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FLEETING STRENGTH Ranking Leading Industry Carriers
Dynamar B.V.’s biennial study on the breakbulk industry is an exhaustive analysis of breakbulk, heavy-lift and project vessel operators and services. First in Issue 4 and now here, Breakbulk offers exclusive content from Breakbulk IV – Operators, Fleets, Markets, the latest edition of the study. This issue features a market outlook and a ranking of leading breakbulk operators, written by Dirk Visser, author and managing editor for Dynamar.
T
he deadweight of all ships operated by the 25 largest breakbulk operators in Dynamar’s rankings represents 31 percent of the total deadweight of the world fleet of similar ships and 16 percent in terms of the number of vessels. Those shares are higher for their order books, standing at more than 29 percent and 27 percent, respectively. Because of their large open-hatch cargo ships, or OHCS, forest products carrier Gearbulk (first), Saga-Welco – the result of a merger between Saga42 BREAKBULK MAGAZINE www.breakbulk.com
Forest and Westfal-Larsen – (second) and Grieg Star (fourth) are among the top spots in this breakbulk ranking. Two smaller operators are using OHCS as well: GMB Maritime (20th) and Westwood (25th). Completing the top five are, at third, Coscol, or COSCO Shipping Co. Ltd., part of China COSCO Shipping Corp. (COSCOCS) Ltd., the result of the recent merger of China Shipping and COSCO; and, at fifth, BBC Chartering of Leer, Germany, part of the privately owned Briese group of companies. Although the Chinese no longer use older, conventional liner vessels, their
much younger ships are quite a bit larger (averaging 25,900 deadweight tons) than those of the Germans (11,700 dwt). On the other hand, the latter’s vessels have an almost 40 percent higher-thanaverage heavy-lift capability. Three years ago, the average year of build of Coscol’s ships was 1996, compared with 2007 today; BBC’s fleet was built in 2008 on average. Other carriers in the ranking operating in more or less the same semi-liner segment as Coscol include: • Chipolbrok (eighth), plying the Europe-Middle East-Indian Subcontinent-Far East routes. • Rickmers-Linie (13th), with its eastbound Pearl String round-the-world operation. Typical multipurpose liner operators with (predominantly) scheduled services comprise: • AAL (11th), Far East-Australia and North America West Coast. • Atlantic Ro-Ro Carriers, or ARRC, (23rd), transatlantic. • Ethiopian Shipping Lines, or ESLSE (19th), East Africa-Red Sea-Middle EastFar East routes. • GMB Maritime (20th), EuropeMiddle East. • MACS (11th), North Europe and U.S. Gulf-South Africa. • PIL, or Pacific International Lines, (17th), Far East-West Africa. ISSUE 5 / 2016
TOP 15 BREAKBULK CARRIERS
Multipurpose ships (including open hatch units) of more than 5,000 dwt, ranked by deadweight capacity and including heavy-lift capability (as of February 2016).
