dhl global forwarding, freight ocean freight · pdf file5 market outlook january 2018 –...

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OCEAN FREIGHT MARKET UPDATE

DHL Global Forwarding, Freight

January 2018

2 2

Contents

DHL Global Forwarding | OFR Market Update | Jan 2018

TOPIC OF THE MONTH

Top 12 Carriers by Operated Capacity (in Mil. TEU), December 2017

HIGH LEVEL DEVELOPMENT

MARKET OUTLOOK

Freight Rates and Volume Development

ECONOMIC OUTLOOK & DEMAND DEVELOPMENT

Top 10 Economic Predictions for 2018

CAPACITY DEVELOPMENT

CARRIERS

? DID YOU KNOW?

The Transpacific Stabilization Agreement (TSA)

BACK-UP

3 3

Topic of the Month

Top 12 Carriers by Operated Capacity (in Mil. TEU), December 2017

0

1

2

3

4

5

APM-Maersk,

HamburgSüd

MSC COSCO,OOCL

CMA CGM,Mercosul

Hapag-Lloyd ONE (NYK,MOL, K Line)

Evergreen Yang Ming PIL Zim HMM Wan Hai


Source: Alphaliner, incl. pending mergers

After triggering regulatory approval processes in 23 jurisdictions, Maersk

finally aquired Hamburg Süd.

Over the next five months, Maerk will terminate some of Hamburg Süd’s

overlapping services on certain trades.

4 4

High Level Market Development – Supply and Demand

800

600

400

200

0

1’200

1’000

Q2 Q1

17

Q4 Q3 Q3 Q2 Q1

16

Q4 Q3 Q2 Q1

15

2’000

1’500

1’000

500

0

2’500

Q1

17

Q4 Q3 Q2 Q3 Q2 Q1

16

Q4 Q3 Q2 Q1

15

800

600

400

200

0

Q3 Q2 Q1

17

Q2 Q4 Q3 Q1

16

Q4 Q3 Q2 Q1

15

BIX MGO

BIX 380

SHANGHAI

CONTAINERIZED

FREIGHT INDEX

(SCFI)3)

WORLD

CONTAINER

INDEX (WCI)2)

BUNKER

PRICE

INDEX 5)

ECONOMIC

OUTLOOK 1)

GDP GROWTH

BY REGION

SUPPLY VS

DEMAND

GROWTH 4)

Source: 1)real GDP, Global Insight, Copyright © IHS, Q2 2018 . All rights reserved; 2) Drewry Container Forecaster –

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

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

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

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

Bunker Index website

0.0

2.0

4.0

6.0

8.0

10.0

% Growth

2019F 2018F 2017F 2016 2015 2014 2013 2012 2011

Demand Growth

Supply Growth


2017F 2018F 2019F 2020F 2021F CAGR

(2018-2021)

EURO 2.3% 2.1% 1.8% 1.8% 1.8% 1.9%

MEA 3.1% 3.3% 3.6% 3.8% 4.7% 3.6%

AMER 2.2% 2.4% 2.4% 2.3% 2.2% 2.3%

ASPA 5.0% 4.9% 4.7% 4.6% 4.8% 4.8%

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

Q4

Q4

Q4

5 5

Market Outlook January 2018 – Major Trades

In contrast to the East-West routes, rates on North-South routes are rising.

KEY Strong

Increase ++

Moderate

Increase +

No

Change =

Moderate

Janline -

Strong

Janline - -

EXPORT REGION IMPORT REGION CAPACITY RATE

EURO AMNO = =

AMLA = =

ASPA = -

MENAT = =

SSA = =

AMNO AMLA = +

ASPA = =

EURO - =

MENAT = =

SSA = =

EXPORT REGION IMPORT REGION CAPACITY RATE

AMLA AMNO - ++

ASPA - ++

EURO - +

MENAT - +

SSA = ++

ASPA ASPA + +

AMNO = +

AMLA = +

EURO = +

MENAT = -

OCEANIA = ++


Source: DGF

6 6

Market Outlook January 2018 – Ocean Freight Rates Major Trades

Market outlook on smaller

trades available in the back-up

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

ASPA – EURO Bookings are on a rising trend leading into the CNY period mid of FEB. Carriers grasping the opportunity and starting to announce two

GRI’s for JAN: 1st Jan and 8th Jan.

