AMM Jan 2020.Pub

The Alphaliner Monthly Monitor contains essential liner market information and is updated on a monthly basis with the most recent data. Information is given in good faith but without guarantee. Alphaliner does not accept any liability for any errors or omission or opinion. ALPHALINER Please refer to our full user terms and copyrights at: hps://www.alphaliner.com/resources/Alphaliner_Terms.pdf Please send your feedback, comments and questions to Monthly Monitor January 2020 [email protected] Web: www.alphaliner.com | E-mail: [email protected] | Subscription Enquiries: [email protected]

C ONTENTS

Cellular Fleet as at 1 January 2020…..………….. 1 Market Monitor Capacity vs Throughput Growth….…………..…... 1 Charter Rate Trend/Rate Indices………………….. 1 Cellular Fleet Breakdown…………………………….. 2 Liner Fleet as at 1 January 2020 Cellular Fleet Growth vs Global Throughput Orderbook Breakdown…………………………………. 2 Cellular Fleet Age Breakdown………………………. 3 No. of liner ships incl. non‐cellular 6,149 units Fleet Capacity (year end) Forecast Fleet Proﬁle by Size Range…………………………... 3 % Annual Capacity Growth % Global Throughput Growth Overaged Fleet Proﬁle…………………………………. 3 Newbuilding Delivery Projecons………………... 4 Total liner capacity (teu) 23.613 Mteu Cellular Fleet Projecons……………………………... 4 25 16.0% 14.4% 13.8%

Year‐on‐year increase % 3.9% 14.1% 13.4% 13.2% 12.8% Deleons……………………………………………………... 5 13.0% 12.2% Demolion Prices…………………………………………. 5 12.3% 8.6%

World Fleet/Average vessel size…………………... 5 No. of cellular ships 5,337 units 20 8.3% TEU Millions 5.5% 6.3% Deliveries by Quarter/Month…..………………….. 6 6.7% 5.8% 6.0% 5.9% 12.5%

Recent Deliveries……………………………………….... 6 Total cellular capacity (teu) 23.228 Mteu 4.0% 10.8% 3.5% 2.8% 10.1% 9.7% 2.7% 9.1% 9.3% 10.0% Cellular Orderbook ……………………………………... 7 8.9%

15 7.9% Orderbook‐to‐Fleet Rao…………………………….. 7 Year‐on‐year increase % 4.0% 5.4% 5.7% 5.1% 5.2% 4.7%

Orders Placed by Quarter…………………………..... 7 3.7% 3.7%

Chartered ﬂeet % 55.7% 2.5% 2.1% 2.2%

Recent Orders……………………………………………... 7 1.8% Orderbook by Shipyard…………….………………….. 8 10 1.4% VLCS Watch………………………………………………..... 9 Cellular fleet as % of liner total 98.4% ALPHALINER VLCS Deployment by Carrier……………………..…. 9 % of cellular fleet idle 6.1% VLCS Fleet by Year of Delivery………………..……. 9 5 VLCS Deliveries by Shipyard…………………………. 9 Orderbook 2.424 Mteu ‐8.2% Charter Rates & Fixtures……………...……….…….. 10 Sales & Purchase…………………………………………. 11 Orderbook as % of current fleet 10.4% 0 Demolions……………………………………………….... 12 Top 30 Carriers…………………………………………..… 13 Deliveries Jan‐Dec 2019 148 units/1,059,381 teu Main Carriers Fleet Breakdown by Size………... 14 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 (F)2020 Main Carriers Fleet Unit Breakdown….………... 15 Deleons Jan‐Dec 2019 114 units/207,518 teu (F) 2021 Main Carriers Orderbook Unit Breakdown…... 16 Main Carriers NB Delivery Schedule……………... 17 New Orders Jan‐Dec 2019 97 units/783,901 teu 10‐Year Alphaliner Charter Rate Index and Freight Rate Indices

Main Carriers YoY Capacity Growth……………… 18 160 1,600 ) Top 30 Non‐Operang Owners ……………………. 19 Alphaliner Charter Index East‐West Trade Deployment………………………. 20 Charter Rate Trend CCFI (Monthly average) East‐West Capacity Watch…………………………... 20 140 SCFI (Monthly average) 1,400 Trade Capacity by Carrier……………………………... 21 Dec 19 Nov 19 Change Size Trend Trade Demand/Ulisaon……….…………………... 22 120 1,200 Carrier Capacity by Trade…………………………….. 23 $/day $/day % Global Capacity Deployment……………………….. 24 (Jan 2000 = 100) Evoluon of capacity deployed by Trade……... 25 8,500 teu 30,000 30,000 0% 100 1,000 Ships assignment by Trade…………………………… 26

Idle Capacity Tracker…………………………………... 27 5,600 teu 19,000 20,000 ‐5% SCFI 16 Oct 2009 = 1,000 80 800 ( Container Freight Watch……………………………... 28 Index (CCFI Jan 1998 = 1,000) Bunker Watch……………………………………………... 29 4,000 teu 13,500 13,250 +2% Alphaliner Charter Rate Index LNG/Scrubber Watch ‐ Fleet Breakdown………. 30 60 600 NEW LNG/Scrubber Watch ‐ Carrier Breakdown…… 31 2,500 teu 10,000 10,250 ‐2% Top 30 Ports………………………………………………... 32 40 400 China Ports Watch……………………………………….. 32 1,700 teu 8,300 8,500 ‐2% China & Shanghai Containerised Freight Global Port Throughput….……………………………. 33 Trade Summary: Asia‐EC North America..…..... 34 1,000 teu 6,200 6,100 +2% 20 200 Carrier Financial Performance……………...... 35 Note : Rates based on 6‐12 month ﬁxtures

Carriers’ Share Price/Liner Equity Index.………. 36 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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Cellular Fleet Breakdown As at 1 Jan 2020 Current All cellular ships Of which chartered Fleet Capacity Breakdown by TEU size range TEU Units TEU Units TEU % Chrt 18,000‐24,000 115 2,311,433 48 983,490 42.5% 100‐999 18,000‐24,000 3% 15,200‐17,999 42 703,681 9 153,489 21.8% 1,000‐1,499 10% * 12,500‐15,199 NPX 252 3,469,931 148 2,041,110 58.8% 4% 15,200‐17,999 1,500‐1,999 3% 10,000‐12,499 164 1,760,937 110 1,169,788 66.4% 4% 7,500‐9,999 480 4,235,592 273 2,421,749 57.2% 2,000‐2,999 7% 12,500‐15,199 5,100‐7,499 448 2,791,383 246 1,522,263 54.5% NPX 4,000‐5,099 631 2,859,792 362 1,631,157 57.0% 3,000‐3,999 4% 15% 3,000‐3,999 252 878,393 155 544,982 62.0% 2,000‐2,999 675 1,723,100 420 1,074,536 62.4% 4,000‐5,099 10,000‐12,499 1,500‐1,999 601 1,034,715 321 557,009 53.8% 12% 8% 1,000‐1,499 709 817,562 417 489,092 59.8% 500‐999 786 582,565 431 332,109 57.0% 5,100‐7,499 7,500‐9,999 100‐499 182 59,413 53 17,077 28.7% 12% 18% TOTAL 5,337 23,228,497 2,993 12,937,851 55.7% Note : The chartered fleet counts only ships chartered out by non-operating owners to operators. It excludes 73 ships for 119,099 teu which are owned by owner-operators but are chartered out to another operator, either for operational reasons (vessel exchange within alliances/partnerships) or are surplus to their owners’ requirements. Cellular Orderbook Fleet Breakdown As at 1 Jan 2020 Size Range All cellular ships Of which chartered Orderbook/ TEU Units TEU Units TEU % Chrt Exisng % Orderbook Fleet Capacity Breakdown by TEU size range 18,000‐24,000 37 860,900 1 23,756 2.8% 37.2% 15,200‐17,999 0 0 0 0 0.0% 0.0% * 12,500‐15,199 NPX 47 689,374 29 419,374 60.8% 19.9% 10,000‐12,499 34 402,350 26 306,350 76.1% 22.8% <1,999 6% 18,000‐24,000 7,500‐9,999 0 0 0 0 0.0% 0.0% 36% 5,100‐7,499 2 10,590 2 10,590 0.0% 0.4% 2,000‐2,999 11% 4,000‐5,099 1 4,011 0 0 0.0% 0.1% 3,000‐3,999 3,000‐3,999 13 39,788 1 3,100 7.8% 4.5% 2% 2,000‐2,999 106 260,933 35 86,866 33.3% 15.1% 5,100‐7,499 1,500‐1,999 57 102,841 44 79,136 76.9% 9.9% 0% 1,000‐1,499 41 47,366 9 11,340 23.9% 5.8% 10,000‐12,499 12,500‐15,199 500‐999 9 5,824 0 0 0.0% 1.0% 17% 100‐499 2 420 0 0 0.0% 0.7% NPX TOTAL 349 2,424,397 147 940,512 38.8% 10.4% 28% * Note on Neo-Panamax (NPX) ships - Ships of 13,300 to 15,199 teu with beams of 49,00 to 51.25m (revised neo-Panamax gauge) are counted in the revised 12,500-15,199 teu segment from 1 Jun 2018. Page 2 © Copyright Alphaliner 1999-2020 Unauthorised re-distribution prohibited ALPHALINER Monthly Monitor January 2020

Cellular Fleet Age Breakdown Cellular Fleet Capacity Age Proﬁle by size range Built Age Units TEU 1.80 Size Range (TEU) Pre‐1984 > 35 16 26,885 > 35 1.1% 4.4% 1.60 1984‐1988 31‐35 22 32,554 31‐35 >18,000 teu Age Profile 15,200‐18,000 teu 1989 31 10 18,744 30 1.40 11.0% 25 years & above TEU Millions 12,500‐15,200 teu 1990 30 14 27,801 29 26.9% 20‐24 years 1.20 10,000‐12,500 teu 1991 29 21 24,748 28 15‐19 years 7,500‐10,000 teu 1992 28 23 26,463 27 27.1% 10‐14 years 1.00 5,100‐7,500 teu 5‐9 years 1993 27 33 55,572 26 29.4% 4,000‐5,100 teu Below 5 years 0.80 1994 26 47 52,322 25 3,000‐4,000 teu 2,000‐3,000 teu 1995 25 77 97,933 24 0.60 1,000‐2,000 teu 1996 24 105 164,209 23 <1,000 teu 0.40 1997 23 140 238,626 22 Average Age of Cellular Fleet : ALPHALINER

1998 22 150 284,172 21 Gross ‐ 12.7 years 0.20 1999 21 106 232,948 20 TEU Weighted ‐ 10.0 years 2000 20 125 384,085 19 0.00 2001 19 157 517,390 18 2002 18 176 552,363 17 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 Year Built 2003 17 159 504,668 16 Pre‐1990 2004 16 165 596,421 15 Overaged Cellular Fleet Capacity Profile (Built 2000 or earlier) 2005 15 265 929,927 14 2006 14 365 1,346,188 13 450,000 Total fleet above 20 years : Units 2007 13 418 1,375,938 12 400,000 125 889 units/1,667,062 teu 7,500‐10,000 2008 12 466 1,589,179 (7.2% of current fleet capacity) 5,100‐7,500 11 350,000 2009 11 272 1,062,807 10 4,000‐5,100 teu 300,000 150 2010 10 272 1,391,687 9 3,000‐4,000 teu 106 140 2011 9 205 1,256,316 8 250,000 2,000‐3,000 teu 2012 8 221 1,278,373 1,000‐2,000 teu 7 200,000 105 2013 7 236 1,416,329 6 <1,000 teu 150,000 2014 6 210 1,489,791 5 77 100,000 2015 5 234 1,743,527 4 47 33 30 2016 4 147 946,946 3 50,000 23 21 14 18 2017 3 160 1,195,393 2 0 TEU

2018 2 172 1,308,811 Age in years 1 2019 1 148 1,059,381 0‐1 Age in years 0.00 0.50 1.00 1.50 Page 3 © Copyright Alphaliner 1999-2020 Unauthorised re-distribution prohibited ALPHALINER Monthly Monitor January 2020

Newbuilding Delivery Projecons ‐ Cellular Fleet 2019 Deliveries 2020F Deliveries 2021F Deliveries 2022F Deliveries Nominal TEU No. TEU No. TEU No. TEU No. TEU Delivery Breakdown by Size Range in TEU Millions 18,000‐24,000 23 502,874 20 461,540 9 208,752 8 190,608 0.00 0.50 1.00 1.50 2.00 15,200‐17,999 3 45,846 0 0 0 0 0 0 2010 37% 33% 30% 12,500‐15,199 NPX 20 285,804 12 172,934 21 309,816 14 206,624 * 2011 16% 35% 49% 10,000‐12,499 4 47,522 16 188,750 14 166,200 4 47,400 2012 23% 26% 49% 1% 7,500‐9,999 0 0 0 0 0 0 0 0 2013 27% 36% 30% 8% 5,100‐7,499 0 0 1 5,295 1 5,295 0 0 2014 15% 27% 42% 16% 4,000‐5,099 0 0 1 4,011 0 0 0 0 2015 11% 32% 25% 31%

3,000‐3,999 7 24,828 6 18,472 7 21,316 0 0 Year of Delivery 2016 13% 19% 42% 27% 2,000‐2,999 20 53,231 63 158,371 39 94,410 4 8,152 2017 13% 6% 43% 38% 1,500‐1,999 34 61,279 52 93,705 5 9,136 0 0 2018 17% 31% 52% 1,000‐1,499 23 27,375 24 27,416 17 19,950 0 0 500‐999 14 10,622 9 5,824 0 0 0 0 2019 17% 31% 52% 100‐499 0 0 1 120 1 300 0 0 2020(f) 27% 32% 41% 0% Total 148 1,059,381 205 1,136,438 114 835,175 30 452,784 2021(f) 17% 57% 25% Slippage (Net Est) ‐10 ‐25,000 10 25,000 2020(f) 2% 56% 42% Adjusted total 148 1,059,381 195 1,111,438 124 860,175 30 452,784 < 5,100 teu 5,100‐9,999 teu 10,000‐15,199 teu NPX ≥ 15,200 teu Scrapping (Est) 300,000 350,000 400,000 Cellular Fleet Projecons Projecons based on orderbook as at 1 January 2020. Adjusted ﬂeet includes forecast jumboisaons, scrapping and expected delivery slippage. Fleet as at : 31 Dec 2019 31 Dec 2020 31 Dec 2021 31 Dec 2022 Cellular Fleet Projections Nominal TEU No. TEU No. TEU No. TEU No. TEU 18,000‐24,000 115 2,311,433 135 2,772,973 144 2,981,725 152 3,172,333 end 2011A 28% 27% 35% 9% 1% 15,200‐17,999 42 703,681 42 703,681 42 703,681 42 703,681 end 2012A 25% 26% 35% 13% 1% * 12,500‐15,199 NPX 252 3,469,931 264 3,642,865 285 3,952,681 299 4,159,305 end 2013A 23% 25% 36% 14% 1% 10,000‐12,499 164 1,760,937 180 1,949,687 194 2,115,887 198 2,163,287 end 2014A 22% 23% 36% 17% 3% 7,500‐9,999 480 4,235,592 480 4,243,320 480 4,243,320 480 4,243,320 end 2015A 20% 21% 36% 18% 5% 5,100‐7,499 448 2,791,383 449 2,796,678 450 2,801,973 450 2,801,973 end 2016A 20% 19% 35% 20% 6% 4,000‐5,099 631 2,859,792 632 2,863,803 632 2,863,803 632 2,863,803 end 2017A 19% 18% 33% 21% 8% 3,000‐3,999 252 878,393 258 896,865 265 918,181 265 918,181 2,000‐2,999 675 1,723,100 738 1,881,471 777 1,975,881 781 1,984,033 end 2018A 19% 17% 32% 22% 11% 1,500‐1,999 601 1,034,715 653 1,128,420 658 1,137,556 658 1,137,556 end 2019A 18% 16% 30% 23% 13% 1,000‐1,499 709 817,562 733 844,978 750 864,928 750 864,928 end 2020F 18% 15% 29% 23% 14% 500‐999 786 582,565 795 588,389 795 588,389 795 588,389 end 2021F 18% 15% 28% 24% 15% 100‐499 182 59,413 183 59,533 184 59,833 184 59,833 end 2022F 18% 15% 27% 25% 15% Total 5,337 23,228,497 5,542 24,372,663 5,656 25,207,838 5,686 25,660,622 TEU Millions 0 5 10 15 20 25 Adjusted Total 5,337 23,228,497 5,422 24,047,663 5,421 24,557,838 5,301 24,610,622 Annual Growth 4.0% 3.5% 2.1% 0.2% < 3,000 teu 3,000‐5,099 teu 5,100‐9,999 teu 10,000‐15,099 teu NPX ≥ 15,100 teu * Note on Neo-Panamax (NPX) ships - Ships of 13,300 to 15,199 teu with beams of 49,00 to 51.25m (revised neo-Panamax gauge) are counted in the revised 12,500-15,099 teu segment from 1 Jun 2018. Page 4 © Copyright Alphaliner 1999-2020 Unauthorised re-distribution prohibited ALPHALINER Monthly Monitor January 2020

