Market Information
Market Information 1. Dry Bulk Carriers ①Dry Bulker Markets ②Drybulkers Port Congestion ③Chinese Port Stock Pile of Imported Iron Ore
1 2 2
2. Tankers ①VLCC Market ②Product Tanker Market
3 3
①Export Volumes of Automobile from Japan
4
3. Car Carriers
4. Container Cargo Trades ①China Containerized Freight Index ②World Total Containership Capacity ③Cargo Movements: North America Outbound ④Cargo Movements: North America Inbound ⑤Cargo Movements: Europe-Asia Outbound ⑥Cargo Movements: Europe-Asia Inbound ⑦North America Outbound Supply-Demand Transition ⑧North America Inbound Supply-Demand Transition ⑨Europe Outbound Supply-Demand Transition ⑩Europe Inbound Supply-Demand Transition
4 4 5 5 6 6 7 7 8 8
5. Exchange Rate / Bunker Price ①Exchange Rate ②Bunker Price
9 9
May 2011
Mitsui O.S.K. Lines, Ltd.
1. Dry Bulk Carriers ① Dry Bulker Markets [4TC Charterage (monthly averages)] 4TC：Pacific Round、Pacific Atlantic、Atlantic Round、Atlantic Pacific
220,000
(BDI)
(Charte rage US$/day)
201,136 10,844
Cape siz e (165,000DWT)
200,000
Panamax (72,000DWT)
180,000
12,000
10,000
Handymax (55,000DWT)
160,000
Small Handy (28,000DWT)
140,000
BDI (Baltic Dry Inde x)
8,000
120,000
6,000
100,000 80,000
4,000
60,000 40,000
2,000
743
20,000 0 Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
1,343
3,995 Jan-09
Jan-08
Charterage per day (US$/day) Upper row: Average of Calendar year (Jan.-Dec.) / Lower row: Average of fiscal year (Apr.-M ar.)
2001
Capesize Panamax Handymax Small Handy BDI
2002
2003
2004
2005
2006
7,665
Jan-10
0
Jan-11
S ource : Tramp Data S ervice
2007
2008
2009
2010
13,090
12,056
40,615
69,236
50,277
45,320
116,565
105,391
42,464
33,345
10,912
15,580
55,039
66,277
41,423
55,638
126,944
81,867
45,203
26,894
9,444
8,281
20,408
35,815
24,782
23,858
56,854
48,653
19,279
25,070
8,234
9,787
27,747
34,309
19,815
28,725
62,404
36,473
24,178
21,336
8,911
8,210
16,887
30,915
24,053
22,661
47,518
41,233
17,353
22,484
8,050
9,288
23,089
29,834
20,191
26,435
52,231
31,337
20,927
19,783
6,476
6,038
10,404
21,449
17,982
16,739
33,335
29,182
11,542
16,519
6,161
6,442
14,465
21,426
15,166
19,271
36,408
22,350
14,096
14,785
1,215
1,144
2,634
4,521
3,380
3,188
7,090
6,346
2,613
2,761
1,083
1,332
3,517
4,346
2,846
3,745
7,767
4,894
2,978
2,346
[4TC Charterage (daily)] 80,000
(B DI)
(C h arte rage US $/day) C ape s i z e Pan am ax H an dym ax S m al l H an dy B DI
60,000
5,000
4,000
3,000 40,000 2,000
20,000 1,000
0 Jan -10
0 Apr-10
Ju l -10
O ct-10
Jan -11
Apr-11
Charterage per day (US$/day) , Calendar Year, M onthly A verage
Capesize Panamax Handymax Small Handy BDI
M ar
S ource ： Bloomberg
Jan
Feb
A pr
2010
38,395
30,862
33,236
29,192
2011
10,217
5,874
8,991
7,665
2010
30,709
25,390
32,351
31,268
2011
13,816
13,392
16,440
12,811
2010
25,289
22,313
27,676
26,977
2011
14,231
12,591
16,047
15,013
2010
17,294
15,829
19,778
19,835
2011
11,137
9,777
11,140
11,834
2010
3,168
2,678
3,207
3,043
2011
1,401
1,181
1,493
1,343
M ay
Jun
Jul
48,550
38,113
15,858
34,766
26,844
31,526
A ug
Sep
Oct
Nov
27,749
35,430
42,516
35,633
Dec 25,162
33,391
18,047
22,956
24,069
18,779
18,282
17,550
25,084
24,985
18,719
19,944
20,620
19,217
15,931
16,764
22,497
21,405
18,910
14,697
15,092
15,743
14,430
11,985
12,117
16,426
3,865
3,088
1,910
2,432
2,719
2,693
2,321
2,031
2,763
BDI is calculated as an arithmetic average of the drybulker markets of the 4 different vessel types. Therefore, a fluctuation of BDI does not always coincide with those of the 4 drybulker markets.