BREAKBULK OPERATOR 1 Gearbulk Pool 2 Saga-Welco 3 Coscol 4 Grieg Star 5 BBC Chartering 6 Thorco 7 Spliethoff 8 Chipolbrok 9 AAL 10 Swire Shipping 11 MACS 12 Pacific Carriers 13 Rickmers Linie 14 King Ship HK 15 Intermarine TOTAL
TOTAL FLEET BY VESSEL TYPE General Cargo Ships Open Hatch Cargo Ships TOTAL Share Top 15
EXISTING FLEET Ships
Total dwt
54 52 58 30 120 71 49 23 19 16 12 14 12 11 32 573
2,924,000 2,573,000 1,501,000 1,437,000 1,400,000 965,000 786,000 656,000 512,000 404,000 395,000 361,000 357,000 355,000 340,000 14,966,000
ON ORDER
Total HL Avg. age 2,200 2,800 15,100 2,600 44,200 9,300 8,700 11,300 10,600 1,200 1,600 1,400 6,200 1,500 14,300 133,000
2002 2002 2007 2004 2008 2009 2002 2004 2012 2005 2005 2006 2005 1996 2007 2006
Ships
Total dwt
2 2 9 6 2 3 - 21 45
108,000 104,000 276,000 83,000 34,000 96,000 - 267,000 968,000
EXISTING FLEET Ships 3,982 297 4,279 13.4%
Total dwt 42,655,000 13,104,000 55,760,000 26.8%
Total HL
Avg. age
Dwt share
2016 2017 2016 2016 2017 2016 - 2016 2016
3.7% 4.0% 18.4% 5.9% 3.5% 14.6% - 78.5% 6.5%
100 100 4,800 4,200 200 2,100 - 14,500 26,000
HL RANK 13 11 2 12 1 7 8 5 6 20 16 19 9 18 3
ON ORDER Avg. Age 1998 2001 1999 -
Ships 201 25 226 19.9%
Total dwt 2,768,000 1,182,000 3,951,000 24.5%
Avg. Age 2016 2017 2016 -
Share 6.5% 9.0% 7.1% -
Source: Breakbulk IV - Operators, Fleets, Markets, Dynamar B.V., June 2016, www.dynamar.com
• Swire Shipping, the brand of CNCo, (10th), Far East-Australia-South Pacific. The number of Asian breakbulk operators in the ranking continues to increase. In addition to the aforementioned: • Pacific Carriers (12th), operates two commodity-focused Southeast Asia-U.S. Gulf lines using identical ships. • The breakbulk part of NYK Bulk & Projects (22th), and Eastern Car Liner, or ECL (25th), jointly represent the Japanese breakbulk/projects contribution with their rather complimentary semiliner services portfolios. • King Ship of Hong Kong (14th), and Shanghai-based Hong Union (18th), which focus on the Far East-Middle East route, and operate general cargo ships including King Ship’s four 38,000 dwt newbuilds, and Hong Union’s somewhat older 41,000 dwt vessels. In the tramping segment is BBC (fifth), Danish Thorco (sixth), 44 BREAKBULK MAGAZINE www.breakbulk.com
Amsterdam-based Spliethoff (seventh), Intermarine (15th), Hamburg-based Hansa Heavy Lift (16th) and, new in the ranking, Nordana of Denmark (21st). AAL is also active in the tramping sector, while most of the trampers also offer semi-liner services. The fleets of these companies comprise generally young, somewhat smaller multipurpose/project/heavylift vessels with higher-than-average crane capabilities. These fleets average eight years, 13,700 dwt, and 320 tons of heavy-lift capacity. They also account for most of the ships on order: 42 units or 75 percent of all top 25 vessels and 541,000 tons or 49 percent of deadweight. Two operators stand out for the size of their order book: Intermarine USA with 21 units, constituting a 79 percent deadweight share of their existing fleet; and Nordana with 11 units and 63 percent deadweight, respectively.
HEAVY-LIFT CAPACITY
BBC is the undisputed No. 1 breakbulk carrier by aggregate heavy-lift capability, followed by Coscol, Intermarine, Hansa Heavy Lift and Chipolbrok. While the OHCS operators with their high deadweight ships and relatively low onboard crane capacities may now have been relegated to lower positions, they still rank 11th to 13th. There is another way of looking at the above ranking, undoing the effect of the deadweight size of ships: by average heavy-lift capability. Through that ranking, Hansa Heavy Lift would be in the lead with an average heavy-lift capability per ship of 740 tons, followed by AAL (2/560 tons), Rickmers-Linie (3/520 tons), Chipolbrok (4/490 tons) and Intermarine (5/450 tons). Then OHCS operators would be at the bottom of the ranking. Finally, a ranking could be drawn by average year of build. In that case, AAL comes out as the No. 1 with an average ISSUE 5 / 2016
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TOP 10 HEAVY LOAD SPECIALISTS
100+ TON HEAVY-LIFT ORDER BOOK |
By deadweight capacity – vessels more than 5,000 dwt as of February 2016.