Deleons

Deleted during year Of which scrapped Other Deletions TEU Scrapped Average Age (Scrapped Units) Year Units TEU Units TEU Ave. TEU Ave. Age 2001 27 38,962 23 30,538 1,328 27 700,000 30

2002 65 79,551 63 74,994 1,190 26 TEU 2003 33 32,070 31 31,422 1,014 29 600,000 28 2004 7 3,277 7 3,106 444 29

2005 6 3,549 1 308 308 30 500,000 Average Age 2006 18 28,264 17 26,497 1,559 30 26 2007 33 32,111 23 21,770 947 30 400,000 2008 98 127,310 63 103,315 1,640 30 24 2009 210 381,931 205 377,631 1,842 27 300,000 2010 142 186,471 98 144,617 1,476 28 ALPHALINER 22 2011 94 107,181 75 89,852 1,198 29 200,000 2012 202 352,990 184 336,971 1,831 24 2013 211 463,166 194 441,569 2,276 22 100,000 20 2014 180 394,077 170 388,419 2,285 22 2015 107 203,008 89 192,428 2,162 23 2016 201 664,717 192 654,862 3,411 19 0 18 2017 161 427,030 147 413,982 2,816 21

2018 64 110,223 56 102,308 1,827 24 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 114 207,518 105 197,858 1,884 23 Other deleons include cellular ships lost at sea / converted to non‐container or military use. YTD2020 World Cellular Fleet / Average Vessel Size Demolion Prices (Subconnent $/ldt) Fleet as at 1 Jan of each year 700 6,000 5,422 5,337

No. of cellular ships 5,291 5,193 5,180 5,178 5,064 5,024

4,994 600 Average Ship Size (teu) 4,974 4,866 4,746

5,000 4,684

4,328 500 4,000 3,955 3,611

3,353 400 4,435 3,180 4,352 3,033 4,222 2,897 4,074 2,732 3,000 3,929 3,847 2,606

3,632 300 3,444 3,273 3,101

2,000 2,937

2,759 200 2,649 2,533 2,435 2,299 2,195 2,109 2,031

1,000 1,931

1,823 100 1,749

0 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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Deliveries by Quarter New Ship Deliveries in October‐December 2019 (Cellular Ships Only)

Actual Deliveries by Quarter Forecast Deliveries Name Teu Gear Managing owner Operator Shipyard 600 Deliveries in November MSC FEBE 23,756 No Doun Kisen K.K. MSC Samsung H.I. 500 CMA CGM CHILE 15,052 No EP Shipping CMA CGM Hyundai Samho H.I. LURLINE 2,750 No Matson Navigaon Matson NASSCO TS PUSAN 1,808 No Prevalence Holding (TS Lines) TS Lines CSBC

TEU Thousands 400 CONTAINERSHIPS ARCTIC 1,380 No Containerships Containerships OY Guangzhou Wenchong 300 XIN OU 27 800 No Shanghai Xin'ou Shipping Chinese operator Chinese yard TANTO KELUARGA 558 No Tanto Inm Line Tanto Inm Line Ningbo Boda Deliveries in November 200 MSC MIA 23,756 No China Merchants Bank MSC Samsung H.I. MSC SIXIN 23,656 No Minsheng Financial Leasing MSC Daewoo (DSME) 100 MSC KANOKO 14,272 No Zodiac Marime MSC Hyundai H.I. (HHI) REN JIAN FU ZHOU 2,444 No Antong Holdings Quanzhou An Sheng Taizhou Sanfu 0 SITC BATANGAS 2,400 No SITC Internaonal SITC Jiangsu New Yangzi

Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 ZHONG GU BO HAI 1,912 No Zhonggu Logiscs Zhonggu Logiscs Jinling Shipyard POS BANGKOK 1,809 No Pan Ocean Shipping Hyundai M.M. Hyundai Mipo 2006 ‐ Q 1 2007 ‐ Q 1 2008 ‐ Q 1 2009 ‐ Q 1 2010 ‐ Q 1 2011 ‐ Q 1 2012 ‐ Q 1 2013 ‐ Q 1 2014 ‐ Q 1 2015 ‐ Q 1 2016 ‐ Q 1 2017 ‐ Q 1 2018 ‐ Q 1 2019 ‐ Q 1 2020 ‐ Q 1 2021 ‐ Q 1 NORDAMSTEL 1,774 No Reederei 'Nord' Sinokor Jiangsu Yangzijiang Deliveries by Month LONDON TRADER 1,762 No Lomar Shipping Sealand Asia COSCO Shipyard HONG TAI 217 1,330 No Hong Tai Shipping COSCO Shipping Chinese yard 300,000 TEU Delivered TS YOKOHAMA 1,096 No TS Lines TS Lines Kyokuyo Shipyard To be delivered (Forecasts) XIN OU 23 800 No Shanghai Xin'ou Shipping Chinese operator Chinese yard 250,000 HUA HANG HAN YA 2 500 No Wuhan Xingang Datong Xingang Datong Jiang Dong Shipyard Deliveries in October 200,000 MSC NELA 23,656 No Minsheng Financial Leasing MSC Daewoo (DSME) EVER GREET 20,244 No Shoei Kisen Evergreen Imabari MAERSK MONGLA 2,806 No JW Shipping Sealand Asia Tsuneishi (Zhoushan) 150,000 SITC CEBU 2,400 No SITC Internaonal Holdings SITC Jiangsu Yangzijiang ZHONG GU HUANG HAI 1,912 No Zhonggu Logiscs Zhonggu Logiscs Jinling Shipyard 100,000 GREEN STAR 1,809 No XT Shipping Gold Star Line Hyundai Mipo GREEN OCEAN 1,809 No XT Shipping HMM Hyundai Mipo 50,000 TS QINGDAO 1,808 No Prevalence Holding (TS Lines) TS Lines CSBC Corp. GREEN CELESTE 1,800 No Shoei Kisen Evergreen Imabari NORDMAAS 1,774 No Reederei 'Nord' ONE Jiangsu Yangzijiang 0 INCEDA 1,762 No Kotoku Kaiun Heung‐A COSCO Shipyard TEU Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr SPIRIT OF CHENNAI 1,162 No Asian Spirit Steamship MSC Fujian Mawei TANTO KAWAN 558 Yes Tanto Inm Line Tanto Inm Line Ningbo Boda 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan

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Cellular Orderbook as at 1 January 2020 Cellular Orders Placed by Quarter

Orderbook Total Of which chartered % 1.60 Orders contracted by Quarter No. of ships 349 147 42.1% 1.40 Actual Deliveries by Quarter Total Capacity (teu) 2,424,397 940,512 38.8% Forecast Deliveries 1.20

As % of exisng ﬂeet 10.4% 7.3% TEU Millions 1.00 Monthly change Units TEU New orders added ‐ December 11 97,536 0.80 Delivered ‐ December 7 46,104 0.60 Deleted from ﬂeet ‐ December 11 12,360 0.40

Orderbook‐to‐Fleet Development 2000‐2020 (Cellular ships only) 0.20 28.0 70%

0.00 ALPHALINER 26.0 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 Q 3 24.0 60%

22.0 2006 ‐ Q 1 2007 ‐ Q 1 2008 ‐ Q 1 2009 ‐ Q 1 2010 ‐ Q 1 2011 ‐ Q 1 2012 ‐ Q 1 2013 ‐ Q 1 2014 ‐ Q 1 2015 ‐ Q 1 2016 ‐ Q 1 2017 ‐ Q 1 2018 ‐ Q 1 2019 ‐ Q 1 2020 ‐ Q 1 20.0 50% Recent Orders (Cellular ships only excluding unconverted opons)

18.0 Date Owner Shipyard Size (TEU) Delivery Price 16.0 40% Dec 19 Eastern Paciﬁc Shipping Daewoo (DSME) 6 x 15,000 2022 $128 M each Dec 19 Evergreen Hyundai Mipo 4 x 1,809 2021 14.0 Dec 19 Navigaon Brilliance Qingdao Shipyard 1 x 300 2021 12.0 30% Nov 19 Great Horse Shg (Tiger Inv.) Yangzijiang 3 x 14,000 2022 10.0 Oct 19 MSC Daewoo 5 x 23,000 2021 $152 M each Sep 19 Evergreen Marine Corp. Samsung H.I. 2 x 23,764 2022 $153.3 M each 8.0 20% Sep 19 Greencompass Marine Samsung H.I. 4 x 23,764 2022 $153.3 M each 6.0 Sep 19 Greencompass Marine Hudong‐Zhonghua 2 x 23,000 2022 $140‐160 M each 4.0 10% Sep 19 Evergreen Marine (HK) Jiangnan Shipyard 2 x 23,000 2022 $140‐160 M each

Orderbook‐to‐Fleet Ratio Sep 19 TS Lines Guangzhou Wenchong 2 x 2,700 2021 Fleet and Orderbook in TEU Millions 2.0 Sep 19 TVL Marine Kyokuyo 1 x 1,096 2021 0.0 0% Jul 19 Dongjin Shipping Dae Sun 1 x 1,011 2020 Jun 19 XT Shipping Hyundai Mipo 2 x 1,809 2020 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 May 19 Sinokor Hyundai Mipo 2 x 1,809 2020 Existing Fleet Orderbook Orderbook‐to‐Fleet Ratio

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Cellular Containerships Orderbook by Shipyard (Top 20 Yards) as at 1 January 2020 Actual deliveries by yard 2017‐2019 in Mteu Units delivered Orderbook Orderbook by expected year of delivery in Mteu Shipyard Ave. 2017 2018 2019 TEU Units 0.00 0.20 0.40 0.60 0.60 0.40 0.20 0.00 Size 11 1 5 Samsung H.I. 377,340 20 18,867

6 5 6 Daewoo (DSME) 366,000 18 20,333

6 18 15 Imabari Group 301,050 45 6,690

6 7 4 Jiangnan Changxing 258,976 21 12,332

10 9 8 Hyundai H.I. 240,000 16 15,000

2 0 0 Hudong Zhonghua 215,224 11 19,566

12 23 12 Jiangsu Yangzijiang 139,680 23 6,073

10 8 6 Guangzhou Wenchong 105,304 53 1,987

5 0 4 Hyundai Samho 103,924 7 14,846

5 4 2 Jinhai Intelligent Mfg. 57,500 5 11,500

2 0 13 Hyundai Mipo 50,489 26 1,942

5 5 7 Tsuneishi (Zhoushan) 29,772 14 2,127

10 8 2 CSBC 28,000 10 2,800

4 4 3 Japan Marine United 24,288 8 3,036

9 1 0 Zhejiang Ouhua 17,202 5 3,440

1 3 0 Zhoushan Changhong 15,764 7 2,252

0 0 0 Shanghai Chengxi 13,800 10 1,380

0 0 0 Jiangnan Shipyard 10,000 4 2,500

1 5 0 Xiamen Shipyard 9,776 4 2,444

2019 2018 2017 0 5 11 COSCO Zhoushan 7,048 4 1,762 2020 2021 2022

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VLCS Watch Vessels above 7,500 teu only VLCS Fleet by Year of Delivery Vessels above 7,500 teu only Current Fleet Orderbook 140 Units TEU Units TEU >18,000 TEU 20 120 7,500‐10,000 TEU 480 4,235,592 0 0 15,100‐18,000 TEU 10,000‐12,500 TEU 164 1,760,937 34 402,350 10,000‐15,100 TEU NPX 12,500‐15,200 TEU NPX 252 3,469,931 47 689,374 100 11 9 15,200‐18,000 TEU 42 703,681 0 0 7,500‐10,000 TEU 4 2 >18,000 TEU 115 2,311,433 37 860,900 80 1 2 36 Total 1,053 12,481,574 118 1,952,624 19 26 2 12 32 60 1 52 VLCS Deliveries by Shipyard Vessels above 7,500 teu only 49 23 20 31 47 1 4 5 11 9 0 50 100 150 200 250 40 4 2 32 ‐ 8 59 57 40 ‐ Hyundai H.I. (HHI) 215 16 13 46 3 ‐ No. of VLCS deliveries 20 40 37 34 39 32 33 35 Samsung H.I. 176 20 26 30 24 28 2 4 4 4 2 6 7 20 20 19 18 Daewoo (DSME) 163 7 18 0 ‐ ‐ ‐ ‐ ‐ Hyundai Samho H.I. 94 7 Odense 48 0 Jiangnan Changxing 41 12 Jiangsu Yangzijiang 38 8 VLCS Deployment by Carrier Vessels above 7,500 teu only (No. of units) Imabari Group 37 21 0 20 40 60 80 100 120 140 160 180 200 220 240 IHI 28 0 Hanjin Philippines 26 0 MSC 222 15 CSBC 25 0 Maersk 197 Hudong Zhonghua 18 11 COSCO Shg 147 Nantong (NACKS) 16 0 CMA CGM 146 26 STX Shipyard 16 0 Hapag‐Lloyd 102 Japan Marine United 15 0 ONE 84 Dalian Shipbldg (DSIC) 15 0 Evergreen 70 30 Mitsubishi H.I. 12 0 Yang Ming 35 14 New Century 11 0 HMM 17 20 Sungdong 11 0 Zim 13 Jinhai Intelligent Mfg 10 5 PIL 8 Shanghai Waigaoqiao 10 0 Hanjin H.I. 9 0 IRISL 4 Daewoo (DMHI) 8 0 Wan Hai 3 China Shipbuilding (CSIC) 6 0 DAL 1 Dalian Shipyard 4 0 KMTC 1 Dalian COSCO KHI (DACKS) 2 0 Units Delivered Units On Order Unassigned 3 13 Current Units Ordered Units

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Charter Rates ‐ Cellular Ships September 2014 Fixtures (December 2019 Fixtures (selected ﬁxtures only ‐ full lists available onlineselected ﬁxtures only ‐ full list available online) )

Teu Period US$/ 8,500 teu Alphaliner Charter Rates Vessel Name Built Teu Gear EGCS Charterer 5,600 teu 2000‐2019 (December) 14t (Mths) day 45,000 4,000 teu SWITZERLAND 2015 9,030 7,452 No Yang Ming 9 39,500 2,500 teu MEDITERRANEAN BRIDGE 2011 8,586 6,100 No Y CMA CGM 10‐12 30,000 1,700 teu 40,000 1,000 teu RDO CONCEPTION 2006 6,541 4,855 No Global Feeder Shg 4‐5 25,250 500 teu E.R. LOS ANGELES 2001 5,762 4,170 No OOCL (COSCO) 4‐6 19,000 35,000 CARL SCHULTE 2014 5,466 3,680 No KMTC 6‐9 19,000

Charter Rate $/day MP THE GRONK 2005 5,050 3,386 No Y MSC 24 17,850 30,000 MP THE EDELMAN 2005 5,050 3,386 No Y MSC 24 17,900 CSL SOPHIE 2005 4,738 3,272 No Feedertech 5‐9 12,000 25,000 ALS FLORA 2009 4,275 2,800 No CMA CGM 8‐10 13,900 20,000 TEJAS 2010 4,250 2,800 No Y MSC 24 15,500 MERKUR OCEAN 2013 3,765 2,950 Yes CMA CGM 9‐12 15,100 15,000 GH CHINOOK 2010 3,426 2,410 No Maersk A/S 8‐12 10,000 SONGA ANTOFAGASTA 2008 2,797 2,150 No Oman Shipping 8‐10 10,000 10,000 CAPE MORETON 2005 2,742 2,115 Yes Oman Shipping 5‐6 10,900 HAMMONIA EMDEN 2006 2,556 1,850 Yes Hapag‐Lloyd 4‐6 9,950 5,000 HSL NIKE 2005 2,556 1,860 Yes Hapag‐Lloyd 5‐7 10,000 EVRIDIKI G. 2001 2,556 1,850 Yes Hapag‐Lloyd 7‐10 10,000 0 MOLLY SCHULTE 2017 2,357 1,780 Yes Hapag‐Lloyd 9‐11 13,000