1
A verage
② Drybulkers Port Congestion (Source: Howe Robinson)
(Number of Vessels)
200
Australian Loading Ports for Coal Brazilian Loading Ports for Iron O re
180
Australian Loading Ports for Iron O re Chinese Discharging Ports for Iron O re
160 140 120 100 80 60 40 20
③ Chinese Port Stock Pile of Imported Iron Ore (Source: Bloomberg) (million ton)
90 85 80 75 70 65 60 55
2
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
Mar-08
Jan-08
50
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
Mar-08
Jan-08
0
2. Tankers ① VLCC Market (Source: Drewry, RIM etc.) VLCC spot rate(AG/East)
Crude oil price(Dubai) 140
350
300
115.84
120
100
200
80
150
60
WS
US$/b
250
40
100 63 50
20
0
0
Average
Jan-2011
Jan-2010
Jan-2009
Jan-2008
Jan-2007
Jan-2006
Jan-2005
Jan-2004
Jan-2003
Jan-2002
Jan-2001
.
（ WS: World Scale) Upper row: Average of calendar year (Jan.-Dec.) / Lower row: Average of fiscal year (Apr.-Mar.)
2001 AG-Asia VLCC Freight
2002
66 51
2003
50 69
2004
93 94
2005
149 146
2006
101 100
2007
90 82
2008
79 90
2009
120 114
2010
40 49
69 63
AG:Arabian Gulf
Jan
2010 2011
Feb
97 50
M ar
76 61
Apr
76 63
M ay
88
Jun
72
Jul
90
Aug
57
Sept
50
Oct
47
Nov
47
Dec
66
59
② Product Tanker Market (Source: Drewry) WS 700 LR AG-JP 50-60,000 dwt 585
MR Spr.-East 25-30,000 dwt
600 463
500
407 400
414
346
406
403
437
395
371
300 213
283 200
260
159
208 196
158 100
157
117
122
00. 1 3 5 7 9 11 01. 1 3 5 7 9 11 02. 1 3 5 7 9 11 03. 1 3 5 7 9 11 04. 1 3 5 7 9 11 05. 1 3 5 7 9 11 06. 1 3 5 7 9 11 07. 1 3 5 7 9 11 08. 1 3 5 7 9 11 09. 1 3 5 7 9 11 10. 1 3 5 7 9 11 11. 1 3
0
Average
（ WS: World Scale) Upper row: Average of calendar year (Jan.-Dec.) / Lower row: Average of fiscal year (Apr.-Mar.)
2000 LR AG-JP 50-60,000 dwt MR Spr.-East 25-30,000 dwt
237 292 285 333
2001 249 183 287 224 Jan
LR AG-JP 50-60,000 dwt M R Spr.-East 25-30,000 dwt
2010 2011 2010 2011
151 119 145 139
2002 152 182 196 223 Feb
2003 218 214 265 267 Mar
2004
2005
251 259 307 318
276 269 366 368
Apr
May
2006 214 198 312 293 Jun
2007 181 185 274 269 Jul
2008 250 226 287 251 Aug
2009
2010
93 104 117 128 Sept
133 128 173 172 Oct
Nov
Dec
139
124
126
143
123
128
161
141
110
120
128
111 155 135
122 144
143
215
240
161
155
-
183
165
193
159
3
3. Car Carriers ① Export Volumes of Automobile from Japan (Source:Japan Automobile Manufactures Association) (Broken Line: yoy-change)
(Bar/Unit:1000 )
500
100% 80%
400
60% 40%
300
20% 0%
200
-20% -40%
100
-60% -80%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2011
* New vehicle (incl. KD)
3. Container Cargo Trades ① China Containerized Freight Index (Source:SSE) CCFI W/C America Service
CCFI E/C America Service
CCFI Europe Service
2,100 1,900 1,700 1,500 1,300 1,100 900 700
1998.1.1＝1,000
* CCFI reflects the freight rate trend for container exports from China only, which does not always match the overall trend for container exports from Asia. Therefore, this information is provided and updated only for reference purposes.
② World Total Containership Capacity （1,000TEU） 16,000 14,000
18%
under 3,999TEU 8,000～9,999TEU
4,000～5,999TEU over 10,000TEU
6,000～7,999TEU Growth
16%
12,000
14%
10,000
12%
8,000
10%
6,000
8%
4,000
6%
2,000
4%
0 '90
'91
'92
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
4
'03
'04
2% '05 '06 '07 '08 '09 '10 Source：World Register of Ship - HIS Fairplay
Calendar Year
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
500
③ Cargo Movements: North America Outbound (Asia→North America) 1,400
(Bar:1000TEU)
60% 50% 40%
1,200 1,000
30% 20% 10% 0% -10%
800 600 400
-20% -30% -40%
200
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2009 M onthly
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2010
Cumulative
950 722 835 876 911 898 994 1,036 1,045 1,085 982 935 11,268
2011
950 1,671 2,506 3,382 4,293 5,191 6,185 7,221 8,267 9,351 10,333 11,268
M onthly