EURO – ASPA & MEA Rates remain between stable and slightly decreasing.

ASPA – AMLA

Asia to WCSA/WCCA/MX is at 90% full, space available. Asia to ECSA is at 95% full with some space constraints due to reduction on

capacity, because of smaller vessels on week 52.There will no capacity injection or reduction from Asia to Mexico and WCSA.

Currently services are grouped into three existing Asia-ECSA strings and nine Asia-WCSA string, which involving some 14 separate

carriers. As a result of the Maersk-Hamburg Sud reconfigurations, upcoming change on the Asia-ECSA and Asia-WCSA routes are

expected to radically alter the existing service structures.

ASPA – AMNO Bookings expected to be strong leading into Feb prior to CNY holidays. Jan & Feb GRI will have moderate success especially into

USEC.

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

Rotterdam & Felixstowe.

ASPA – MENAT Market into EMED/Middle East still remain slow in December. Carriers have still dropping rates in order to get more cargo onboard. Pre

CNY rush will be expected in Jan/Feb 2018.

ASPA – ASPA IPBC rates have remained low in Dec but is forecasted to pick-up in January with the pre-CNY rush. The January GRI and blank sailings

have been announced. The various service reshuffling on the Intra-Asia trade is expected to increase the overall capacity in the market.

AMNO – EURO In USEC to Europe market, capacity decreases drastically in week 1 & 3 due to blank sailings


Source: DGF

7 7

Economic Outlook & Demand Development:

Top 10 IHS Economic Predictions for 2018

Source: Global Executive Summary, IHS, Dec 2018..


1 2 3 4 5

6 7 8 9 10

The US economy will

sustain above-trend

growth.

Europe’s expansion will

slow a little, but remain

solid.

Japan’s growth spurt will

fade.

China’s momentum will

weaken.

The improved

performance of the

emerging world

will be sustained.

With the rally over,

commodity prices will

be range-bound

and volatile.

Upward pressures on

inflation will remain

muted.

The Fed will keep

raising interest rates—

some other central banks

may follow

The US dollar will be

pushed up a little more.

With global growth

momentum

strengthening, and

assuming no policy

mistakes or “black

swans,” the risks of a

recession remain low.

8 8

Capacity Development

Source: Alphaliner, carriers

C A P A C I T Y D E V E L O P M E N T ( 1 / 2 )

With a 23% increase in liftings Cosco took title as biggest container line from Maersk in Q3 ’17 whereas Maersk carried 2.4% fewer, its booking systems

temporarily affected by the cyber attack in summer that caused a 12-day IT shutdown.

A lack of capacity discipline let utilization drop across all key tradelanes, prompting carriers to resort to rate slashing. Transpacific routes are currently under the

most severe pressure, and numerous attempts to implement General Rate Increase (GRI) have already failed and Maersk’s decision to withdraw from the TSA

(Transpacific Stabilization Agreement) in December could further de-stabilise the trade. The TSA has already been weakened by the resignation/exit of several

members (K Line, NYK, Zim, Hanjin, CSCL).

MSC and CMA CGM plan to jumboize up to 21 neo-overpanamax vessels of around 14’000 TEU and increase the vessel’s capacities to ca. 17’000 TEU. Planned

upgrades comprise lengthening of the ships by two 40’ container bays, raising the

deckhouses and funnels, as well as raising and strengthening container lashing

bridges. Such conversion can yield a 20% boost in nominal container intake at

relatively low cost and with relatively short downtimes. The jumboization will lead to a

slight speed loss due to the increased fiction linked to the large wet area. On the other

hand the increase will allow to substantially decrease per-slot bunker consumption,

resulting in an overall decrease in loop costs, while also lowering emissions on a per-

slot basis.