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 GSL MANET 2001 2,226 1,750 Yes COSCO Shg 4‐6 8,800 Dec‐19 Nov‐19 MoM Dec‐18 YoY LADY OF LUCK 1998 2,226 1,750 Yes Samudera 9‐12 8,150 Size $/day $/day Change % $/day Change % CAPE FORTIUS 2017 2,202 1,570 Yes OOCL (COSCO) 4‐6 12,500 8,500 teu 30,000 30,000 0% 13,000 131% HANSA FALKENBURG 2008 1,732 1,275 Yes Sinokor 4‐7 8,300 5,600 teu 19,000 20,000 ‐5% 10,000 90% VITA N 2010 1,732 1,275 Yes Sinokor 4‐7 8,300 4,000 teu (Panamax) 13,500 13,250 2% 9,500 42% PENANG BRIDGE 2009 1,708 1,243 No X‐Press Feeders 5‐7 8,500 2,500 teu 10,000 10,250 ‐2% 9,500 5% FESCO ASKOLD 2006 1,118 700 Yes Maersk A/S 12‐24 6,000 1,700 teu 8,300 8,500 ‐2% 7,500 11% Shanghai Pan Asia LANTAU BRIDE 2008 1,049 655 No 12 7,850 1,000 teu 6,200 6,100 2% 6,300 ‐2% (COSCO) Alphaliner Index 80.4 81.6 ‐1% 55.9 44% SIRI BHUM 2013 1,043 660 No Heung‐A 12‐13 7,850 Note : Rates based on 6‐12 month ﬁxtures. Alphaliner Index ‐ Jan 2000 = 100 INTRA BHUM 2013 1,043 660 No Heung‐A 4‐6 7,800 500 teu series disconnued from Jan 2012 due to decreasing demand for this size. ANNE 2007 957 604 Yes CMA CGM 9‐12 6,000 5,600 teu and 8,500 teu series added from Jan 2012 when the market became liquid for these sizes. Alphaliner Index re‐based to accommodate the above changes. VICTORY STAR 1998 706 No FESCO 6‐9 5,200

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Sales and Purchase (Cellular Containerships : Reported Sales in Oct 2019‐Jan 2020) Full list of sales are available at www.alphaliner.com Price Ship name Blt Teu Seller Buyer Month US$ M TEU capacity of containerships sold by month MALTE RAMBOW 2005 1,118 Ernst Russ/Rambow Element Shipmanagemnt priv Jan 400,000 ATHOS 2011 9,954 Capital Marime & Trading Corp. Capital Product Partners 54.2 Dec 350,000 ATHENIAN 2011 9,954 Capital Marime & Trading Corp. Capital Product Partners 54.2 Dec ARISTOMENIS 2011 9,954 Capital Marime & Trading Corp. Capital Product Partners 54.2 Dec 300,000 ROBIN HUNTER 2010 4,380 Delphis Hunter (c/o CMB) TS Lines priv Dec JOHANNES‐S 2008 2,546 H. Schepers Foroohari Schiﬀahrt 8.65 Dec 250,000 FILOXENIA 2020 1,774 Lomar Shipping Kotoku Kaiun priv Dec 200,000 LAXFOSS 1995 1,467 Eimskip Unnamed buyers 1.95 Dec SENDAI VOYAGER 1997 580 Sinokor Unnamed buyers priv Dec 150,000 GODAFOSS 1995 1,467 Eimskip Unnamed buyers 1.95 Dec APL SOUTHAMPTON 2012 10,798 China Merchants Bank Seaspan Corp. priv Nov 100,000 APL DUBLIN 2012 10,798 China Merchants Bank Seaspan Corp. priv Nov 50,000 APL PARIS 2012 10,798 China Merchants Bank Seaspan Corp. priv Nov TEU MSC ROMANE 2017 9,408 Sinoceanic ASA CDB Leasing priv Nov 0 MSC ELMA 2016 9,408 Sinoceanic ASA CDB Leasing priv Nov Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul APL MEXICO CITY 2014 9,326 China Merchants Bank Seaspan Corp. priv Nov

APL NEW YORK 2013 9,326 China Merchants Bank Seaspan Corp. priv Nov 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan APL VANCOUVER 2013 9,326 China Merchants Bank Seaspan Corp. priv Nov VERDI 2004 6,080 Technomar Shg Global Ship Lease 12.25 Nov Units sold by month STRAUSS 2004 6,080 Technomar Shg Global Ship Lease 12.25 Nov 60 SYNERGY ANTWERP 2008 4,253 Synergy Holdings Euroseas Ltd 10 Nov SYNERGY KEELUNG 2009 4,253 Synergy Holdings Euroseas Ltd 10 Nov 50 SYNERGY OAKLAND 2009 4,253 Synergy Holdings Euroseas Ltd 10 Nov 40 SYNERGY BUSAN 2008 4,253 Synergy Holdings Euroseas Ltd 10 Nov NORDSERENA 2016 2,500 Reederei 'Nord' Xiang L43 HK Int'l Ship Lease priv Nov 30 NORDISABELLA 2016 2,500 Reederei 'Nord' Xiang L42 HK Int'l Ship Lease priv Nov ASTERIX 2008 1,878 Capital Liberty Invest Admiral Container Lines priv Nov 20 PACATU 2004 1,118 Harren & Partner Schiﬀahrts Interests linked to Contships priv Nov 10 BC SINGAPORE 2007 1,118 Buss Capital Interests linked to Contships priv Nov Units Sold FESCO VOYAGER 1998 1,060 FESCO Fonway Shipping priv Nov 0

INES BOLTEN 2009 974 August Bolten Irish Connental Group priv Nov Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul ACACIA LEO 2007 878 Haitong Container Shin Yang Shipping priv Nov

RITA 2OO5 657 First Fleet Rita UG (c/o Brise Schif.) Romes Shipping priv Nov 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan FRANCOP 2003 822 Reederei Bartels FESCO priv Oct ICE SUN 2007 679 Clients of Briese Schiﬀahrt GS Lines (Grupo Sousa) priv Oct

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Demolion Sales (Cellular Containerships : Reported Sales in Jul 2019‐Jan 2020) Full list of sales are available at www.alphaliner.com Ship Name Built Age Teu Ldt $/ldt Last Trading Owner Scrap locaon Sold APL THAILAND 1995 25 5,108 24,250 $390 NOL (CMA CGM Group) Jan TEU capacity of containerships sold for demolition by month 120,000 EVER DEVELOP 1998 21 4,211 Evergreen Marine Corp. India Dec EVER DIAMOND 1998 21 4,211 21,820 $385 Evergreen Marine Corp. India Dec 110,000 EVER DYNAMIC 1998 21 4,211 Evergreen Marine Corp. India Dec 100,000 NEAPOLIS 2000 19 1,645 Costamare Dec 90,000 SAWASDEE LAEM CHABANG 1994 25 1,512 6,952 $432 Sinokor India Dec 80,000 GANTA BHUM 1995 24 1,228 RCL Dec 70,000 HUNSA BHUM 1995 24 1,228 RCL Dec 60,000 KOTA HADIAH 1997 22 1,088 5,313 $399 PIL Bangladesh Dec 50,000 SINOKOR ULSAN 1990 29 255 2,942 $432 Sinokor India Dec 40,000 SPIRIT OF MANILA 2000 19 2,262 11,630 $422 PT Shipmanagement Bangladesh Nov 30,000 MSC NAMIBIA II 1991 28 2,024 8,309 Costamare India Nov 20,000 WAN HAI 202 1990 29 1,244 6,884 Wan Hai India Nov 10,000

UNI‐ANGEL 1997 22 1,164 7,129 $345 Evergreen Marine Corp. India Nov TEU UNI‐AHEAD 1997 22 1,164 7,129 $338 Evergreen Marine Corp. India Nov 0

MARINA STAR 1 1983 36 844 5,473 $345 Meratus India Nov Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul DAMAI SEJAHTERA 2 1995 24 841 4,310 Jayakusuma Perdana Lines Nov HAI SU 1 2002 17 698 3,760 $396 Forever Rich Shipping Bangladesh Nov 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan MSC REUNION 1992 27 2,024 8,309 $390 Costamare India Sep MSC SIERRA II 1991 28 2,024 8,338 $419 Costamare India Sep Units sold for demolition by month ASIA IPSA 2003 16 1,850 10,599 $410 IPSA Capital Bangladesh Sep 60 JACOB 2006 13 1,844 10,794 $410 Hermes Marime Bangladesh Sep 50 MATSON PRODUCER 1974 45 1,751 12,387 Matson US Sep EASLINE SHANGHAI 1994 25 1,012 5,250 $369 EAS Internaonal Marine Bangladesh Sep 40 LILY QUEEN 1995 24 1,162 5,695 $395 Erdinger Shipping Bangladesh Sep 30 WONDER I 1990 29 362 3,250 Transport Projects Turkey Sep EVER UNIQUE 1997 22 5,364 24,048 $372 Evergreen Marine (Sin) India Aug 20 EVER UNISON 1996 23 5,364 24,039 $397 Evergreen Marine (Sin) Bangladesh Aug EVER DELIGHT 1998 21 4,211 21,820 $372 Evergreen Marine Corp. India Aug 10

WAN HAI 203 1990 29 1,244 6,884 $355 Wan Hai India Aug Units Sold 0 WAN HAI 205 1990 29 1,244 6,898 $355 Wan Hai India Aug UNI‐AMPLE 1997 22 1,164 7,129 $372 Evergreen Marine Corp. India Aug Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul APL KOREA 1995 24 5,108 24,132 $380 APL India Jul APL SINGAPORE 1995 24 5,108 24,132 $380 APL India Jul 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan MERATUS AMBON 1992 27 650 3,334 $370 Meratus Indonesia Jul

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Top 30 Carriers As at 1 January 2020 TEU Millions Total exisng Owned Chartered Orderbook Market 0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00 4.50 Rank Operator TEU Ships TEU Ships TEU Ships % Chart. TEU Ships O/E % Share 1 APM‐Maersk 4,192,742 707 2,356,393 314 1,836,349 393 44% 42,670 18 1% 17.8% 2 MSC 3,766,049 565 1,047,480 178 2,718,569 387 72% 256,256 15 7% 15.9% 3 COSCO Group 2,938,030 481 1,552,917 174 1,385,113 307 47% 0 0 0% 12.4% 4 CMA CGM Group 2,695,863 507 998,815 125 1,697,048 382 63% 471,036 31 17% 11.4% 5 Hapag‐Lloyd 1,717,889 240 1,050,736 111 667,153 129 39% 0 0 0% 7.3% 6 ONE 1,581,368 221 543,028 75 1,038,340 146 66% 0 0 0% 6.7% 7 Evergreen 1,276,568 200 566,051 109 710,517 91 56% 557,002 69 44% 5.4% 8 Yang Ming 646,630 100 192,497 42 454,133 58 70% 198,100 24 31% 2.7% 9 PIL 392,410 119 157,057 69 235,353 50 60% 0 0 0% 1.7% 10 HMM 388,526 63 137,598 16 250,928 47 65% 396,000 20 102% 1.6% 11 Zim 292,303 61 4,992 1 287,311 60 98% 0 0 0% 1.2% 12 Wan Hai 274,036 97 160,636 66 113,400 31 41% 48,744 20 18% 1.2% 13 Zhonggu Logiscs 161,068 113 96,600 37 64,468 76 40% 4,964 3 3% 0.7% 14 IRISL Group 152,419 48 94,387 44 58,032 4 38% 0 0 0% 0.6% 15 KMTC 146,734 63 58,262 26 88,472 37 60% 12,500 5 9% 0.6% 16 Antong (QASC) 146,152 117 114,353 61 31,799 56 22% 14,780 9 10% 0.6% 17 SITC 117,812 82 83,826 61 33,986 21 29% 17,700 7 15% 0.5% 18 X‐Press Feeders 115,137 79 50,633 28 64,504 51 56% 5,564 2 5% 0.5% 19 UniFeeder 85,067 57 5,042 1 80,025 56 94% 0 0 0% 0.4% 20 TS Lines 79,673 35 17,171 10 62,502 25 78% 7,592 4 10% 0.3% 21 SM Line 73,882 17 55,690 11 18,192 6 25% 0 0 0% 0.3% 22 Arkas / EMES 64,517 38 57,441 36 7,076 2 11% 12,400 4 19% 0.3% 23 Sinokor 63,937 48 31,366 28 32,571 20 51% 34,436 24 54% 0.3% 24 Sinotrans 59,339 37 26,193 17 33,146 20 56% 1,140 1 2% 0.3% 25 RCL 54,058 29 29,016 24 25,042 5 46% 0 0 0% 0.2% 26 Salam Paciﬁc 52,121 52 52,121 52 0 0 0% 558 1 1% 0.2% 27 Matson 45,634 25 41,173 21 4,461 4 10% 2,750 1 6% 0.2% 28 Emirates Shg 42,672 8 0 0 42,672 8 100% 0 0 0% 0.2% 29 Grimaldi (Napoli) 41,756 38 41,756 38 0 0 0% 3,600 12 9% 0.2% 30 Swire Shg 40,815 25 28,297 17 12,518 8 31% 20,524 8 50% 0.2% Current TEU Orderbook TEU

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Main Carriers ‐ Breakdown of operated capacity by TEU size range As at 1 January 2020

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

APM‐Maersk 14% 7% 14% 20% 14% 18% 9% 3% MSC 17% 3% 26% 26% 9% 11% 5% 4% COSCO Group 19% 27% 17% 9% 19% 3% 6% CMA CGM Group 2% 11% 31% 18% 9% 16% 5% 7% Hapag‐Lloyd 7% 37% 24% 14% 12% 5% 2% ONE 8% 29% 23% 21% 14% 4% 1% Evergreen 18% 22% 27% 15% 5% 9% 5% Yang Ming 43% 19% 19% 10% 3% 6% PIL 24% 10% 43% 6% 17% HMM 29% 18% 25% 23% 2% 4% Zim 25% 18% 10% 35% 5% 6% Wan Hai 13% 17% 21% 21% 28% Zhonggu Logistics 30% 23% 47% IRISL Group 38% 35% 4% 16% 7% KMTC 6% 19% 24% 19% 32% Antong (QASC) 36% 17% 47% SITC 29% 71% X‐Press Feeders 20% 19% 61% UniFeeder 13% 27% 60% TS Lines 14% 27% 17% 43%

Aggregate Top 20 11% 3% 25% 20% 13% 16% 6% 7% Capacity operated by Size Range in TEU >18,000 15,100‐18,000 10,000‐15,100 7,500‐10,000 5,100‐7,500 3,000‐5,100 2,000‐3,000 < 2,000

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Main Carriers ‐ Breakdown of units operated by TEU size range As at 1 January 2020

TEU Size Range 15,200‐ 12,500‐ 10,000‐ 7,500‐ 5,100‐ 4,000‐ 3,000‐ 2,000‐ 1,500‐ 1,000‐ 500‐ 100‐ Total Units Operated ≥18,000 0 200 400 600 800 17,999 15,199 12,499 9,999 7,499 5,099 3,999 2,999 1,999 1,499 999 499 Units APM‐Maersk 31 19 16 36 95 91 115 68 141 51 32 12 0 707 MSC 30 6 58 17 111 56 58 42 73 32 50 30 2 565 COSCO Group 28 0 46 16 57 47 120 6 31 53 49 28 0 481 CMA CGM Group 3 17 22 49 55 40 59 47 58 41 58 53 5 507 Hapag‐Lloyd 6 0 34 15 47 36 31 19 30 12 8 2 0 240 ONE 6 0 26 10 42 53 46 0 23 6 9 0 0 221 Evergreen 11 0 20 0 39 31 15 0 41 33 8 2 0 200 Yang Ming 0 0 19 1 15 20 14 1 7 21 2 0 0 100 PIL 0 0 0 8 0 6 22 20 9 23 9 21 1 119 HMM 0 0 7 2 8 15 19 0 3 6 2 1 0 63 Zim 0 0 0 7 6 5 21 2 6 4 9 1 0 61 Wan Hai 0 0 0 3 0 8 13 0 22 27 23 1 0 97 Zhonggu Logiscs 0 0 0 0 0 0 8 3 15 14 14 41 18 113 IRISL Group 0 0 4 0 0 9 0 2 10 0 4 3 16 48 KMTC 0 0 0 0 1 5 8 0 10 16 15 3 5 63 Antong (QASC) 0 0 0 0 0 0 12 0 10 13 6 39 37 117 TEU Size Range SITC 0 0 0 0 0 0 0 0 13 20 32 17 0 82 >10,000 X‐Press Feeders 0 0 0 0 0 0 5 0 9 13 16 36 0 79 5,100‐10,000 UniFeeder 0 0 0 0 0 2 4 1 0 5 24 21 0 57 3,000‐5,100 TS Lines 0 0 0 0 0 2 5 0 5 14 8 1 0 35 <3,000

