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1 Unauthorized redistribution of the newsletter is prohibited and readers are requested to quote Alphaliner as source for all data derived from the newsletter. Alphaliner does not accept any liability for any errors or omission or opinion. Please refer to full user terms and copyrights at ALPHALINER Volume 214 Issue 46 Weekly Newsletter to Web: Sales: Alphaliner Weekly Newsletter is distributed every Monday. The newsletter is available upon subscription. Information is given in good faith but without guarantee. Please send your feedback, comments and questions to Chart of the week US Domestic Shipping : Jones Act liner services and ports served (Nov 214) Following the departure of Horizon Lines, six carriers operating in the US Jones Act liner trades will remain. With the acquisition of Horizon s Alaska operations, Matson will enter the Alaska market for the first time. The transaction is due to be completed in 2, following regulatory approval. Pasha will expand its presence in the USWC-Hawaii market, with the acquisition of Horizon s Hawaii operations. The carrier will furthermore take delivery of its new 1,4 teu container/roro ship in December. Four carriers will continue to offer connections between Puerto Rico and the US East Coast and Gulf Coast, following Horizon s exit from the trade in December 214. Two of these, Sea Star Line (an affiliate of Tote Inc.) and Crowley, will receive new LNG-powered containerships in purpose-built to operate in the Puerto Rico trade. Dutch Harbor Anchorage Kodiak Hawaii Services Horizon Lines to be sold to Pasha 2 x 2,47 teu Tacoma, Oakland, Honolulu 2 x 2,653 teu Los Angeles, Honolulu Matson 2 new 3,6 teu LNG powered ships due in x 1,994/2,824 teu Oakland, Long Beach, Honolulu 2 x 1,644/2,824 teu Seattle, Oakland, Honolulu 5 x 2,245-2,89 teu Long Beach, Honolulu (wb only), Guam, China Pasha New 1,4 teu con/ro ship to join in Dec x roro vessel San Diego, Honolulu, Kahului, Hilo Honolulu Alaska Services Horizon Lines to be sold to Matson 3 x 1,668 teu Tacoma, Anchorage, Kodiak, Dutch Harbor(alt) TOTE Ships to be converted to LNG propulsion 2 x roro vessel Tacoma, Anchorage Tacoma Oakland Los Angeles/Long Beach Jacksonville Houston Puerto Rico Services Horizon Lines Services to be suspended in Dec x 2,386 teu Philadelphia, San Juan, Jacksonville, San Juan 1 x 1,442 teu Houston, San Juan (service suspended in Oct) Sea Star Line 2 new 3,1 teu LNG powered ships to join in 2/6 2 x roro vessel Jacksonville, San Juan National Shipping of America 1 x 57 teu Houston, San Juan Crowley 2 new 2,4 teu LNG powered ships to join in x roro barge Jacksonville, San Juan 2 x roro barge Pennsauken, San Juan Trailer Bridge 4 x roro barge Jacksonville, San Juan, Puerto Plata Philadelphia Pennsauken ALPHALINER San Juan Shake up in US domestic container trades as Horizon Lines exits INSIDE THIS ISSUE: US Jones Act market shake-up 1 Oldest containership sent for scrap 4 Corporate Updates Maersk continues to pull ahead of peers with $685M net profit in 3Q Hapag-Lloyd and CSAV post negative results ahead of year-end merger Service Updates G6 adds Charleston to AX1 Evergreen omits USWC westbound calls on NUE service MSC opts for London-Gateway as UK call for its South Africa service SITC launches East Malaysia- Philippines-Vietnam link Namsung Shipping, CK Line and Dongjin add intra Asia service Deliveries/Resale Updates November deliveries Two 1,9 teu high spec ships ordered for Europe Lomar Shipping in container vessel buying spree US Jones Act carrier Horizon Lines will exit the container shipping business with the sale of its Alaska operations and the company s outstanding shares to Matson for $69.2 M, together with the repayment of Horizon s non-hawaii debts for a total transaction value of $456.1 M. Horizon will furthermore sell its Hawaii operations to the Pasha Group for $141.5 M and will shut down its USEC- Puerto Rico liner operations by the end of December. The move will mark the end of Horizon Lines, which traces its roots back to the year Originally part of the container pioneers Sea-Land, today s Horizon operations got separated when the CSX Group, which controlled Sea-Land at the time, sold the carrier s international liner business to A.P. Møller-Maersk in December While CSX initially retained Sea-Land s US-domestic liner business, the Jones Act operations were eventually sold to the private equity firm Carlyle Group in 23. The new owners subsequently rebranded the carrier under the name Horizon Lines. The company was listed on the New York Stock Exchange in 25, but its high debt burden, coupled with mounting losses finally brought about its demise (see detailed chronology in page 3). Horizon Lines was the largest Jones Act containership operator and it was the Page 1 Copyright Alphaliner

