Container Forecaster & Annual Review 2016/17. Quarter 3 October 2016

Container Forecaster & Annual Review 2016/17 Quarter 3 October 2016

Contents 1 Executive Summary summary 2 Light Carrier at industry the end of moves the tunnel towards 2 unsustainable losses 2 2 World container Container trade Trade and port Port volumes Volumes 7 General Demand Demand developments Developments 7 Asia 2018-20 Forecasts 11 9 Europe Asia 14 15 The Europe Americas 16 19 The Rest Americas of the World 20 20 Middle East / South Asia Top 40 Container Ports in 2015 23 21 Transhipment trends 22 2015 trade route volumes 28 3 Supply-demand Supply-Demand balance Balance 25 30 Forecast Containership containership fleet Fleet Development development 25 30 Supply and Demand demand Developments developments 34 39 4 Trade route Route analysis Analysis 48 49 East-West Axis axis overview Overview 48 49 Transpacific Trade 51 52 Asia-North Europe Trade 57 Asia-Mediterranean 64 62 Transatlantic Trade 71 67 North-South Trades / Overview 77 71 ECSA East Coast Trades South America 81 74 WCSA W Coast Trades S America / Oceania 89 78 Australasian South African Trades trades 89 79 South West African trades Trades 90 80 West Intra-Asian African trade Trades routes 91 82 5 Freight rates Rates and Carrier carrier Financials financials 94 89 Freight Rate rate developments Developments and Forecasts forecasts 94 89 Industry profitability Profitability and Financial financial trends Trends 98 93 6 The charter Charter market Market and S&P 106 and S&P 101 Market No drivers Heads in sight for Rocks, for Ships market to upturn Head for Beaches 106 101 7 Appendices (provided in Excel) Trade capacity and service summary tables (EW/NS 1Q16) (EW/MEISC 3Q16) CF1Q16 Appendices 1-5 CF3Q16 Appendices 1-7 Research team Neil Dekker - Container Research Director dekker@drewry.co.uk dekker@drewry.co.uk Simon Heaney Simon Heaney heaney@drewry.co.uk Kanika heaney@drewry.co.uk Batura Kanika kanika@drewry.co.uk Batura Subrata kanika@drewry.co.uk Behera Subrata behera@drewry.co.uk Behera behera@drewry.co.uk Ruby Tomar Himanshu tomar@drewry.co.uk Dhingra dhingra@drewry.co.uk Shailly Pandit Ruby pandit@drewry.co.uk Tomar David Poore tomar@drewry.co.uk poore@drewry.co.uk Shailly Pandit Anurag Kumar anurag@drewry.co.uk pandit@drewry.co.uk Research Publisher & team Editorial cont ddirector David Patrick Poore Neylan poore@drewry.co.uk neylan@drewry.co.uk Anurag Kumar anurag@drewry.co.uk Publisher & Editorial Director: Patrick Neylan neylan@drewry.co.uk Drewry Maritime Research Drewry 15-17 Christopher Maritime Street, Research 15-17 London Christopher EC2A 2BSStreet, London Tel: +44 EC2A (0) 20 2BS 7538 0191 Tel: Fax: +44 +44 (0) (0) 20 207538 79870191 9396 Fax: enquiries@drewry.co.uk +44 (0) 20 7987 9396 enquiries@drewry.co.uk www.drewry.co.uk www.drewry.co.uk 1 Container Forecaster 3Q 2016 Drewry

Tables and Figures Listings TABLES Table 2.1 Monthly Growth In Throughput Volumes...7 Table 2.2 Estimated Annual Growth In Container Activity By Region (Change In Total Port Handling)...9 Table 2.3 Estimated Annual Growth In Container Activity By Region ( 000 Teu Of Port Handling, Including Empties And Transhipment)...10 Table 2.4 Forecast Development Of World Container Traffic...11 Table 2.5 Forecast Base-Case, Medium-Term Container Activity By Region ( 000 Teu Of Port Handling, Including Empties And Transhipment)...12 Table 2.6 Quarterly Forecast Of Container Growth By Region (Change In Total Port Handling)...13 Table 2.7 Quarterly Forecast Of Container Activity By