995 907 918 992 1,101 1,145 1,174 1,255 1,173 1,196 1,111 995 12,963
Increase/ decrease
2011
Cumulative
4.8% 25.7% 10.0% 13.3% 20.8% 27.5% 18.1% 21.1% 12.2% 10.3% 13.1% 6.4%
995 1,903 2,821 3,813 4,914 6,059 7,232 8,488 9,660 10,857 11,967 12,963
Increase/ decrease
4.8% 13.8% 12.6% 12.7% 14.5% 16.7% 16.9% 17.5% 16.9% 16.1% 15.8% 15.0%
M onthly
Increase/ decrease
1,113 979
Cumulative
11.8% 7.9%
1,113 2,092
Increase/ decrease
11.8% 9.9%
2,092 Source：Piers JoC
④ Cargo Movements: North America Inbound (North America→Asia) 600
(Bar:1000TEU)
70% 60% 50% 40% 30% 20% 10% 0% -10% -20% -30%
500 400 300 200 100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2009 M onthly
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
377 411 514 507 534 517 512 527 503 520 516 536 5,973
2011
2010
Cumulative
377 788 1,302 1,809 2,343 2,860 3,372 3,899 4,402 4,922 5,437 5,973
M onthly
472 487 528 535 522 498 499 503 482 552 552 556 6,186
Increase/ decrease
25.3% 18.4% 2.7% 5.5% -2.2% -3.8% -2.5% -4.6% -4.2% 6.2% 7.0% 3.8%
2011
Cumulative
472 959 1,487 2,022 2,544 3,042 3,540 4,044 4,525 5,077 5,629 6,186
Increase/ decrease
25.3% 21.7% 14.2% 11.7% 8.6% 6.3% 5.0% 3.7% 2.8% 3.2% 3.5% 3.6%
M onthly
507 519
Increase/ decrease
7.3% 6.6%
Cumulative
507 1,026
Increase/ decrease
7.3% 7.0%
1,026 Source：Piers JoC
5
⑤ Cargo Movements: Europe-Asia Outbound (Asia→Europe) 1,400
(Broken Line:yoy-change)
(Bar:1000TEU)
60% 50% 40%
1,200 1,000
30% 20% 10% 0% -10% -20% -30% -40%
800 600 400 200
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2009 M onthly
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2010
Cumulative
1,018 618 955 878 933 955 993 1,068 1,052 953 971 1,099 11,493
2011
1,018 1,636 2,591 3,469 4,402 5,357 6,350 7,418 8,470 9,423 10,394 11,493
M onthly
1,116 943 1,077 1,121 1,158 1,155 1,215 1,241 1,123 1,094 1,102 1,181 13,524
Increase/ decrease
2011
Cumulative
9.6% 52.5% 12.7% 27.7% 24.2% 20.8% 22.4% 16.2% 6.7% 14.7% 13.6% 7.4%
1,116 2,059 3,135 4,257 5,415 6,569 7,784 9,025 10,147 11,241 12,343 13,524
Increase/ decrease
9.6% 25.8% 21.0% 22.7% 23.0% 22.6% 22.6% 21.7% 19.8% 19.3% 18.8% 17.7%
Increase/ decrease
M onthly
1,313 854 1,165
17.6% -9.4% 8.2%
1,313 2,167 3,332
Increase/ decrease
17.6% 5.3% 6.3%
3,332 Source：ELAA(October, 2008～)
⑥ Cargo Movements: Europe-Asia Inbound (Europe→Asia)
600
Cumulative
(Bar:1000TEU)
(Broken Line:yoy-change)
500 400 300
60% 50% 40% 30% 20% 10% 0% -10% -20% -30%
200 100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2009 M onthly
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
310 359 451 439 498 484 493 465 488 476 464 543 5,471
2011
2010
Cumulative
310 669 1,120 1,559 2,057 2,541 3,035 3,500 3,987 4,463 4,927 5,471
M onthly
417 452 508 476 483 470 467 447 447 448 464 460 5,538
Increase/ decrease
2011
Cumulative
34.4% 26.0% 12.7% 8.4% -3.1% -2.9% -5.4% -3.8% -8.4% -5.9% -0.1% -15.4%
417 869 1,377 1,853 2,336 2,806 3,273 3,720 4,167 4,614 5,078 5,538
Increase/ decrease
34.4% 29.9% 22.9% 18.9% 13.6% 10.4% 7.8% 6.3% 4.5% 3.4% 3.1% 1.2%
M onthly
451 450 540
Increase/ decrease
8.0% -0.7% 5.8%
Cumulative
451 901 1,441
Increase/ decrease
8.0% 3.7% 4.3%
1,441 Source：ELAA(October, 2008～)
6
⑦ North America Outbound Supply-Demand Transition [ Asia → North America ] (1000TEU)
-10%
18,000
Demand
Supply
Demand Supply 1000TEU yoy growth 1000TEU yoy growth
16,000 0% 14,000 10.4% 12,000
12.4%
13.7%
12.9%
11.6%
12.1%
13.9%
10,000
6,000 4,000
10%
18.0% 16,347
8,000 11,378
10,016 9,817 8,974
12,841 11,248
14,68514,080 12,792
16,655 14,644
16,537 25.0% 13,562
20% 15,631 13,819 30%
15,620 11,722
40% 2,000 0
50% 2002
2003
2004
2005
Annual Cargo Movement & Growth
Gap Ratio
2006
2007
2008
2009
*Gap Ratio = (Supply-Demand）/Supply(%)
2002 2003 2004 2005 2006 2007 2008 2009 2010
8,974 9,817 11,248 12,792 14,080 14,644 13,562 11,722 13,819
21.3% 9.4% 14.6% 13.7% 10.1% 4.0% -7.4% -13.6% 17.9%