2 Horizon Lines Sale : 2 Step Process only carrier to operate from the continental US to the three noncontiguous Jones Act markets of Alaska, Hawaii and Puerto Rico. Its exit comes at a time of new environmental regulations on these trades that have forced the other Jones Act liner operators to invest in new LNG-powered containerships and convert part of their Jones Act fleet to meet the new emission standards. Horizon Line s inability to renew its aging fleet of 13 containerships sealed its fate. Horizon Line Containership Fleet (Nov 214) Vessel name TEU Built Yard Current Route Planned deployment HORIZON RELIANCE 2, Avondale USWC/Hawaii To join Pasha HORIZON SPIRIT 2, Avondale USWC/Hawaii To join Pasha HORIZON ENTERPRISE 2, Bethlehem USWC/Hawaii To join Pasha HORIZON PACIFIC 2, Bethlehem USWC/Hawaii To join Pasha HORIZON NAVIGATOR 2, Ingalls USEC/Puerto Rico To be scrapped HORIZON TRADER 2, Ingalls USEC/Puerto Rico To be scrapped HORIZON CONSUMER 1, Bethlehem Laid up Tacoma Matson - reserve fleet HORIZON PRODUCER 1, Bethlehem GR in China NA HORIZON ANCHORAGE 1, Bay SB USWC/Alaska To join Matson HORIZON KODIAK 1, Bay SB USWC/Alaska To join Matson HORIZON TACOMA 1, Bay SB USWC/Alaska To join Matson HORIZON FAIRBANKS 1, Ingalls Laid up Bellingham To be scrapped HORIZON DISCOVERY 1, Sun Scrapped Scrapped Oct 214 Matson will take over three 1987-built D-7 container vessels, the 1,668 teu HORIZON ANCHORAGE, HORIZON KODIAK and HORIZON TACOMA. They are the youngest ships in the Horizon fleet and were originally built for Sea-Land's Alaska service. The acquisition of Horizon's Alaska operations is a rare opportunity to substantially grow our Jones Act business,... We re very encouraged by this steady long-term prospects of the Alaska trade, particularly given Horizon s position as a leading container shipping operator currently serving the Alaska market, a position that it has held for over 5 years. The Alaska market mirrors Hawaii in many ways despite different underlying economic drivers. Both markets depend on reliable, superior, and timely container cargo service as part of vital supply lifelines, hallmarks with the Matson brand. Also similar to Hawaii, Alaska is a market with loyal customers that values premium service. In fact, approximately 8 percent of the business overlaps with Matson s Hawaii customers Matt Cox, President and CEO Matson Matson will install scrubbers on these three ships in so that they can continue to operate economically in the North America SECA zone after the new emissions rules are enforced while continuing to use the 1973 built steam-engine HORIZON CONSUMER as a relief vessel during the refitting period. The transaction is expected to be completed in 2, allowing Matson to enter the Alaska market for the first time, complementing the carrier s existing USWC-Hawaii/Guam services. The disposal of the Hawaiian business to Pasha is due to competition rules, as it would have added to Matson's already substantial share on this trade. Pasha s acquisition of Horizon s Hawaii operations will allow it to expand its US-Hawaii business, currently operated with a single vessel, the pure car and truck carrier (PCTC) JEAN ANNE. A second vessel, the 1,4 teu conro MARJORIE C., currently under construction at Halter Marine of Pascagoula, is due to join the service in 2. Pasha will furthermore boost its fleet with the acquisition of four 2,4-2,6 teu vessels built in , the HORIZON SPIRIT, HORIZON RELIANCE, HORIZON PACIFIC and HORIZON ENTERPRISE. Horizon planned last year to convert the power plants of these four steam powered container vessels to modern diesel engines plants capable of burning conventional fuel oil as well as natural gas. Page 2 Copyright Alphaliner