Region ( 000 Teu Of Port Handling, Including Empties And Transhipment)...14 Table 2.8 Chinese Regional Throughput, Split Into International And Domestic Volumes, 2013-16...15 Table 2.9 China Manufacturing Outlook Summary...15 Table 2.10 Share Of Foreign Import/Export Volumes Among Top 8 Chinese Ports, 2012-16...16 Table 2.11 International And Domestic Cargo Volumes Of Top Eight Chinese Ports, 2013-2016...17 Table 2.12 Comparison Between Chinese And Global Port Growth...17 Table 2.13 Annual Growth In Foreign Containerised Trade Of Top 8 Chinese Ports...17 Table 2.14 Monthly Growth In Container Throughput At Chinese Ports...18 Table 2.15 Real GDP Growth In Major Economies (% Change Over The Previous Period)...19 Table 2.16 Consumer Confidence Snapshot...19 Table 2.17 Forecast Base-Case, Medium-Term Growth In Container Activity By Region (Change In Total Port Handling)...20 Table 2.18 Fading Prominence Of Singapore Port...22 Table 2.19 Estimated Development Of Container Transhipment Activity By Region...23 Table 2.20 Estimated Development Of Global Empty And Transhipment Volumes, 2000-2015...24 Table 2.21 Calls By Major Carriers & Alliances At Main Hub Ports, 2015...26 Table 2.22 Estimated Transhipment Volumes At Main Hub Ports, 2015...27 Table 2.23 World Container Trades In 2015 By Route...29 Table 3.1 World Cellular Containership Fleet By Size Range...30 Table 3.2 Recent Developments Of World Cellular Container Fleet...31 Table 3.3 Historical Cellular Containership Fleet Development 2001-16...31 Table 3.4 Containerships Keep Getting Bigger...31 Table 3.5 Container Fleet Ownership Splits As Of 1 July 2016...33 Table 3.6 Top 20 Independent Shipowners, July 2016...34 Table 3.7 Top 20 Ocean Carrier Owned Fleets, July 2016...35 Table 3.8 Unadjusted Containership Orderbook By Size And Scheduled Delivery Year...36 Table 3.9 Recent Container Asset Market Activity...36 Table 3.10 Sales For Demolition, 2013-16...37 Table 3.11 Forecast Adjusted Containership Fleet Development...37 Table 3.12 Vessel Delivery Schedule For 2016...37 Table 3.13 Adjusted Global Containership Orderbook, 2013-19...38 Table 3.14 East-West Headhaul Supply-Demand Balance And Utilisation, 2014-16...40 Table 3.15 North-South Headhaul Supply-Demand Balance And Utilisation, 2015-16...40 Table 3.16 Global Headhaul Supply-Demand Balance And Utilisation, 2015-16...40 Table 3.17 North-South Backhaul Supply-Demand Balance And Utilisation, 2015-16...41 Table 3.18 East-West Backhaul Supply-Demand Balance And Utilisation, 2014-16...41 2 Container Forecaster 3Q 2016 Drewry

Tables and Figures Listings TABLES Table 3.19 Global Backhaul Supply-Demand Balance And Utilisation Factors, 2015-16...41 Table 3.20 East-West Trades Slow Steaming Monitor (Number Of Weekly Strings)...42 Table 3.21 North-South Trades Slow Steaming Monitor (Number Of Weekly Strings)...44 Table 3.22 Forecast Global Supply-Demand Balance (End-Period)...45 Table 3.23 Forecast Development East-West Headhaul Supply-Demand Balance...46 Table 3.24 Missed Sailings On East-West Trades, 2016...47 Table 3.25 Missed Sailings On North-South Trades, 2016...47 Table 3.26 Estimated Global Idle Fleet, 12 September 2016...47 Table 3.27 Global Summary Of Idle Fleet...47 Table 4.1 Effective Capacity On Headhaul East-West Trades...49 Table 4.2 Summary Of Selected Major East-West Services, Quarter By Quarter, Commencing 3Q16...50 Table 4.3 Development Of East-West Trade Profiles, 1Q14 To 3Q16...51 Table 4.4 Development Of Transpacific Capacity, 2013-2017...53 Table 4.5 Development In Transpacific