10,016 11,378 12,841 14,685 16,347 16,655 16,537 15,620 15,631
6.5% 13.6% 12.9% 14.4% 11.3% 1.9% -0.7% -5.5% 0.1%
cf. Containership Demand Forecast byConsultants & Research Companies Drewry IHS Global Insight 2011e 8.8% 7.7% 2012e 12.0% 7.4% as of March 2011 Source： Drewry
IHS Global Insight as of January 2011
2010
(Calendar year)
Source: Drewry as of April 2011
⑧ North America Inbound Supply-Demand Transition [ North America → Asia ] 16,000
(1000TEU)
40% Demand
Supply
Demand Supply 1000TEU yoy growth 1000TEU yoy growth
14,000
46.5%
12,000
55.7%
56.2% 59.1% 12,239
6,000 10,622
2,000
8,108 3,951
50%
51.9%
52.5%
8,000
4,000
45%
49.4% 51.3%
10,000
13,758 60.9%
13,747
55% 12,925
13,547
60%
12,761
9,220
4,378
4,654
5,000
5,381
6,093
6,522
6,459
6,910 65%
0
70% 2002
2003
2004
2005
Annual Cargo Movement & Growth
Gap Ratio
2006
2007
2008
2009
*Gap Ratio = (Supply-Demand）/Supply(%)
2010
(Calendar year)
Source: Drewry as of April 2011
7
2002 2003 2004 2005 2006 2007 2008 2009 2010
3,951 4,378 4,654 5,000 5,381 6,093 6,522 6,459 6,910
8.1% 10.8% 6.3% 7.4% 7.6% 13.2% 7.0% -1.0% 7.0%
8,108 9,220 10,622 12,239 13,758 13,747 13,547 12,761 12,925
7.5% 13.7% 15.2% 15.2% 12.4% -0.1% -1.5% -5.8% 1.3%
⑨ Europe Outbound Supply-Demand Transition [ Asia → Europe ]
（1000TEU)
18,000
Demand
16,000
7.3%
Supply
11.3%
10.8%
-10%
Gap Ratio 7.9%
7.0%
14,000
10%
18.4%
21.2%
0%
20%
12,000
30%
10,000 8,000 10,870
6,000
9,229 8,554
4,000
9,643
12,635
14,519 13,373
14,613
17,125 13,495
11,276
14,089 13,588 11,502
40% 50% 60% 70%
2,000
80%
0 2004
2005
2006
2007
2008
*Gap Ratio = (Supply-Demand）/Supply(%)
2009
Annual Cargo Movement & Growth Demand Supply 1000TEU yoy growth 1000TEU yoy growth
2004 2005 2006 2007 2008 2009 2010
8,554 9,643 11,276 13,373 13,495 11,502 13,588
12.7% 16.9% 18.6% 0.9% -14.8% 18.1%
9,229 10,870 12,635 14,519 17,125 14,089 14,613
17.8% 16.2% 14.9% 17.9% -17.7% 3.7%
cf. Containership Demand Forecast byConsultants & Research Companies Drewry IHS Global Insight 2011e 6.9% 6.5% 2012e 11.0% 7.1% Source： Drewry as of March 2011 IHS Global Insight as of January 2011
2010 (Calendar year)
Source: Drewry as of April 2011
⑩ Europe Inbound Supply-Demand Transition [ Europe → Asia ]
（1000TEU)
20%
14,000
Demand
Supply
Demand Supply 1000TEU yoy growth 1000TEU yoy growth
Gap Ratio
12,000
30%
35.3% 10,000
42.0%
40% 47.8%
8,000
49.3% 53.3%
6,000 4,000
4,613
8,251 4,782
9,543 4,979
2,000
11,166 5,217
49.6% 50%
60.2% 10,794
7,131
13,159
11,127 5,605
5,471
5,235
60%
70%
0
80% 2004
2005
2006
Annual Cargo Movement & Growth
2007
2008
2009
*Gap Ratio = (Supply-Demand）/Supply(%)
2010
(Calendar year)
Source: Drewry as of April 2011
8
2004 2005 2006 2007 2008 2009 2010
4,613 4,782 4,979 5,217 5,235 5,471 5,605
3.7% 4.1% 4.8% 0.3% 4.5% 2.4%
7,131 8,251 9,543 11,166 13,159 10,794 11,127
15.7% 15.7% 17.0% 17.8% -18.0% 3.1%
5. Exchange Rate / Bunker Price ① Exchange Rate （Yen/US$） ¥120 ¥110 ¥100 ¥90 ¥80 ¥70 ¥60 2008/1
2008/4
2008/7
2008/10
2009/1
2009/4
2009/7
2009/10
2010/1
2010/4
2010/7 2010/10
2011/1
2011/4
② Bunker Price $800
*Price at Singapore (Grade:380CST)
($/MT)
$700 $600 $500 $400 $300 $200 $100 2008/1
2008/4
2008/7
2008/10
2009/1
2009/4
2009/7
2009/10
9
2010/1
2010/4
2010/7
2010/10
2011/1
2011/4
1 2 2
2. Tankers ①VLCC Market ②Product Tanker Market
3 3
①Export Volumes of Automobile from Japan
4
3. Car Carriers
4. Container Cargo Trades ①China Containerized Freight Index ②World Total Containership Capacity ③Cargo Movements: North America Outbound ④Cargo Movements: North America Inbound ⑤Cargo Movements: Europe-Asia Outbound ⑥Cargo Movements: Europe-Asia Inbound ⑦North America Outbound Supply-Demand Transition ⑧North America Inbound Supply-Demand Transition ⑨Europe Outbound Supply-Demand Transition ⑩Europe Inbound Supply-Demand Transition
4 4 5 5 6 6 7 7 8 8
5. Exchange Rate / Bunker Price ①Exchange Rate ②Bunker Price
9 9
May 2011
Mitsui O.S.K. Lines, Ltd.