Yang Ming plans to renew its fleet with up to 20 new ships of 2’800 and 11’000 TEU, that will replace the same number of chartered units in the size range from

3’000 to 8’000 TEU over the next 3 years. The ships to be replaced were mostly fixed prior to 2009 at high charter rates. According to Yang Ming, savings of 20-

60% on its fleet costs are expected from the renewal program. The new ships are aimed at the intra-Asia, as well as the Transpacific trade.

Source: Alphaliner, The Loadster, carriers


9 9

Capacity Development


C A P A C I T Y D E V E L O P M E N T ( 2 / 2 )

THE Alliance has announced on 18 Dec ’17 the details of its revised East-West network effective Apr’18. The revised network presents no new loops, only the

rotations of some services are revised. These changes will coincide with the merger of the liner activities of NYK, MOL and K Line to the new Ocean Network

Express (ONE). Total capacity provision of the THE Alliance carriers is limited and THE Alliance is therefore expected to lose market share compared to OCEAN

and 2M, as well as independent carriers.

OCEAN Alliance unveiled their 2018 service network on 21 Dec’17 to become effective from Apr ’18. The provisional schedule for 2018 will offer 42 East-West

services, compared to 41 currently, using a fleet of 340 vessels (currently 331) with a total capacity of 3.6 mTEU, representing a capacity increase of about

250’000 TEU (+7.5%). Overall the capacity increase is expected to be even larger once all ships on the orderbooks are added to the active fleet in the course of

2018. According to SeaIntel’s fleet data, 108 vessels of over 14’000 TEU will be delivered.

Source: Alphaliner, The Loadster, carriers


10 10

Carriers


C A R R I E R S

Hapag-Lloyd has completed the integration of UASC into the group in just six months by bringing together the operating business, the IT systems, the different

fleets, and the corresponding departments and country organizations. Beginning in 2019, Hapag-Lloyd expects annual synergies of USD 435m as a result of the

merger.

Yang Ming completed its 2nd round of capital raising on 8 Dec ’17 amounting to NTD 6bn (USD 200m). Together with the 1st private share placement carried out

in Feb, the carrier has raised a total of TW 10.31 bn (USD 342m) in fresh funds this year that are used to repay the company’s outstanding debt. As a result, the

Taiwan government holds 45% of Yang Ming shares. Nevertheless, the recent recapitalization measures failed to lift the stock price.

On 8 Dec ’17 CMA CGM announced that it completed the acquisition of Mercosul Line from Maersk. The sale of Mercosul was contingent on the successful

completion of the Hamburg Süd transaction by Maersk. The acquisition allows CMA CGM to strengthen its service offering in Brazil and South America cabotage

and door-to-door services.

Hamburg Süd will retain its brand under Maersk ownership and remain a commercially independent company with its own Sales & Marketing, Customer

Service, and auxiliary departments such as IT, HR, and Finance and Accounting.

HMM has completed its rights issue on 14 Dec ’17, raising KRW 600bn (USD 554m). KRW 200bn (USD 185m) will be set aside for new vessel investments. A

further KRW 200bn are earmarked for investments in container terminals in KR, US, VN & SG. The remaining proceeds will repay HMM’s existing debt.

SM Line has issued a press statement on 18 Dec ’17 confirming its intention to launch 2 new TP services in the 1st half of 2018. It also revealed that it is seeking

various partnership arrangements, including a potential cooperation with HMM. HMM has not made any corresponding announcements of it own, and is believed

to be reluctant to help its Korean rival to enter new markets on the TP trade despite their shared nationality.

CMA CGM offers a new solution, branded ‘Serenity’ that commits to compensate customers for any kind of unforeseen events. The first product reveled is ‘Cargo

Value Serenity’ that provides a refund of up to 100% of the value of the cargo in less than 30 days for goods that are damaged or lost during transport for any

reason, including natural disasters

Source: Alphaliner, Drewry, carriers


11 11

The Transpacific Stabilization Agreement (TSA) is a research and discussion forum used by main container shipping lines which carry

cargo between Asia and the United States. Rate activities is limited to recommendations.