Services 3Q16 And 4Q16...54 Table 4.6 Transpacific Trade Forecast Cargo Volumes, 2014-2020...55 Table 4.7 Transpacific Supply-Demand Position, 2015-17...55 Table 4.8 Development In Asia-North Europe Services 3Q16 And 4Q16...57 Table 4.9 Development Of North Europe-Far East Capacity, 2015-17...57 Table 4.10 Forecast Development Of North Europe-Far East Container Trade Volumes 2014-20...60 Table 4.11 North Europe-Far East Trade Supply-Demand Position, 2015-17...61 Table 4.12 Development Of Services In Asia-Med Trades, 3Q16 And 4Q16...62 Table 4.13 Development Of Mediterranean-Far East Trade Capacity...62 Table 4.14 Asia-Med Trade Estimated And Forecast Containerised Cargo Volumes, 2014-20...63 Table 4.15 Asia-Med Trade Estimated Supply-Demand Position 2015-17...65 Table 4.16 Developments In The North Europe Transatlantic Trade, 3Q16 And 4Q16...67 Table 4.17 Development Of Transatlantic Capacity, 2015-17...67 Table 4.18 Transatlantic Trade Forecast Containerised Cargo Volumes By Quarter, 2014-20...69 Table 4.19 Transatlantic Trade Supply-Demand Position, 2015-17...69 Table 4.20 Development Of North-South Trade Profiles, 1Q14 To 3Q16...71 Table 4.21 Summary Of Selected Major North-South Services, Quarter By Quarter, Commencing 3Q16...72 Table 4.22 Developments In The North South Trade, 3Q16 And 4Q16...73 Table 4.23 Development Of N Europe And Mediterranean-East Coast South America Capacity 2015-17...75 Table 4.24 Development Of Asia-East Coast South America Capacity 2015-17...75 Table 4.25 N Europe And Mediterranean-East Coast South America Trade Forecast Containerised Volumes, 2014-17...75 Table 4.26 Asia-East Coast South America Trade Estimated Half-Yearly Supply-Demand Position (2015-17) Adjusted For Out-Of-Scope Cargo Of 0.4% Southbound And 1.9% Northbound Trades...76 Table 4.27 N Europe And Mediterranean-East Coast South America Trade Estimated Half-Yearly Supply-Demand Position 2015-17 Adjusted For Out-Of-Scope Cargo Of 11.4% Southbound And 31.2% Northbound Trades...76 Table 4.28 Asia-East Coast South America Trade Forecast Containerised Volumes (Half-Yearly), 2014-17...76 Table 4.29 China s Imports (Teu) From South East Asian Countries: Jan-June 2015 & 2016...82 Table 4.30 Exports (Teu) From China To North And South East Asia Jan-June 2016 Versus 2015...83 Table 4.31 Selected Intra-Asian Volumes (Teu), 1H16 Versus 1H15...83 3 Container Forecaster 3Q 2016 Drewry

Tables and Figures Listings TABLES Table 4.32 Selected Intra-Asian Services Launched Since January 2016...84 Table 4.33 Orderbook For Intra-Asian Operators For Own Account, July 2016...85 Table 4.34 Annual Carryings Of Intra-Asian Operators, 2012-15...86 Table 4.35 Hanjin Fleet Ownership, July 2016...87 Table 4.36 Hanjin Operated Ships, Position At Busan As Of 29 Sept, 2016...87 Table 4.37 Hanjin Ship Deployment And Service Partners, As Of August 2016*...88 Table 5.1 Historical Estimated Average Unit Rate, East-West Container Market, 2013-16...89 Table 5.2 Forecast Estimated Average Unit Rate, East-West Container Market*...91 Table 5.3 Forecast Estimated Average Unit Rate, Global Container Market*...91 Table 5.4 Hanjin Shipping Volumes, Revenue By Trade 2015...93 Table 5.5 Carryings Of Selected Carriers, 2014-16 ( 000 Teu)...97 Table 5.6 Financial Results Of Selected Carriers, Second-Quarter 2015-16...98 Table 5.7 Financial Results Of Selected Carriers, 6 Months 2015-16...99 Table 5.8 Financial Results Of Selected Carriers, 12-Months 2014-15...100 Table 6.1 Actual Recorded Fixtures, 2Q16...101 Table 6.2 Average One-Year Time Charter