Total Top 20 115 42 252 164 476 426 575 211 516 404 378 312 84 3,955

Total Liner Fleet 115 42 252 164 480 448 631 252 679 612 716 872 513 5,776 incl. non‐cellular Top 20 % 100% 100% 100% 100% 99% 95% 91% 84% 76% 66% 53% 36% 16% 68%

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Main Carriers ‐ Breakdown of units on order by TEU size range As at 1 January 2020

TEU Size Range 15,200‐ 12,500‐ 10,000‐ 7,500‐ 5,100‐ 4,000‐ 3,000‐ 2,000‐ 1,500‐ 1,000‐ 500‐ 100‐ Total Units On Order ≥18,000 0 20406080 17,999 15,199 12,499 9,999 7,499 5,099 3,999 2,999 1,999 1,499 999 499 Units APM‐Maersk 0 0 0 0 0 0 0 0 18 0 0 0 0 18 MSC 6 0 4 5 0 0 0 0 0 0 0 0 0 15 COSCO Group 0 0 0 0 0 0 0 0 0 0 0 0 0 0 CMA CGM Group 9 0 17 0 0 0 0 0 2 1 2 0 0 31 Hapag‐Lloyd 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ONE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Evergreen 10 0 0 20 0 0 0 0 14 25 0 0 0 69 Yang Ming 0 0 5 9 0 0 0 0 10 0 0 0 0 24 PIL 0 0 0 0 0 0 0 0 0 0 0 0 0 0 HMM 12 0 8 0 0 0 0 0 0 0 0 0 0 20 Zim 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Wan Hai 0 0 0 0 0 0 0 8 12 0 0 0 0 20 Zhonggu Logiscs 0 0 0 0 0 0 0 0 0 2 1 0 0 3 IRISL Group 0 0 0 0 0 0 0 0 0 0 0 0 0 0 KMTC 0 0 0 0 0 0 0 0 5 0 0 0 0 5 Antong (QASC) 0 0 0 0 0 0 0 0 5 0 0 4 0 9 SITC 0 0 0 0 0 0 0 0 7 0 0 0 0 7 TEU Size Range X‐Press Feeders 0 0 0 0 0 0 0 0 2 0 0 0 0 2 >10,000 5,100‐10,000 UniFeeder 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,000‐5,100 TS Lines 0 0 0 0 0 0 0 0 2 0 2 0 0 4 <3,000 Total Top 20 37 0 34 34 0 0 0 8 77 28 5 4 0 227

Total Orderbook 37 0 47 34 0 2 1 13 106 57 41 9 2 349 Top 20 % 100% 0% 72% 100% 0% 0% 0% 62% 73% 49% 12% 44% 0% 65%

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Top 20 Carriers Newbuilding Delivery Schedule As at 1 January 2020 300

2022 200 Scheduled Deliveries 100 191 0 0 0 75 0 0 47 0 0 0 8 0 0 0 0 0 0 0 0

TEU Thousands 0 300

2021 200 Scheduled Deliveries 100 18 115 198 199 90 120 35 0 0 0 0 0 0 0 0 0 3 3 0 5

TEU Thousands 0 300 Already delivered 2020 200 Scheduled Deliveries 100 25 141 0 198 0 0 168 61 0 276 0 6 5 0 13 15 15 3 0 2

TEU Thousands 0 4,500 4,000 3,500 Operated Fleet and Scheduled Deliveries include owned and chartered ships. 3,000 Delivery schedules may be subject to revision. © Alphaliner 2,500 Operated Fleet 2,000 4,193 As at 1 Jan 2020 1,500 3,766 2,938 TEU Thousands 1,000 2,696 647 392 389 1,718 1,581 292 500 274 161 1,277 152 147 146 118 115 85 80 0

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Top 20 Carriers Year‐on‐Year Growth in Operated Capacity APM‐Maersk Hapag‐Lloyd PIL Zhonggu Logistics SITC Change in operated capacity 4.50 2.00 0.45 0.18 0.14 4.00 1.80 0.16 Jan 2020 vs Jan 2019 0.40 0.12 3.50 1.60 0.35 0.14 1.40 0.10 No. Operator % 3.00 0.30 0.12 1.20 1 APM‐Maersk 3.1% 2.50 0.25 0.10 0.08 1.00 2.00 0.20 0.08 2 MSC 13.7% 0.80 0.06 1.50 0.15 0.06 3 COSCO Group 6.0% 0.60 0.04 1.00 0.40 0.10 0.04 0.02 4 CMA CGM Group 1.2% 0.50 0.20 0.05 0.02 Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions 5 Hapag‐Lloyd 4.0% 0.00 0.00 0.00 0.00 0.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 6 ONE 4.4% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 MSC ONE HMM IRISL Group X‐Press Feeders 7 Evergreen 7.1% 4.00 1.80 0.60 0.18 0.18 8 Yang Ming 2.3% 3.50 1.60 0.16 0.16 0.50 9 PIL ‐6.2% 3.00 1.40 0.14 0.14 1.20 0.40 0.12 0.12 2.50 10 HMM ‐5.9% 1.00 0.10 0.10 2.00 0.30 11 Zim ‐13.4% 0.80 0.08 0.08 1.50 12 Wan Hai 9.5% 0.60 0.20 0.06 0.06 1.00 0.40 0.04 0.04 0.10 13 Zhonggu Logiscs 16.3% 0.50 0.20 0.02 0.02 Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions 14 IRISL Group ‐1.3% 0.00 0.00 0.00 0.00 0.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 15 KMTC 2.6% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 16 Antong (QASC) 0.2% COSCO Group Evergreen Zim KMTC UniFeeder 3.50 1.40 0.45 0.18 0.09 17 SITC 9.6% 3.00 1.20 0.40 0.16 0.08 18 X‐Press Feeders ‐4.3% 0.35 0.14 0.07 2.50 1.00 19 UniFeeder 132.6% 0.30 0.12 0.06 2.00 0.80 0.25 0.10 0.05 20 TS Lines 5.4% 1.50 0.60 0.20 0.08 0.04 0.15 0.06 0.03 1.00 0.40  CSCL consolidated in COSCO Group 0.10 0.04 0.02 0.50 from 1 Mar 2016. 0.20 0.05 0.02 0.01 Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions  OOCL consolidated in COSCO Group 0.00 0.00 0.00 0.00 0.00 from 1 Aug 2018 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020  APL consolidated in CMA CGM from 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1 Jul 2016. CMA CGM Group Yang Ming Wan Hai Antong (QASC) TS Lines 3.00 0.80 0.30 0.16 0.10  UASC consolidated in Hapag‐Lloyd 0.70 0.14 0.09 2.50 from 1 Jun 2017. 0.25 0.08 0.60 0.12 0.07  Hamburg Süd consolidated in APM‐ 2.00 0.20 Maersk from 1 Dec 2017. 0.50 0.10 0.06  K Line, MOL and NYK consolidated 1.50 0.40 0.15 0.08 0.05 0.30 0.06 0.04 in ONE from 1 Apr 2018. Pro‐forma 1.00 0.10 0.03 0.20 0.04 combined ﬂeet shown for pre‐Apr 0.02 0.50 0.05 2018. 0.10 0.02 0.01 Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions Capacity Operated in TEU Millions  Feedertech consolidated in 0.00 0.00 0.00 0.00 0.00 Unifeeder from 1 Jan 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

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Top 30 Non‐Operang Owners (Managing Owners ‐ Cellular Containerships only) As at 1 January 2020

Total Current Orderbook Total Fleet Ave. Ship Size Market TEU Millions Rank Managing Owner TEU Ships TEU Ships O/E % TEU Ships Current On Order Share 0.00 0.20 0.40 0.60 0.80 1 Seaspan 914,418 112 0% 914,418 112 8,164 7.1% 2 Shoei Kisen 545,876 47 265,050 30 49% 810,926 77 11,614 8,835 4.2% 3 Costamare 477,220 68 63,450 5 13% 540,670 73 7,018 12,690 3.7% 4 BoCom Leasing 429,999 40 0% 429,999 40 10,750 3.3% 5 Minsheng Financial Leasing 417,103 40 0% 417,103 40 10,428 3.2% 6 Offen, Claus Peter 398,419 48 0% 398,419 48 8,300 3.1% 7 Danaos 361,142 60 0% 361,142 60 6,019 2.8% 8 Zodiac Marime 344,437 41 120,000 8 35% 464,437 49 8,401 15,000 2.7% 9 Peter Döhle/Hammonia 337,716 86 2,782 1 1% 340,498 87 3,927 2,782 2.6% 10 Eastern Pacific Shg (EPS) 330,871 36 193,924 13 59% 524,795 49 9,191 14,917 2.6% 11 SFL Corp. 325,330 48 0% 325,330 48 6,778 2.5% 12 Global Ship Lease 236,194 43 0% 236,194 43 5,493 1.8% 13 V. Ships 227,639 44 0% 227,639 44 5,174 1.8% 14 CIMC Financial Leasing 221,813 24 0% 221,813 24 9,242 1.7% 15 MPC Group 215,605 87 0% 215,605 87 2,478 1.7% 16 Navios Group 209,036 46 0% 209,036 46 4,544 1.6% 17 Nissen Kaiun 207,998 32 15,012 8 7% 223,010 40 6,500 1,877 1.6% 18 Zeaborn 202,866 33 0% 202,866 33 6,147 1.6% 19 Schulte Group 195,257 44 0% 195,257 44 4,438 1.5% 20 China Merchants Bank 185,316 14 0% 185,316 14 13,237 1.4% 21 NSB Niederelbe 153,895 27 0% 153,895 27 5,700 1.2% 22 NSC Schiffahrt 141,884 27 0% 141,884 27 5,255 1.1% 23 Borealis Marime 137,617 49 0% 137,617 49 2,809 1.1% 24 Lomar 135,542 57 7,072 4 5% 142,614 61 2,378 1,768 1.0% 25 Doun Kisen 123,652 12 23,756 1 19% 147,408 13 10,304 23,756 1.0% 26 Capital Ship Mgmt 108,359 18 0% 108,359 18 6,020 0.8% 27 Seamax Capital Mgmt 99,960 12 0% 99,960 12 8,330 0.8% 28 Niki Group 97,432 14 0% 97,432 14 6,959 0.8% 29 Internaonal Marime Ent, 96,061 14 0% 96,061 14 6,862 0.7% 30 China Construcon Bank 92,652 7 0% 92,652 7 13,236 0.7% Current TEU Orderbook TEU Market share for non‐operang owners calculated based on current charter fleet which stands at 12.94 Mteu as at January 2020

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East‐West Trade Deployment (based on nominal vessel capacity at the beginning of the month) Note : Slow steaming does not aﬀect weekly capacity

Weekly Capacity Deployed on Main East‐West Tradelanes Weekly FE ‐ Eur FE ‐ N. Am Eur ‐ N. Am FE ‐ Eur FE ‐ N. Am Eur ‐ N. Am Capacity (TEU) 25% 1 Dec 18 420,159 477,449 141,030 1,000,000 20% 1 Jan 19 419,302 470,354 141,884 15% 1 Feb 19 426,234 467,218 141,994 800,000 1 Mar 19 407,791 459,179 142,403 10% 1 Apr 19 412,396 458,066 142,451 5% 1 May 19 431,366 460,797 143,739 600,000 0% 1 Jun 19 435,310 460,601 143,310 ‐5% 1 Jul 19 436,794 460,029 143,177 400,000 1 Aug 19 428,793 459,600 142,369 ‐10% 1 Sep 19 417,392 468,660 146,890 ‐15% 200,000 1 Oct 19 393,298 465,648 145,303 ‐20% 1 Nov 19 393,863 451,217 147,474

Total TEU (Nominal) ALPHALINER 0 ‐25% % Change yoy 1 Dec 19 408,229 440,990 147,058 Jul Jul Jul Jul Jul Jul Jul Jul Jul Jul Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Oct Oct Oct Oct Oct Oct Oct Oct Oct Oct Apr Apr Apr Apr Apr Apr Apr Apr Apr Apr 1 Jan 20 419,055 445,315 147,990 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Jan 20 vs 19% ‐0.1% ‐5.3% +4.3%

Capacity Watch (January 2020 vs 2019/2018) Far East ‐ Europe Weekly Capacity (TEU) Far East ‐ North America Weekly Capacity (TEU) Europe ‐ North America Weekly Capacity (TEU) 450,000 30% 30% 150,000 30%

470,000 y 430,000 y o o y 450,000 y 20% 20% 140,000 20% 410,000 e e 430,000 g g 390,000 410,000 130,000 10% 10% 10% % Chan 390,000 % Chan 370,000 % Change yoy 120,000 350,000 0% 370,000 0% 0% 350,000 110,000 330,000 ‐10% 330,000 ‐10% ‐10% 310,000 310,000 100,000 290,000 290,000 ‐20% ‐20% ‐20% Change vs Jan 2018 : +1% 90,000 270,000 Change vs Jan 2018 : +4% 270,000 Change vs Jan 2018 : +10% Change vs Jan 2019 : ‐0% Change vs Jan 2019 : ‐5% Change vs Jan 2019 : +4% 250,000 ‐30% 250,000 ‐30% 80,000 ‐30%

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Trade Capacity Breakdown by Carrier (Far East‐Europe and Far East‐US as at 1 January 2020 ) FE ‐ Europe Weekly Capacity in nominal TEU FE ‐ North America Weekly Capacity in nominal TEU 0 20,000 40,000 60,000 80,000 0 20,000 40,000 60,000 80,000

MSC 86,812 COSCO Group 80,746

Maersk 77,582 CMA CGM Group 65,013

COSCO Group 64,378 APM‐Maersk 63,109

CMA CGM Group 48,361 ONE 60,047

ONE 42,822 Evergreen 47,064 Yang Ming 24,784 Hapag‐Lloyd 41,111 Hapag‐Lloyd 23,573 Evergreen 35,717 FE‐N. America Capacity Share MSC 23,455 Yang Ming 22,273 by Alliance HMM 18,099 HMM Zim 12,919 2M Zim 20% SM Line 10,967 Other OCEAN OOCL consolidated in COSCO Group from 1 Aug 2018 PIL 6,845 Non‐ Alliance Alliance 39% Wan Hai 4,929 17% THE ALPHALINER ALPHALINER Matson 2,821 ALPHALINER Alliance

Westwood 945 24%

FE‐Europe MoM % YoY % FE‐N America MoM % YoY % Jan‐20 Dec‐19 Jan‐19 Jan‐20 Dec‐19 Jan‐19 (TEU/week) Change Change (TEU/week) Change Change 2M 162,894 159,688 2.0% 162,845 0.0% 2M 86,565 85,286 1.5% 86,501 0.1% OCEAN Alliance 148,456 147,640 0.6% 145,416 2.1% OCEAN Alliance 173,305 171,580 1.0% 179,207 ‐3.3% THE Alliance 106,205 100,901 5.3% 101,247 4.9% THE Alliance 108,404 102,158 6.1% 120,500 ‐10.0% Other Non‐Alliance 1,500 0 9,794 ‐84.7% Other Non‐Alliance 77,043 81,966 ‐6.0% 84,147 ‐8.4% Total 419,055 408,229 2.7% 419,302 ‐0.1% Total 445,315 440,990 1.0% 470,354 ‐5.3% Capacity breakdown based on deployment by vessel operator at the beginning of the month and are not adjusted for slot exchange and slot purchase arrangements between carriers. Alliance capacity share based on capacity operated within alliance arrangements only. Capacity operated by alliance members independently are shown as ‘Other Non‐Alliance’ from Nov 2018.