3 Horizon Lines - Weighed down by high debt Net debt & interest expense in US$ M Q Q14 Horizon Lines Share Price US$ 4 52 week High/Low : US$1.1/ Jan-5 Jan-6 Jan-7 Jan-8 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan Net Profit in US$ M Horizon will close its USEC-Puerto Rico liner service by the end of this year, ending the company s 56-year involvement in this trade. Horizon blamed its exit on a combination of factors, including uncertain prospects for the Puerto Rican economy, losses over recent years and more expected going forward, aging ships that we cannot afford to continue to maintain or replace, and upcoming large capacity additions by two other carriers (Sea Star Line and Crowley) have led to this difficult but prudent and necessary decision. An earlier attempt to sell the Puerto Rico operations to Crowley failed to materialise, leading to Horizon s decision to make a complete exit from this sector. Horizon so far operates two veteran container vessels to Puerto Rico, the 2,386 teu HORIZON NAVIGATOR and HORIZON TRADER, built in Both sisters need to be dry-docked in 2 at an estimated combined cost of $16-2 M, a heavy burden for the loss making carrier. The two ships are thus expected to be scrapped, together with another two aging ships in the Horizon fleet that are currently unemployed: The 1973 built HORIZON FAIRBANKS, laid up at Bellingham since 28, and the 1973 built HORIZON PRODUCER, currently in China. Horizon had already shut down its US Gulf-Puerto Rico service in October. The 1,442 teu HORIZON DISCOVERY, which ensured this singleship loop, was sold for scrap at the end of last month (see next page). Horizon Lines and its predecessors : History Sea-Land introduces seaborne container shipping on Newark-Houston route 1958 Sea-Land launches Puerto Rico container service 1964 Sea-Land launches Alaska container service 1969 Sea-Land acquired by tobacco group R.J. Reynolds 1986 Sea-Land acquired by railroad group CSX Corp Sea-Land enters USWC-Hawaii/Guam trade with acquisition of US Lines service following latters bankruptcy 1999 CSX Corp. sells Sea-Land's international shipping business but retains Sea-Land's US domestic services, renaming it CSX Lines 23 CSX Corp. sells CSX Lines to Carlyle Group, a private-equity firm, for $3 M & company is renamed Horizon Lines 24 Carlyle Group sells Horizon Lines to private equity firm Castle Harlan for $65 M 25 Horizon Lines is listed on NYSE via IPO at $1/share. 27 Horizon Lines charters five Hunter-class 2,824 teu new US flag ships for new USWC- Guam-FE 'TP-1' service 27 Horizon Logistics is established to provide supply chain management services 21 Horizon Logistics operations discontinued 211 Horizon Lines plead guilty to antitrust violation on Puerto Rico trade. Fined $ M and to pay $2M to settle class action lawsuit 211 Horizon Lines defaults on loan covenants. Completed comprehensive refinancing scheme with debt for equity swap 211 Horizon Lines exits transpacific trade. Prematurely terminates bareboat charters for five Hunter-class ships. Took $1M impairment charge. 212 Horizon Lines stock delisted from NYSE, after failing to meet minimum share price requirement 212 Horizon invested around $3 M in an extensive upgrade program of three vessels (built ) serving the Puerto Rico route 214 Horizon Lines announces exit from Puerto Rico trade, sells Hawaii operations to Pasha and Alaska operations to Matson Page 3 Copyright Alphaliner

4 FLEET UPDATES World s oldest containership finally sold for scrap AMERICAN LANCER, a sister ship of the HORIZON DISCOVERY (ex AMERICAN LIBERTY) at San Francisco in 1985 Horizon Lines has sold the 1,442 teu HORIZON DISCOVERY for scrap, marking the end of the oldest containership in the world. The 46 year old ship was delivered as the AMERICAN LIBERTY by Sun Shipbuilding in Chester, Pennsylvania in September She was the third of eight C-7 AMERICAN LANCER -class ships ordered in the mid-196s by US Lines. Originally designed as multipurpose cargo vessels for the North Atlantic trade, they were converted shortly after their contracting into gearless cellular ships of 1,28 teu (which were subsequently