Maersk announced its departure from the TSA in Dec ’17. According to

Maersk the carrier regularily assesses its involvement in VDAs from a

regulatory and commercial viewpoint. In view of the recent changes in the

regulatory landscape in HK ad NZ the carrier has decided to exit all VDAs.

This decision is leaving the TSA carrier’s share of the transpacific trade at

only 65%, compared to a peak of over 80% in the past.

Current members of the TSA are:

APL, CMA CGM, COSCO, Evergreen, HMM, Hapag-Lloyd, MSC, OOCL,

Yamg Ming

Former members of the TSA: Haning Shipping (bankrupt in 2016),

Maersk, K Line, MOL, NYK, Zim (all resigned), NOL, NLS, Sea-Land,

Nedlloyd, P&O, CSCL (all acquired by or merged with other carriers)

Other existing VDAs (Voluntary Discussion Agreements):

AADA (Asia Australia Discussion Agreement), ANZDA (Asia New Zealand

Discussion Agreement), AWATA (Asia West Africa Trade Agreement),

IADA (Intra-Asia Discussion Agreement)

Did You Know ?

The Transpacific Stabilization Agreement (TSA)


Source: Alphaliner, TSA

12 12 B A C K - U P

13 13

Source: DGF

Market Outlook January 2018 – Ocean Freight Rates Additional Trades (1/2)

Ocean Freight Rates Outlook

EURO – AMLA Rates will be extended and stable in January. Utilization is good up to full.

EURO – SSA

unchanged stable, well utilized vessels. Problems in POD Durban due to less capacity (cranes damaged after storm) and therefore heavy

delays in berthings shall improve, but are expected to continue for some more time. Alternatively carriers are using POD Cape Town and Port

Elizabeth / Coega for oncarriages into South African hinterland.

AMNO – MENAT No major changes this month. Space to M.East is still tight from USEC & USGC Ports. Current rates will stay the same

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

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

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

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

AMLA Exports Rates from SAEC continue to rise as fruit season begins. Space issues continue in Brazil, WCSA and Mexico

Equipment deficits affecting conditions in Colombia

Source: DGF team

Source: DGF team

Source: DGF team


14 14

Market Outlook January 2018 – Ocean Freight Rates Additional Trades (2/2)

Freight Rates Outlook

EURO MED - AMNO Unchanged/Stable

EUR MED – AMLA Unchanged/Stable

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

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

EURO MED – SSA Unchanged/Stable

ASPA-SPAC Strong booking forecast in the market in preparation for CNY. Vessels are full. Carriers are preparing for GRI in January.


Source: DGF

15 15

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

Company Period Period End Unit Net Sales EBIT Asset Total Asset

Current

Book Value of

Equity

Liabilities

Total

Liabilities

Current

Retainted

Earnings Z-Score

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

• A Z-score ≥ 2.99 company is “safe”.

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

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

Source: Drewry Sea & Air Shipper Insight, June 2018; 1) parent of Cosco Container Lines; Z-score is calculated as follows: T1 = (Current Assets - Current Liabilities) / Total Assets, T2 = Retained Earnings / Total

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


16 16

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

Forecast 2017/20 in %

N O R T H

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

M E X I C O

3.5 mTEU +1.2%

1.7 mTEU +0.9%

1.7 mTEU +1.3%

0.2 mTEU +3.0%

N O R T H

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

M E X I C O

L A T I N

A M E R I C A

E U R O P E

I n c l . M E D

11.9 mTEU +1.6%

7.0 mTEU +0.9%

7.6 mTEU +0.7%

15.8 mTEU +0.9%

7.0 mTEU +0.9%

4.5 mTEU +2.8%

2018e, in mTEU 2018e-2021e CAGR, in %

F A R E A S T

I N T R A A S I A

excl. Oceania

35.1 mTEU +3.1%

3.5 mTEU

+1.3%

2.0 mTEU

+0.7%

L A T I N

A M E R I C A

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

Mid-term growth is mainly driven by Asian tradelanes.