EXISTING FLEET RANK
1 Dockwise 2 Zhen Hua 3 BigLift 4 ZPMC-Red Box 5 OHT 6 CoscoHT 7 SAL 8 Jumbo Shipping 9 TPI Mega Line 10 Combi-Lift TOP 10
TOTAL FLEET BY VESSEL TYPE Barge Carriers Heavy Load Carriers Open Deck Ships Semi-Submersibles Worldfleet Heavy Load Share Top 10
Ships 23 22 15 5 5 5 16 13 5 5 114
Total dwt 1,082,000 915,000 215,000 214,000 207,000 175,000 169,000 143,000 113,000 66,000 3,299,000
ON ORDER
Total HL 0 0 13,600 2,010 0 0 16,600 18,200 0 1,400 53,420
Avg. age 1995 1986 2004 2015 1987 2008 2005 2004 2010 2005 1999
Ships 1 2 3
Total dwt 24,500 138,000 162,500
EXISTING FLEET Ships 2 45 41 61 149 77%
Total HL 0 0 0
Avg. age 2016 2016 2016
Dwt share 11.4% 78.9% 4.9%
ON ORDER
Total dwt 53,000 552,000 1,118,000 2,191,000 3,915,000 84%
Avg. Age 1998 2005 2000 1999 2001 -
Ships 2 6 5 13 23%
Total dwt 30,000 123,000 178,000 331,000 49%
Avg. Age 2017 2016 2016 2016 -
Share 5.4% 11.0% 8.1% 8.5% -
RANK LARGEST BB OPERATORS HL BY HEAVY LIFT CAPABILITY 1 Intermarine LLC 2 Nordana P&C 3 Coscol 4 BBC 5 Chipolbrok 6 Thorco 25 LARGEST BB BY HL (ORDER)
FLEET ON ORDER Ships 21 11 9 6 3 2 52
Conventional roll-on, roll-off ships of more than 5,000 dwt, by deadweight capacity, as of February 2016, (excluding vehicle carriers)
EXISTING FLEET OPERATOR
1 Grimaldi (incl. ACL) 2 NYKBPC 3 WWL 4 Messina 5 Bahri (NSCSA) 6 ECL 7 CMA CGM 8 Murmansk Shipping 9 Atlantic Ro-Ro 10 Kyowa Shipping TOP 10
TOTAL FLEET BY VESSEL TYPE Ro/Ro Gen. Cargo Ships Ro/Ro Cargo Ships Ro/Ro Multipurpose Ships Ro/Ro Container Ships Worldfleet Ro/Ro Share Top 10
Ships 37 19 9 10 6 8 4 3 3 5 104
Total dwt 1,082,000 414,000 376,000 375,000 156,000 92,000 62,000 56,000 55,000 50,000 2,718,000
HL Cap 1,200 2,970 0 50 1,440 810 40 210 110 210 7,040
ON ORDER
Ramp 8,800 50 3,840 3,200 1,500 290 470 140 140 120 18,550
Avg. age 2005 2007 2005 2008 2013 2000 1995 1988 1992 2001 2004
Ships 4 4
Total dwt 227,000 227,000
EXISTING FLEET Ships 20 325 123 10 478 21.8%
Total dwt 250,000 3,413,000 2,446,000 368,000 6,478,000 42.0%
HL Cap 0 0
Ramp 1,680 0
Avg. age 2016 2016
Share 21.0% 8.4%
ON ORDER
Avg. age 1985 1995 2001 1980 1995 -
Ships 11 6 17 23.5%
Total dwt 117,000 280,000 397,000 57.2%
Avg. age 2017 2016 2016 -
Share 3.4% 75.9% 6.1% -
age of four years (2012-built) for the 19 ships it has operated since February. Following AAL are PIL (2012, but a smaller number of ships), Hansa Heavy Lift (2010) and Thorco and GMB Maritime (both 2009), with Thorco deploying the larger fleet. King Ship and Hong Union are the two only carriers to operate ships built (on average) before the present millennium, with the latter averaging 1995 as the year of build on its seven ships. Over the last few years, the Top 25 breakbulk order book has come down considerably, as such reflecting the change of breakbulk fortunes following the 2007-2008 hey days. YR. SHIPS ‘10 ‘13 ‘16
205 56 61
DEADWEIGHT
SHARE
4.6 million 1.5 million 1.2 million
34.0 percent 9.9 percent 6.6 percent
The 52-vessel order book of just six carriers – BBC, Chipolbrok, Coscol,
Intermarine is the breakbulk operator with the largest order book by far, with 21 units with a total heavy-lift capability of 14,500 tons. Credit: Intermarine
