DSR-SENATOR ZIM MOL OOCL MOL OOCL "K"LINE "K"LINE OOCL H-SUD13 YANGMING NEDLLOYD NEDLLOYD P&OCL P&OCL MOL "K"LINE YMTC "K"LINE "K"LINE ZIM CSAV MOL MOL NYK NYK14 CGM UASC ZIM NEDLLOYD NOL NOL OOCL OOCL HMM ZIM OOCL "K"LINE ZIM OOCL H-SUD YANGMING15 ZIM CGM HANJIN ZIM ZIM OOCL YANGMING "K"LINE OOCL HL HAPAG ZIM YANGMING YANGMING YANGMING PIL16 "K"LINE ZIM CGM NOL SCANDUTCH ZIM NOL HL YMTC HMM YANGMING YANGMING CSAV H-SUD ZIM "K"LINE17 BALTIC YANGMING UASC CGM UASC HYUNDAI HMM DSR-SENATOR HL UASC CSCL H-SUD H-SUD CSAV "K"LINE HMM18 W.WILHELMSEN W.WILHELMSEN NOL UASC NEDLLOYD UASC ZIM CMA UASC YANGMING HMM HMM HMM HMM HMM ZIM19 NOL BALTIC BSC W.WILHELMSEN CHO YANG CGM CMA WAN HAI CSAV CSCL H-SUD PIL PIL PIL PIL UASC20 COSCO NOL W.WILHELMSEN BSC CGM CHO YANG MSC CONTSIP CHO YANG H-SUD CSAV WAN HAI LINES WAN HAI LINES UASC UASC CSAV
(Area-wise Number of Companies)U.S.A 3 3 2 2 2 2 2 1 0 0 0 0 0 0 0 0Europe 7 7 7 7 6 5 7 6 5 6 6 5 5 5 5 5Japan 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3Asia* 5 5 6 6 7 8 7 9 8 8 8 10 10 9 9 9Others 2 2 2 2 2 2 1 1 4 3 2 2 2 3 3 3
GA+TNWA⇒G6MSC+CMA-CGM
*Excluding Japan CKYH+EVERGREEN
1. Top 20 as of '83: U.S.A.: 3, Europe: 7, Japan: 3 , Asia (other than Japan) : 5, Others 2 4. Time-series Major Events '96 P&O and NEDLLOYD merged. 'P&O NEDLLOYD' (P&ON) formed. '07:U.S.A.: 0, Europe: 5, Japan: 3, Asia (other than Japan): 10, Others: 2 '84 U.S. Shipping Act 1984 effective '97 NOL acquired APL (No. of American carriers : 2=>1)
U.S. carriers went away, and Asian shipping companies increased '85 Plaza Accord '99 MEARSK acquired SEALAND (American carriers disappeared) In '09, due to global economic crisis, larger movements among middle-ranking companies. '86 US Line busted. (No. of American carriers : 3=>2) '04 MAERSK acquired P&O N
2. The number of European operators reduced, but through M&As after '95, business scale of each was enlarged. 'Emergency Employment Measure' introduced '05 Hapag Lloyd acquired CP Ship3. No. of Japanese Containership Operators: '88 Kaizoshin** Asia-N.America route Working Group's report issued '08 World Economic Crisis ('Lehman Shock' in September)
until '87 6 Showa Line withdrew, and NLS established'88 4 (No. of Japanese carriers: 6=>4) ** Council for Rationalization of Shipping and Shipbuilding Industries'91 3 '91 NYK acquired NLS*** (No. of Japanese carriers: 4=>3) Data: Containerisation International Yearbook etc.
*** Joint Venture for containership business spun out of 'Yamashita Shinnihon' and 'Japan Line'.
10
'84 US Shipping Act 1984
'86 US Line busted '86 HANJIN ranked in '86 'Emergency Employment Measure'
'88 Showa Line withdrew '88 NLS established (Japanese 6=>4) '88 'Kaizoshin** Asia-N.America route WG's report issued
'91 NYK acquired NLS*** (Japanese 4=>3)
'92 HYUNDAI ranked in
'96 'CKYH' alliance formed '96 P&O and Nedlloyd merged '97 NOL acquired APL '97 HANJIN acquired majority
'99 MAERSK acquired SEALAND (Americans went away)
'00 China Shipping ranked in '04 MAERSK acquired P&ON '05 HAPAG acquired CP SHIPS
'11 Restructuring and consolidation of Alliance
FE-Europe Capacity Share by Carrier/Alliance
FE-North America Capacity Share by Carrier/Alliance
⑤ Trade Share Breakdown by Carrier/Alliance (Data:Alphaliner) Asia Europe Trade Share Breakdown by Alliance (Data:Alphaliner)
2-1. Fleet-scale Ranking
⑥ Transition of Alliance for Containership Business
1996 1997 1998 1999 2000 2001 2002 (2003) 2004 2005 2006 (2007-8) 2009 2010 2011 (2012) 2013 2014
Maersk Maersk Maersk Maersk-SL Maersk-SL Maersk-SL Maersk-SL Maersk-SL Maersk(P&ONL) Maersk Maersk Maersk Maersk Maersk Maersk
Sea-Land Sea-Land Sea-Land
CMA CMA CMA CMA CMA-CGM CMA-CGM CMA-CGM CMA-CGM CMA-CGM CMA-CGM CMA-CGM CMA-CGM CMA-CGM CMA-CGM
Norasia Norasia
MSC MSC
Norasia Norasia MSC MSC MSC MSC MSC MSC MSC MSC MSC MSC MSC MSC MSC
HMM
HMMCKYH CKYHE
COSCO COSCO COSCO COSCO COSCO COSCO COSCO COSCO COSCO COSCO COSCO COSCO COSCO COSCO COSCO
K-Line K-Line K-Line K-Line K-Line K-Line K-Line K-Line K-Line K-Line K-Line K-Line K-Line K-Line
