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POR 0002 13JO AN REV CONTAINERISATION INGLES 210x297MM.pdf 1 16/11/15 10:19 CONTENTS THE RANKINGS TOP LISTS 04 Introduction 26 Top 10 box port operators 08 Numbers 1-10 45 Top 50 beneficial owners 28 Numbers 11-20 60 Top 10 brokers 44 Numbers 21-30 61 Top 50 owners by country 57 Numbers 31-40 71 Top 50 flags 69 Numbers 41-50 72 Top 10 insurers 84 Numbers 51-60 79 Top 10 regulators 94 Numbers 61-70 104 Top 10 classification societies 101 Numbers 71-80 115 Top 10 ship finance 111 Numbers 81-90 119 Top 10 lawyers 120 Numbers 91-100 Top 100 Editor Chief executive Printing Lloyd’s List is available online in every country Nicola Good Michael Dell St Ives plc in the world by placing a subscription with the publishers in London, Informa UK Ltd. Please Lloyd’s List Managing Editor Head of Marketing Services Editoral, advertising and place your order with the Lloyd’s List marketing Richard Meade Fergus Gregory sponsorship inquiries team at Informa. 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Louise Challoner, Head of Marketing, Lloyd’s List Malgorzata Dabrowska (EMEA) Helen Kelly and Cargo Maxwell Harvey (EMEA) © Informa UK Ltd 2015 No part of this publication Direct tel: +44 (0)207 017 5445 Contributors Michael Tang (APAC) may be reproduced, stored in a retrieval system,or Email: [email protected] Janet Porter, James Baker, Linton Nightingale, Niraj Kapur (EMEA) transmitted in any form or by any means electronic, Nigel Lowry, Hal Brown, Max Tingyao Lin, David Rehemah Santiago (EMEA) mechanical, photographic, recorded or otherwise Lloyd’s is the registered trademark of the society Osler, Cichen Shen, Gary Howard, Eric Yep, Nidaa Robbi Tamne (EMEA) without the written permission of the publisher of incorporated by the Lloyd’s Act 1871 by the name Bakhsh, Wei Zhe Tan, Katherine Espina, Inderpreet Lloyd’s List. of Lloyd’s Advertising Production Manager Walia, Nora Zhou, Lambros Papaeconomou, Julian Mark Leech McGrath, Felicity Monckton, Fred Williams, Bruce Williams, Kirsten Bird Design Lloyd’s List Top 100 2015 | 03 Kapusniak Design 04 | Lloyd’s List Top 100 2015 WHY TIMING, DISCIPLINE AND FLEXIBILITY ARE STILL THE SECRET TO LONG-TERM SUCCESS IN SHIPPING Disruption and uncertainty is coming from all angles, but that’s just the new normal Richard Meade “THIS is an important time in our McMillion, who was warning his staff disruption and uncertainty is coming history, requiring all of us to think that their tried and tested ‘lowest price from all angles to reshape our list and critically about our business.” on the block’ strategy has finally been the industry it seeks to represent. That’s what one of our Top 100 eroded by the online disruptors, just in The global economy is in transition. entries wrote in an email to his staff case they had missed that development. The engines driving growth are last month, while warning of seismic Walmart, it seems, is no longer the sputtering and there is precious little change afoot and the desperate need price leader in retail. Amazon is. As sign of any alternatives on the horizon. for strategic innovation. one retail commentator recently put it, While it would be a leap too far to Was it a dry bulk owner? A box “for the past several years, Walmart has suggest that globalisation is going into executive, perhaps? A shipbuilder, faced a painful choice between top-line reverse, it does appear to be stalling. banker or broker? growth and bottom-line profitability”. Those reliable rules on which we Given the young fleet, shipyard Sound familiar? all previously depended are looking capacity still in apparent surplus, While such dilemmas are unlikely more and more like long forgotten seaborne trade growth down near 2%, a to elicit too much sympathy from the guidelines. Traditionally, containerised wobbly world economy with China, the container operators on our annual trade used to grow at around two and growth driver, still trying desperately ranking of influence, given that the a half times global GDP growth. Not so to work out what the new normal looks shippers still very much have the whip now, but why? like... well, frankly, it could have been hand in the box market, it is at least Quantitative easing, a complacent any of them. comforting to know that shipping is not and reliable villain, is partly to blame There’s every likelihood that similar alone in its reflexive period of strategic for distortions in the freight market memos and missives have been re-evaluation and adjustment. and a weak commodity