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Trade Demand and Esmated Capacity Ulisaon Level (Headhaul Far East‐Europe and Far East‐US) Far East ‐ Europe Trade FE‐Eur TEU 2017 2018 2019 19/18% 18/17% 17/16% Capacity Jan 1,457,537 1,474,424 1,616,717 9.7% 1.2% 4.4% 1,800 Liftings (FE‐Europe) 110% Feb 926,115 1,208,096 1,012,773 ‐16.2% 30.4% ‐10.0% Utilisation % (est) Mar 1,306,864 1,137,000 1,360,766 19.7% ‐13.0% 7.6% 1,600 100% Apr 1,290,276 1,317,866 1,422,489 7.9% 2.1% 2.1% 1,400 May 1,409,820 1,384,467 1,465,681 5.9% ‐1.8% 7.9% 90% Jun 1,383,871 1,393,096 1,446,269 3.8% 0.7% 6.8% 1,200 80% Jul 1,446,455 1,437,134 1,493,345 3.9% ‐0.6% 5.3% 1,000 Aug 1,418,328 1,424,460 1,452,864 2.0% 0.4% 4.4% 70% reCTS. made by frequently Sep 1,319,991 1,399,543 1,353,472 ‐3.3% 6.0% 9.3% 800 Oct 1,207,020 1,264,095 1,274,767 0.8% 4.7% 1.5% 60%

600 Utilisation (Est) Nov 1,225,514 1,229,355 1,205,139 ‐2.0% 0.3% 3.8% 50%

Dec 1,472,880 1,517,053 3.0% 8.0% Demand/Supply in TEU Thousands 400 Q1 3,690,516 3,819,520 3,990,256 4.5% 3.5% 1.4% 40%

FE‐Eur data areFE‐Eur data to changes. therefore subject 200 Q2 4,083,967 4,095,429 4,334,439 5.8% 0.3% 5.6% Q3 4,184,774 4,261,137 4,299,681 0.9% 1.8% 6.2% 0 30% Q4 3,905,414 4,010,503 2.7% 4.6% Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan YTD Nov 14,391,791 14,669,536 15,104,282 3.0% 1.9% 4.2% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Retroacve dataRetroacve a adjustments Full Year 15,864,671 16,186,589 2.0% 4.5% Trade demand data for FE‐Eur is derived from CTS (based on loading date) Capacity FE‐US TEU 2017 2018 2019 19/18% 18/17% 17/16% Far East ‐ US Trade 1,600 Liftings (FE‐US) 110% Jan 1,234,319 1,367,701 1,419,349 3.8% 10.8% 4.5% Utilisation % (est) Feb 1,020,907 1,283,309 1,205,428 ‐6.1% 25.7% ‐11.9% 1,400 100% Mar 1,008,171 1,070,669 1,066,347 ‐0.4% 6.2% 12.0% Apr 1,186,689 1,166,200 1,227,604 5.3% ‐1.7% 11.3% 1,200 90% May 1,328,836 1,215,195 1,202,692 ‐1.0% ‐8.6% 12.3% Jun 1,197,031 1,315,919 1,312,113 ‐0.3% 9.9% ‐1.7% 1,000 80% Jul 1,324,490 1,434,746 1,480,024 3.2% 8.3% 7.1% Aug 1,423,770 1,421,925 1,443,954 1.5% ‐0.1% 6.9% 800 70% Sep 1,331,464 1,408,559 1,386,616 ‐1.6% 5.8% 8.8% 600 60%

Oct 1,305,453 1,464,864 1,408,064 ‐3.9% 12.2% 1.2% Utilisation (Est) Nov 1,301,819 1,392,235 1,265,161 ‐9.1% 6.9% 6.8% 400 50% Dec 1,173,162 1,524,319 1,252,114 ‐17.9% 29.9% ‐2.0% Demand/Supply in TEU Thousands Q1 3,263,397 3,721,680 3,691,125 ‐0.8% 14.0% 0.7% 200 40% Q2 3,712,555 3,697,314 3,742,409 1.2% ‐0.4% 7.0% Q3 4,079,724 4,265,229 4,310,594 1.1% 4.5% 7.6% 0 30% Q4 3,780,434 4,381,417 3,925,339 ‐10.4% 15.9% 2.0% Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 YTD Dec 14,836,110 16,065,640 15,669,466 ‐2.5% 8.3% 4.4% Trade ulisaon based on reported liings/trade capacity deployed Trade demand data for FE‐US is derived from PIERS Full Year 14,836,110 16,065,640 15,669,466 ‐2.5% 8.3% 4.4% adjusted for non‐scope allocaon (based on Alphaliner esmates) (based on discharge date)

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Main Carriers ‐ Breakdown of Capacity Operated by Trade (as at 1 January 2020)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

APM‐Maersk 3% 14% 21% 10% 13% 19% 4% 5% 3% 2% 5% MSC 8% 5% 26% 10% 12% 14% 3% 2% 1% 10% COSCO Group 2% 20% 24% 14% 4% 8% 5% 18% 2% 1% 2% CMA CGM Group 2% 20% 21% 10% 12% 16% 7% 5% 4% 3% Hapag‐Lloyd 14% 11% 26% 14% 3% 21% 2% 3% 2% 3% ONE 5% 34% 28% 5% 4% 10% 3% 7% 3% Evergreen 1% 28% 31% 9% 2% 9% 1% 13% 1% 1% 5% Yang Ming 3% 30% 35% 11% 3% 2% 10% 2% 2% 3% PIL 12% 17% 29% 12% 9% 8% 4% 10% HMM 21% 34% 3% 2% 11% 6% 23% Zim 12% 44% 1% 9% 9% 2% 6% 10% 4% 3% Wan Hai 13% 21% 11% 54% 1% Zhonggu Logistics 100% IRISL Group 47% 3% 38% 12% KMTC 71% 1% Antong (QASC) 98% 2% SITC 100% X‐Press Feeders 49% 6% 9% 9% 27% UniFeeder 40% TS Lines 19% 5% 75%

Agg. 20 Carriers 4% 17% 22% 12% 8% 13% 4% 10% 4% 2% 5%

Others (incl NOO*) 2% 4% 13% 5% 9% 2% 38% 8% 3% 14% Total Liner Fleet 4% 15% 20% 12% 8% 12% 4% 13% 4% 2% 6%

Eur‐N. Am FE‐N. Am FE‐Eur ME/ISC related Sub‐Saharan Africa related Lat Am related ANZ/Oceania related Intra‐FE Intra‐Europe Unassigned Inactive

Breakdown based on capacity deployed by individual carriers on direct services only. Does not include wayport capacity, transhipment services, slot exchange arrangements and cross‐trade intra‐Alliance arrangements. * Unassigned refers to ships in General Repairs and ships on posioning trips / Inacve refers to ships unemployed and ships removed from market for scrubber retroﬁts * NOO ‐ Non‐Operang Owners’ vessels that are charter free.

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Global Capacity Deployment Breakdown by Trade (as at 1 January 2020)

By TEU Capacity Size in Total Total Global Trade Deployment by 1,000‐ 2,000‐ 3,000‐ 4,000‐ 5,100‐ 7,500‐ 10,000‐ 12,500‐ 15,200‐ Non‐ TEU 100‐999 >18,000 Cellular Liner % 1,999 2,999 3,999 5,099 7,499 9,999 12,499 15,199 17,999 cellular Cellular TEU Capacity Trade TEU TEU Eur‐N. Am 0 3,756 38,731 59,881 334,673 231,031 273,979 0 0 0 0 942,051 0 942,051 4% Africa related * FE‐N. Am 0 0 18,349 17,776 172,039 599,604 1,337,447 631,034 789,359 0 19,437 3,585,045 8,192 3,593,237 15% 8% Lat Am related ME/ISC 12% FE‐Europe 0 0 0 10,717 0 61,676 144,885 164,318 1,729,103 633,946 1,882,204 4,626,849 0 4,626,849 20% related Oceania related 12% ME/ISC related 22,867 184,845 168,139 54,363 248,975 781,726 635,789 229,952 350,257 0 99,414 2,776,327 8,879 2,785,206 12% 4% Africa related * 30,932 104,968 260,577 221,625 607,574 189,390 287,317 21,933 82,584 0 0 1,806,900 14,156 1,821,056 8% Intra‐FE Lat Am related 41,118 153,083 260,619 190,064 199,808 398,143 978,094 564,230 133,120 0 0 2,918,279 7,753 2,926,032 12% 13% Oceania related 11,133 57,049 32,663 87,586 268,491 185,367 225,196 0 0 0 0 867,485 8,062 875,547 4% FE‐Europe 20% Intra‐Europe Intra‐FE 350,214 916,739 656,383 96,687 731,537 112,963 17,060 0 58,032 0 0 2,939,615 118,978 3,058,593 13% 4% Intra‐Europe 152,330 313,592 168,847 64,794 136,158 116,358 44,325 0 0 0 0 996,404 19,019 1,015,423 4% FE‐N. Am Other/ Other trades 4,638 9,827 15,834 3,620 0 0 0 0 0 0 0 33,919 2,692 36,611 0% 15% Unassigned 2% Inactive Unassigned 3,540 17,397 20,750 14,963 42,399 37,066 69,239 21,985 81,649 0 77,430 386,418 1,213 387,631 2% Eur‐N. Am 6% Inacve 26,606 89,621 82,208 56,317 118,138 78,059 222,261 127,485 245,827 69,735 232,948 1,349,205 0 1,349,205 6% 4% Total 643,378 1,850,877 1,723,100 878,393 2,859,792 2,791,383 4,235,592 1,760,937 3,469,931 703,681 2,311,433 23,228,497 188,944 23,417,441 100%

By Vessel Count Total Total Size in 1,000‐ 2,000‐ 3,000‐ 4,000‐ 5,100‐ 7,500‐ 10,000‐ 12,500‐ 15,200‐ Non‐ Global Trade Deployment 100‐999 >18,000 Cellular Liner % TEU 1,999 2,999 3,999 5,099 7,499 9,999 12,499 15,199 17,999 cellular Trade Units Units By Cellular Vessel Count Eur‐N. Am 0 2 15 17 72 37 32 0 0 0 0 175 0 175 3% Africa related * FE‐N. Am 0 0 7 5 38 92 152 59 58 0 1 412 4 416 7% Lat Am related 9% FE‐Europe 0 0 0 3 0 10 16 15 124 38 93 299 0 299 5% 11% Oceania related ME/ISC related 37 124 66 16 55 127 73 22 26 0 5 551 21 572 10% ME/ISC related 4% 10% Africa related * 39 71 102 63 136 30 33 2 6 0 0 482 20 502 9% Lat Am related 52 105 104 55 44 63 108 53 10 0 0 594 23 617 11% FE‐Europe 6% Oceania related 15 40 13 25 59 32 26 0 0 0 0 210 13 223 4% FE‐N. Am Intra‐FE 576 652 255 28 162 20 2 0 4 0 0 1,699 318 2,017 35% 8% Intra‐FE Intra‐Europe 197 235 67 19 30 19 5 0 0 0 0 572 35 607 11% Eur‐N. Am 32% 3% Other trades 7 6 6 1 0 0 0 0 0 0 0 20 3 23 0% Inactive Unassigned 6 12 8 4 9 6 8 2 6 0 4 65 2 67 1% 5% Intra‐Europe Inacve 40 62 32 16 26 12 25 11 18 4 12 258 0 258 4% Other/ 11% Unassigned Total 969 1,309 675 252 631 448 480 164 252 42 115 5,337 439 5,776 100% 2% The survey counts cellular and non‐cellular containerships above 100 teu only, excludes roro & general cargo vessels employed on mulpurpose liner services. * Africa related refers to Sub‐Saharan Africa / * Unassigned refers to ships in General Repairs and ships on posioning trips / * Inacve refers to ships unemployed and ships removed from market for scrubber retroﬁts

Evoluon of capacity deployed by Trade 2010‐2020 ‐ Cellular containerships only Year‐on‐Year Growth for January 2020 vs January 2019

Europe ‐ North America : YoY Growth = +1% Far East ‐ North America : YoY Growth = ‐7% Far East ‐ Europe : YoY Growth = +2% 1.20 4.50 6.00 Breakdown by Breakdown by Breakdown by TEU size range 4.00 TEU size range TEU size range 1.00 >18,000 >18,000 5.00 >18,000 3.50 15,200‐17,999 15,200‐17,999 15,200‐17,999 0.80 12,500‐15,199 3.00 12,500‐15,199 4.00 12,500‐15,199 10,000‐12,499 10,000‐12,499 10,000‐12,499 2.50 0.60 7,500‐9,999 7,500‐9,999 3.00 7,500‐9,999 5,100‐7,499 2.00 5,100‐7,499 5,100‐7,499 4,000‐5,099 0.40 4,000‐5,099 1.50 4,000‐5,099 2.00 3,000‐3,999 3,000‐3,999 3,000‐3,999 Capacity Deployed in TEU Millions Capacity Deployed in TEU Millions Capacity Deployed in TEU Millions 2,000‐2,999 1.00 2,000‐2,999 2,000‐2,999 0.20 1.00 1,000‐1,999 0.50 1,000‐1,999 1,000‐1,999 100‐999 100‐999 100‐999 0.00 0.00 0.00

Middle East/Indian subcon related : YoY Growth = +1% Sub‐Saharan Africa related : YoY Growth = +3% Lan America related : YoY Growth = ‐3% 3.50 2.00 3.50 Breakdown by Breakdown by Breakdown by TEU size range 1.80 TEU size range TEU size range 3.00 3.00 >18,000 >18,000 >18,000 1.60 15,200‐17,999 15,200‐17,999 15,200‐17,999 2.50 1.40 2.50 12,500‐15,199 12,500‐15,199 12,500‐15,199 2.00 10,000‐12,499 1.20 10,000‐12,499 2.00 10,000‐12,499 7,500‐9,999 1.00 7,500‐9,999 7,500‐9,999 1.50 5,100‐7,499 5,100‐7,499 1.50 5,100‐7,499 0.80 4,000‐5,099 4,000‐5,099 4,000‐5,099 1.00 3,000‐3,999 0.60 3,000‐3,999 1.00 3,000‐3,999 Capacity Deployed in TEU Millions Capacity Deployed in TEU Millions Capacity Deployed in TEU Millions 2,000‐2,999 0.40 2,000‐2,999 2,000‐2,999 0.50 0.50 1,000‐1,999 0.20 1,000‐1,999 1,000‐1,999 100‐999 100‐999 100‐999 0.00 0.00 0.00

Oceania related : YoY Growth = ‐2% Intra‐Far East : YoY Growth = +6% Intra‐Europe : YoY Growth = +9% 1.00 3.50 1.20 Breakdown by Breakdown by Breakdown by 0.90 TEU size range TEU size range TEU size range 3.00 >18,000 1.00 >18,000 0.80 >18,000 15,200‐17,999 15,200‐17,999 15,200‐17,999 0.70 2.50 12,500‐15,199 12,500‐15,199 0.80 12,500‐15,199 0.60 10,000‐12,499 2.00 10,000‐12,499 10,000‐12,499 0.50 7,500‐9,999 7,500‐9,999 0.60 7,500‐9,999 5,100‐7,499 1.50 5,100‐7,499 5,100‐7,499 0.40 4,000‐5,099 4,000‐5,099 0.40 4,000‐5,099 0.30 3,000‐3,999 1.00 3,000‐3,999 3,000‐3,999 Capacity Deployed in TEU Millions Capacity Deployed in TEU Millions Capacity Deployed in TEU Millions 0.20 2,000‐2,999 2,000‐2,999 2,000‐2,999 0.20 0.50 0.10 1,000‐1,999 1,000‐1,999 1,000‐1,999 100‐999 100‐999 100‐999 0.00 0.00 0.00