K-Line Yangming Yangming Yangming Yangming Yangming Yangming Yangming Yangming Yangming Yangming Yangming Yangming Yangming Yangming
Yangming Hanjin-Senator Hanjin-Senator Hanjin-Senator Hanjin-Senator Hanjin Hanjin Hanjin Hanjin Hanjin
Evergreen Evergreen Evergreen Evergreen/LT Evergreen/LT Evergreen/LT Evergreen/LT Evergreen/LT Evergreen/LT Evergreen/IM Evergreen Evergreen Evergreen Evergreen Evergreen
LT LT LT
CSCL CSCL CSCL CSCL CSCL CSCL CSCL CSCL CSCL CSCL
NYK NYK NYK NYK NYK NYK NYK NYK MISC MISC
Hapag-Lloyd Hapag-Lloyd Hapag-Lloyd Hapag-Lloyd Hapag-Lloyd Hapag-Lloyd Hapag-Lloyd Hapag-Lloyd NYK NYK NYK
NOL NOL P&ONL P&ONL P&ONL P&ONL P&ONL P&ONL Hapag-Lloyd(CP S Hapag-Lloyd Hapag-Lloyd NYK NYK NYK NYK
P&O P&ONL OOCL OOCL OOCL OOCL OOCL OOCL OOCL OOCL OOCL Hapag-Lloyd Hapag-Lloyd Hapag-Lloyd Hapag-Lloyd
MISC MISC MISC MISC MISC MISC MISC MISC MISC OOCL OOCL OOCL OOCL Grand Alliance
CP Ships(Cast) CP Ships(Lykes,CCP Ships(Ivaran, CP Ships CP Ships (TMM,OCCP Ships CP Ships (Italia Line CP Ships The New World Alliance
MOL MOL MOL MOL MOL MOL MOL MOL MOL MOL MOL MOL MOL MOL MOL
APL APL APL(NOL) APL(NOL) APL(NOL) APL(NOL) APL(NOL) APL(NOL) APL(NOL) APL(NOL) APL(NOL) APL(NOL) APL(NOL) APL(NOL) APL(NOL)
Nedlloyd (P&ONL) HMM HMM HMM HMM HMM HMM HMM HMM HMM HMM HMM HMM HMM
OOCL OOCLMISC MISC
CSAV CSAV CSAV CSAV CSAV(Norasia) CSAV(Norasia) CSAV(Norasia) CSAV(Norasia) CSAV(Norasia) CSAV(Norasia) CSAV(Norasia) CSAV(Norasia) CSAV(Norasia) CSAV(Norasia) CSAV(Norasia)
DSR-Senator DSR-Senator Hanjin-Senator Hanjin-Senator Hanjin-Senator Hanjin-Senator
Hanjin Hanjin Choyang Choyang Choyang UASC UASC UASC UASC UASC UASC UASC UASC UASC UASC
Choyang Choyang UASC UASC UASC
UASC CMA-CGM
UASC
CSCL
CKYH GA TNWA G6 P3CKYH Green Grand Alliance The New World Alliance
COSCO NYK MOL GA CMA/CGM Maersk"K"Line Hapag Lloyd APL(NOL) + MSC CMA/CGMYangming OOCL Hyunday TNWA MSCHanjin
Alliance CMA/CGM& MSC
Carrier
11
Asia-Europe services, 4 major groups were formed beyond the boundaries of existing alliances. (indicated as above )
Base leading to present alliances formed; Nedloyd⇒P&O, NOL⇒APL, HJ⇒DSR-Snator
Maersk⇒Sealand, CMA⇒CGM, EMC⇒Lloyd Triestino, -a series of M&A
Existing alliances stabilized, new players emerging, CSAV=>Norasia (merged)
Choyang bankruptcy
Start-up new alliance (CKY+Hanjin)
Maersk ⇒ P&O Nedlloyd acquired
Lloyd Triestino changed the name to Italia Marittima, and then integrated into Evergreen
Hapaq-Lloyd was sold to Hamburg Business Group. Senator suspended it's business in Feb.2009
MISC stated withdrawal from GA in May.2009
June 2012 MISC ceased containership business
China authorities rejected " P3 Network" by 3 major liners (under agreement of European Commision) in June 2014. Maersk and MSC are making 2M alliance.
2-1. Fleet-scale Ranking
25
26
28
28
28
31
33
53
63
77
21.2
20.4
23.4
21.7
21.9
23.3
27.3
44.5
53.8
56.1
0 20 40 60 80 100
Mitsui O.S.K. Lines
Diana Shipping Inc.
Safe Bulkers Inc.
Excel Maritime
Carr.
Fredriksen Group
China Shipping
Group
Mitsubishi Corp.
K-Line
Nippon Yusen
Kaisha
COSCO Group
⑧ Panamax Bulker Fleet (Data: Clarkson) 100,000DWT No. of Vessels
24
24
30
31
33
45
48
54
57
62
62.3
50.7
76.3
91.5
55.6
89.2
83.6
106.0
112.3
119.6
0 20 40 60 80 100 120 140
Polaris Shipping Co
NS United K.K.
Berge Bulk Ltd.
Vale
Hanjin Shipping
COSCO Group
Angelicoussis Group
K-Line
Mitsui O.S.K. Lines
Nippon Yusen Kaisha
⑦ Cape-size Bulker Fleet (Data: Clarkson) 100,000DWT No. of Vessels
31
32
35
36
42
46
77
87
106
15.2
17.0
15.4
19.0
18.2
23.6
25.1
41.0
46.1
53.6
0 20 40 60 80 100 120
Sinotrans & CSC
Jinhui Shpg. & Trans
Grieg Shipping A/S
Mitsui O.S.K. Lines
Gearbulk Ltd.
K-Line
Eagle Bulk Shpg.
China Shipping Group
Nippon Yusen Kaisha
COSCO Group
⑨ Handymax Bulker Fleet (Data: Clarkson)
100,000DWT No. of Vessels
27
66
69
75
81
89
147
156
179
248
264
81.0
70.1
49.5
30.8
51.3
161.4
175.9
125.6
230.9
209.5
0 100 200 300
Pan Ocean
Shoei Kisen K.K.
Daiichi Chuo
Pacific Basin Shpg.