raised to 1,442 teu with higher on-deck stowage). The conversion was driven by the successful launch of the first container services on the Atlantic in SECA-ready container ship newbuildings for the Jones Act trade Sea Star Line (an affiliate of TOTE Inc.) will introduce its two LNG powered 3,1 teu Marlin class containerships by December 2 and March 216. Price $183 M each. Crowley will introduce its two LNGpowered 2,4 teu Commitment class container-roro vessels by June and December 217. Price $175 M each. Matson will introduce its two 3,6 teu dual fuel Aloha class containerships by September and December 218. Price $29 M each. They C-7class units were among the earliest purpose built containerships in the world and the first ships that offered a capacity in excess of 1, teu. These steam-powered ships were first deployed on the USEC- North Europe trade, before being sent to the US Lines USEC-Far East service from September 197, where they replaced converted general cargo ships. Following the bankruptcy of US Lines in 1986, the AMERICAN LIBERTY and two of her sisters were acquired by Sea-Land in 1988 and were deployed on its US domestic services. When Sea-Land s domestic service was sold by CSX Corp. to the Carlisle Group in 23, the company s name was changed to Horizon Lines and the ship took on the HORIZON DISCOVERY name in 24. She has been deployed mainly on Horizon Line s USEC-Puerto Rico services, and was last employed on the US Gulf Express (GAX) service connecting Houston and San Juan before this loop was shut down in October. The longevity of the HORIZON DISCOVERY is linked to the US Jones' Act requirements. Enacted in 192, the Jones Act, stipulates that the ships deployed on US domestic services must fly the US flag, be owned by US interests, be built in the US and be manned by US crews. The fact that the Jones' Act ships must be built in costly US shipyards delays replacement programs and incites US owners to extend the life of their ships well beyond the usual life span of merchant vessels (ships built in the US are four or five times more expensive than similar ships built in China). Two of HORIZON DISCOVERY s sister ships, the HORIZON CHAL- LENGER (ex AMERICAN LEGION) and HORIZON CRUSADER (ex AMERI- CAN LARK) were scrapped in 213 and 29 respectively. The remainer of the C-7 ships were scrapped earlier in According to Horizon Lines, its decision to scrap the HORIZON DISCOV- ERY was due to the substantial expense to dry-dock the vessel for maintenance. Even if refurbished once more, the aging vessel would have faced stiff competition from the new LNG-powered ships to be introduced by Sea Star Line (2 x 3,1 teu) and Crowley (2 x 2,4 teu con/ ro), scheduled to enter the USEC-Puerto Rico trades in Page 4 Copyright Alphaliner

5 CORPORATE UPDATES Maersk continues to pull ahead of peers with $685M net profit in 3Q Maersk B Share Price DKK 16, 14, 12, 1, 8, 6, 4, 2, 52 week High/Low :,39/1,68 Although Maersk Line outperformed its peers, the Group s supply management arm, Damco suffered a fourth consecutive negative quarter as cumulative losses for the first nine months of 214 reached -$11 M. Maersk says it is continuing with the restructuring at Damco but high overhead costs have contributed to the poor performance at its 3PL unit. Maersk Line : Liftings & average freight rates by quarter Maersk has continued to outperform its competitors after posting a 23% improvement in net earnings for the third quarter of 214. Net profits for its container shipping activities reached $685 M, compared to $554 M in the same quarter of 213. Core operating profits before interest, tax and extraordinary items reached $714 M, compared to $548 M last year, with operating margins reaching 1.1%. A.P. Møller-Maersk : Container related activities Q1 Q2 Q3 Q4 FY213 Q1 Q2 Q3 Revenue Maersk Line 6,313 6,651 6,782 6,45 26,196 6,463 6,92 7,74 APM Terminals 1,4 1,68 1,122 1,12 4,332 1,92 1,13 1,19 Damco , Net Profit Maersk Line , APM Terminals Damco Core EBIT excl gains on asset sales/impairment Maersk Line , APM Terminals Damco Core EBIT operating margin % 25.% 2.%.% 1.% 5.%.% -5.% -1.% -.% 4.% 1Q1 17.4% 2Q1 17.4% 9.2% 6.8% -1.9% Maersk Line APM Terminals Damco 3Q1 4Q1 1Q11 2Q11-3.9% 3Q11-9.% 4Q11-9.