Rates, 2014-2016...102 Table 6.3 Average Actual Time Charter Rates And Average Period Duration, 2014-2016...102 Table 6.4 Average Slot Charter Rates, 2014-2016 ($/Nominal Slot)...103 Table 6.5 Development Of Second-Hand Prices...106 Table 6.6 Selected Second-Hand Vessel Sales During 2Q16...107 Table 6.7 Recent Container Sale & Purchase Activity...107 Table 6.8 Estimated Development Of Newbuilding Prices...108 Table 6.9 Estimated Development Of Newbuilding Costs For Vessels Of 8,000 Teu And Over, 2014-2016...108 Table 6.10 Demolition Prices...108 Table 6.11 Scrap Value ($ Million) Of Container Vessels, 2014-2016...108 FIGURES Figure 1.1 Regional Port Handling Growth, 2016-18...2 Figure 1.2 Adjusted Containership Orderbook...2 Figure 1.3 Recent Orders Split Per Vessel Size...3 Figure 1.4 Estimated Industry Freight Rates, Unit Costs...3 Figure 1.5 Asia-N Europe Weekly Spot Rates, 2013-16...4 Figure 1.6 Asia-Uswc Weekly Spot Rates, 2013-16...4 Pros And Cons For The Container Industry For 2017...5 Figure 1.7 Hanjin Shipping Operating Income/Losses, 2010-1H16...5 Figure 2.1 Containerised Seaborne Trade Volumes 2015, Main East-West Routes...7 Figure 2.2 Containerised Seaborne Volumes 2015, Main North-South Trades...8 Figure 2.3 Containerised Seaborne Trade Volumes 2015, Intra-Regional Trades...8 Figure 2.4 Fading Prominence Of Singapore Port...22 4 Container Forecaster 3Q 2016 Drewry

Tables and Figures Listings FIGURES Figure 3.1 Containership Fleet Development...30 Growing Containership Size...32 Figure 3.2 Industry Investment In Newbuilds...33 Figure 3.3 Orderbook By Size Range...38 Figure 3.4 Recent Orders By Vessel Size...38 Figure 3.5 Delivery Breakdown Of Unadjusted Orderbook, 2016-19...39 Figure 3.6 Estimated Adjusted Containership Fleet Growth...39 Figure 3.7 Comparison Of Adjusted And Unadjusted Global Container Fleets, 2012-19...39 Figure 3.8 Annual Growth Of Global Container Fleets Under And Above 8,000 Teu Nominal Capacity, 2013-19...39 Figure 3.9 Slow Steaming And Fuel Prices...45 Figure 3.10 Comparison Of Global Headhaul Supply/Demand Gap And Utilisation Factors, 2Q15-2Q16...48 Figure 3.11 Idle Capacity...48 Figure 4.1 Average Size Of Vessels In Main East-West Trades...49 Figure 4.2 Annualised Transpacific Capacity, 2014-2017...52 Figure 4.3 Annualised Asia-North Europe Capacity, 2014-2017...58 Figure 4.4 Asia-North Europe Westbound Import Region Growth, January-July 2014-2016...59 Figure 4.5 Annualised Asia-Med Capacity, 2014-2017...63 Figure 4.6 Asia-Mediterranean Westbound Import Region Growth, January-July 2014-2016...64 Figure 4.7 Annualised Transatlantic Capacity, 2014-2017...68 Figure 4.8 Average Size Vessels In N-S Trades...71 Figure 5.1 Annual Freight Rate Trends, 2013-17...90 Figure 5.2 Freight Rates, Unit Costs And Supply-Demand Balance...90 Figure 5.3 Average Annual East-West Spot Rates, 2013-16...92 Figure 5.4 Hanjin Shipping Operating Income/Losses, 2010-1H16...93 Figure 5.5 End-Year Z-Score Of Hanjin Shipping Versus Rest Of Container Sector...93 Figure 5.6 Container Shipping Industry s Total Debt...94 Figure 5.7 Estimated Carrier Shipping Industry Interest Coverage, 2008-1H16...94 Figure 5.8 Estimated Carrier Industry EBIT Profit/Loss And EBIT Margins, 1Q13-2Q16...95 Figure 5.9 6-Month 2016 Scorecard: Comparison Of EBIT Margins, Revenue Of Selected Carriers...95 Figure 5.10 Estimated Industry Revenue, 2008-2016...96 Figure 5.11 Estimated Industry Freight Rates, Unit Costs...96 Figure 5.12 Trends In Container Spot Rates, Bunker Prices, Monthly Averages...96 Figure 6.1 Development Of Panamax Rates And Scrapping, 3Q13-3Q16...103 Figure 6.2 Recorded Monthly Time Charter Levels...105 Figure 6.3 Average Fixture Period...105 Figure 6.4 Average Fixture Periods (Months) By Vessel Size, 2Q16...105 Figure 6.5 Average One-Year Time Charter Rates, 2014-2016...105 5 Container Forecaster 3Q 2016 Drewry