Sinotrans & CSC
Mitsui O.S.K. Lines
K-Line
China Shipping Group
Nippon Yusen Kaisha
COSCO Group
⑩Dry Bulker (All Types) Fleet (Data: Clarkson) 100,000DWT
Clarkson July 2014
12
Clarkson July 2014
Clarkson July 2014 Clarkson July 2014
2-1. Fleet-scale Ranking
*SAL is our 100% subsidiary
2
0
4
0
2
0
7
6
0
12
8
13
12
15
8
10
40
0 5 10 15 20 25 30 35 40 45
Ricjners
Jumbo
Combi Lift
Big Lift
Intermarine
Hanza Heavy
SAL (K-Line group)
BBC
⑬ Heavy Lifter Owned
Total No. of All size VesselsNo. of Vessels (500-999 ton)No. of Vessels (1,000-1999 ton)No. of Vessels (Over 2,000 ton)
10
11
13
14
20
27
27
33
44
47
2.7
3.0
3.6
3.8
5.5
7.4
7.4
9.0
12.1
12.9
0 10 20 30 40 50
Exmar
Golar
"K" Line
BW Gas
Gaslog
MISC
Teekay Corporation
Nippon Yusen Kaisha
Mitsui O.S.K. Lines
STASCO (Shell
Group)
⑫ LNG Fleet (Managed) Share(%) No. of Vessels
11
17
45
46
50
57
78
79
83
113
43.0
91.0
278.0
184.0
285.0
377.0
414.0
510.0
476.0
650.0
0 100 200 300 400 500 600 700
UECC
NMCC
Hoegh Autoliners
Grimaldi
Glovis
Wallenius Wilhelmsen Logistics
K-Line
Eukor
Mitsui O.S.K. Lines
Nippon Yusen Kaisha
⑪ PCTC Operated 1,000 Cars No. of Vessels
Reserched by "K"Line in March 2014
85
161 69
61
89
106 109
94
111
103
99
136
152
160
190
428
495
575
35
36
36
39
41
49
49
51
57
57
60
65
76
79
88
158
247
272
0 100 200 300 400 500 600 700
ZimPIL
K LineHyundai M.M.
Yang MingHamburg Süd
NYK LineOOCL
MOLAPL
HanjinCSCL
Hapag-LloydCOSCO
Evergreen LineCMA CGM
MSCAPM-Maersk
⑭ Containership Fleet 10,000 TEU No. of Vessels
13
No. of Heavy Lifters with capacity of over 500 ton-
Hesnes The World Car Carrier Fleet, July 2014
Clarkson July 2014 Reserched by "K"Line in Mar 2014
3. World Market
① Dry Bulk Carriers by Vessel-type/Age
0
300
600
900
1,200
1,500
1,800
2011 2012 2013 2014 2015 2016 2017
Cape (120,000dwt over)
age 25- max
age 25- min
age 20-25
age 15-19
age 10-14
age 5-9
age 0-4
0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000
Handysize
Handymax
Panamax
Over
Panamax
Capesize
(No. of Vessels)
No. of Dry Bulk Carriers age 30-age 25-29
age 20-24
age 15-19
age 10-14
age 5-9
age 0-4
2014 delivery
2015 delivery
2016 delivery
2017 delivery
2018 delivery
-
5
10
15
20
25
30
35
40
0
200
400
600
800
1,000
1,200
1,400Age
Np./10,000tons
Scrapped Dry Bulkers No. of Vessels
10,000Gross Tonnage
Age
0
300
600
900
1200
1500
2011 2012 2013 2014 2015 2016 2017
Over Panamax (80-120,000dwt)
0
300
600
900
1200
1500
1800
2011 2012 2013 2014 2015 2016 2017
Panamax (-80,000dwt)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2011 2012 2013 2014 2015 2016 2017
Handymax
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
2011 2012 2013 2014 2015 2016 2017
Handysize
14
Clarkson as of July 2014
**Min/Max are set as follows (ex. Handy/Tankers): - max: all ships over age 25 are in operation continuously.
- min: all ships are scrapped at the age of 25.
Those are same for containership and PCC fleet in following pages. For Handy-size vessels, we assume age 30 or over as borderline. Actually, average life is going up around 30, even in case of dry bulkers. (see below) For tankers please
refer to the page 15.
Data: The Japanese Shipowners' Association
Min/Max* Fleet Increase Schedule
3. World Market
0
1,000
2,000
3,000
4,000
2011 2012 2013 2014 2015 2016
1,000cars PCC (units)
0
200
400
600
800
1000
2012 2013 2014 2015 2016 2017
AFRAMAX
0
100
200
300
400
500
2012 2013 2014 2015 2016 2017
LNG (over 100,000 cbm)
0
100
200
300
400
2012 2013 2014 2015 2016 2017
LRII
0
200
400
600
800
1,000
2012 2013 2014 2015 2016 2017
VLCC
age 25- max
age 25- min
age 20-25
age 15-19
age 10-14
age 5-9
age 0-4
0 100 200 300 400
-3000 cars
3000-4500 cars
4500-6000 cars
6000- cars
(No. of Vessels)
No. of PCC Carriers Unclassified
age 25-
age 20-24
age 15-19
age 10-14
age 5-9
age 0-4
2014 delivery
2015 delivery
2016 delivery
2017 delivery
② PCC by Vessel-type/Age
0
200
400
600
800
1,000
2011 2012 2013 2014 2015 2016
No, of Vessels PCC (No. of Vessels)
age25-max
age 25- min
age 20-24
age 15-19
age 10-14
age 5-9
age 0-4
③ Oil Tankers by Vessel-type/Age
15
Clarkson as of July 2014
Clarkson as of July 2014 (AFRAmax includes product carriers)
0 200 400 600 800 1,000
No.
No.
No.
No.