Cellular Containerships ‐ Assignment by Trade

100‐999 TEU ships ‐ Assignment by trade 3,000‐3,999 TEU ships ‐ Assignment by trade 7,500‐9,999 TEU ships ‐ Assignment by trade 1,200 350 600 Inactive Inactive Inactive Other/Unassigned Other/Unassigned 1,000 Other/Unassigned 300 500 Oceania related Oceania related Oceania related 250 ME/ISC related 800 ME/ISC related ME/ISC related 400 Lat Am related Lat Am related 200 Lat Am related 600 Intra‐FE Intra‐FE 300 Intra‐FE Intra‐Europe 150 Intra‐Europe Intra‐Europe 400 FE‐N. Am 200 FE‐N. Am FE‐N. Am 100 FE‐Europe FE‐Europe FE‐Europe 200 100 Eur‐N. Am 50 Eur‐N. Am Eur‐N. Am Units deployed by trade Units deployed by trade Units deployed by trade Africa related Africa related Africa related 0 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 1,000‐1,999 TEU ships ‐ Assignment by trade 4,000‐5,099 TEU ships ‐ Assignment by trade 10,000‐15,199 TEU ships ‐ Assignment by trade 1,400 800 450 Inactive Inactive Inactive 400 1,200 Other/Unassigned 700 Other/Unassigned Other/Unassigned Oceania related 350 Oceania related 600 Oceania related 1,000 ME/ISC related ME/ISC related ME/ISC related 300 500 Lat Am related Lat Am related Lat Am related 800 250 Intra‐FE 400 Intra‐FE Intra‐FE 200 600 Intra‐Europe Intra‐Europe Intra‐Europe 300 FE‐N. Am FE‐N. Am 150 FE‐N. Am 400 FE‐Europe 200 FE‐Europe 100 FE‐Europe 200 Eur‐N. Am 100 Eur‐N. Am 50 Eur‐N. Am Units deployed by trade Units deployed by trade Units deployed by trade Africa related Africa related Africa related 0 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

2,000‐2,999 TEU ships ‐ Assignment by trade 5,100‐7,499 TEU ships ‐ Assignment by trade 15,200‐23,000 TEU ships ‐ Assignment by trade 800 600 180 Inactive Inactive Inactive 700 Other/Unassigned Other/Unassigned 160 Other/Unassigned 500 Oceania related Oceania related 600 Oceania related 140 ME/ISC related ME/ISC related ME/ISC related 400 120 500 Lat Am related Lat Am related Lat Am related 100 400 Intra‐FE 300 Intra‐FE Intra‐FE Intra‐Europe 80 Intra‐Europe 300 Intra‐Europe FE‐N. Am 200 FE‐N. Am 60 FE‐N. Am 200 FE‐Europe FE‐Europe 40 FE‐Europe 100 100 Eur‐N. Am Eur‐N. Am 20 Eur‐N. Am Units deployed by trade Units deployed by trade Units deployed by trade Africa related Africa related 0 Africa related 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Inacve Capacity Tracker Inactive containership (units breakdown by size range) Units inacve Vessel Size (TEU) As % of % NOO 500‐ 1,000‐ 2,000‐ 3,000‐ 5,100‐ Idle TEU cellular Charter‐ 600 7,000 As at Date >7,500 Total 999 1,999 2,999 5,099 7,499 ﬂeet free Jan 6 ‐ 2020 33 58 34 41 12 75 253 1,405,489 6.1% 21% 6,000 500 Dec 23 ‐ 2019 27 57 32 39 12 71 238 1,368,526 5.9% 22% Dec 9 ‐ 2019 23 48 32 37 13 73 226 1,384,048 6.0% 21% 5,000 400 Nov 25 ‐ 2019 29 51 27 29 18 71 225 1,324,168 5.7% 22% Size range (TEU) Nov 11 ‐ 2019 24 55 24 26 14 53 196 1,037,782 4.5% 24% 4,000 > 7,500 Oct 28 ‐ 2019 30 64 22 23 17 54 210 1,122,725 4.9% 23% 300 5,100‐7,499 Oct 14 ‐ 2019 38 68 28 26 13 38 211 898,759 3.9% 31% 3,000 3,000‐5,099 Sep 30 ‐ 2019 35 62 27 17 8 31 180 753,819 3.3% 26% 200 2,000‐2,999 Sep 16 ‐ 2019 26 53 24 11 7 27 148 641,259 2.8% 23% 2,000 Sep 2 ‐ 2019 24 48 27 11 4 17 131 476,136 2.1%. 35% 1,000‐1,999 Aug 19 ‐ 2019 27 47 35 11 3 22 145 552,920 2.4% 33% 100 500‐999

1,000 Average size in TEU Vessel Count Aug 5 ‐ 2019 36 44 30 14 4 23 151 564,112 2.5% 33% Ave. Size (TEU) Jul 22 ‐ 2019 35 42 26 12 4 19 138 486,778 2.1% 33% 0 0 ALPHALINER Jul Jul Jul Jul Jul Jul Jul 8 ‐ 2019 24 39 25 13 5 12 118 371,676 1.6% 45% Jul Jul Jul Jul Jul

Jun 24 ‐ 2019 28 39 18 17 5 10 117 336,241 1.5% 51% 2009 Jan 2010 Jan 2011 Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Jan 2019 Jan 2020 Jan Jun 10 ‐ 2019 30 40 16 23 7 7 123 351,325 1.5% 64% Inactive Fleet Breakdown by Non‐Operating Owner/Carrier May 27 ‐ 2019 29 39 12 29 6 5 120 326,800 1.4% 68% NOO TEU Carrier TEU % Charter free May 13 ‐ 2019 29 42 13 25 9 8 126 369,080 1.6% 57% 1.60 100% Apr 29 ‐ 2019 25 36 15 16 6 7 105 292,943 1.3% 59% 1.40 90% Apr 15 ‐ 2019 21 39 15 18 8 7 108 321,337 1.4% 60% 80% Apr 1 ‐ 2019 19 35 18 31 9 14 126 461,475 2.1% 43% 1.20 Mar 18 ‐ 2019 25 54 24 45 16 23 187 709,659 3.2% 60% TEU Millions 70% Mar 3 ‐ 2019 27 60 31 59 19 29 225 908,479 4.0% 60% 1.00 60% Feb 18 ‐ 2019 30 78 44 61 12 24 249 871,756 3.9% 63% Feb 4 ‐ 2019 26 72 39 46 12 12 207 653,953 2.9% 67% 0.80 50% Jan 21 ‐ 2019 29 80 40 39 11 13 212 649,215 2.9% 64% 0.60 40% Jan 7 ‐ 2019 26 81 33 41 3 11 195 561,187 2.5% 64% 30% Dec 24 ‐ 2018 33 79 32 41 7 13 205 627,937 2.8% 57% 0.40 Dec 12 ‐ 2018 30 71 33 37 9 14 194 624,048 2.8% 54% 20% Nov 26 ‐ 2018 27 77 34 37 5 14 194 600,172 2.7% 61% 0.20 10% Nov 12 ‐ 2018 28 79 25 37 10 9 188 531,868 2.4% 71% ALPHALINER 0.00 0% Oct 29 ‐ 2018 31 82 27 37 18 14 209 662263 3.0% 68%

The inacve ships include ships undergoing scrubber retroﬁts beyond usual maintenance me. 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Container Freight Watch

Change vs Shanghai to N Europe Shanghai to Dubai Shanghai to Melbourne Shanghai Container Freight 2,500 2,000 2,000 17‐Jan‐20 1 week 1 month 3 months 1 year Index 2,000 10‐Jan‐20 % 20‐Dec‐19 % 18‐Oct‐19 % 18‐Jan‐19 % 1,500 1,500 SCFI 991 1,003 ‐1% 905 9% 747 33% 968 2% 1,500 1,000 1,000 Shanghai export freight rates (in US$/TEU except to USEC/USWC in US$/FEU) to:‐ 1,000 Europe (Base port) 1,010 1,058 ‐5% 944 7% 580 74% 970 4% 500 500 500 Mediterranean (Base port) 1,180 1,179 0% 1,096 8% 715 65% 978 21% $/TEU $/TEU USWC (Base port) 1,562 1,543 1% 1,342 16% 1,368 14% 2,114 ‐26% 0 0 $/TEU 0 USEC (Base port) 2,943 2,888 2% 2,451 20% 2,374 24% 3,187 ‐8% Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Persian Gulf (Dubai) 1123 1175 ‐4% 1158 ‐3% 642 75% 778 44% Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Shanghai to Mediterranean Shanghai to Lagos Shanghai to Japan Australia (Melbourne) 949 937 1% 774 23% 1,121 ‐15% 542 75% 2,500 3,500 500 West Japan (Osaka/Kobe) West Africa (Lagos) 2,897 2,873 1% 2,335 24% 2,320 25% 2,627 10% 3,000 East Japan (Tokyo/Yokohama) 2,000 400 South Africa (Durban) 1,084 1,150 ‐6% 1,012 7% 939 15% 828 31% 2,500 South America (Santos) 1,989 2,136 ‐7% 2,000 ‐1% 1,798 11% 1,506 32% 1,500 2,000 300 West Japan (Osaka/Kobe) 226 226 0% 226 0% 234 ‐3% 226 0% 1,000 1,500 200 East Japan (Tokyo/Yokohama) 243 243 0% 240 1% 236 3% 227 7% 1,000 500 100 Southeast Asia (Singapore) 193 191 1% 163 18% 114 69% 158 22% 500 $/TEU $/TEU $/TEU Korea (Busan) 120 120 0% 121 ‐1% 117 3% 146 ‐18% 0 0 0 The Hong Kong and Taiwan routes in the SCFI index were removed from 16 June 2017. Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Shanghai Shipping Exchange base ports deﬁned as :‐ The freight rate includes ocean freight and surcharges, ie: Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Mediterranean ‐ Barcelona/Valencia/Genoa/Naples; Bunker/Fuel Surcharge BAF/FAF Shanghai to Durban Emergency Bunker Surcharge EBS/EBA Shanghai to USWC Shanghai to Korea Europe ‐ Hamburg/Roerdam/Antwerp/Felixtowe/Le Havre; 3,000 2,000 300 USWC ‐ Los Angeles/Long Beach/Oakland; Low Sulphur Surcharge LSS (from end 2014) Currency Surcharge CAF/YAS 2,500 USEC ‐ New York/Savannah/Norfolk/ Charleston; Peak Season Surcharge PSS 1,500 2,000 200 SCFI (Oct 2009 = 1,000) War Risk Surcharge WRS Port Congeson Surcharge PCS 1,500 1,000 17 Jan 2020 : 991 (+2% yoy) Canal Surcharges SCS/SCF/PTF/PCC Excludes Terminal Handling Charge THC 1,000 100 500 1,500 500 $/TEU 80% 80% $/TEU 0 0 0 $/FEU 60% 60% Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 1,000 40% 40% Shanghai to USEC Shanghai to Santos Shanghai to Singapore 4,000 20% 20% 500 5,000 3,500 0% 0% 3,000 400 500 4,000 2,500 ‐20% ‐20% 3,000 300 2,000 200 ‐40% ‐40% Year on year change % 2,000 1,500 Week on week change % 1,000 0 1,000 100 ‐60% ‐60% 500 0 $/TEU $/TEU 0 0 $/FEU Jan‐09 Jan‐10 Jan‐11 Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20

Bunker Watch

BAF Surcharge Survey ‐ Far East to North Europe ($/teu) BAF : Far East‐North Europe 2005‐2019 Rotterdam 380 cSt $/ton Highest Jan Jan *LSS Carrier Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average Lowest (non‐zero) 2019 2020 Jan 1,000 CMA CGM 285 285 285 240 240 240 255 255 255 240 240 240 330 120 900 COSCO 94 56 56 94 94 94 94 75 75 42 61 105 266 105 Evergreen EBS applied from Jul 2009. 141 800 Hapag Lloyd 564 249 194 208 208 208 226 226 226 224 224 224 260 135 700 HMM 477 376 391 446 458 469 438 395 454 353 440 328 281 112 Maersk 240 240 240 233 233 233 255 255 255 231 231 231 323 116 600 MSC BAF rolled into Ocean Freight from Jun 2013. New BRC from Jan 2019. 106 500 ONE 101 85 63 57 68 77 78 68 67 95 95 90 137 140 400 OOCL 415 360 283 283 330 330 330 330 294 342 264 264 274 106 Yang Ming 464 322 288 406 413 417 400 335 343 361 361 361 361 125 300 Average 330 247 225 246 256 259 260 242 246 236 240 230 279 121 200 % Change MoM ‐27% ‐25% ‐9% 9% 4% 1% 0% ‐7% 2% ‐4% 1% ‐4% 21% 11% % Change YoY ‐6% ‐29% ‐31% ‐32% ‐29% ‐30% ‐35% ‐41% ‐41% ‐45% ‐44% ‐49% ‐15% 100

Highest 564 376 391 446 458 469 438 395 454 361 440 361 361 141 BAF $/TEU ‐ Far East to North Europe 0 Lowest (non‐zero) 94 56 56 57 68 77 78 68 67 42 61 90 137 105 *Low Sulphur Surcharge (LSS) where applicable from 1 Dec 2019 Jan‐05 Jan‐06 Jan‐07 Jan‐08 Jan‐09 Jan‐10 Jan‐11 Jan‐12 Jan‐13 Jan‐14 Jan‐15 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Jan‐20 380 cSt bunker ‐ average monthly prices Bunker Price : 380 cSt and VLSFO ‐ $/ton Roerdam $/ton 395 411 422 404 371 386 310 348 288 259 269 800 % Change MoM 13% 4% 3% ‐4% ‐8% 4% ‐20% 12% ‐17% ‐10% 4% % Change YoY 11% 15% 12% ‐4% ‐13% ‐11% ‐27% ‐20% ‐39% ‐37% ‐22% 700 Singapore $/ton 424 433 434 421 391 454 391 467 375 338 336 600 % Change MoM 8% 2% 0% ‐3% ‐7% 16% ‐14% 19% ‐20% ‐10% ‐1% % Change YoY 12% 16% 9% ‐5% ‐13% ‐3% ‐16% ‐1% ‐27% ‐29% ‐12% 500

0.1% ULSFO ‐ average monthly prices 400 Roerdam $/ton 540 568 587 592 534 554 515 554 533 535 557 300 % Change MoM 7% 5% 3% 1% ‐10% 4% ‐7% 8% ‐4% 0% 4% % Change YoY 0% 5% 0% ‐6% ‐12% ‐9% ‐15% ‐13% ‐20% ‐8% 12% 200 100 0.5% VLSFO (IMO2020 Grade) ‐ average monthly prices Note : Data only available from July 2019 0 Roerdam $/ton 539 510 532 510 501 541 % Change MoM ‐5% 4% ‐4% ‐2% 8% Jul‐19 Jan‐20 Jan‐19 Jun‐19 Oct‐19 Apr‐19 Sep‐19 Feb‐19 Dec‐19

% Change YoY Aug‐19 Nov‐19 Mar‐19 May‐19 Singapore $/ton 566 539 552 544 552 634 IFO380 Singapore IFO380 Rotterdam % Change MoM ‐5% 2% ‐1% 1% 15% 0.5% VLSFO Singapore 0.5% VLSFO Rotterdam % Change YoY VLSFO spread Singapore VLSFO spread Rotterdam

LNG Fuel and Scrubber Watch ‐ Fleet Breakdown

LNG Fuel container ships Scrubber Fied container ships Breakdown by LNG Fuel containerships Scrubber Fied container ships Ships TEU capacity Ships TEU capacity TEU size range Units TEU Units TEU Fied at delivery (newbuildings) Fied at delivery (newbuildings) 18,000‐24,000 0 0 44 893,049 8 16,520 68 559,939 15,200‐17,999 0 0 14 240,884 Retrofit completed Retrofit completed 12,500‐15,199 NPX 0 0 29 398,072 1 1,020 222 1,915,610 10,000‐12,499 0 0 11 123,278 Retrofit in progress Retrofit in progress 7,500‐9,999 0 0 39 351,010 0 0 86 762,994 5,100‐7,499 0 0 17 114,712 Total (fied and ongoing) Total (fied and ongoing) 4,000‐5,099 0 0 25 112,662 9 17,540 376 3,238,543 3,000‐3,999 2 6,200 12 45,558 2,000‐2,999 2 4,800 45 123,413 As % of current fleet As % of current fleet 1,500‐1,999 0 0 24 42,469 LNG fuel ships (excluding ongoing) Scrubber fied (excluding ongoing) 1,000‐1,499 5 6,540 20 21,647 0.2% 0.1% 5.4% 10.7% 500‐999 0 0 10 8,795 Total (including retrofits ongoing) Total (including retrofits ongoing) 100‐499 0 0 0 0 0.2% 0.1% 7.0% 13.9% TOTAL 9 17,540 290 2,475,549 Based on fleet data as at 18 Jan. Ongoing retrofits in progress subject to verificaon. Completed units only. Excludes ongoing retrofits and newbuildings not yet delivered Fleet breakdown by units Fleet breakdown by TEU Breakdown of LNG Fuel/Scrubber Fitted Ships by Size Completed units 0 20406080100