% 1Q12 3.7% 2Q12 7.2% 3Q12 4.2% 4Q12 3.% 1Q13 7.1% 2Q13 8.1% 3Q13 4.8% 4Q13 6.4% 1Q14 8.2% 2Q14 1.1% Liftings in TEU Millions Q1 1Q11 1Q12 1Q13 1Q14 1,7 1,6 1,5 1,4 1,3 1,2 1,1 1, Average Rates $/teu Maersk s total liftings, including Maersk Line, Safmarine, MCC Transport and Seago Line, reached 4.8 Mteu in the last quarter for an increase of 3.7% against the same quarter last year. Average freight rates remained largely flat at $1,34/teu compared to $1,327/teu in the same quarter last year, for an increase of only.9%. Maersk attributed its improved performance to continued unit cost reductions, as total costs increased by $168 M (2.8%) against the volume increase of 3.7%. Unit costs declined by $5/teu driven mainly by network efficiencies and lower bunker consumption. Page 5 Copyright Alphaliner

6 CORPORATE UPDATES Hapag-Lloyd : Hapag-Lloyd and CSAV post negative results ahead of year-end merger 1,6 1,4 1,2 1,8 1,7 1,6 The planned merger of Hapag-Lloyd and CSAV s container shipping business, expected to be finalised in the coming weeks, will face significant challenges as both companies continue to incur losses. TEU ' 1, Q 28 1Q 29 1Q 21 1Q 211 1Q 212 1Q 213 1Q 214 1,5 1,4 1,3 1,2 1,1 1, Average Rate US$/teu Hapag-Lloyd reported a net loss of 51 M ($67 M) for the third quarter of 214, reversing the net profit of 17 M ($22 M) in the same quarter last year. The losses were blamed on continued freight rate weakness, as carriers failed to implement their announced rate increases. At $1,432/teu, the average freight rate in the first nine months of the 214 financial year remained 4.9% lower than in the prior year period at $1,56/teu. Total liftings reached 4.35 Mteu in the nine month period, for an increase of 5.8% with higher volumes recorded in all tradelanes. TEU ' CSAV : Liftings & average freight rates by quarter 1, Q 28 CSAV Share Price Chilean Peso week High/Low : 35.6/ Q 29 1Q 21 1Q 211 1Q 212 1Q 213 1Q 214 2,2 2, 1,8 1,6 1,4 1,2 1, Average Rate US$/teu US$ M Hapag-Lloyd : Financial Performance by Quarter Q 213 2Q 213 3Q 213 4Q 213 1Q 214 2Q 214 3Q14 Revenue 2,181 2,227 2,23 2,13 2,129 2,276 2,228 Core EBIT Net Profit/Loss Ave. rates/teu 1,546 1,499 1,476 1,411 1,422 1,426 1,448 Liftings TEU 1,326 1,389 1,392 1,389 1,399 1,474 1,473 CSAV posted a net loss of -$35 M in the third quarter, an improvement from the -$47 M loss in the same quarter last year. However, it continued to face significant rate pressure with average rates falling by 6.9% compared to the same quarter last year. The improved results stem mainly from additional unit cost savings, with lower total costs despite a 2.8% increase in total liftings during the third quarter. CSAV : Financial Performance by Quarter US$ M 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 Revenue Core EBIT Net Profit/Loss Ave. rates/teu 1,884 1,799 1,717 1,629 1,684 1,622 1,599 Liftings ' TEU The continued losses at both companies will put further pressure on the carrier s depleted balance sheets. 5 Jan-9 Jan-1 Jan-11 Jan-12 Jan-13 Jan-14 Hapag-Lloyd s total debt has increased to 3.3 Bn as at the end of September, with total interests costs for the first nine months of this year reaching 142 M. Hapag-Lloyd will seek to recapitalise its balance sheet in the next few months, with an injection of 37 M following the completion of the CSAV merger. Page 6 Copyright Alphaliner

7 SERVICE UPDATES G6 : AX1 Service Details AX1 (revised from Nov 214) 5 x 8,7-8,8 teu Le Havre, Rotterdam, Hamburg, Southampton, New York, Norfolk, Charleston, Le Havre G6 adds Charleston to AX1 The G6 carriers (Hapag-Lloyd, NYK, OOCL, APL, MOL, HMM) are to add Charleston to their joint transatlantic AX1 loop, effective from November 214. Slot taker Hamburg Süd will also benefit from this move. Charleston will be inserted at the end of the US range, with the revised rotation as follows : Le Havre, Rotterdam, Hamburg, Southampton, New York, Norfolk, Charleston, Le Havre. A fifth week and a fifth 8,75 teu ship (OSAKA EXPRESS) will be added to cater for the longer rotation in order to maintain schedule integrity. Evergreen omits USWC westbound calls on NUE service Evergreen : NUE/CPS Services Details NUE (revised from Dec 214) 11 x 4,2-5,1 teu Kaohsiung, Hong