LN
GLR
II
Afr
amax
VLC
C
(No. of
Vessels)
No. of Oil/Gas Cariers age 30-
age 25-
age 20-24
age 15-19
age 10-14
age 5-9
age 0-4
2014 delivery
2015 delivery
2016 delivery
2017 delivery
2018 delivery
※Min. case for LNG Carriers: Scrapperd at the age of
No. of Vessels
No. of Vessels No. of Vessels
No. of Vessels
3. World Market
④ Containerships by Vessel-type/Age Min/Max* Fleet Increase Schedule (Estimated)
0
100
200
300
400
500
600
700
0
200
400
600
800
1,000
1,200
1,400
1,600
(No. of vessels) (1,000 TEU) Laid-up Containerships
TEU No of Ships
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
2010 2011 2012 2013 2014 2015 2016 2017
(1,000TEU) Containerships
(Capacity)
0
1,000
2,000
3,000
4,000
5,000
6,000
2010 2011 2012 2013 2014 2015 2016 2017
No. of
Vessels Containerships
(No. of Vessels) age 30- max
age 30- min
age 25-29
age 20-24
age 15-19
age 10-14
age 5-9
age 0-4
0 500 1,000 1,500 2,000 2,500
-1,000 TEU type
1,000-2,999
Panamax 3,000-
post panamax-9,999
10,000TEU over
(No. of Vessels)
Containerships (No. of Vessels) age 30-
age 20-24
age 15-19
age 10-14
age 5-9
age 0-4
2014 delivery
2015 delivery
2016 delivery
2017 delivery
2018ー delivery
0%
5%
10%
15%
20%
25%
0
5,000
10,000
15,000
20,000
25,000
'88'89'90'91'92'93'94'95'96'97'98'99'00'01'02'03'04'05'06'07'08'09'10'11'12'13'14'15'16'17
1,000TEU/Vessel World Containership Increase (Results and Forecasts)
No. of Vesses
Capacity(TEU)
Capacity Increase Ratio
Alphaliner Report 2014 July 16
Clarkson as of July 2014
Source: AXS Marine (as of July 2014)
3-2. Trend of Newbuildings
$0
$40,000
$80,000
$120,000
$160,000
$200,000
$240,000
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
② Dry Bulker & Tanker Market
VLCC AfraCape PanamaxHandy
0
50
100
150
200
250
300
350
400
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
Mil. Gross Ton
As of Year-end
④ World Newbuilding Work in Progress
Japan Korea China World Total
17
0
200
400
600
800
1,000
1,200
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
Mil. Gross Ton
Year
⑥ World Total Existing Tonnage
Oil Tanker Bulk Carrier Others
0102030405060708090
100110120
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
Mil. Gross Ton
Year
⑤ World Newbuilding Delivery
Japan Korea China World Total
0
30
60
90
120
150
180
90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
Mil. Gross Ton
Year
③ World Newbuilding Orders
Japan Korea China World Total
0
30
60
90
120
150
180
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14Year
① Ship Price as of Placing Order (Dry Bulkers, Tankers)
VLCC Aframax
Cape Panamax
Handy
3-2. Trend of Newbuildings
0
100
200
300
400
500
600
700
800
900
1000Number of Ships
⑩ Scrap History by Vessel-type
Bulk Carrier Tanker LNG Carrier Containership PCC
18
Clarkson, as of July 14 Data: The Japanese Shipowners' Association 「Kaiun Tokei Youran (2014)」
Clarkson, as of July 14
-
5
10
15
20
25
30
35
40
(50)
150
350
550
750
950
1,150
1,350
199
6199
7199
8199
9200
0200
1200
2200
3200
4200
5200
6200
7200
8200
9201
0201
1
Age
No. of Ships
/10,000GRT
⑦ Dry Bulker Scrap No. of Ships
10,000GRT
Age
0
5
10
15
20
25
30
35
0
200
400
600
800
1000
199
6199
7199
8199
9200
0200
1200
2200
3200
4200
5200
6200
7200
8200
9201
0201
1
No. of Ships
/10,000GRT
⑧ Oil Tanker Scrap No. of Ships10,000GRT
Age Age
$0
$100
$200
$300
$400
$500
$600
⑨Scrap Metal Prices ('95-14)
Tankers Bulk Carriers
1973 4th Middle East War
1997 Asian Currency Crisis
1990 Gulf War
2001 Sept 11
2008 Financial Crisis
1978 Oil Crisis 1975
Reopen Suez Canal
1985
Plaza Agreement
2003 Iraq War
3-3. Global Cargo Movements, Market
0
2,000
4,000
6,000
8,000
10,000
LNG LPG Oil Product Crude Oil Others Container
Minor Bulk Alumina Grain Steam Coal Coking Coal Iron Ore
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Year
$/day ② Dry Bulk Market (1-year Charter)
Cape-size
Panamax
Handy-max
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
200,000
220,000
240,000
95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
$/day
Year
③ Tanker Market (Spot)
VLCC
AFRA max
19
Clakson, as of July 2014
Clakson, as of July 14 Clakson, as of July 14
(million tonnes) ① Global Cargo Movements
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
06-0
106
-04
06-0
706
-10
07-0
107
-04
07-0
707
-10
08-0
108
-04
08-0
708
-10
09-0
109
-04
09-0
709
-10
10-0
110
-04
10-0
710
-10
11-0
111
-04
11-0
711
-10
12-0
112
-04
12-0
712
-10
13-0
113
-04
13-0
713
-10
14-0
114
-04
④CHINA CONTAINERIZED FREIGHT INDEX (CCFI) HISTORY
EUR MEDUSWC USEC
3-4. Latest Economic Trends
*EU5カ国は独仏英伊蘭
0
500
1,000
1,500
2,000
2,500
2007 2008 2009 2010 2011 2012 2013
USA EuropeAsia ChinaJapan
(10,000 units)
-10
-5
0
5
10
15(%)
② Real GDP Growth (%)
Japan
Korea
USA
Brazil
Russia
India
China
Germa
ny
France
UK
0
2,000
4,000
6,000
8,000
⑤ Steel Export and Import of China
Export Import
Ministry of the Commerce of China, June 2014
(1,000 ton)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
