BREAKBULK

Operators, Fleets, Markets

January 2010

Dynamar B.V. Noorderkade 1G 1823 CJ Alkmaar

Tel: +31 72 514 74 00 Fax: +31 72 515 13 97

E-mail: info@dynamar.com Web: www.dynamar.com

Contents Page

PREFACE................................................................................................................................................ 6

TOP 25 BREAKBULK OPERATORS .................................................................................................... 9

The Breakbulk operators ................................................................................................................ 9

Notes on vessel types ................................................................................................................... 10

Orderbook versus existing fleet .................................................................................................... 10

TOP 25 RO/RO OPERATORS ............................................................................................................. 12

The Ro/Ro Breakbulk operators ................................................................................................... 12

The Ro/Ro future .......................................................................................................................... 13

Notes on vessel types ................................................................................................................... 14

Orderbook versus existing fleet .................................................................................................... 14

TOP 15 HEAVY LOAD SPECIALISTS ................................................................................................. 15

The Heavy Load Specialists ......................................................................................................... 15

Notes on vessel types ................................................................................................................... 16

Orderbook versus existing fleet .................................................................................................... 16

TOP 15 VEHICLE CARRIER OPERATORS ........................................................................................ 17

TOP 15 REEFERSHIP OPERATORS .................................................................................................. 19

TOP 25 CONTAINER LINER OPERATORS ........................................................................................ 21

INTRODUCTION TO THE BREAKBULK TRADES ............................................................................. 24

Breakbulk cargo ........................................................................................................................ 24 Operators .................................................................................................................................. 24 Ships ......................................................................................................................................... 24 Heavy Load .............................................................................................................................. 25 Shipping services ..................................................................................................................... 25 Charterers ................................................................................................................................. 26 Development of the worldfleet of main vessel types ................................................................ 26 Decline and growth General Cargo Ship fleet .......................................................................... 26

TOP 25 COMBINED AND PROFILED BREAKBULK-RO/RO CARRIERS ........................................ 27

AUSTRAL ASIA LINE ............................................................................................................29

BBC ..................................................................................................................................31

BELUGA .............................................................................................................................34

CHIPOLBROK ......................................................................................................................37

CLIPPER ............................................................................................................................39

COSCOL ............................................................................................................................42

DELMAS .............................................................................................................................45

ECL ..................................................................................................................................47

GEARBULK .........................................................................................................................50

GRIEG STAR ......................................................................................................................53

Atlanticargo ................................................................................................................................... 56

GRIMALDI NAPLES ..............................................................................................................57

ACL - Atlantic Container Line ....................................................................................................... 60

IRISL ................................................................................................................................62

MACS ...............................................................................................................................65

MESSINA LINE ....................................................................................................................67

NILEDUTCH........................................................................................................................69

NYK-HINODE .....................................................................................................................72

RICKMERS LINIE .................................................................................................................74

SAFMARINE ........................................................................................................................77

SAGA FOREST ..................................................................................................................80

SE SHIPPING .....................................................................................................................82

SPLIETHOFF .......................................................................................................................84

BigLift ............................................................................................................................................ 87

SWIRE SHIPPING ................................................................................................................89

TBS ..................................................................................................................................92

THORCO ............................................................................................................................95

THORESEN THAI .................................................................................................................97

FLEET ANALYSES ............................................................................................................................. 101

BREAKBULK (MULTIPURPOSE/GENERAL CARGO) FLEET ....................................................... 101

Heavy Lift profile existing fleet .................................................................................................... 101

Heavy Lift profile orderbook ........................................................................................................ 102

Breakbulk operators with Lift capability not exceeding 100 tons ................................................ 103

Breakbulk operators without orderbook ...................................................................................... 103

RO/RO (MULTIPURPOSE/GENERAL CARGO) FLEET .............................................................. 104

Heavy Lift profile existing fleet .................................................................................................... 104

Ro/Ro operators with Lift capability not exceeding 100 tons ...................................................... 105

Ro/Ro operators without orderbook ............................................................................................ 105

SELECTED PROFILES ON OTHER BREAKBULK AND RO/RO CARRIERS ................................. 109

CONTI-LINES .................................................................................................................... 110

INTERMARINE ................................................................................................................... 114

NSCSA ........................................................................................................................... 117

SEABOARD MARINE .......................................................................................................... 119

UAL ................................................................................................................................ 121