> 18,000 teu Conventional Conventional LNG fuel 92.8% 86.1% 15,200‐18,000 teu Scrubber fitted Scrubber fitted Scrubber fitted 10,000‐15,200 teu ALPHALINER 7.0% 13.9% LNG fuel 5,100‐10,000 teu 0.2% LNG fuel 2,000‐5,100 teu 0.1% < 2.000 teu

LNG Fuel and Scrubber Watch ‐ Carrier Breakdown (Based on operated ﬂeet incl. owned and chartered units as at 18 January 2020 ‐ excl. ongoing retroﬁts) LNG Fuel container ships Breakdown of units by TEU size range 18,000‐ 15,200‐ 12,500‐ 10,000‐ 7,500‐ 5,100‐ 4,000‐ 3,000‐ 2,000‐ 1,500‐ 1,000‐ 500‐ Carrier Units TEU 100‐ 499 24,000 17,999 15,199 12,499 9,999 7,499 5,099 3,999 2,999 1,999 1,499 999 CMA CGM 4 5,520 0 0 0 0 0 0 0 0 0 0 4 0 0 Tote Marime 2 6,200 0 0 0 0 0 0 0 2 0 0 0 0 0 Crowley 2 4,800 0 0 0 0 0 0 0 0 2 0 0 0 0 Unifeeder 1 1,020 0 0 0 0 0 0 0 0 0 0 1 0 0 Scrubber Fied container ships Breakdown of units by TEU size range 18,000‐ 15,200‐ 12,500‐ 10,000‐ 7,500‐ 5,100‐ 4,000‐ 3,000‐ 2,000‐ 1,500‐ 1,000‐ 500‐ Carrier Units TEU 100‐ 499 24,000 17,999 15,199 12,499 9,999 7,499 5,099 3,999 2,999 1,999 1,499 999 MSC 66 786,229 21 0 6 2 19 3 0 2 9 0 3 1 0 Evergreen 45 310,472 5 0 1 0 8 8 0 0 20 3 0 0 0 Maersk 36 467,563 13 2 5 5 6 1 1 0 3 0 0 0 0 CMA CGM 35 391,817 3 12 6 0 1 1 1 0 4 2 0 5 0 HMM 19 138,289 0 0 2 2 5 3 5 0 0 2 0 0 0 PIL 12 67,533 0 0 0 2 0 1 4 5 0 0 0 0 0 COSCO/OOCL 11 85,192 2 0 1 0 0 0 8 0 0 0 0 0 0 Hapag‐Lloyd 8 106,160 0 0 8 0 0 0 0 0 0 0 0 0 0 Grimaldi 5 19,045 0 0 0 0 0 0 0 5 0 0 0 0 0 KMTC 5 11,634 0 0 0 0 0 0 1 0 0 4 0 0 0 Matson 5 10,784 0 0 0 0 0 0 0 0 2 3 0 0 0 Seaboard Marine 5 10,261 0 0 0 0 0 0 0 0 2 3 0 0 0 Tropical Shg 4 4,592 0 0 0 0 0 0 0 0 0 0 4 0 0 BG Freight 4 4,016 0 0 0 0 0 0 0 0 0 0 4 0 0 Dongjin Shg 3 3,798 0 0 0 0 0 0 0 0 0 1 1 1 0 Heung‐A 3 3,209 0 0 0 0 0 0 0 0 0 0 3 0 0 X‐Press Feeders 2 9,230 0 0 0 0 0 0 2 0 0 0 0 0 0 RCL 2 4,382 0 0 0 0 0 0 0 0 1 1 0 0 0 TS Lines 2 4,214 0 0 0 0 0 0 0 0 1 1 0 0 0 SCA Transforest 2 2,050 0 0 0 0 0 0 0 0 0 0 2 0 0 Unifeeder 2 1,845 0 0 0 0 0 0 0 0 0 0 1 1 0 ONE 1 4,253 0 0 0 0 0 0 1 0 0 0 0 0 0 Del Monte 1 2,797 0 0 0 0 0 0 0 0 1 0 0 0 0 Royal Arcc Line 1 2,148 0 0 0 0 0 0 0 0 1 0 0 0 0 Pan Ocean 1 1,809 0 0 0 0 0 0 0 0 0 1 0 0 0 Pan Connental Shg 1 1,804 0 0 0 0 0 0 0 0 0 1 0 0 0 King Ocean 1 1,794 0 0 0 0 0 0 0 0 0 1 0 0 0 MTT Shipping 1 1,162 0 0 0 0 0 0 0 0 0 0 1 0 0 Eimskip 1 875 0 0 0 0 0 0 0 0 0 0 0 1 0 World Direct Shg 1 704 0 0 0 0 0 0 0 0 0 0 0 1 0 Not assigned 5 15,888 0 0 0 0 0 0 2 0 1 1 1 0 0

Top 30 Ports Top 10 Container Ports : Monthly Throughput (to Dec 2019) Rank Port FY 2019 Growth % 1‐3Q 2019 Growth % 1H 2019 Growth % FY 2018 Growth % 4.50 TEU 19/18 TEU 3Q 19 vs 18 TEU 1H 19 vs 18 TEU 18/17 4.00 1 (1) Shanghai 43,300,000 3.1% 32,856,000 4.8% 21,536,000 5.0% 42,010,200 4.4% Shanghai

2 (2) Singapore 37,195,636 1.6% 27,493,374 0.7% 18,030,424 0.1% 36,599,281 8.7% TEU Millions 3.50 Singapore 3 (3) Ningbo‐Zhoushan 27,530,000 4.5% 21,260,000 5.6% 13,906,000 4.5% 26,350,800 7.1% Shenzhen 3.00 4 (4) Shenzhen 25,770,000 0.1% 19,321,700 1.1% 12,411,700 2.8% 25,735,900 2.1% Ningbo Guangzhou 5 (5) Guangzhou 22,830,000 4.1% 16,840,000 5.6% 10,940,000 4.7% 21,922,100 7.7% 2.50 Busan 6 (6) Busan 21,909,994 1.1% 16,377,131 1.7% 10,861,339 2.1% 21,662,572 5.7% Qingdao 7 (8) Qingdao 21,010,000 8.8% 15,690,000 9.4% 10,300,000 9.8% 19,315,400 5.5% 2.00 Hong Kong 8 (7) Hong Kong 18,364,000 ‐6.3% 13,714,000 ‐6.3% 9,096,000 ‐7.8% 19,596,000 ‐5.7% LA/LB 1.50 Tianjin 9 (10) Tianjin 17,300,000 8.1% 13,089,000 8.0% 8,331,100 6.7% 16,006,900 6.2% 10 (9) LA/LB 12,770,139 ‐0.2% 8,224,273 ‐0.5% 17,549,775 3.9% 1.00 12 (12) Roerdam 11,193,235 3.8% 7,529,000 6.4% 14,512,661 5.7% 0.50 11 (11) Dubai 10,719,000 ‐5.5% 7,156,000 ‐7.5% 14,954,116 ‐2.7% Jul‐16 Jul‐17 Jul‐18 13 (13) Port Kelang 10,052,653 11.4% 6,601,600 12.4% 12,316,003 2.8% Jul‐19 Jan‐16 Jan‐17 Jan‐18 Jan‐19 Oct‐16 Oct‐17 Oct‐18 Oct‐19 Apr‐16 Apr‐17 Apr‐18 Apr‐19 14 (14) Antwerp 8,870,235 6.4% 5,840,980 4.9% 11,100,408 6.2% 15 (15) Xiamen 11,120,000 3.9% 8,361,980 4.4% 5,550,000 7.5% 10,702,300 3.1% China Container Ports Watch Monthly ‐ Dec 2019 16 (16) Kaohsiung 7,790,660 0.2% 5,200,750 0.3% 10,445,726 1.7% Dec 2019 y‐o‐y Jan‐Dec y‐o‐y No. Port 17 (19) Hamburg 7,040,000 6.9% 4,680,000 7.5% 8,770,000 ‐1.0% Mteu change % 2019 Mteu change % 18 (18) Tanjung Pelepas 6,756,691 2.5% 4,582,977 4.6% 8,960,865 7.0% 1 Shanghai 3.27 ‐7.9% 43.30 3.1% 19 (17) Dalian 8,760,000 ‐10.3% 6,720,000 ‐12.0% 4,360,000 ‐9.6% 9,767,380 0.6% 2 Ningbo 1.94 3.5% 27.53 4.5% 20 (20) Laem Chabang 5,981,499 ‐0.2% 3,999,308 1.3% 8,074,591 3.7% 3 Shenzhen 2.18 3.0% 25.77 0.1% 21 (21) NY/NJ 5,620,381 5.5% 3,652,841 5.9% 7,179,792 7.0% 4 Guangzhou 2.01 8.8% 22.83 4.1% 22 (22) Colombo 7,228,337 2.6% 5,427,818 3.9% 3,591,395 5.2% 7,047,486 13.5% 5 Qingdao 1.77 6.7% 21.01 8.8% 23 (23) Jakarta 5,164,165 4.7% 3,289,386 2.8% 6,743,523 10.9% 6 Tianjin 1.18 ‐3.5% 17.30 8.1% 24 (25) Ho Chi Minh City 7,182,564 13.3% 5,093,601 8.7% 3,325,167 6.8% 6,332,265 6.8% 7 Xiamen 0.93 2.8% 11.12 3.9% 25 (31) Piraeus 4,207,000 16.2% 2,766,000 18.8% 4,907,900 18.4% 8 Dalian 0.68 ‐2.2% 8.76 ‐10.3% 26 (24) Yingkou 5,480,000 ‐15.6% 4,161,000 ‐12.8% 2,810,000 ‐10.0% 6,487,360 3.3% 9 Yingkou 0.43 ‐26.3% 5.48 ‐15.6% 27 (27) Valencia 4,136,146 8.3% 2,739,198 8.7% 5,182,665 7.3% 10 Lianyungang 0.34 ‐10.5% 4.78 0.7% 28 (29) Manila 3,947,227 5.3% 2,604,912 5.9% 5,052,223 4.7% Total Top 10 Ports 14.73 ‐0.8% 187.88 2.8% 29 (30) Nhava Sheva 5,100,889 1.0% 3,895,301 3.6% 2,629,626 5.9% 5,051,805 7.2% Total Coastal Ports 18.83 ‐1.7% 230.92 3.9% 30 (26) Bremerhaven 3,725,881 ‐9.4% 2,486,121 ‐8.6% 5,483,222 ‐0.6% Total River Ports 2.74 55.2% 30.15 8.5% Rankings based on preliminary 2019 throughput (2018 ranking in brackets) including transshipment, empty containers and restows. Total All China Ports 21.57 2.9% 261.07 4.4%

Global Port Throughput

900 20% Global Container Throughput Breakdown by Region 800 14.4% 14.1% Oceania (2019E) 13.4% Oceania 1.5%

13.0% 15% 12.5% 700 12.2% Africa

10.8% Africa 3.8% 10.0% C+S America

600 8.3% 10% C+S America 6.6% N America 6.7% 5.4% 5.7% Annual Growth Rate 5.2% 5.1% N America 7.7%

500 4.7% S Europe China + HK 33.4%

3.7% 5% 2.8%

2.5% N Europe

400 1.4% S Asia S Europe 7.1% 300 0% Middle East

200 ‐8.2% SE Asia N Europe 9.1% Total Port throughput in TEU Millions ‐5% Other NE Asia Other NE Asia S Asia 3.7% 100 China + HK 8.3% Middle East 4.6% SE Asia 14.1% 0 ‐10% Annual Growth 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 (E)2019

Global port throughput includes empty container and transhipment cargo handling Million TEU by Annual Growth 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018E 2019E Region 2017 2018E 2019E China & HK 40.7 44.5 56.4 69.1 83.8 98.2 117.2 138.4 152.8 143.4 169.8 188.1 200.6 212.6 224.7 231.6 239.9 259.2 270.7 279.4 8.0% 4.5% 3.2% Other NE Asia 32.4 34.2 38.0 41.4 45.8 47.4 49.7 52.8 52.5 46.7 53.5 57.0 58.6 60.2 62.9 62.5 63.6 66.6 69.3 69.9 4.7% 4.1% 0.8% SE Asia 36.4 37.9 42.5 46.9 53.0 56.5 61.1 68.8 73.5 69.5 78.0 84.5 89.1 91.8 97.4 97.3 100.7 106.4 114.2 118.2 5.7% 7.3% 3.5% Middle East 9.3 10.4 11.9 14.5 17.8 20.1 21.6 24.9 28.4 28.5 30.6 32.8 35.4 35.2 37.0 38.3 39.4 40.0 39.5 38.3 1.5% ‐1.3% ‐3.0% S Asia 5.6 6.1 6.8 7.9 8.9 10.0 11.9 13.7 14.7 14.6 16.8 17.9 17.9 18.8 21.1 22.4 24.7 27.4 30.2 31.3 11.0% 10.2% 3.7% N Europe 33.6 34.6 37.3 40.4 45.2 49.0 53.3 60.3 61.5 51.3 58.1 62.2 62.8 64.0 67.3 65.9 67.5 71.1 73.9 76.2 5.4% 3.9% 3.1% S Europe 21.0 21.9 24.5 27.4 30.8 32.9 35.6 40.2 41.1 36.0 39.3 42.7 44.9 46.6 48.2 47.8 50.6 54.0 57.5 59.7 6.7% 6.5% 3.9% N America 33.0 33.3 35.9 39.8 43.3 46.8 49.1 50.0 47.7 41.8 47.1 47.7 49.0 50.0 52.0 54.2 54.7 59.1 62.4 64.3 8.0% 5.6% 3.0% C+S America 15.6 17.0 18.0 20.1 23.6 26.7 30.1 33.7 36.4 32.6 37.7 42.6 45.5 46.0 46.3 47.2 46.3 50.0 53.7 55.3 8.0% 7.4% 2.9% Africa 7.8 8.6 9.6 11.2 12.8 14.4 16.2 18.5 21.4 22.0 24.7 26.6 26.7 28.7 30.6 30.0 29.3 31.0 32.8 32.1 5.8% 6.1% ‐2.3% Oceania 5.5 5.4 6.1 6.7 7.4 7.6 8.1 8.9 9.7 9.1 9.9 10.4 10.7 10.9 11.3 11.6 11.9 12.6 13.2 12.9 5.8% 4.9% ‐1.9% Total 240.9 253.9 286.9 325.5 372.4 409.7 453.9 510.4 539.6 495.5 565.5 612.4 641.1 664.6 698.8 708.9 728.5 777.2 817.4 837.6 6.7% 5.2% 2.5% Growth (YoY) 12.2% 5.4% 13.0% 13.4% 14.4% 10.0% 10.8% 12.5% 5.7% ‐8.2% 14.1% 8.3% 4.7% 3.7% 5.1% 1.4% 2.8% 6.7% 5.2% 2.5%

Trade Summary : Asia‐East Coast North America Services as at 1 January 2020 For latest service updates and news : see www.alphaliner.com

As at 1 Jan 2020 Alphaliner ‐ Port Matrix ‐ Far East‐East Coast North America SE Asia S. China/Taiwan C&N. China N. Asia Wayports ECNA

Ave. TEU Operator Service Name Ships Deployed

per week Kobe Tokyo Busan Miami Tampa Balboa Halifax Boston Mobile Ningbo Salalah Jakarta Shekou Nansha Norfolk Xiamen Yantian Xingang Cai Mep Jebel Ali Qingdao Houston Kingston Cristobal Colombo Shanghai New York Savannah Baltimore Singapore Kaohsiung Hong Kong Charleston Port Kelang Jacksonville New Orleans Freeport(Bah) Laem Chabang Wilmington(NC) Colon‐Coco Solo Tanjung Pelepas Manzanillo(Pan)