④ Iron Ore Import
China Import Japan Import
20
*Growth Rate: YoY
-25
-20
-15
-10
-5
0
5
10
15
20
25(%) ③ Mining and Industrial Output Growth (%)
Japan
Korea
USA
Russia
China
Germany
France
UK
India
⑥ Sales of Automobiles
Ministry of the Commerce of China, June 2014
① Key Economic Indicators for North
1,000 ton
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2008 1,084 1,103 1,005 1,013 973 1,046 923 844 820 777 652 560
2009 490 582 505 478 540 585 594 586 585 534 588 581
2010 615 603 626 687 580 539 550 606 597 539 551 526
2011 636 518 585 541 549 613 601 571 630 628 685 689
2012 699 698 654 717 708 760 746 750 872 894 861 954
2013 910 968 1021 856 914 836 896 891 873 889 1091 999
2014 880 907 946 1072 1001 893 1093
400
500
600
700
800
900
1,000
1,100
1,200units:1,000 US Housing Starts (U.S. Census)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
2008 4.9% 4.8% 5.1% 5.0% 5.5% 5.6% 5.8% 6.2% 6.2% 6.6% 6.8% 7.2%
2009 7.7% 8.2% 8.6% 8.9% 9.4% 9.5% 9.4% 9.7% 9.8% 10.1% 10.0% 10.0%
2010 9.7% 9.7% 9.7% 9.8% 9.6% 9.5% 9.5% 9.6% 9.6% 9.7% 9.8% 9.4%
2011 9.0% 8.9% 8.8% 9.0% 9.1% 9.2% 9.1% 9.1% 9.1% 9.0% 8.6% 8.5%
2012 8.3% 8.3% 8.2% 8.1% 8.2% 8.2% 8.3% 8.1% 7.8% 7.9% 7.7% 7.8%
2013 7.9% 7.7% 7.6% 7.5% 7.6% 7.6% 7.4% 7.3% 7.2% 7.3% 7.0% 6.7%
2014 6.6% 6.7% 6.7% 6.3% 6.3% 6.1% 6.2% 6.1%
4%
5%
6%
7%
8%
9%
10%
US Unemployment Rate
30
35
40
45
50
55
60
65
70
75
80
-40.0
-30.0
-20.0
-10.0
0.0
10.0
20.0
30.0
40.0
50.0ISM Index
Cargo Increase
Ratio (YoY) Cargo Growth from Asia to US and ISM Non-Manufacturing Index
Asia-USA Cargo Increase Ratio (YoY)ISM Non-Manufacturing index
3-5. Emerging Markets (China)
① Grain Transportation Driven by China (Soy Bean)
0
50
100
150
200
250
300
350
400
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
2,400
94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
(bil. US$) ② Trade Trends for China
Export
Import
Profit of Trade
21
⑤ Gap between Urban and Rural Areas, 2012
<Trade White Paper 2012>
<Jetro, as of July 2014>
0.77
3.62
-10.0
-5.0
0.0
5.0
10.0
15.0
20.0
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
85 87 89 91 93 95 97 99 01 03 05 07 09 11
(%) (bil.SCE ton*) ③ Energy Consumption in China
Energy Consumption
Growth Rate (YoY)
0
20
40
60
80
100
120
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
Soy Bean Import Quantity by Country
Others Spain Mexico Argentina
Germany Japan Netherland China
0
10
20
30
40
50
60
70
80
90
100
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010
Soy Bean Export Quantity
Others USA Paraguay Argentina Brazil
(mil.ton)
(mil. ton)
④ Per Capita GDP by Province in China
Guandong
Hubei
Sichuan Yunnan
Guizhou
*SCE=Standard Coal Equivalent
Shanghai
<1,000 yuan>
Beijing Guangdong Hubei Sichuan Yunnan Guizhou
Gap (1st-31st)
Gap (1st-31st)
Shanghai
5.8 Times
10.9 Times
7.3 Times
Shanghai
Beijing
Beijing Hubei
Sichuan
Yunnan Guizhou
Guangdong
Average Household Asset i n China (10,000 yuan)
Urban Rural Urban/Rural (times)
Financial Asset 11.2 3.1 3.6
Non-financial Asset 145.7 12.3 11.8
Total Asset 156.9 15.4 10.2
Data: 'China Household Finance Survey'
by Survey and Reseach Center for China Household Finance
4. Bulk Carrier Business
① "K" Line's Dry Bulk Fleet
0103 0203 0303 0403 0503 0603 0703 0803 0903 1003 1103 1203 1303 1403
Cape (DWT 170,000 ton~) 33 33 45 50 51 56 62 61 61 68 77 88 99 99
Over Panamax (DWT around 100,000 ton) 10 11 12 15 14 12 15 15 16 18 20 21 26 30
Panamax (DWT approx. 6-70,000 ton 23 23 29 28 40 33 35 42 35 44 49 48 42 56
Handy Max (DWT approx. 4-50,000 ton 13 14 20 16 15 17 21 24 22 27 31 46 50 50
Small Handy (DWT appox. 3-40,000 ton) 19 21 17 17 15 11 11 12 15 12 13 17 22 26
Chip + Pulp 11 11 13 14 14 14 15 15 17 16 16 16 13 10
Total 109 113 136 140 149 143 159 169 166 185 206 236 252 271
*Data for Over Panamax till 0503 show no. of vessels operated by thermal coal carrier division
② "K" Line's Energy Transportation Vessel Fleet
0203 0303 0403 0503 0603 0703 0803 0903 1003 1103 1203 1303 1403
LNG (inc. co-owned) 21 22 24 26 30 31 34 47 47 46 43 43 43
Tankers LPG 2 3 3 3 3 3 5 5 5 5 5 5 5
CLEAN 2 3 3 3 2 5 5 6 6 6 6 4 4
DIRTY 5 5 6 9 10 10 12 13 14 10 7 5 5
VLCC 3 4 4 4 4 5 6 6 9 9 8 8 7
Tankers Total 12 15 16 19 19 23 28 30 34 30 26 22 21
0
30
60
90
120
150
180
92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
Year
③ Ship Price as of Placing Order (Dry Bulkers, Tankers)
VLCC Aframax
Cape Panamax
Handy
33 33 45 50 51 56 62 61 61 68
77 88 99 99
10 11 12 15 14
12 15 15 16 18
20 21
26 30
23 23 29 28
40 33 35 42 35
44 49
48 42
56
13 14 20 16
15 17 21 24 22
27 31
46 50
50
19 21
17 17 15 11
11 12 15
12 13
17 22
26
11 11 13 14
14 14 15
15 17 16
16
16 13
0
30
60
90
120
150
180
210
240
0103 0203 0303 0403 0503 0603 0703 0803 0903 1003 1103 1203 1303 1403
vessels Cape Over Panamax Panamax
Handy Max Small Handy Chip + Pulp
21 22 24 26 30 31 34
47 47 46 43 43 43 2 3 3
3 3 3
5
5 5 5 5 5 5
2 3 3 3
2 5 5