HEAVY LOAD SPECIALISTS - COMPACT COMPANY AND FLEET PROFILES ........................... 125

INTRODUCTION TO VESSEL TYPES AND PARTICULARS .......................................................... 125

HEAVY LOAD SPECIALIST CARRIERS AND FLEET, SPLIT BY VESSEL TYPE ............................... 127

BIGLIFT ........................................................................................................................... 129

COMBI-LIFT ...................................................................................................................... 130

CONDOCK ....................................................................................................................... 131

DOCKWISE ....................................................................................................................... 132

DONG BANG .................................................................................................................... 133

EIDE ................................................................................................................................ 134

FAIRSTAR ........................................................................................................................ 135

INTEREX MEGA LINE ......................................................................................................... 136

JUMBO SHIPPING.............................................................................................................. 137

NMA ............................................................................................................................... 138

NYK-HINODE ................................................................................................................... 139

OHT ............................................................................................................................... 140

ROLLDOCK ....................................................................................................................... 141

SAL ................................................................................................................................ 142

SHANGHAI ZHENHUA ........................................................................................................ 143

OTHER OPERATORS OF HEAVY LOAD CARRIERS ................................................................ 144

Heavy Load Carriers ................................................................................................................... 144

Semi-submersible ships .............................................................................................................. 144

FLEET ANALYSES - HEAVY LOAD SPECIALISTS ......................................................................... 147

Introduction ................................................................................................................................. 147

Heavy Load profile ...................................................................................................................... 147

Submerged-depth profile ............................................................................................................ 148

Operators of non-geared, non-semi-submersible Heavy Load Carriers ..................................... 149

Operators with non-geared, non-semi-submersible Heavy Load Carriers on order ................... 149

Operators without any Heavy Load Carriers (of whichever kind) on order ................................. 149

BREAKBULK AND PROJECT MARKETS ........................................................................................ 151

BREAKBULK AND PROJECTS, GENERAL NOTES ................................................................... 162

SHIPPERS ........................................................................................................................ 164

APPENDICES ..................................................................................................................................... 166

GENERAL CARGO SHIPS - WORLDWIDE SAILING ACTIVITY .................................................... 167

July 2008 - June 2009 ................................................................................................................ 168

July 2007 - June 2008 ................................................................................................................ 169

GENERAL CARGO IN 15 NORTH EUROPEAN MAIN PORTS ..................................................... 170

BREAKBULK SHIPPING NEWS - MAY 2006-DECEMBER 2009 ............................................... 179

Breakbulk .................................................................................................................................... 179

Ro/Ro .......................................................................................................................................... 197

Heavy Load ................................................................................................................................. 203

GLOSSARY ....................................................................................................................... 207

SOURCES ........................................................................................................................ 209

Publication statistics:

- pages (contents) 190 - pictures 70 - tables 98 - words 69,500

BREAKBULK Operators, Fleets, Markets

Compiled and published by:

Dynamar B.V. Noorderkade 2c

1823 CJ ALKMAAR Phone: +31 72 514 74 00

Fax: +31 72 515 13 97 info@dynamar.com www.dynamar.com

Author Managing Editor:

Dirk Visser

All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without explicit

permission of the publisher.

While the information contained in this report is presented in good faith, it frequently involves estimates where no current published data is available. This information, believed to be accurate, can therefore not be guaranteed.

The publishers cannot accept liability of any errors or omission.

PREFACE

Dynamar is pleased to present a brand new follow-up study on its earlier report on the same subject:

BREAKBULK - Operators, Fleets, Markets Our previous issue described the history of Breakbulk since intercontinental containerisation took off in the 1960s. Furthermore, it looked into the solutions of shipping non-containerised general cargo. This fresh 2

nd Breakbulk edition focuses on the present and future of the industry by analysing the

main breakbulk, project and heavy lift operators and the capability of their current vessel fleet as well as orderbook. Furthermore it looks into the main market segments, recent developments and outlook.

BREAKBULK Container ships are often attributed with having enabled the just concluded decade of globalisation. However, it should not be overlooked that it was breakbulk ships carrying the out-of-box-gauge machinery to the new production centres to allow the China Factor to actually taking off. Still, the developing world developing could not do without breakbulk ships - how otherwise to bring the generators to where electricity is urgently needed to raise the standard of living? Developed economies do need the breakbulk operators to fulfil their greenhouse gas emission goals by carrying wind turbines in large numbers and helping to install those in off-shore wind farms. In all, the breakbulk industry has been riding the waves of globalisation very successfully and breakbulk-heavy lift-project cargo carriers have become as essential to the world as box ships. Effectively, since the turn of the century, breakbulk turned around from an ailing into a thriving industry. An initial lack of newer, more efficient ships has in part been repaired with the arrival of new, highly capable and productive units, while more are on order. What did not change is the fact that the breakbulk market lacks transparency - this publication aims in particular at providing better insight into this fascinating shipping segment.