Kong, Yantian, Ningbo, Shanghai, Colon, Charleston, Baltimore, Norfolk, New York, Colon, Kaohsiung CPS (revised from Jan 2) 6 x 8,-8,5 teu Qingdao, Shanghai, Ningbo, Los Angeles, Oakland, Tokyo (new), Qingdao MSC : Europe-S Africa Service Details Europe-South Africa service 8 x 6,7-8, teu Rotterdam, London-Gateway, Hamburg, Antwerp, Le Havre, Sines, Las Palmas, Durban, Ngqura, Cape Town, Rotterdam Evergreen will suspend westbound calls at Los Angeles and Oakland on its North Asia-US East Coast (NUE) service due to berthing delays caused by the ongoing USWC terminal congestion. The last westbound NUE vessel calling Los Angeles and Oakland will be the EVER DAINTY in mid-december. In order to maintain its Los Angeles/Oakland to Tokyo connection, the Tokyo call on the NUE will be switched to the CPS service. The revised rotations of the two services are as follows:- NUE : Kaohsiung, Hong Kong, Yantian, Ningbo, Shanghai, Colon, Charleston, Baltimore, Norfolk, New York, Colon, (Los Angeles, Oakland, Tokyo - removed), Kaohsiung CPS : Qingdao, Shanghai, Ningbo, Los Angeles, Oakland, Tokyo (new), Qingdao MSC opts for London-Gateway as UK call for its South Africa service MSC is to shift its UK call from Felixstowe to London-Gateway on its Europe-South Africa service. Hapag-Lloyd is also involved as slot buyer on this service, branding the loop as its 'SAX'. The revised rotation stands as follows : Rotterdam, London-Gateway, Hamburg, Antwerp, Le Havre, Sines, Las Palmas, Durban, Ngqura, Cape Town, Rotterdam. The service turns in eight weeks with eight ships of 6,7-8, teu. The first London-Gateway call is planned for 7 December with the MSC RITA. Page 7 Copyright Alphaliner

8 SERVICE UPDATES SITC launches East Malaysia-Philippines-Vietnam link SITC : MPV Service Details Malaysia-Philippines-Vietnam (MPV) New from Nov 2 2 x 7 teu Ho Chi Minh City (Cat Lai), Batangas, Kota Kinabalu, Bintulu, Ho Chi Minh City SITC has launched a new weekly container service connecting East Malaysia. Philippines and Vietnam (MPV). The service calls at Ho Chi Minh City (Cat Lai), Batangas, Kota Kinabalu, Bintulu, Ho Chi Minh City. It is the first service connecting the East Malaysian ports of Kota Kinabalu and Bintulu to Vietnam, with transhipments offered at Ho Chi Minh City to connect with other SITC services to North Asia. The 'MPV' turns in two weeks and is ensured with the chartered 76 teu K-WATER and the 74 teu CONTSHIP DAY (both based on the 'Zhejiang 65' design). The service kicked off with the sailing of the K-WATER from Ho Chi Minh City on 2 November. As a result of the launch of this service, the Bintulu call on SITC s Korea-China-Vietnam-Indonesia (CKV/PTK) service has been removed. Namsung/CK Line/Dongjin : NTX Service Details New Thailand Express (NTX) New from Nov 2 3 x 1,4-1,9 teu Inchon, Kwangyang, Busan, Hong Kong, Laem Chabang, Bangkok, Ho Chi Minh City, Inchon This service will now call at Inchon, Pyongtaek, Qingdao, Pyongtaek, Shanghai, Xiamen, Hong Kong, Haiphong, Ho Chi Minh City, Laem Chabang, Jakarta, Laem Chabang, Qinzhou, Haiphong, Xiamen, Inchon. Namsung Shipping, CK Line and Dongjin add intra Asia service Korean carriers Namsung Shipping, Chung Kyung Shipping (trading as CK Line) and Dongjin have launched a new weekly container service connecting Korea, Thailand and Vietnam, dubbed 'New Thailand Express' (NTX). The loop calls at Inchon, Kwangyang, Busan, Hong Kong, Laem Chabang, Bangkok, Ho Chi Minh City, Inchon. It turns in three weeks using the 1,44 teu sister vessels CAPE FLINT and CAPE FORBY (Hegemann 14 type), contributed by Namsung Shipping and Dongjin respectively, and the 1,891 teu STARSHIP PEGASUS, contributed by CK Line (chartered from Namsung). Namsung Shipping and CK Line already cover the route with their 'KVT' service. Dongjin has so far served the Korea-Vietnam-Thailand trade through slots on the 'ANX' service operated by KMTC, Sinokor and Gold Star Line, which Dongjin brands as its NTX service. Page 8 Copyright Alphaliner