Source: Breakbulk IV - Operators, Fleets, Markets, Dynamar B.V., June 2016, www.dynamar.com www.breakbulk.com
BREAKBULK MAGAZINE 45
Total dwt 267,000 133,000 276,000 83,000 96,000 34,000 889,000
Avg. dwt 12,700 12,100 30,700 13,900 32,000 17,000 17,100
SHIPS BY HEAVY-LIFT CATEGORY >100 3 2 5
>250 >500 11 11 6 2 3 0 33
>750 10 4 14
>1000 0
>100 SHIPS
>100 HL
>100 AVG. HL
21 14,500 11 5,500 9 4,800 6 4,200 3 1,920 2 200 52 31,120
690 500 530 700 640 100 600
Source: Breakbulk IV - Operators, Fleets, Markets, Dynamar B.V., June 2016, www.dynamar.com
HEAVY-LIFT ORDER BOOK TOP 10 RO-RO OPERATORS
Top 6 carriers by vessel count
46 BREAKBULK MAGAZINE www.breakbulk.com
Intermarine, Nordana and Thorco – concerns only ships that are provided with a heavy-lift capability of a minimum of 100 tons. Intermarine is the breakbulk operator with the largest order book by far, with 21 units with a total heavy-lift capability of 14,500 tons, 690 tons on average: 11 ships with 500 tons each and 10 of 900 tons. A carrier lower (22nd) in the breakbulk rankings is Nordana Projects & Chartering. Four of the ships of its substantial order book have already been delivered, but another 16 are yet to come, forming a share of 77 percent of its existing fleet by deadweight. These 16 vessels have lifting capabilities of 170 tons (five ships) or 500 tons (11 vessels) and are for delivery in 2016-2017. Despite the company’s ambitions, there is little doubt that it will, over the same period, redeliver most if not all of its currently operated chartered ships, 14 in total. Other well-known breakbulk operators among those ordering new ships
are Coscol (including six with 700 tons lifting capacity); BBC (two of 500 tons and four of 800 tons); Chipolbrok (the remaining three of a larger order, with 640-ton on board cranes); and Thorco with two 100-ton units. All other orders are for ships with crane capacities of less than 100 tons. Seventeen of the 25 largest breakbulk operators have no order book. Although in part the absence of newbuilding orders will be due to adverse breakbulk markets, quite a number of these operators rely upon the charter market for their vessel needs anyway. This excludes the OHCS operators. Most of these embarked on an OHJC newbuilding program a few years ago which is now on the verge of completion. BB Dynamar’s report provides an overview of important breakbulk and project shipping markets, sorted by major cargo segment, complemented by the main trade areas (destinations), with notes on developments, expectations, facts, findings, options and trends relevant to each cargo segment. The full publication, Breakbulk IV – Operators, Fleets, Markets, is available from Dynamar at www.dynamar.com/publications/159. Dirk Visser, senior shipping consultant and managing editor of Dynamar BV – Shipping Information and Consultancy, is a 30-year veteran of the liner shipping and forwarding industry in the Netherlands. Since 1999 he has been responsible for the publications and consultancy sections of Dynamar, including the DynaLiners portfolio of news and commentary, and Dynamar’s biennial flagship breakbulk publication. ISSUE 5 / 2016