1. Dry Bulk Carriers ① Dry Bulker Markets [4TC Charterage (monthly averages)] 4TC：Pacific Round、Pacific Atlantic、Atlantic Round、Atlantic Pacific
220,000
(BDI)
(Charte rage US$/day)
201,136 10,844
Cape siz e (165,000DWT)
200,000
Panamax (72,000DWT)
180,000
12,000
10,000
Handymax (55,000DWT)
160,000
Small Handy (28,000DWT)
140,000
BDI (Baltic Dry Inde x)
8,000
120,000
6,000
100,000 80,000
4,000
60,000 40,000
2,000
743
20,000 0 Jan-01
Jan-02
Jan-03
Jan-04
Jan-05
Jan-06
Jan-07
1,343
3,995 Jan-09
Jan-08
Charterage per day (US$/day) Upper row: Average of Calendar year (Jan.-Dec.) / Lower row: Average of fiscal year (Apr.-M ar.)
2001
Capesize Panamax Handymax Small Handy BDI
2002
2003
2004
2005
2006
7,665
Jan-10
0
Jan-11
S ource : Tramp Data S ervice
2007
2008
2009
2010
13,090
12,056
40,615
69,236
50,277
45,320
116,565
105,391
42,464
33,345
10,912
15,580
55,039
66,277
41,423
55,638
126,944
81,867
45,203
26,894
9,444
8,281
20,408
35,815
24,782
23,858
56,854
48,653
19,279
25,070
8,234
9,787
27,747
34,309
19,815
28,725
62,404
36,473
24,178
21,336
8,911
8,210
16,887
30,915
24,053
22,661
47,518
41,233
17,353
22,484
8,050
9,288
23,089
29,834
20,191
26,435
52,231
31,337
20,927
19,783
6,476
6,038
10,404
21,449
17,982
16,739
33,335
29,182
11,542
16,519
6,161
6,442
14,465
21,426
15,166
19,271
36,408
22,350
14,096
14,785
1,215
1,144
2,634
4,521
3,380
3,188
7,090
6,346
2,613
2,761
1,083
1,332
3,517
4,346
2,846
3,745
7,767
4,894
2,978
2,346
[4TC Charterage (daily)] 80,000
(B DI)
(C h arte rage US $/day) C ape s i z e Pan am ax H an dym ax S m al l H an dy B DI
60,000
5,000
4,000
3,000 40,000 2,000
20,000 1,000
0 Jan -10
0 Apr-10
Ju l -10
O ct-10
Jan -11
Apr-11
Charterage per day (US$/day) , Calendar Year, M onthly A verage
Capesize Panamax Handymax Small Handy BDI
M ar
S ource ： Bloomberg
Jan
Feb
A pr
2010
38,395
30,862
33,236
29,192
2011
10,217
5,874
8,991
7,665
2010
30,709
25,390
32,351
31,268
2011
13,816
13,392
16,440
12,811
2010
25,289
22,313
27,676
26,977
2011
14,231
12,591
16,047
15,013
2010
17,294
15,829
19,778
19,835
2011
11,137
9,777
11,140
11,834
2010
3,168
2,678
3,207
3,043
2011
1,401
1,181
1,493
1,343
M ay
Jun
Jul
48,550
38,113
15,858
34,766
26,844
31,526
A ug
Sep
Oct
Nov
27,749
35,430
42,516
35,633
Dec 25,162
33,391
18,047
22,956
24,069
18,779
18,282
17,550
25,084
24,985
18,719
19,944
20,620
19,217
15,931
16,764
22,497
21,405
18,910
14,697
15,092
15,743
14,430
11,985
12,117
16,426
3,865
3,088
1,910
2,432
2,719
2,693
2,321
2,031
2,763
BDI is calculated as an arithmetic average of the drybulker markets of the 4 different vessel types. Therefore, a fluctuation of BDI does not always coincide with those of the 4 drybulker markets.
1
A verage
② Drybulkers Port Congestion (Source: Howe Robinson)
(Number of Vessels)
200
Australian Loading Ports for Coal Brazilian Loading Ports for Iron O re
180
Australian Loading Ports for Iron O re Chinese Discharging Ports for Iron O re
160 140 120 100 80 60 40 20
③ Chinese Port Stock Pile of Imported Iron Ore (Source: Bloomberg) (million ton)
90 85 80 75 70 65 60 55
2
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
Mar-08
Jan-08
50
Mar-11
Jan-11
Nov-10
Sep-10
Jul-10
May-10
Mar-10
Jan-10
Nov-09
Sep-09
Jul-09
May-09
Mar-09
Jan-09
Nov-08
Sep-08
Jul-08
May-08
Mar-08
Jan-08
0
2. Tankers ① VLCC Market (Source: Drewry, RIM etc.) VLCC spot rate(AG/East)
Crude oil price(Dubai) 140
350
300
115.84
120
100
200
80
150
60
WS
US$/b
250
40
100 63 50
20
0
0
Average
Jan-2011
Jan-2010
Jan-2009
Jan-2008
Jan-2007
Jan-2006
Jan-2005
Jan-2004
Jan-2003
Jan-2002
Jan-2001
.