SEA & AIR SHIPPER INSIGHT TIER 1 940 PDF / TIER 2 1,290 PDF A MONTHLY SHIPPERS MARKET RESEARCH REPORT (12 ISSUES P.A.) Sea & Air Shipper Insight provides the latest information and analysis for the ocean and air freight markets, including air freight rate benchmarks on 48 trade lanes. It is designed specifically for importers and exporters to keep them up to date with trends and issues affecting the two sectors and assist with their business decisions. Each monthly issue provides vital data on supply, demand and freight rates for both ocean and air freight sectors, together with Drewry's expert analysis to put it all into context. The Sea & Air Shipper Insight offers two levels of access: Tier 1 Standard Subscription PDF report only Tier 2 Advanced Subscription PDF report plus database of air freight rates CONTAINER FREIGHT RATE INSIGHT 2,375 PDF (ONLINE ACCESS VIA WWW.DREWRY.CO.UK/CFRI) Container Freight Rate Insight is the world s first and only global source of container market freight rates on all the major routes, and is a must-have tool for importers, exporters and freight forwarders as well as other industry stakeholders who require reliable, independent and wellresearched cost benchmarks for container shipping. The Container Freight Rate Insight is hosted online at www.drewry.co.uk/ cfri and boasts a wide range of dynamic content and feature-rich functionality. Standard Subscription access to benchmark freight rates by trade route (670 port pairs) CONTAINER TERMINAL CAPACITY AND PERFORMANCE BENCHMARKS 2014 1,995 PDF Groundbreaking report with industry-wide analysis on container terminal capacity and performance benchmarks. Based on its unique terminal database and operational experience, Drewry has thrown light on the issues of performance and capacity. The report analyses the actual performance of a sample of around 500 terminals worldwide for a three year period covering the three key aspects of container terminals: the quay line, the yard and the ship-to-shore gantry cranes. GLOBAL CONTAINER TERMINAL OPERATORS ANNUAL REVIEW & FORECAST 2016 1,995 PDF The report provides an invaluable update on the main container terminal-operating companies. It investigates the current industry structure, giving league tables of the main operators, their capacity development plans and their varying performances, both financially and operationally. A comprehensive review of mergers and acquisitions over the past year is included. In addition, each operator REEFER SHIPPING MARKET ANNUAL REVIEW AND FORECAST 2016/17 1,495 PDF The report provides an updated analysis of all sectors of the refrigerated shipping industry. It includes key insights and data on demand, including a breakdown of individual commodities, supply of tonnage, operators, logistics, freight rates, reefer equipment and ship economics. As well as looking at the major operators in the is profiled individually with details of their investment portfolios, strategies and capacity projections. industry, the future of the industry is considered, as are the forces that are shaping it. CONTAINER LEASING INDUSTRY 2016/17 ANNUAL REVIEW AND FORECAST 1,495 PDF SINGLE COPY OR SUBSCRIPTION INCLUDING THE CONTAINER EQUIPMENT INSIGHT 2,135 PDF The report provides an annual review of the container leasing industry, including a range of forecasts unique to Drewry. The key areas of analysis include lease company rank, lease structures, rates and financials, trends and forecast for the leased and owned fleet, leased fleet type and value and reefer and tank container market. Container Equipment Insight, published in July, October, January and April, this exclusive Insight is only available to subscribers of Drewry Census and Leasing reports. 