6 6 6 6 4 4
5 5 6
9 10
10 12
13 14 10 7
5 5
3 4
4 4
4 5
6
6 9 9 8
8 7
0
10
20
30
40
50
60
70
80
90
0203 0303 0403 0503 0603 0703 0803 0903 1003 1103 1203 1303 1403
vessels LNG (inc. co-owned) Tankers LPG Tankers CLEAN Tankers DIRTY Tankers VLCC
22 <THE JAPAN MARITIME DAILY >
050
100150200250300350400450
96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14
④Number of LNG Carriers in the industry
4-2. Demand on Dry Bulk
① Transition of World Crude Steel Production
Japan
111.5
China
779.0
Korea India
France
Germany
Italia
Spain
UK
Turkey
CIS(exSoviet)
USA
Brazil Others
2013 Total 1,582 mil ton
(YoY 2.4 %)
Japan China KoreaIndia France GermanyItalia Spain UKTurkey CIS(exSoviet) USABrazil Others
Japan
107.6
China
683.2
Korea India
France
Germany
Italia
Spain
UK
Turkey
CIS(exSoviet)
USA
Brazil
Others
2011 Total 1,516 mil ton
(YoY 7.4 %)
Japan China KoreaIndia France GermanyItalia Spain UKTurkey CIS(exSoviet) USABrazil Others
Japan
109.5
China
626.6
Korea India
France
Germany
Italia Spain
UK
Turkey
CIS(exSoviet)
USA
Brazil Others
2010 Total 1,411 mil ton
(YoY 17.2 %)
Japan China KoreaIndia France GermanyItalia Spain UKTurkey CIS(exSoviet) USABrazil Others
Japan
China Korea
India
France Germany
Italia
Spain
UK Turkey
CIS(Soviet)
USA
Brazil
Others
1985 Total 717 mil.ton
Japan China KoreaIndia France GermanyItalia Spain UKTurkey CIS(Soviet) USABrazil Others
Japan
101.6
China
95.4
Korea
India
France
Germany
Italia
Spain UK Turkey
CIS(exSovi
et)
USA
Brazil
Others
1995 Total 752 mil.ton
Japan China Korea India
France Germany Italia Spain
UK Turkey CIS(exSoviet) USA
Brazil Others
Japan China,
Korea India
France Germany
Italia Spain
UK
Turkey
CIS(Soviet
)
USA
Brazil Others
1955 Total 273 mil.ton
Japan China KoreaIndia France GermanyItalia Spain UKTurkey CIS(Soviet) USABrazil Others
Japan China Korea
India
France
Germany
Italia
Spain UK
Turkey CIS(Soviet
)
USA
Brazil Others
1965 Total 459 mil.ton
Japan China KoreaIndia France GermanyItalia Spain UKTurkey CIS(Soviet) USABrazil Others
Japan China
Korea
India
France Germany
Italia
Spain
UK
Turkey
CIS(Soviet
)
USA
Brazil
Others
1975 Total 647 mil.ton
Japan China KoreaIndia France GermanyItalia Spain UKTurkey CIS(Soviet) USABrazil Others
Japan
112.5
China
353.2
Korea India
France
Germany Italia
Spain UK
Turkey
CIS(exSoviet
)
USA
Brazil
Others
2005 Total 1,146 mil.ton
Japan China Korea
India France Germany
Italia Spain UK
Turkey CIS(exSoviet) USA
Brazil Others
23
Data: The Japan Iron & Steel Federation, as of July 2013
4-2. Demand on Dry Bulk
② Global Main Trades of Coal (2012 Estimation)
6,400
7,400
8,400
9,400
10,400
11,400
12,400
10,000ton ⑤Iron Ore Stocks at Chinese Ports
0100200300400500600700800900
1,0001,1001,2001,3001,400
mil tons ④ Iron Ore Import into Major Asian Countries
JapanChinaKoreaTaiwanTotal
0
500
1,000
1,500
2,000
2,500mil tons oil equivalent ③ World Coal Consumption
USA EU15
China Japan
Russia India
Others ASEAN
24
BP Statistical Review of World Energy June 2014
0
2000
4000
6000
1990 2000 2010 2020 2035 2040
Estimate for Future Coal Demand
World
China
India
mil tons, oil equivalent
Data: METI Energy White Paper 2014
(*)Cargo flow under 3 million tons not included
Blue : Increased (YoY), Red : Decrease (YoY)
Import to China is included in "Other Asia"
Japan
Other Europe
China
Other Asia
OECD Europe
S.America
S.Africa
Australia
Indonesia
Columbia
U.S.A
Canada
Russia
(Unit: million ton)
EDMC Asia/Energy Outlook 2014
SSY, as of July 2014
⑥ BDI & Port Congestion in Australia
Clarkson, as of July 2014
N.America Africa/M.East
China Custeel Data 2014
Waiting time tends to increase in 1st quarter (Jan-Mar) of the year due to seasonal reasons such as rainy season, cyclone and rush demand before Chinese new year
5. Car Carrier Business
No. of Cars (RT) 0103 0203 0303 0403 0503 0603 0703 0803 0903 1003 1103 1203 1303 1403
6000 - 3 4 7 10 12 13 17 22 24 28 34 35 41
5000 (4750-5650) 28 28 28 26 26 29 30 32 26 21 23 21 23 21
4000 (3800-4600) 13 13 13 15 17 20 24 25 21 16 20 24 20 19
3000 (2800-3500) 10 8 9 13 13 15 14 11 10 4 4 4 3 3
2000 (1600-2500) 10 8 6 4 2 2 5 5 4 7 8 8 8 8
800 (800-850) 6 5 5 5 10 15 14 12 10 6 6 6 6 6
Total 67 65 65 70 78 93 100 102 93 78 89 97 95 98
0
100
200
300
400
500
600
700
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
万
Others
Oceania
Africa
South America
Central America
Russia
Middle East
Other Asia
China
EU
USA
6 5 5 5 10
15 14 12 10 6 6 6 6 6
10 8 6 4
2
2 5 5 4
7 8 8 8 8
10 8 9 13
13
15 14 11
10 4 4 4 3 3
13
13 13 15
17
20 24
25
21
16 20
24 20 19
28
28 28 26
26
29
30 32
26
21
23 21
23 21
3 4 7
10
12
13 17
22
24
28
34 35 41
0
10
20
30
40
50
60
70
80
90
100
110
0103
0203
0303
0403
0503
0603
0703
0803
0903
1003
1103
1203
1303
1403
Vessels
Fleet Scale
(No of. Vessels)
800 2000 3000
4000 5000 6000
0
50
100
150
200
250
300
350
400
450
0103
0203
0303
0403
0503
0603
0703
0803
0903
1003
1103
1203
1303
1403
1,000 cars
Fleet Scale