（ WS: World Scale) Upper row: Average of calendar year (Jan.-Dec.) / Lower row: Average of fiscal year (Apr.-Mar.)
2001 AG-Asia VLCC Freight
2002
66 51
2003
50 69
2004
93 94
2005
149 146
2006
101 100
2007
90 82
2008
79 90
2009
120 114
2010
40 49
69 63
AG:Arabian Gulf
Jan
2010 2011
Feb
97 50
M ar
76 61
Apr
76 63
M ay
88
Jun
72
Jul
90
Aug
57
Sept
50
Oct
47
Nov
47
Dec
66
59
② Product Tanker Market (Source: Drewry) WS 700 LR AG-JP 50-60,000 dwt 585
MR Spr.-East 25-30,000 dwt
600 463
500
407 400
414
346
406
403
437
395
371
300 213
283 200
260
159
208 196
158 100
157
117
122
00. 1 3 5 7 9 11 01. 1 3 5 7 9 11 02. 1 3 5 7 9 11 03. 1 3 5 7 9 11 04. 1 3 5 7 9 11 05. 1 3 5 7 9 11 06. 1 3 5 7 9 11 07. 1 3 5 7 9 11 08. 1 3 5 7 9 11 09. 1 3 5 7 9 11 10. 1 3 5 7 9 11 11. 1 3
0
Average
（ WS: World Scale) Upper row: Average of calendar year (Jan.-Dec.) / Lower row: Average of fiscal year (Apr.-Mar.)
2000 LR AG-JP 50-60,000 dwt MR Spr.-East 25-30,000 dwt
237 292 285 333
2001 249 183 287 224 Jan
LR AG-JP 50-60,000 dwt M R Spr.-East 25-30,000 dwt
2010 2011 2010 2011
151 119 145 139
2002 152 182 196 223 Feb
2003 218 214 265 267 Mar
2004
2005
251 259 307 318
276 269 366 368
Apr
May
2006 214 198 312 293 Jun
2007 181 185 274 269 Jul
2008 250 226 287 251 Aug
2009
2010
93 104 117 128 Sept
133 128 173 172 Oct
Nov
Dec
139
124
126
143
123
128
161
141
110
120
128
111 155 135
122 144
143
215
240
161
155
-
183
165
193
159
3
3. Car Carriers ① Export Volumes of Automobile from Japan (Source:Japan Automobile Manufactures Association) (Broken Line: yoy-change)
(Bar/Unit:1000 )
500
100% 80%
400
60% 40%
300
20% 0%
200
-20% -40%
100
-60% -80%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2011
* New vehicle (incl. KD)
3. Container Cargo Trades ① China Containerized Freight Index (Source:SSE) CCFI W/C America Service
CCFI E/C America Service
CCFI Europe Service
2,100 1,900 1,700 1,500 1,300 1,100 900 700
1998.1.1＝1,000
* CCFI reflects the freight rate trend for container exports from China only, which does not always match the overall trend for container exports from Asia. Therefore, this information is provided and updated only for reference purposes.
② World Total Containership Capacity （1,000TEU） 16,000 14,000
18%
under 3,999TEU 8,000～9,999TEU
4,000～5,999TEU over 10,000TEU
6,000～7,999TEU Growth
16%
12,000
14%
10,000
12%
8,000
10%
6,000
8%
4,000
6%
2,000
4%
0 '90
'91
'92
'93
'94
'95
'96
'97
'98
'99
'00
'01
'02
4
'03
'04
2% '05 '06 '07 '08 '09 '10 Source：World Register of Ship - HIS Fairplay
Calendar Year
Apr-11
Jan-11
Oct-10
Jul-10
Apr-10
Jan-10
Oct-09
Jul-09
Apr-09
Jan-09
Oct-08
Jul-08
Apr-08
Jan-08
500
③ Cargo Movements: North America Outbound (Asia→North America) 1,400
(Bar:1000TEU)
60% 50% 40%
1,200 1,000
30% 20% 10% 0% -10%
800 600 400
-20% -30% -40%
200
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2009 M onthly
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2010
Cumulative
950 722 835 876 911 898 994 1,036 1,045 1,085 982 935 11,268
2011
950 1,671 2,506 3,382 4,293 5,191 6,185 7,221 8,267 9,351 10,333 11,268
M onthly
995 907 918 992 1,101 1,145 1,174 1,255 1,173 1,196 1,111 995 12,963
Increase/ decrease
2011
Cumulative
4.8% 25.7% 10.0% 13.3% 20.8% 27.5% 18.1% 21.1% 12.2% 10.3% 13.1% 6.4%
995 1,903 2,821 3,813 4,914 6,059 7,232 8,488 9,660 10,857 11,967 12,963
Increase/ decrease
4.8% 13.8% 12.6% 12.7% 14.5% 16.7% 16.9% 17.5% 16.9% 16.1% 15.8% 15.0%