6 Container Forecaster 3Q 2016 Drewry

CONTAINER CENSUS 2016 ANNUAL REVIEW AND FORECAST 1,495 PDF SINGLE COPY OR SUBSCRIPTION INCLUDING THE CONTAINER EQUIPMENT INSIGHT 2,135 PDF This unique report gives a true reflection of what is happening within the global container equipment market. Published in July, October, January and April, this exclusive Insight is only available to subscribers of Drewry Census and Leasing reports. Covering critical information on container production and pricing, the quarterly Container Equipment Insight provides a unique regular update on the SHIP OPERATING COSTS ANNUAL REVIEW AND FORECAST 2015/16 1,495 PDF Ship Operating Costs 2015/16 is one of Drewry Maritime Research s annual reports. It is the most complete review of ship operating costs available in a single source. The report contains historical data for the period 2010 to 2015; provisional assessments for 2015 and forecasts to 2020. A comprehensive, global study of this nature is a powerful tool, enabling you to benchmark specific ship operating costs with confidence and clarity. No other source of information provides such a depth and breadth of insight, allowing you to drill down into specific cost heads. Drewry Maritime Research s annual series state of the market. Critical information covered in the report includes container production, fleet growth, newbuilding prices, refrigerated newbuilds, container re-sales and rental prices. of reports provide the type of data, indepth analysis and objective comment you need to make confident informed business decisions. Independent in thought, they are valued and trusted by an elite client base of industry stakeholders and market players. Please contact the containers and ports team for further details of any of the above products. PUBLICATIONS: Container Forecaster Published every March, June, September & December Container Freight Rate Insight Accessed online Sea & Air Shipper Insight Published monthly Container Census 2016 and Container Equipment Insight July 2016 Container Leasing Industry 2016/17 and Container Equipment Insight July 2016 Global Container Terminal Operators Annual Review & Forecast, 2016 July 2016 Reefer Shipping Market Review and Forecast 2016/17 September 2016 Container Market Annual Review and Forecast 2016 October 2016 Ship Operating Costs Annual Review and Forecast 2015/16 November 2015 Neil Dekker Director of Research Containers E-mail: dekker@drewry.co.uk Tel: +44 (0)20 7538 0191 Simon Heaney E-mail: heaney@drewry.co.uk Tel: +44 (0)20 7538 0191 Kanika Batura E-mail: kanika@drewry.co.uk Tel: +91 124 4974954 Subrata Behera E-mail: behera@drewry.co.uk Tel: +91 124 4974965 Ruby Tomar E-mail: tomar@drewry.co.uk Tel: +91 124 4974953 Shailly Pandit E-mail: pandit@drewry.co.uk Tel: +91 124 4974939 Anurag Kumar E-mail: anurag@drewry.co.uk Tel: +91 124 4974956 David Poore E-mail: poore@drewry.co.uk 7 Container Forecaster 3Q 2016 Drewry