(Est. Capacity)
800 2000 3000
4000 5000 6000
5-2. Demand on Vehicles
① World Automobile Production
③ Transition of Overseas Vehicle Production by Japanese Automakers
Japan
21%
China
48%
Korea
10%
India
8%
Thailand
6%
Iran
2%
Indonesia
3% Malaysia
1% Others
1%
1997 2013 Asia 31.2% 52.5% Europe 34.2% 22.6%
USA 33.2% 24.2%
26
Breakdown in Asia (2013)
0
5
10
15
20
1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Unit : mil.cars ④ Four-wheel Car Production and Sales in USA Production Sales (Import in Sales)
0
20
40
60
80
100
97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13
(Unit: Mil. Cars)
CHINA
JAPAN
OTHER ASIA
(EX.Japan and China)
EUROPE
USA
OCEANIA
AFRICA
ASIA
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Unit 1000 Cars
Overseas Vehicle Production by Japanese Automakers
USA EU AsiaMiddle East Europe(ex.EU) North America (ex.USA)Latin America Africa Oceania
5-2. Demand for Vehicles and Machinery
⑥ Car Ocean Transport Volume by Loading Country
⑦ Market Size of Construction Machinery Sales in World Main Areaand Export Value from Japan in 2012
60000
70000
80000
90000
100000
110000
120000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
22,000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Japan Used Car ex. JapanSouth Korea Usec Car ex. KoreaTaiwan ChinaASEAN OceaniaIndian Subcontinent Middle EastNAFTA EuropeAndean MercosulAfrica Global Sales
27
<Made by K-Line>
Global Sales (1,000 units) Transport Volume by Loading Country (1,000
units)
DRIVE GREEN PROJECT
Energy Saving
More Suitable for High & Heavy cargo
More Efficient Cargo Handling
2012 Export from Japan :$ 1.4 bil Market share : 9.8 %
<Source: Website of Ministry of Economy, Trade and Industry, METI>
2012 Export from Japan :$ 2.1 bil Market share i : 8.9 %
2012 Export from Japan :$ 3.2 bil Market share : 14 %
2012 Export from Japan :$ 0.9 bil Market share i: 6.3 %
EU China
Asia/Oceania
JAPAN
USA
2007 2012 2017
2007 2012 2017 2007 2012 2017
2007 2012 2017
2007 2012 2017
6. Containership Business
① "K"Line Containership Fleet0103 0203 0303 0403 0503 0603 0703 0803 0903 1003 1103 1203 1303 2014
8000TEU over (8000-) 0 0 0 0 0 0 3 4 6 8 8 9 13 13
5500TEU type (5500-6500) 0 8 13 13 13 15 18 18 18 16 19 18 18 18
3500TEU type (3400-4000) 21 16 17 17 22 25 23 24 25 29 24 28 26 24
2800TEU type (2700-2900) 8 5 5 4 5 5 7 8 5 5 4 3 2 2
2000TEU type (1500-2500) 10 13 10 13 11 9 11 17 20 19 15 14 13 14
~1400TEU type 18 19 18 17 22 23 27 28 24 10 12 8 3 3
Total 57 61 63 64 73 77 89 99 98 87 82 80 75 74
③ "K"Line Volume, Share for Asia-North America/Europe Routes
*As cargo volume for '97 1H-'99 2H, half of the actual data are indicated.
266 258 277 280
311
355
391 413 414 407
426 450
435 409
504 530
516 520
556 575 584 566
615 630 617
595
661 667 666 657
711
754 742 732
808 825
804
763
859 865
751
628
729
810 789
753
789 790 777
738 771
833
793 768
846 871
811
716
760 787
767
702
1,194
1,128
1,110
1,068
1,143
1,078
1,132
1,073
1,055
1,073 1,037
981
861
915
852
810
932 925
1,044
1,122
1,050
1,000
1,108
1,178 1,175 1,173
1,207 1,250
1,243
1,144 1,139
1,175 1,146
1,143
1,220
1,349
1,301
1,299 1,337
1,403
1,283
984
855
909
1,012
1,147
1,315
1,440
1,283
1,235
1,249
1,181
1,108
1,120
1,315 1,323
1,242
1,262
1,221
1,274
1,186
1,310
0
200
400
600
800
1,000
1,200
1,400
1,600
0
200
400
600
800
1,000
1,200
97F 1
H
97F 2
H
98F 1
H
98F 2
H
99F 1
H
99F 2
H
00F 1
Q
00F 2
Q
00F 3
Q
00F 4
Q
01F 1
Q
01F 2
Q
01F 3
Q
01F 4
Q
02F 1
Q
02F 2
Q
02F 3
Q
02F 4
Q
03F 1
Q
03F 2
Q
03F 3
Q
03F 4
Q
04F 1
Q
04F 2
Q
04F 3
Q
04F 4
Q
05F 1
Q
05F 2
Q
05F 3
Q
05F 4
Q
06F 1
Q
06F 2
Q
06F 3
Q
06F 4
Q
07F 1
Q
07F 2
Q
07F3Q
07F4Q
08F1Q
08F2Q
08F3Q
08F4Q
09F1Q
09F2Q
09F3Q
09F4Q
10F1Q
10F2Q
10F3Q
10F4Q
11F1Q
11F2Q
11F3Q
11F4Q
12F1Q
12F2Q
12F3Q
12F4Q
13F1Q
13F2Q
13F3Q
13F4Q
1,000 TEU USD/TEU ② "K" Line Containership Average Freight/Volume for All Routes
Volume
Average Freight
28
200
1
1H
200
1
2H
200
2
1H
200
2
2H
200
3
1H
200
3
2H
200
4
1H
200
4
2H
200
5
1H
200
5
2H
200
6
1H
200
6
2H
200
7
1H
200
7
2H
200
8
1H
200
8
2H
200
9
1H
200
9
2H
201
0
1H
201
0
2H
201
1
1H
201
1
2H
201
2
1H
201
2
2H
201
3
1H
201
3
2H
KL Volume 172 195 208 235 244 251 248 280 291 334 325 374 382 439 361 384 300 352 332 343 314 329 330 413 369 410
Share 4.8% 4.8% 4.9% 4.7% 5.1% 4.8% 4.6% 4.6% 4.8% 4.7% 4.8% 4.9% 5.4% 5.7% 5.5% 5.6% 5.6% 5.5% 5.2% 4.6% 4.7% 4.6% 4.7% 5.6% 5.1% 5.1%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
50
100
150
200
250
300
350
400
450
500
(Share) (1,000TEU) Asia-North America East-bound Volume, Share
2001
1H
2001
2H
2002
1H
2002
2H
2003
1H
2003
2H
2004
1H
2004
2H
2005
1H
2005
2H
2006
1H
2006
2H
2007
1H
2007
2H
2008
1H
2008
2H
2009
1H
2009
2H
2010
1H
2010
2H
2011
1H
2011
2H
2012
1H
2012
2H
2013
1H
2013
2H
KL Volume 97 101 98 151 155 174 179 187 198 209 222 234 262 252 269 290 227 224 226 249 246 245 239 241 225 220