9 DELIVERY UPDATES Cellular Containership Deliveries Name MORTEN MAERSK Teu Operator CSCL SOUTH CHINA SEA 1,36 CSCL MOL BREEZE 18,34 Maersk 1,1 MOL SAN VICENTE 9,34 Hamburg Süd SAN FELIX 8,714 Hamburg Süd CCNI IQUIQUE 6,845 CCNI SKY CHALLENGE 1,9 CK Line NORDCHEETAH 1,756 TS Lines ZHONG LIANG YU HE 1,113 n.a. Two 1,9 teu high spec ships ordered for Europe Hanjin Heavy Industries (HHIC) has received an order for two 1,9 teu ships from an undisclosed European owner. The ships are priced at USD 34.1 M per unit and will both be delivered by July 216. The two vessels are believed to be high specification ice strengthened ships aimed at the Baltic trades, with SECA rules in mind. The MORTEN MAERSK (18,34 teu) is delivered APM-Maersk has received the MORTEN MAERSK, 13th of its 18,34 teu EEE'-class vessels ordered in Korea at the Daewoo shipyard (DSME) in two steps in February and June 211. After a bunkering trip to Vostochny, the new ship will join next week Maersk Line's Asia- Europe AE-2 service, replacing the 13,92 teu MAERSK EDMONTON, which is to be shifted to the AE-1 loop. The MORTEN MAERSK is the first EEE'-class vessel assigned to the AE-2 loop. Its earlier sister ships all joined Maersk s AE-1 loop, which has been fully upgraded to a homogenous fleet of 12 jumbos since the newbuilt MOGENS MAERSK joined the loop in September. The introduction of these EEE ships on the AE-2 will see Dalian and Hamburg receive their first 18, teu class ship calls, while Xingang, Qingdao, Antwerp and Felixstowe will now handle regular 'EEE'- class vessels, after earlier test calls. So far operated with 9,6 teu ships, the AE-1 will be the recipient of the 13, teu ships displaced from the AE-2. This move will see the return of large ships to the Japan-Europe run, which was served briefly during the second half 26 by Maersk's 'E-class',5 teu ships before these ships joined the AE-1 in its former version one after the other at their delivery. The first EEE'-class vessel, MAERSK McKINNEY MØLLER, was delivered on 28 June 213. A further seven units are to be delivered in the next ten months. The MOL BREEZE (1,1 teu) is delivered Seaspan Corporation has taken in charge the MOL BREEZE, fourth of ten neo-panamax containerships of 1,1 teu ordered with the backing of long term charters by MOL in three steps in January, September and December 213 at Yangzijiang Shipbuilding. The ownership of the ten vessels is split equally between Seaspan and Greater China Intermodal Investments (GCI). The ten ships will be managed by Seaspan (the MOL BREEZE is owned by GCI). GCI is a Marshall-based investment vehicle established by Seaspan together with the Carlyle Group and the Washington family. Seaspan and GCI have another 11 sister ships in this newbuilding program, of which seven with the backing of Hanjin charters (five units delivered) while Maersk Line chartered in September the four last units, with deliveries stretching into 216. The MOL BREEZE is to join her three sister ships on the G6 Asia- Europe Loop 1, replacing the 8,11 teu MOL COMPETENCE, who is planned to join in early December the G6 transpacific SC2 loop. She is the ninth ship delivered in this Seaspan-GCI program and follows the MOL BRIGHTNESS, delivered three weeks ago. Page 9 Copyright Alphaliner

10 DELIVERY UPDATES The SFL SEINE (8,714 teu) joins Hamburg Süd Cellular Containership Deliveries * Nov Oct Sep Aug Jul Jun May Apr Mar Feb 214 Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb 213 Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb 212 Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb 211 Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb 21 Jan TEU Delivered Units delivered 2 * Deliveries recorded month-to-date NYSE-listed Ship Finance International Limited (SFIL) has received the SFL SEINE, second of four wide beam neo-panamaxes rated at 8,714 teu and ordered in May 213 at DSME (Daewoo) for $34 M, or $85 M per ship. The four ships are chartered to Hamburg Süd for seven years. The two remaining vessels (SFL SOMME and SFL TAURION) are expected to be delivered by the end of the first quarter of 2. These wide beam neo-panamaxes have an Loa of m for a breadth of 48.4 m. They are fitted with 1,39 reefer plugs. The SFL SEINE has left the yard as the SAN FELIX and is to join this week the multicarrier Far East-ECSA Loop 2 service (SEAS 2/ASAX 2/ ASAS 2/ NGX 2), operated by Hamburg Süd together with Maersk, CMA CGM, CSAV, CCNI, CSCL and Hanjin. She follows the SFL