M onthly
Increase/ decrease
1,113 979
Cumulative
11.8% 7.9%
1,113 2,092
Increase/ decrease
11.8% 9.9%
2,092 Source：Piers JoC
④ Cargo Movements: North America Inbound (North America→Asia) 600
(Bar:1000TEU)
70% 60% 50% 40% 30% 20% 10% 0% -10% -20% -30%
500 400 300 200 100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2009 M onthly
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
377 411 514 507 534 517 512 527 503 520 516 536 5,973
2011
2010
Cumulative
377 788 1,302 1,809 2,343 2,860 3,372 3,899 4,402 4,922 5,437 5,973
M onthly
472 487 528 535 522 498 499 503 482 552 552 556 6,186
Increase/ decrease
25.3% 18.4% 2.7% 5.5% -2.2% -3.8% -2.5% -4.6% -4.2% 6.2% 7.0% 3.8%
2011
Cumulative
472 959 1,487 2,022 2,544 3,042 3,540 4,044 4,525 5,077 5,629 6,186
Increase/ decrease
25.3% 21.7% 14.2% 11.7% 8.6% 6.3% 5.0% 3.7% 2.8% 3.2% 3.5% 3.6%
M onthly
507 519
Increase/ decrease
7.3% 6.6%
Cumulative
507 1,026
Increase/ decrease
7.3% 7.0%
1,026 Source：Piers JoC
5
⑤ Cargo Movements: Europe-Asia Outbound (Asia→Europe) 1,400
(Broken Line:yoy-change)
(Bar:1000TEU)
60% 50% 40%
1,200 1,000
30% 20% 10% 0% -10% -20% -30% -40%
800 600 400 200
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2009 M onthly
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
2010
Cumulative
1,018 618 955 878 933 955 993 1,068 1,052 953 971 1,099 11,493
2011
1,018 1,636 2,591 3,469 4,402 5,357 6,350 7,418 8,470 9,423 10,394 11,493
M onthly
1,116 943 1,077 1,121 1,158 1,155 1,215 1,241 1,123 1,094 1,102 1,181 13,524
Increase/ decrease
2011
Cumulative
9.6% 52.5% 12.7% 27.7% 24.2% 20.8% 22.4% 16.2% 6.7% 14.7% 13.6% 7.4%
1,116 2,059 3,135 4,257 5,415 6,569 7,784 9,025 10,147 11,241 12,343 13,524
Increase/ decrease
9.6% 25.8% 21.0% 22.7% 23.0% 22.6% 22.6% 21.7% 19.8% 19.3% 18.8% 17.7%
Increase/ decrease
M onthly
1,313 854 1,165
17.6% -9.4% 8.2%
1,313 2,167 3,332
Increase/ decrease
17.6% 5.3% 6.3%
3,332 Source：ELAA(October, 2008～)
⑥ Cargo Movements: Europe-Asia Inbound (Europe→Asia)
600
Cumulative
(Bar:1000TEU)
(Broken Line:yoy-change)
500 400 300
60% 50% 40% 30% 20% 10% 0% -10% -20% -30%
200 100
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0
2009
2010
2009 M onthly
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Total
310 359 451 439 498 484 493 465 488 476 464 543 5,471
2011
2010
Cumulative
310 669 1,120 1,559 2,057 2,541 3,035 3,500 3,987 4,463 4,927 5,471
M onthly
417 452 508 476 483 470 467 447 447 448 464 460 5,538
Increase/ decrease
2011
Cumulative
34.4% 26.0% 12.7% 8.4% -3.1% -2.9% -5.4% -3.8% -8.4% -5.9% -0.1% -15.4%
417 869 1,377 1,853 2,336 2,806 3,273 3,720 4,167 4,614 5,078 5,538
Increase/ decrease
34.4% 29.9% 22.9% 18.9% 13.6% 10.4% 7.8% 6.3% 4.5% 3.4% 3.1% 1.2%
M onthly
451 450 540
Increase/ decrease
8.0% -0.7% 5.8%
Cumulative
451 901 1,441
Increase/ decrease
8.0% 3.7% 4.3%
1,441 Source：ELAA(October, 2008～)
6
⑦ North America Outbound Supply-Demand Transition [ Asia → North America ] (1000TEU)
-10%
18,000
Demand
Supply
Demand Supply 1000TEU yoy growth 1000TEU yoy growth
16,000 0% 14,000 10.4% 12,000
12.4%
13.7%
12.9%
11.6%
12.1%
13.9%
10,000
6,000 4,000
10%
18.0% 16,347
8,000 11,378
10,016 9,817 8,974
12,841 11,248
14,68514,080 12,792
16,655 14,644
16,537 25.0% 13,562
20% 15,631 13,819 30%
15,620 11,722
40% 2,000 0
50% 2002
2003
2004
2005
Annual Cargo Movement & Growth
Gap Ratio
2006
2007
2008
2009
*Gap Ratio = (Supply-Demand）/Supply(%)