Share 3.7% 3.7% 3.5% 5.0% 4.5% 4.8% 4.4% 4.5% 4.2% 4.0% 4.1% 3.8% 4.0% 3.5% 4.0% 4.5% 4.2% 3.6% 3.4% 3.5% 3.6% 3.5% 3.5% 3.7% 3.3% 3.1%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
50
100
150
200
250
300
350
(Share) (1,000TEU) Asia-Europe West-bound Volume, Share
18 19 18 17 22 23
27 28 24
10 12 8 3 3
10 13
10 13 11 9
11 17
20
19 15 14
13 14
8 5
5 4 5 5
7
8 5
5 4
3
2 2
21 16 17 17
22 25
23
24 25
29 24
28
26 24
0 8 13 13
13 15
18
18 18
16
19 18
18 18 0
0 0 0
0 0
3
4 6
8 8
9
13 13
0
20
40
60
80
100
Vessels
Fleet Scale(No. of Vessels)
~1400TEU type 2000TEU type2800TEU type 3500TEU type5500TEU type 8000TEU over
0
50
100
150
200
250
300
350
1,000 TEU
Fleet Scale
(Estimated Capacity)
~1400TEU type 2000TEU type2800TEU type 3500TEU type5500TEU type 8000TEU over
6-1. "K" Line Fleet and Cargo Volume
④ "K"Line/Market Cargo Volume, Loading Factor for Asia-North America/Europe Services
-20%
0%
20%
40%
60%
80%
100%
120%
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
1996
1997
1997
1998
1998
1999
1999
2000
2000
2000
2000
2001
2001
2001
2001
2002
2002
2002
2002
2003
2003
2003
2003
2004
2004
2004
2004
2005
2005
2005
2005
2006
2006
2006
2006
2007
2007
2007
2007
2008
2008
2008
2008
2009
2009
2009
2009
2010
2010
2010
2010
2011
2011
2011
2011
2012
2012
2012
2012
2013
2013
2013
2013
2014
2014
2014
2014
2H1H2H1H2H1H2H1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q
1,000 TEU/USD
Container Transpacific Trade (Market) Data: Drewry CAPA E/B CARGO E/B Freight(USD/teu) Loading FactorE/B(%)
0%
20%
40%
60%
80%
100%
120%
0
50
100
150
200
250
1,000 TEU
"K"Line Asia-N. America (East-bound) Volume, L/F
Cargo Volume L/F
0%
20%
40%
60%
80%
100%
120%
0
40
80
120
160
1,000 TEU
"K"Line Asia-Europe (West-bound) Volume, L/F
Cargo Volume L/F
0%
20%
40%
60%
80%
100%
120%
0
500
1,000
1,500
2,000
2,500
3,000
1998
1998
1999
1999
2000
2000
2000
2000
2001
2001
2001
2001
2002
2002
2002
2002
2003
2003
2003
2003
2004
2004
2004
2004
2005
2005
2005
2005
2006
2006
2006
2006
2007
2007
2007
2007
2008
2008
2008
2008
2009
2009
2009
2009
2010
2010
2010
2010
2011
2011
2011
2011
2012
2012
2012
2012
2013
2013
2013
2013
2014
2014
2014
2014
1H2H1H2H1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q
1,000 TEU/USD
Container Asia Europe Trade (Market) Data: Drewry
CAPA W/B CARGO W/B Freight(USD/teu) Loading Factor E/B(%)
29
as of July 2014
as of July 2014
6-2. Container Terminal Operated by "K"Line
Terminal Location Length Depth Total Area Storage Capacity* Gantry Crane
Japan "K"LINE Tokyo Container Terminal Ohi No.1 and No.2 Berth 660 m 15 m 259,500 m2 4,370 TEU 5 Units
"K"LINE Yokohama Container Terminal Honmoku Quay A No.5 and 6 Berth 400 m 12 m 133,591 m2 1,968 TEU 3 Units
"K"LINE Osaka Container Terminal Nanko No.8 Berth 350 m 14 m 63,031 m2 1,082 TEU 2 Units
"K"LINE Kobe Container Terminal** Rokko Terminal RC 4/5 Berth 700 m 14 m 269,510 m2 4,478 TEU 5 Units
USA International Transportation Service, Inc. Long Beach, CA., Pier G 1,552 m 13-16 m 955,000 m2 12,155 TEU 17 Units
Husky Terminal and Stevedoring Inc. Tacoma, WA., Berth 3&4 830 m 16 m 376,000 m2 4,800 TEU 4 Units
Belgium Antwerp Internatinal Terminal NV*** Antwerp, PSA's Noordzee Terminal 1,125 m 15.5 m 790,000 m2 3,055 TEU 8 Units
* Flat Space **Operating with APM Terminals, Japan. Storage Capacity etc. is a total of the area that APM Terminals, Japan utilizez.
***Joint venture between K-Line ,Yang Ming Line,Hanjin Shipping and PSA-HMN.
Tokyo・Yokohama Osaka・Kobe Long Beach
Tacoma
Antwerp
Tokyo(Ohi)
Kobe(Rokko)
ITS (Long Beach)
A.I.T
30
Husky (Tacoma)
6-3. Container Cargo Movements
① Container Cargo Movements
② Asia ⇔ North America/Europe Cargo Volume
0
3,000
6,000
9,000
12,000
15,000
1000 TEU Asia⇒North America
31
0
2,000
4,000
6,000
1000 TEU North America⇒Asia
China * Japan Korea Taiwan ASEAN South Asia
*Data for China includes Hong Kong and Macao
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000Asia⇒Europe 1000 TEU
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000Europe⇒Asia 1000 TEU
6-4. Container Handling Volume by Port
① Container Handling Volume in Asia
② Top 10 Ports for 2013 Container Handling
(Unit: Million TEU) for referencePort 2013 2012 Growth Ratio 2006
1 Shanghai 33.6 32.5 3.4% Singapore2 Singapore 32.5 31.6 2.9% Hong Kong3 Shenzhen 23.2 22.9 1.5% Shanghai4 Hong Kong 22.9 23.7 -3.6% Shenzhen5 Busan 17.6 16.9 3.8% Busan6 Ningbo 16.8 15.6 7.0% Kaohsiung7 Qingdao 15.5 14.4 7.0% Rotterdam8 Guangzhou 15.3 14.7 3.8% Hamburg9 Dubai 13.6 13.2 2.7% Dubai8 Tianjin Xingang 13.0 12.3 5.7% Los Angels
※ Ports in China(Containerization International, March 2014)
5,038 Osaka Bay
1,724
7,788 1,354
Tokyo Bay
Busan 17,600
634
9,781 979
Kaohsiung
Shanghai 33,600
49
Singapore 32,500 917
Hong Kong
1,465 22,900
2013(Above)
1980(Below)
(Unit:1,000TEU)
32
0
5
10
15
20
25
30
35
40mln.TEU ③ Transition of Container Handling among Major Ports in Asia
Singapore
Shanghai
Hong Kong
Shenzhen
Busan
Kaohsiung
Qingdao
Tokyo
Yokohama
Nagoya
Kobe
Osaka