Source: Drewry


17 17

Global Capacity Development all Trades

20 19 23 23 23 24

28 28 27

Highest scrapping level ever Idling remains high

[TTEU]

602

(May 2018)

1,324

Q4

2016

Q4

2015

1,359

Q4

2014

228

Q4

2013

779

Q4

2012

809

Q4

2011

595

Q4

2010

356

Q4

2009

1,480

Returning

capacity

well

absorbed

by

demand

3.0%

[TTEU]

381

2013

444

2012

332

2011

75

2010

131

2009

351

+239%

Apr 17

YTD

205

2016

654

2015

193

2014

Average age Net capacity growth remains low

Net capacity growth 2017E

Scrapping Net capacity

growth

2.7%

-3.3%

-1.8%

Scheduled

capacity growth

Post-ponements

7.7%

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

0.2

2015

0.0

2016

2.2

2014

1.1

2013

2.0

2012

0.4

2011

1.8

2010

0.6

2009

0.1

2008

1.2

2007

3.2

Apr17

YTD

+33%

1.2

2017E 2016

0.9

2015

1.7

2014

1.5

2013

1.3

2012

1.3

2011

1.2

2010

1.4

2009

1.2

2008

1.4

2007

1.4 15,300 TEU

Very few deliveries expected post 2018

Source: Alphaliner (May 2018), carrier views


18 18

Carrier Mergers, Acquisitions and Alliances

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

China

Shipping Cosco

OOCL TBC

Evergreen APL CMA

CGM Hapag

Lloyd

United

Arab

Shipping

Hyundai

Merchant

Marine

Hamburg

Süd Maersk

Line MSC K Line MOL NYK

Yang

Ming Hanjin

Shipping

CHINA COSCO SHIPPING EVER

GREEN CMA CGM HAPAG-LLOYD/UASC

HYUNDAI

MERCHANT

MARINE MAERSK LINE MSC

OCEAN NETWORK

EXPRESS (ONE) YANG

MING Bankrupt

A L L I A N C E S

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

2M MAERSK LINE

MSC OCEAN 3

CMA CGM

CHINA SHIPPING

UNITED ARAB

SHIPPING COMPANY

2M

MAERSK LINE

MSC

HMM (strategic

cooperation)

OCEAN

ALLIANCE

OOCL

CMA CGM

CHINA COSCO SHIPPING

EVERGREEN

G6

HAPAG-LLOYD

MOL

NYK

APL

HYUNDAI

MERCHANT

MARINE

OOCL

CKYHE

COSCO

EVERGREEN

HANJIN

SHPPING

K-LINE

YANG MING THE ALLIANCE

HAPAG-LLOYD/UASC

ONE

YANG MING

Source: Carriers


19 19

Acronyms and Explanations

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

AMLA - Latin America OWS - Overweight Surcharge

AMNO - North America PH - Philippines

AR - Argentina PNW - Pacific North West

ASPA - AsiaPacific Ppt. - Percentage points

BR - Brazil PSW - Pacific South West

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

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

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

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

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

DWT - Dead Weight Tonnage SSA - Sub-Saharan Africa

EB - Eastbound SSL - Steam Ship Line

ECSA - East Coast South America T - Thousands

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

FMC - US Federal Marine Commission TP - Trans Pacific

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

GRI - General Rate Increase ULCS - Ultra Large Container Ship

HJS - Hanjin Shipping USGC - US Gulf Coast

HMM - Hyundai US FMC - US Federal Maritime Commission

HSUD - Hamburg Süd USEC - US East Coast

HWS - Heavy Weight Surcharge USWC - US West Coast

IA - Intra Asia VGM - Verified Gross Mass

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

IPI - Inland Point Intermodal VSA - Vessel Sharing Agreement

ISC - Indian Sub Continent WB - Westbound

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

mn - Millions YML - Yang Ming Line

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

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

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


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