Operators The average breakbulk operator has read the market well, understanding that globalisation is not only to be supported by worldwide reliable liner services, but also requires efficient and safe transportation of project materials to build production centres, the pertaining infrastructure and everything related. In the wake of a difficult 2009, the 2010 breakbulk outlook is not all too clear. However, and although the world economic bust is felt, the positive mid- to long-term fundamentals of the breakbulk industry have not changed. Carriers serving the heavy-lift and project cargoes are also not as exposed to the vagaries of consumer demand. As the worldwide economy picks up, they will continue to be in demand as delayed projects come on line again and there will always be cargo that does not fit in the box. After an introduction to the Breakbulk trades, the carriers forming the Top 25 (by deadweight capacity) of the combined Breakbulk and Ro/Ro ranking (+5) are profiled. Each survey is identically structured: corporate history and background - markets and trade lanes - operated fleet and orderbook, deadweight and heavy lift profile. A separate section offers compact profiles of the (very) heavy load specialist carriers, with similar fleet data, including submerged depth profile.

Fleets The days are gone that breakbulk ships were perceived as outdated, over-aged, weary vessels operated by obscure companies outside the maritime limelight. There still are quite a number of 1970/80s built liner-type conventional vessels around, but a continuously expanding part of the fleet nowadays consists of modern, highly productive, multi-employable ships with ever increasing gear capacity.

The Operators section of this publication opens with Rankings of the report’s main subjects: the top Breakbulk, Ro/Ro and Heavy Load operators - followed by similar Rankings of their competitors, the largest Container, Reefer and Vehicle carriers. For each company, which is briefly commented, the existing fleet (ships, total and average deadweight) and orderbook (ditto) is specified. The total fleet and ships on order of each ranking is compared with the world fleet of the same segment. Vessel types are explained and the orderbook analysed. One of the findings is that the deadweight share of the ships on order by the Top 25 Breakbulk is just over 70% of the existing world fleet of vessels older than 25 years of age. In other words: as is, the fleet is going to shrink. Not so long ago, a 50 tons gear qualified a ship to be a heavy-lifter. Today, a minimum of 250 tons is nearer that mark. Therefore, in addition to deadweight, the report supplies separate rankings for the heavy lift capabilities of the tonnage operating and on order in terms of crane (tons) and ramp (tons) capacities and float performance (submerged depth).

Markets 2009 will not go down in the history books as Breakbulk shipping’s most enjoyable year. Variation by cargo segment and by area has been great, but volumes have generally fallen by 20% to 30%, even surpassing 50% in some sectors. Rates followed suit. This all happened in the aftermath of collapsed demand, absence of financing and increased stiff competition between nearly everything that floats. However in the last quarter of 2009, optimism returned and hope for an upturn now appears justified even if the world is not yet in a full-blown recovery. The last main section of this publication provides an overview of important breakbulk and project shipping markets by major cargo segment, complemented with the main trade areas. The principal commodities moving in each market have been listed, and each section is completed with relevant notes on such issues as developments, expectations, facts, findings, opinions, trends and the like, together providing an overall picture of the trade concerned. This chapter closes with a simple list of over 200 project shippers and is followed by the Appendices, with Worldwide General Cargo sailing activity, General Cargo volumes main Eurpean ports and an overview of 3.5-year Breakbulk shipping news.

-o-o-o- Any and all data and information for this report has been collected, researched and processed in the last quarter of 2009. The fleetlists have been compiled and analysed in the last few weeks prior to publication launch. As different sources offer diverging information on similar topics we have endeavoured to provide the most accurate estimates. The soon to be launched new version of www.dynamar.com will provide links to all the main breakbulk operators featuring in this report. We trust that you will find BREAKBULK - Operators, Fleets, Markets as interesting as the first edition on the same subject: BREAKBULK - Solutions, Trades and Operators. Published in May 2006, the latter is almost fully complementary to the new report, i.e. there is no, or only limited reproduction of data and subjects. It makes recommended reading too and is therefore available for the buyers of this brand new 2010 Breakbulk publication at a reduced price. Breakbulk shipping is a less defined activity than the container liner trade. Please contact us in case you would be interested in more specific, in-depth information on details, which may have been considered to be beyond this general interest publication.

Dirk Visser

Dynamar B.V. Alkmaar/The Netherlands

January 2010