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Investor Presentation Preliminary Financials 2016 Hamburg, 28 February 2017 Disclaimer Investor Presentation Preliminary Financials 2016 Hamburg, 28 February 2017 Disclaimer Forward-looking Statements This presentation contains forward-looking statements that involve a number of risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or plans that are inherently subject to significant risks, as well as uncertainties and contingencies that are subject to change. Actual results can differ materially from those anticipated in the Company’s forward-looking statements as a result of a variety of factors, many of which are beyond the control of the Company, including those set forth from time to time in the Company’s press releases and reports and those set forth from time to time in the Company’s analyst calls and discussions. We do not assume any obligation to update the forward- looking statements contained in this presentation. This presentation does not constitute an offer to sell or a solicitation or offer to buy any securities of the Company, and no part of this presentation shall form the basis of or may be relied upon in connection with any offer or commitment whatsoever. This presentation is being presented solely for your information and is subject to change without notice. All information on FY 2016 financials is preliminary and unaudited. 2 Opening remarks We continued to progress on our strategic initiatives and achieved a profit in H2 2016 01 Deliverables (after a disappointing first half year with the low point in Q2) The industry fundamentals are showing continuous signs of improvement Market Update 02 The sector is consolidating with Hapag-Lloyd proactively taking part Hapag-Lloyd We improved results in Q4 and achieved an operating profit of USD 140 m in 2016 03 Performance We are delivering on our savings with top-tier unit costs (outperforming the sector) Our merger with UASC is strategically and operationally highly attractive 04 UASC Merger Significant CAPEX savings and USD 435 m p.a. anticipated cost synergies Way Forward Main focus going forward on completing the transaction with UASC, starting THE 05 Alliance and quickly integrating the UASC business to further reduce costs 3 1 Deliverables We continued to progress on our initiatives in 2016 € € 2016 2017 January 2016 March 2016 August 2016 January / Compete to Win Inclusion in Annual General February 2017 roll-out SDAX Meeting approves Successful all agenda items bond issuance & debt refinancing April 2016 July 2016 November 2016 February 2017 Talks between Hapag-Lloyd & UASC sign Hapag-Lloyd achieves Hapag-Lloyd increases Hapag-Lloyd & Business Combination net profit in Q3 2016 results in Q4 2016 UASC Agreement February 2016 May 2016 October 2016 December 2016 2 x wide beam Announcement 1st Hapag-Lloyd ship Naming ceremony for ships acquired of THE Alliance transits expanded Valparaiso Express (#1/5 Panama Canal 10,500 TEU vessels) 4 2 Market Update The industry momentum is changing as guided by Hapag-Lloyd over the recent years 2017 comments in public domain in line with 2015 / 16 HL guidance “The current wave of consolidation in the sector, with so far “…which will create urgently needed only 13 global carriers remaining - down from 20 last year - and concentration as TOP 5 in many cases will the related reshuffling of alliances, would likely lead to Consolidating industry control ~70% of trades” improved capacity management” BCA Investor Presentation, 2016 Lloyd’s Loading List, January 2017 “The new shipping alliances taking effect in 2017 are looming “…new alliances create more stability, but it will large in the minds of shippers. This new year brings new take some time before things settle down” Re-shaping alliances vessel-sharing agreements into effect in April” Investor Presentation, FY 2015 Journal of Commerce, January 2017 “Although overcapacity is expected to initially further increase, spot freight rates from China have recently shown a stronger “Freight rates expected to recover in 2016” Freight rates recover than expected recovery [and] doubled from the trough in April” Investor Presentation, FY 2015 Lloyd’s Loading List, January 2017 “The very low number of new building orders was backed up by “Vessel sizes are reaching their economic an all-time high of demolition capacity reducing the harmful maximum, which will help reduce the orderbook Orderbook depletes effects of new ships being delivered” going forward” Journal of Commerce, January 2017 Investor Presentation, FY 2015 “The increased scrapping of Panamax tonnage, driven by the “Scrapping