LOIRE, delivered in October as SAN FELIPE. The SKY CHALLENGE (1,9 teu) joins CK Line Korean regional carrier Chun Kyung Shipping, trading as CK Line, has received the 1,9 teu SKY CHALLENGE, first of two ships ordered in two steps from the Hyundai Mipo shipyard. The initial order was placed in July 213, with an option for a second ship exercised in November 213. The SKY CHALLENGE is of a new wide beam design featuring a 'Bangkokmax' length of 172 m for a breadth of 27.5 m, with a commercial speed reaching up to 2 knots. She is assigned to the Korea- Vietnam-Thailand 'KVT' service operated jointly by CK Line and Namsung Shipping, replacing the 1,891 teu STARSHIP PEGASUS, chartered by CK Line from Namsung (the two other STARSHIP ships on the service are operated by Namsung, their owner). The STARSHIP PEGASUS is then to join the new Korea-HK-Vietnam-Thailand 'NTX' service launched this month by Namsung, CK Line and Dongjin. The NORDCHEETAH (1,756 teu) joins TS Lines Hamburg-based Reederei Nord has received the NORDCHEETAH, fourth of 12 ships of 1,756 teu ordered at the Zhejiang Ouhua shipyard (China) in three steps between April 211 and March 214 by US based AMA Capital Partners, with Reederei Nord as manager. The NORDCHEETAH has been chartered by TS Lines for assignment to the new China-Vietnam-Thailand (VTC) service jointly operated by TS Lines, Cheng Lie and KMTC. The NORDCHEETAH follows the NOR- DOCELOT delivered in October. These ships are based on the 'CV Neptun 17' design (originating from Germany). They offer an extra wide beam with an Lbp to B ratio of only 5.75 and an Loa of 17 m, under the m 'Bangkokmax' limit. Page 1 Copyright Alphaliner

11 RESALE UPDATES Lomar Shipping in container vessel buying spree The Lomar containership fleet now totals 31 ships with a total capacity of 65,9 teu, with eight more newbuildings due over the next three years. Lomar is the shipping arm of the Libra group, which regroups the business interests of the Logothetis family. Besides shipping, Libra is involved in aviation, real estate, hospitality and energy. Apart from its rapidly growing fleet of containerships, Lomar s diversified fleet includes bulk carriers, LPG vessels, chemical tankers, anchor handling tug supply and platform supply vessels. Lomar sold 67 vessels during 24-6, before the crash in market prices in Lomar rebuilt its fleet in 29 with the $325 M acquisition of the Allocean group and its mixed fleet of 26 vessels, marking the owner s comeback to the shipping business. London-based Lomar Shipping has actively expanded its fleet, acquiring no fewer than ten second-hand container vessels since the beginning of the year. These purchases follow ten units ranging from 1,78 to 2,526 teu that were acquired in 213. The company s recent second-hand container ship acquisitions include the following: Acquired Vsl Name Teu Built New Name Charterer Sep-14 SANTA PATRICIA 5,42 25 SHANGHAI TRADER S.C. India Sep-14 SANTA PRISCILLA 5,42 25 SYDNEY TRADER CMA CGM Sep-14 HS LIVINGSTONE 4, VERMONT TRADER - Sep-14 HS HUMBOLDT 4, MAINE TRADER - Sep-14 GEORG SCHULTE 3, CARTAGENA TRADER Maersk Sep-14 NYK VERONICA 2, BUSAN TRADER Maersk Sep-14 RR AMERICA 2, MILAN TRADER Maersk Sep-14 RIO EIDER 2, ANTWERP TRADER GWF Aug-14 NYK ROSA 2, SEOUL TRADER Maersk Apr-14 IGA 1, OSAKA TRADER CMA CGM Adding to these purchases, Lomar has also taken delivery of four newbuildings in 214, as follows: Name Built Teu Charterer BARRY TRADER May-14 2,19 MCC KIMOLOS TRADER Aug-14 2,19 MCC TOKYO TRADER Jun-14 1,12 MCC TAIPEI TRADER Aug-14 1,12 Hamburg Süd The company is now awaiting delivery of eight more container vessels as follows: Recently acquired by Lomar, the 4,992 teu panamaxes VERMONT TRADER (pictured above) and her sister ship MAINE TRADER, are currently being drydocked at the German port of Bremerhaven. Photo: C. Costa Name Delivery Teu Yard Charterer KALAMATA TRADER Sep- 2,19 Wenchong - QUEEN ESTHER Jan-16 2,19 Wenchong - KEA TRADER Sep-16 2,19 Wenchong - KALAMOTI TRADER Apr-17 2,19 Wenchong - TRINIDAD TRADER Jan- 1,12 Jiangsu - TACOMA TRADER Feb- 1,12 Jiangsu - TORONTO TRADER Dec- 1,12 Jiangsu - TAMPA TRADER Jan-16 1,12 Jiangsu - Page 11 Copyright Alphaliner

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