Pendulum Services via Panama Canal OA AWE1/MTX 11x13,000‐14,400 13,909 2 3 1 4 321 OA AWE2/TWS 10x8,400‐14,400 10,092 3 4 2 1 ew 1 3 4 2 OA AWE4/Vespucci 10x8,400‐9,400 8,781 2 3 1 4 ew 1 2 4 3 OA AWE7/GME 9x4,200‐4,500 4,281 4 3 2 1 1 2 3 THE EC1/EC3 (winter) 11x8,100‐9,500 8,817 6 7 4 5 8 3/9 2 1/10 ew w 2 1 3 4 THE EC2 10x9,900‐10,100 10,009 3 4 2 1/5 ew 4 5 3 1 2 Zim/2M TP‐10/Amberjack/ZCP 12x5,000‐11,000 10,167 (inc. 2 ships of 5,000 teu running in tamdem) 5 4 2 3 1/6 ew 3 1 2 4 2M/Zim TP‐18/Lone Star/ZGC 10 x 6,400‐7,000 6,707 2 3 1/4 w 5 1 3 2 4 2M/Zim TP‐88/Pelican/ZGX 10 x 4,100‐5,000 4,604 3 2 1/4 w w 1 2 3 Round the World (RTW) Services via Panama Canal (Headhaul) & Suez Canal (Backhaul) OA AWE5/SAX 11x13,000‐13,800 13,284 1 2 3 4 5 e 2 3 1 OA AWE6/PEX3 12x6,300‐8,500 7,933 1 2 3 4 5 6 7 1 2 4 3 5 2M/Zim TP‐12/Empire/ZBA 11x8,600‐11,000 10,359 1 2 3 4 5 6 e e 321/4 2M/Zim TP‐16/Emerald/ZSA 11x8,400‐9,600 8,687 1 4 3 2 5 6 e 1 3 2 4 Pendulum Services via Suez Canal OA AWE3/Columbus 18x9,300‐11,300 10,002 3(2) 4(1) (3) (4) 2(5) 1 w 4 5 3 2 1 THE EC4 12x8,200‐14,100 13,076 1/6 5 3 4 2 34 2 1/5 THE EC5 11x5,600‐7,500 6,515 1/4 2 3 e w 4 3 5 2 1/6 2M/ZimTP‐17/America/Z7S11x8,400‐9,9008,802 71 62534 54321 2M/Zim TP‐11/Elephant/ZNF 11x6,600‐9,900 7,368 3 1/4 2 ww 4 3 2 1 Sequence of port calls indicated for Far East and East Coast North America port range as well as wayports (Numbers in brackets denote westbound calls) only. Total no. of weekly calls at each port (incl. double calls) 10 4 2 1377912478111414121245531234432331392921423 All information above is given as guidance only and in good faith without guarantee © Alphaliner

Carrier Financial Performance

Currency 1Q 18 2Q 18 3Q 18 4Q18 FY 2018 1Q 19 2Q19 3Q19 Currency 1Q 18 2Q 18 3Q 18 4Q18 FY 2018 1Q 19 2Q19 3Q 19 Currency 1Q 18 2Q 18 3Q 18 4Q18 FY 2018 1Q 19 2Q 19 3Q 19 Maersk Group incl. Ocean/Logistics/Terminals/Manufacturing Evergreen Marine Corp. (not consolidated for Evergreen Group) Ocean Network Express (Operating since April 2018) Revenue US$ m 9,305 9,568 10,149 10,235 39,257 9,540 9,627 10,055 Revenue TWD m 36,841 38,287 44,907 49,201 169,237 45,697 47,112 49,856 Revenue US$ m 2,066 2,963 3,025 2,826 2,875 3,109 EBITDA 931 1,162 1,456 1,449 4,998 1,236 1,357 1,656 EBITDA 1,119 366 3,837 3,750 9,071 6,367 6,068 6,738 EBITDA n.a. n.a. n.a. n.a. n.a. n.a. EBITDA Margin % 10.0% 12.1% 14.3% 14.2% 12.7% 13.0% 14.1% 16.5% EBITDA Margin % 3.0% 1.0% 8.5% 7.6% 5.4% 13.9% 12.9% 13.5% EBITDA Margin % n.a. n.a. n.a. n.a. n.a. n.a. EBIT 7 65 60 277 409 230 416 737 Core EBIT ‐855 ‐1,743 1,452 1,344 198 1,347 969 1,476 Core EBIT n.a. n.a. n.a. n.a. n.a. n.a. EBIT Margin % 0.1% 0.7% 0.6% 2.7% 1.0% 2.4% 4.3% 7.3% Core EBIT Margin % ‐2.3% ‐4.6% 3.2% 2.7% 0.1% 2.9% 2.1% 3.0% Core EBIT Margin % n.a. n.a. n.a. n.a. n.a. n.a. Net Profit ‐311 ‐153 ‐219 ‐72 ‐755 ‐104 154 520 Net Profit 137 ‐1,244 708 693 294 560 ‐355 136 Net Profit ‐120 ‐192 ‐179 ‐96 5 121 Ave. TEU Operated '000 4,197 4,123 4,030 4,040 4,097 4,061 4,115 4,171 Ave. TEU Operated '000 1,067 1,089 1,140 1,187 1,121 1,201 1,255 1,290 Ave. TEU Operated '000 1,538 1,558 1,532 1,531 1,522 1,538 1,559 Liftings in '000 TEU 6,441 6,798 6,668 6,706 26,613 6,301 6,894 6,810 Liftings in '000 TEU 1,466 n.a. n.a. n.a. n.a. 1,645 n.a. n.a. Liftings in '000 TEU n.a. n.a. n.a. n/a n.a. n.a. n.a. Ave. rate ($/TEU) 916 920 965 957 940 952 934 930 Ave. rate ($/TEU) n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.Ave. rate ($/TEU) n.a. n.a. n.a. n/a n.a. n.a. n.a.

CMA CGM (Shipping activities only excl. CEVA Logistics) Yang Ming COSCO Shg (incl OOCL from 7 Aug 2018, excl terminals) Revenue US$ m 5,411 5,703 6,062 6,300 23,476 5,743 5,971 5,886 Revenue TWD m 31,035 33,599 38,715 38,484 141,833 35,076 40,399 37,785 Revenue RMB m 20,603 21,765 35,709 36,682 114,759 33,454 35,453 37,953 EBITDA 219 209 388 341 1,157 635 808 870 EBITDA ‐442 ‐1,999 958 2,256 773 4,035 3,898 5,135 Gross Profit 1,243 677 2,513 3,398 7,831 3,217 3,130 3,597 EBITDA Margin % 4.0% 3.7% 6.4% 5.4% 4.9% 11.1% 13.5% 14.8% EBITDA Margin % ‐1.4% ‐5.9% 2.5% 5.9% 0.5% 11.5% 9.6% 13.6% Gross Profit Margin % 6.0% 3.1% 7.0% 9.3% 6.8% 9.6% 8.8% 9.5% Core EBIT 86 75 252 195 608 129 267 320 Core EBIT ‐2,008 ‐3,581 ‐677 532 ‐5,734 79 ‐304 750 EBIT 2,143 1,824 Core EBIT Margin % 1.6% 1.3% 4.2% 3.1% 2.6% 2.2% 4.5% 5.4% Core EBIT Margin % ‐6.5% ‐10.7% ‐1.7% 1.4% ‐4.0% 0.2% ‐0.8% 2.0% EBIT Margin 6.0% 4.8% Net Profit ‐77 23 103 ‐15 34 ‐22 ‐68 90 Net Profit ‐1,950 ‐3,815 ‐910 83 ‐6,591 ‐682 ‐1,265 ‐1,377 Net Profit 1,383 809 Ave. TEU Operated '000 2,522 2,548 2,637 2,659 2,592 2,635 2,672 2,714 Ave. TEU Operated '000 594 642 638 631 626 643 659 644 Ave. TEU Operated '000 1,838 1,954 2,546 2,804 2,286 2,781 2,838 2,918 Liftings in '000 TEU 4,949 5,187 5,260 5,321 20,717 5,165 5,515 5,528 Liftings in '000 TEU 1,224 1,288 1,406 1,314 5,232 1,290 1,350 1,440 Liftings in '000 TEU 4,124 5,166 6,733 5,769 21,792 5,882 6,578 6,643 Ave. Rev ($/TEU) 1,093 1,099 1,153 1,184 1,133 1,112 1,083 1,065 Ave. rate ($/TEU) 865 876 898 950 898 882 962 842 Ave. rate ($/TEU) 706 653 723 782 730 762 Currency 1H 2018 2H 2018 FY 2018 1H 2019 Hapag‐Lloyd (incl. UASC from 24 May 2017) Wan Hai OOCL; included in COSCO Shg from 7 Aug 2018 Revenue Euro m 2,620 2,812 3,036 3,087 11,554 3,063 3,175 3,244 Revenue TWD m 14,918 15,939 17,328 18,593 66,779 17,295 18,382 18,397 Revenue US$ m3,102 3,445 6,547 3,298 EBITDA 216 211 385 324 1,138 489 467 554 EBITDA 1,237 1,164 1,307 1,592 5,300 2,242 1,825 2,060 EBITDA205 391 596 364 EBITDA Margin % 8.3% 7.5% 12.7% 10.5% 9.8% 16.0% 14.7% 17.1% EBITDA Margin % 8.3% 7.3% 7.5% 8.6% 7.9% 13.0% 9.9% 11.2% EBITDA Margin %6.6% 11.3% 9.1% 11.0% Core EBIT 51 40 209 142 430 214 176 253 Core EBIT 175 124 282 548 1,130 946 498 693 Core EBIT‐3 213 210 153 Core EBIT Margin % 1.9% 1.4% 6.9% 4.6% 3.7% 7.0% 5.5% 7.8% Core EBIT Margin % 1.2% 0.8% 1.6% 2.9% 1.7% 5.5% 2.7% 3.8% Core EBIT Margin %‐0.1% 6.2% 3.2% 4.6% Net Profit ‐38‐7011232379246149Net Profit 144 262 431 281 1,118 1,042 698 651 Net Profit‐77 132 55 64 Ave. TEU Operated '000 1,545 1,595 1,592 1,611 1,586 1,658 1,686 1,689 Ave. TEU Operated '000 244 252 254 256 252 243 262 267 Ave. TEU Operated '000 697 690 incl. in COSCO Liftings in '000 TEU 2,861 2,987 3,052 2,974 11,874 2,929 3,038 3,045 Liftings in '000 TEU 973 1,068 1,091 1,128 4,260 1,041 1,106 1,127 Liftings in '000 TEU 1,580 1,692 1,710 1,716 6,697 1,606 1,769 1,781 Ave. rate ($/TEU) 1,029 1,010 1,055 1,079 1,044 1,079 1,063 1,084 Ave. rate ($/TEU) 523 501 518 534 519 539 534 524 Ave. rate ($/TEU) 873 865 910 913 890 909 886 924

Zim HMM (container segment only, excl. terminals. Net Proft for Group) PIL (incl container manufacturing activities of Singamas) Revenue US$ m 751 803 841 853 3,248 796 834 842 Revenue KRW Bn 972 1,089 1,280 1,272 4,613 1,165 1,242 1,253 Revenue US$ m 2,244 EBITDA 28 24 50 49 151 69 94 107 EBITDA ‐134 ‐158 ‐87 ‐32 ‐412 ‐8 ‐8 n.a. EBITDA 79 EBITDA Margin % 3.7% 3.0% 5.9% 5.8% 4.6% 8.7% 11.3% 12.7% EBITDA Margin % ‐13.8% ‐14.5% ‐6.8% ‐2.5% ‐8.9% ‐0.7% ‐0.6% n.a. EBITDA Margin % 3.5% Core EBIT 0 ‐3 22 21 39 22 39 41 Core EBIT ‐152 ‐178 ‐110 ‐56 ‐496 ‐96 ‐101 ‐72 Core EBIT ‐43 Core EBIT Margin % 0.0% ‐0.4% 2.6% 2.4% 1.2% 2.8% 4.6% 4.8% Core EBIT Margin % ‐15.6% ‐16.4% ‐8.6% ‐4.4% ‐10.8% ‐8.2% ‐8.1% ‐5.7% Core EBIT Margin % ‐1.9% Net Profit ‐36 ‐35 ‐8 ‐47 ‐126 ‐25 4 4 Net Profit (Group) ‐176 ‐225 ‐167 ‐223 ‐791 ‐178 ‐190 ‐124 Net Profit ‐141 Ave. TEU Operated '000 372 377 414 348 378 326 308 289 Ave. TEU Operated '000 343 371 410 412 411 424 433 418 Ave. TEU Operated '000 392 416 417 420 411 416 401 392 Liftings in '000 TEU 698 772 730 714 2,914 668 731 725 Liftings in '000 TEU 981 1,154 1,182 1,142 4,459 1,087 1,159 1,073 Liftings in '000 TEU n/a n/a n/a n/a n/a n/a n/a n/a Ave. rate ($/TEU) 938 907 1,006 1,045 973 1,019 993 1,009 Ave. rate ($/TEU) 924 873 966 988 940 952 919 978 Ave. rate ($/TEU) n/a n/a n/a n/a n/a n/a n/a n/a

Carriers’ Share Price and Liner Equies Index

Alphaliner Liner Index Maersk B Hapag- Lloyd HMM OOIL CS Hldgs. SITC EMC YM WHL NYK MOL KL Matson RCL Samudera 180 Ticker MAERSKB:CO HLAG.DE 011200.KS 0316.HK 1919.HK 1308.HK 2603.TT 2609.TT 2615 . T T 9 10 1. J P 9 10 4 . J P 9 10 7 . J P M A T X : U S R C L : T B S A M U . S P 1 Jan 2013 = 100 160 17 Jan 2020 = 129 Currency DKK€ KRWHKDHKDHKDTWDTWDTWDJPYJPYJPYUS$THBS$ Share Price (17 Jan 2020) 8,642 76.70 3,745 38.40 3.18 9.95 13.00 7.25 18.20 1,924 2,947 1,663 40.07 3.30 0.153 140 Share Price (17 Jan 2019) 8,734 23.26 3,810 53.70 3.17 6.88 12.00 8.75 15.60 1,782 2,516 1,437 33.60 4.70 0.19 52 week change ‐1.1% 229.8% ‐1.7% ‐28.5% 0.3% 44.6% 8.3% ‐17.1% 16.7% 8.0% 17.1% 15.7% 19.3% ‐29.8% ‐18.2% 120 52 week low 6,716 21.66 2,640 26.56 2.63 6.43 11.52 6.90 15.55 1,542 2,234 1,032 31.66 3.26 0.135 100 52 week high 1,056,000 82.00 4,595 45.27 3.97 10.00 14.60 9.29 23.40 2,066 3,155 1,981 42.16 5.25 0.195 Market Cap (Local $ M) 175,199 13,481 1, 18 5 , 4 8 8 24,030 61,913 26,638 62,569 16,842 40,373 327,186 355,493 156,219 1,718 2,735 82 80 Market Cap (US$ M) 26,00914,9551,0213,0947,9703,4292,0895621,3487841,7189061 60 Price‐to‐Book (mrq) 0.93 2.01 1.68 0.65 1.17 3.25 0.88 1.17 1.13 0.69 0.69 1.34 2.15 0.36 0.33 P/E Ratio (ttm) 380.99 42.28 loss 13.00 15.41 15.85 60.46 loss 15.21 loss 7.53 loss 14.68 loss 9.70 2013 2014 2015 2016 2017 2018 2019 2020 P/E Ratio (FY 2019 est) 34.87 44.62 loss 6.07 11.02 15.25 53.50 loss 12.77 13.32 8.71 17.40 20.76 na na Maersk B (DKK) OOIL (HKD) EMC (TWD) NYK (JPY) Matson (US$) 18,000 90 30 5,000 60 16,000 80 25 50 14,000 70 4,000 12,000 60 20 40 3,000 10,000 50 15 30 8,000 40 2,000 6,000 30 10 20 4,000 20 5 1,000 10 2,000 10 0 0 0 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020

Hapag‐Lloyd (€) COSCO Shg. Holdings (HKD) YM (TWD) MOL (JPY) RCL (THB) 90 10.00 50 5,000 18 80 16 70 8.00 40 4,000 14 60 12 6.00 30 3,000 50 10 40 8 4.00 20 2,000 30 6 20 2.00 10 1,000 4 10 2 0 0.00 0 0 0 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020

HMM (KRW) SITC (HKD) WHL (TWD) KL (JPY) Samudera (S$) 12.00 45 5,000 0.40 140,000 40 0.35 120,000 10.00 4,000 35 0.30 100,000 8.00 30 3,000 0.25 25 80,000 6.00 0.20 20 60,000 2,000 0.15 4.00 15 40,000 10 0.10 2.00 1,000 20,000 5 0.05 0 0.00 0 0 0.00 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020 2013 2014 2015 2016 2017 2018 2019 2020