Post-Hanjin Special Report ( 1,495) Container Shipping, A Financial Health Check 23 September 2016 In a special report, Container Shipping - A Financial Health Check - Macros and Micros, analysts at Drewry Financial Research Services Ltd dig deeper to provide an independent view on the financial health of the industry and major companies. Key findings from the analysis are: The container industry is over-leveraged at a very low point in the cycle. Industry debt has started shooting up again. In our sample of 12 container lines, few inspire confidence with respect to financial or balance sheet strength. Our analysis of the financial health of the carriers paints a grim scenario for the liners. Most have seen a deterioration in their balance sheets with increasing gearing in the past five years. Ballooning debt and years of negative cash flows for an extended period exert serious strain on their business viability. High levels of debt have damaged their long-term profitability and put serious strain not only on shareholders but also other key stakeholders such as customers and vendors Drewry Financial Research uses a simple traffic light system to rank companies according to their risk profiles. The companies included: A.P. Moller Maersk ( Maersk Line) CMA-CGM Orient Overseas International Limted Wan Hai Lines Evergreen Marine Nippon Yusen Kaisa (NYK) Hapag-Lloyd COSCON Hyundai Merchant Marine Yang Ming Marine Mitsui OSK Lines (MOL) Kawasaki Kisen Kaisa (K-Line) For further information, please contact James Harley, Drewry's Head of Marketing at harley@drewry.co.uk www.drewry.co.uk Rahul Kapoor - Director Drewry Financial Research Services Ltd. +65 9858 7622, +65 6220 9890 kapoor@drewry.co.uk Nilesh Tiwary - Lead Equity Analyst, Container Shipping Drewry Financial Research Services Ltd. +91 124 497 4977, +91 124 497 4979 tiwary@drewry.co.uk Konstantinos Oikonomopoulos, Lead Analyst, Credit Research, Drewry Financial Research Services Ltd. +44 (0)20 3862 0950, +44 (0)20 7538 0191 oikonomopoulos@drewry.co.uk

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About Drewry Research Drewry Maritime Research is the research arm of global shipping consultancy Drewry. The company has over 40 years experience in the maritime sector and employs more than 90 specialists across its offices in London, Delhi, Singapore and Shanghai. Our market research is renowned for its quality and is trusted by industry leaders around the world to deliver impartial, robust analysis and balanced opinion. This independence, alongside our sector knowledge and expertise, sets our research apart and gives clients the rich market insight they need to make informed business decisions. Copyright Terms and Conditions Drewry owns full copyright of all its research products, covering both reports and online interactive resources. Drewry s rights and entitlements as copyright holder are protected by law in all jurisdictions. In this context, Drewry operates a simple policy of single-site and multi-site licences. All basic research products are sold on the basis of a standard licence covering a single site. The primary source of market insight, analysis and advice trusted by a global audience of maritime and shipping industry stakeholders UK 15-17 Christopher Street London EC2A 2BS United Kingdom India 209 Vipul Square Sushant Lok - 1 Gurgaon 122002 India Singapore #13-02 Tower Fifteen 15 Hoe Chiang Road Singapore 089316 China Unit D01 Level 10, Shinmay Union Square Tower 2, 506 Shang Cheng Road, Pudong, Shanghai 200120 P. R. China T +44 20 7538 0191 T +91 124 497 4979 T +65 6220 9890 T +86 (0) 21 5081 0508 enquiries@drewry.co.uk www.drewry.co.uk