2002 2003 2004 2005 2006 2007 2008 2009 2010
8,974 9,817 11,248 12,792 14,080 14,644 13,562 11,722 13,819
21.3% 9.4% 14.6% 13.7% 10.1% 4.0% -7.4% -13.6% 17.9%
10,016 11,378 12,841 14,685 16,347 16,655 16,537 15,620 15,631
6.5% 13.6% 12.9% 14.4% 11.3% 1.9% -0.7% -5.5% 0.1%
cf. Containership Demand Forecast byConsultants & Research Companies Drewry IHS Global Insight 2011e 8.8% 7.7% 2012e 12.0% 7.4% as of March 2011 Source： Drewry
IHS Global Insight as of January 2011
2010
(Calendar year)
Source: Drewry as of April 2011
⑧ North America Inbound Supply-Demand Transition [ North America → Asia ] 16,000
(1000TEU)
40% Demand
Supply
Demand Supply 1000TEU yoy growth 1000TEU yoy growth
14,000
46.5%
12,000
55.7%
56.2% 59.1% 12,239
6,000 10,622
2,000
8,108 3,951
50%
51.9%
52.5%
8,000
4,000
45%
49.4% 51.3%
10,000
13,758 60.9%
13,747
55% 12,925
13,547
60%
12,761
9,220
4,378
4,654
5,000
5,381
6,093
6,522
6,459
6,910 65%
0
70% 2002
2003
2004
2005
Annual Cargo Movement & Growth
Gap Ratio
2006
2007
2008
2009
*Gap Ratio = (Supply-Demand）/Supply(%)
2010
(Calendar year)
Source: Drewry as of April 2011
7
2002 2003 2004 2005 2006 2007 2008 2009 2010
3,951 4,378 4,654 5,000 5,381 6,093 6,522 6,459 6,910
8.1% 10.8% 6.3% 7.4% 7.6% 13.2% 7.0% -1.0% 7.0%
8,108 9,220 10,622 12,239 13,758 13,747 13,547 12,761 12,925
7.5% 13.7% 15.2% 15.2% 12.4% -0.1% -1.5% -5.8% 1.3%
⑨ Europe Outbound Supply-Demand Transition [ Asia → Europe ]
（1000TEU)
18,000
Demand
16,000
7.3%
Supply
11.3%
10.8%
-10%
Gap Ratio 7.9%
7.0%
14,000
10%
18.4%
21.2%
0%
20%
12,000
30%
10,000 8,000 10,870
6,000
9,229 8,554
4,000
9,643
12,635
14,519 13,373
14,613
17,125 13,495
11,276
14,089 13,588 11,502
40% 50% 60% 70%
2,000
80%
0 2004
2005
2006
2007
2008
*Gap Ratio = (Supply-Demand）/Supply(%)
2009
Annual Cargo Movement & Growth Demand Supply 1000TEU yoy growth 1000TEU yoy growth
2004 2005 2006 2007 2008 2009 2010
8,554 9,643 11,276 13,373 13,495 11,502 13,588
12.7% 16.9% 18.6% 0.9% -14.8% 18.1%
9,229 10,870 12,635 14,519 17,125 14,089 14,613
17.8% 16.2% 14.9% 17.9% -17.7% 3.7%
cf. Containership Demand Forecast byConsultants & Research Companies Drewry IHS Global Insight 2011e 6.9% 6.5% 2012e 11.0% 7.1% Source： Drewry as of March 2011 IHS Global Insight as of January 2011
2010 (Calendar year)
Source: Drewry as of April 2011
⑩ Europe Inbound Supply-Demand Transition [ Europe → Asia ]
（1000TEU)
20%
14,000
Demand
Supply
Demand Supply 1000TEU yoy growth 1000TEU yoy growth
Gap Ratio
12,000
30%
35.3% 10,000
42.0%
40% 47.8%
8,000
49.3% 53.3%
6,000 4,000
4,613
8,251 4,782
9,543 4,979
2,000
11,166 5,217
49.6% 50%
60.2% 10,794
7,131
13,159
11,127 5,605
5,471
5,235
60%
70%
0
80% 2004
2005
2006
Annual Cargo Movement & Growth
2007
2008
2009
*Gap Ratio = (Supply-Demand）/Supply(%)
2010
(Calendar year)
Source: Drewry as of April 2011
8
2004 2005 2006 2007 2008 2009 2010
4,613 4,782 4,979 5,217 5,235 5,471 5,605
3.7% 4.1% 4.8% 0.3% 4.5% 2.4%
7,131 8,251 9,543 11,166 13,159 10,794 11,127
15.7% 15.7% 17.0% 17.8% -18.0% 3.1%
5. Exchange Rate / Bunker Price ① Exchange Rate （Yen/US$） ¥120 ¥110 ¥100 ¥90 ¥80 ¥70 ¥60 2008/1
2008/4
2008/7
2008/10
2009/1
2009/4
2009/7
2009/10
2010/1
2010/4
2010/7 2010/10
2011/1
2011/4
② Bunker Price $800
*Price at Singapore (Grade:380CST)
($/MT)
$700 $600 $500 $400 $300 $200 $100 2008/1
2008/4
2008/7
2008/10
2009/1
2009/4
2009/7
2009/10
9
2010/1
2010/4
2010/7
2010/10
2011/1
2011/4