market, emanating from the laptops of our These annual lists of influence and compounded by China’s overextension industry elite all year. power tend to focus on either the of manufacturing and its efforts to However, as it happens, it was not a skillful, strategic success stories of our ‘rebalance’ the economy toward shipping executive at all; rather it was individuals, or the self-inflicted sorrows internal consumption, a policy that the one person on our list who probably of the sectors. But the industry’s has slowed GDP growth (albeit still at a wouldn’t know one end of a post- agency in these highs and lows is often supercharged 6.9%). panamax from the other. The message overstated. The rise of trade barriers are also came from bargain basement behemoth This year’s annual Top 100 reflects worth bringing in for questioning, Walmart’s chief executive Doug that assessment and the fact that given that since 2008, OECD nations Lloyd’s List Top 100 2015 | 05 have implemented more than 3,500 Success, and influence, in shipping realise that owners are hedging their new tariffs that combine to slow down is about responding to the rapidly bets, strategically speaking, wherever the velocity of goods through the global reshaping vagaries of global trade and possible right now. value chain. the big ticket macro events that we There’s a lot to be said for And if all this sounds a little have no hope of influencing, or at least this cautious approach and the nebulous, it is. But with growing doing it quicker and better than your sustainability of our Top 100 list lies debt burdens, ageing consumers, low competitors. testament to the success that can be investments and the risk of deflation in Disruption and uncertainty is coming derived from well managed risk. But several of the major economies, there is from all angles, but that’s just the amid all this change, shipping is yet to little wonder that macro economists are new normal and many of the more respond proactively with any big idea saying the outlook for seaborne trade experienced Top 100 veterans would of its own. looks, well, bleak. argue it’s not that new. Much ink has been spilled in the As one of the more colourful Many of this year’s most influential global examination of companies like research heads recently pointed out in have eschewed any notion of change Uber and how they have disrupted conversation on the topic of whether and kept their position through good first the taxi industry and now such things were cyclical or secular: old-fashioned notions like timing and potentially the car manufacturers, “The processes that drove rapid trade discipline. Control your costs and you simply by efficiently matching people’s growth in the past decade are on drips make sure you employ the ship in a transportation needs with data via at the moment and, for as long as they way where its employment reflects smartphones. remain in intensive care, it might be the market, said one of our Top 100. For shipping, alliances, pools and cyclical rather than secular, but it’s Look beyond the depressed rates and other capacity-sharing agreements going to take a long time to recover.” distress if you want to play a long-term represent a start, but we can’t help If there is a structural element to the opportunity, was the lesson gleaned thinking here at Lloyd’s List that equation, it is because the maturing from another. shipping has yet to touch the sides global value chain has shifted away For others, flexibility is key. Many of of what the big data revolution could from trade-intensive goods towards the discussions we have had with our potentially mean for seaborne trade. services, hence the decoupling of world Top 100 this year seem to return to the Big ideas by their nature don’t trade growth and global GDP growth. notion that there is no one strategy receive validation until all the chips Even such 21st century trade pacts like out there right now that is worth are on the table. Tying flexibility to the TransPacific Partnership focus committing to, given the uncertainty risk — spending the money to do it, if most on the lifting of cross barriers that pervades all markets. you have it and are willing to test your for services, an endorsement and a You only have to look at the trend vision managing disruption — is a leg-up for the expansion of services as towards optimising newbuildings strategy that will leave some smarting proportion of national GDP in many of to be LNG-fuel ready, should the and heading for the door, but there the world’s key economies.