is increasing (with Panama Canal opening of the enlarged Panama Canal, also helped reduce the expansion)” High scrapping number of jobless vessels above 3,000 TEUs” Investor Presentation, H1 2015 Alphaliner, January 2017 5 2 Market Update Demand: Container shipping remains an industry with healthy growth and balanced trade dynamics Container shipping volume and global GDP growth 6 2000-2008 2010-2015 2016-2018E GDP 2.1x 1.3x 1.2x multiplier +4.6% 300 +4.0% +4.7% +3.2% 250 +9.1% +3.7% +3.4% 200 Transport volume +3.5% +3.1% +4.3% 150 Global GDP 100 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 6 Source: Clarksons (February 2017), IMF WEO (October 2016) 2 Market Update Supply: Capacity growth is slowing (as a result of decreasing benefits of ever larger vessels) 8 Orderbook-to-fleet [TEU m, %] Orders placed by year [TEU m] 61% 3.2 -91% 7 50% 2.2 2.0 1.8 6 38% 1.2 1.1 0.6 27% 28% 0.4 5 0.2 0.1 21% 21% 0.0 18% 19% 17% 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Feb 17 4 YTD Vessel deliveries by year [TEU m] 6.5 3 6.0 -41% 5.0 1.7 4.3 1.5 2 1.4 1.4 1.4 1.4 3.9 3.8 1.3 1.3 3.4 3.6 3.4 1.2 1.2 3.3 1.0 1 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 7 Source: Clarksons (February 2017), Drewry , MDS Transmodal (January / February 2017) H2 H1 2 Market Update Supply: Scrapping and idling help to further reduce effective supply growth Highest scrapping level ever … … and idling remains high … [TTEU] [TTEU] Share of world fleet 6.6% 27 28 30 Especially in 24 23 23 23 1,441 19 18 1,480 Panamax segment 1,359 1,324 +237% 809 779 650 595 444 351 332 381 356 193 228 131 75 446 138 292 217 332 334 115 31 111 2009 2010 2011 2012 2013 2014 2015 2016 Feb 17 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 YTD 2009 2010 2011 2012 2013 2014 2015 2016 … keeping net capacity growth low … … slowly reducing supply / demand gap Net capacity growth 2017E 7.7% 20 13.7% 15 -1.0% 9.7% 8.4% 10 6.8% 8.0% 3.7% 6.1% 5.5% 6.3% 5.5% 3.5% 4.3% -3.0% 5 7.8% 5.1% 5.3% 4.6% 3.1% 3.7% 0 2.2% 1.8% -5 Scheduled Post-ponements Scrapping Net capacity growth -9.2% capacity growth -10 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 8 Source: Alphaliner (February 2017), Clarksons (February 2017), Drewry (Forecaster 4Q16) Average age Q4 9M Demand Supply 2 Market Update Freight rates have started to recover ahead of CNY Shanghai – Europe (SCFI) Shanghai – USA (SCFI) 6,000 USWC (USD/FEU) USEC (USD/FEU) HL Transpacific* 2,500 NEurope (USD/TEU) Mediter. (USD/TEU) HL Far East* 5,000 2,000 4,000 1,500 3,000 3,055 1,000 921 882 2,000 1,650 500 1,000 0 0 Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan 14 14 14 14 15 15 15 15 16 16 16 16 17 14 14 14 14 15 15 15 15 16 16 16 16 17 Shanghai – Latin America (SCFI) Comments LatAm (USD/TEU) HL Latin America* (USD/TEU) Further freight rate increases planned March 2017 by various carriers, e.g.:1) 3,000 Hapag-Lloyd: Asia– Latin America: USD 1050 / TEU – 15 March; Transpacific: USD 560 / 2,500 TEU – 15 March 2,000 1,757 MSC: North Europe – Latin: USD 150 / TEU – 17 March; Mediterranean – North America: 1,500 USD 200 / TEU – 19 March 1,000 OOCL: Asia – North America: USD 640 / TEU – 1 April 500 Market bunker price level increased in Q4 and beginning of 2017 compared to 0 9M 2016 which is also partially reflected in higher spot market rates Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan 14 14 14 14 15 15 15 15 16 16 16 16 17 9 Source: Shanghai Shipping Exchange (24 February 2017) 1) Based on peer and industry publications * Hapag-Lloyd trade definition 2 Market Update Gap between TOP 6 and the rest is widening rapidly Current consolidation wave leads to higher concentrations Carrier capacity [TEU m] and global capacity share [%] Global capacity share [%] 14% 13% 8% 2.5 2.3 1.5 4% 4% 4% 4% 3% 3% 3% 3% 3% 2% 2% 2% 2% 2% 2% 2% 1% 44% 0.8 0.8 58% 0.7 0.7 0.6 0.6 0.5 0.5 0.5 0.5 0.4 0.4 0.3 0.3 0.3 0.3 Ranking end of 2013 0.3 Maersk MSC CMA Ever- COSCO Hapag- Hanjin APL CSCL MOL NYK Hamburg OOCL Yang PIL K-Line ZIM Hyundai UASC CSAV CGM green Lloyd Süd Ming 17% 18% 14% 11% 8% 8% 7% 20% 3.7 2017 2.8 5% 3% 3% 2% 2% 1% 39% 2.1 1.6 1.5 1.4 22% 1.0 0.6 0.6 0.4 0.4 Ranking as of 0.3 2013 2017E Maersk / MSC CMA CGM COSCO Hapag-Lloyd MOL / NYK Evergreen OOCL Yang Ming Hyundai PIL ZIM Hamburg Süd / APL / CSCL / UASC / K-Line Top 5 Top 6-10 Remaining 10 Source: Drewry (Forecaster 4Q16), MDS Transmodal (January 2017, October 2013) Note: Diagram assuming that all currently announced mergers (Hapag-Lloyd & UASC; NYK & MOL & K-Line, Maersk & Hamburg Süd) will receive regulatory approvals and are executed as announced.
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