Statistical Publications Institute of Shipping Economics and Logistics Shipping Statistics and Market Review Market Review Analytical Focus Volume 55 No 5 / 6 - 2011 world merchant fleet world bulk carrier Market world tanker Market world container and general cargo Shipping. No parts of this publication may be reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or any information storage or retrieval system without permission in writing from the editors.
Statistical Publications Institute of Shipping Economics and Logistics Shipping Statistics and Market Review Market Review Analytical Focus Volume 55 No 5 / 6 - 2011 world merchant fleet world bulk carrier Market world tanker Market world container and general cargo Shipping. No parts of this publication may be reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or any information storage or retrieval system without permission in writing from the editors.
Statistical Publications Institute of Shipping Economics and Logistics Shipping Statistics and Market Review Market Review Analytical Focus Volume 55 No 5 / 6 - 2011 world merchant fleet world bulk carrier Market world tanker Market world container and general cargo Shipping. No parts of this publication may be reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or any information storage or retrieval system without permission in writing from the editors.
Shipping Statistics and Market Review Market Review Analytical Focus Volume 55 No 5/6 - 2011 World Merchant Fleet World Bulk Carrier Market World Tanker Market World Container and General Cargo Shipping World Merchant Fleet by Ownership Patterns World Passenger and Cruise Shipping/ ISL Cruise Fleet Register World Shipbuilding and Shipbuilders Major Shipping Nations World Seaborne Trade and World Port Trafhc ISL Institute of Shipping Economics and Logistics Legal Form Founded in Capacity Directorate Board of Trustees Scientihc Advisory Board Sponsoring Body Independent, private non-proht foundation 1954 55 permanent staff members Prof Dr Hans-Dietrich Haasis Prof Dr Burkhard Lemper Prof Dr Frank Arendt Decision-makers from trade, industry, science and politics Experts from trade, industry and science Companies and individual members from the maritime industry Institute of Shipping Economics and Logistics (ISL), Bremen 2011 All rights reserved. No parts of this publication may be reproduced or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or any information storage or retrieval system without permission in writing from the editors. The editors do not guarantee the accuracy of the information contained in ,ISL Shipping Statistics and Market Review (SSMR) nor do they accept responsibility for errors or omissions of their consequences. ISL Shipping Statistics and Market Review (SSMR) During the past 50 years the Institute of Shipping Economics and Logistics (ISL) has become one of Europe's leading research and consulting organisations in the maritime sector. More than 50 high qualihed employees, equipped with state of the art technology and compatible instruments, work in trans-disciplinary teams on applied research and development projects in the departments Logistic Systems, Maritime Economics and Transport, Information Logistics and Planning/Simulation Systems. Due to its professional capability, superb reputation and exhaustive connections to politics and the industry, ISL will continuously contribute to the advancement of added value as well as to the maritime and logistics industry as to science in the future. For further Information please visit: www.isl.org Published and distributed by: ISL Universitaetsallee 11-13 28359 Bremen, Germany Price information and subscription: Phone: +49/4 21/2 20 96-0 Fax: +49/4 21/2 20 96-55 eMail: subscription@isl.org Internet: www.isl.org/infoline Webshop: www.isl.org/shop Subscription prices (Net prices): Shipping Statistics and Market Review 2011 Print copy: 480.- C Online: 420.- C Shipping Statistics Yearbook 2010 Print copy: 325.- C Print copy + SSYB CD: 350.- C Online: 295.- C Shipping Statistics and Market Review 2011 & Shipping Statistics Yearbook 2010 Print copy: 660.- C Print copy + SSYB CD: 681.- C Online: 586.- C Plus packing and postage. In case of inland sales plus VAT(MwSt). Cancellation 3 months before end of calendar year. Shipping Statistics and Market Review Institute of Shipping Economics and Logistics Container and General Cargo Shipping ISL Comment ........................................................... ISL InfoLine Special ................................................. ISL Statistical Tables ................................................ Market Review Economic Indicators ................................................. World Merchant Fleet .................................................. Freight and Charter Market ....................................... Shipping Prices and Costs ......................................... World Shipbuilding ................................................... World Port Traffic ..................................................... 5 14 23 53 56 59 71 72 74 Volume 55 (2011) ISSN 0947 - 0220 published 9 times per year Analytical Focus (double issues Jan./Feb., May/ June. and Sept./ Oct.) No 5/6 - 2011 Contents World Container and General Cargo Shipping www.isl.org SSMR May/June 2011 3 Page ISL Comment
(1) WORLD CONTAINER AND GENERAL CARGO FLEET DEVELOPMENT 2010/2011 1.1 World Cellular Container Fleet .................................................................... 5 1.2 World General Cargo Fleet ......................................................................... 8 (2) FUNDAMENTALS OF THE CONTAINER AND GENERAL CARGO MARKET 2.1 Major World Trade Developments 2010/2011 .............................................. 10 2.2 Global Insight Short Term Container Trade Outlook ................................... 11 2.3. World Container Port Traffic Regional Highlights 2010 ................................ 11 2.4. The Container Market - Rates and Prices ..................................................... 12 (3) FUTURE CONTAINER AND GENERAL CARGO TONNAGE SUPPLY .................................................................. 14 (4) THE SHIPBUILDING MARKET FOR CONTAINER AND GENERAL CARGO SHIPS 4.1 New Orders and Order Book Development ................................................... 14 4.2 Leading Shipbuilding Countries .................................................................. 15 COMMENT - SUMMARY TABLES Tab. 1 World Container Fleet Additions/Reductions 2005, 2009 and 2010 .............................. 5 Tab. 2 World Fully Cellular Container Fleet and Order Book by TEU-Size Class 2010 .................. 6 Tab. 3 World Container Fleet Registered for Panama and Liberia According to Countries of Domicile 2007, 2009-2011 .................................................................................................. 6 Tab. 4 World Container Fleet Controlled Tonnage of Major Shipping Nations 2007-2011 .......... 7 Tab. 5 World Container Fleet by Major Operators 2007 and 2011 ............................................ 7 Tab. 6 World General Cargo Fleet Development by Ship Type 2007 and 2011 ........................... 8 Tab. 7 World Merchandise Trade by Region and Selected Countries 2010 ................................. 8 Tab. 8 Value of Imports and Exports of the Top Trading Countries 2010 .................................. 9 Tab. 9 Five Largest Container Exporting Nations 2008-2011 .................................................. 9 Tab. 10 TEU-Ranking of the Top 20 World Container Ports in 2010 ........................................... 10 Tab. 11 Container Traffic of World Ports by Geographical Distribution 2010 ................................ 10 Tab. 12 Container Ship Order Book Delivery Schedule by Major Countries of Build 2010 ............ 13 COMMENT - FIGURES Fig. 1 World Container Fleet Annual Tonnage Changes 1996-2011 ...................................... 5 Fig. 2 World Container Fleet Tonnage Additions and Reductions 1996-2010 .......................... 5 Fig. 3 World Container Fleet Development 1986-2011 .......................................................... 5 Fig. 4 World Fully Cellular Container Fleet TEU-Size Structure 2001-2011 ............................ 6 Fig. 5 World Fully Cellular Container Fleet Ship Size Development 2001-2011 ....................... 6 Fig. 6 TEU-Capacity of Top Ranking ContainerShip Operators 2007-2011 ................................ 7 Fig. 7 World General Cargo Fleet - Annual Tonnage changes 1996-2011 ................................ 8 Fig. 8 World General Cargo Fleet Tonnage Additions and Reductions 1996-2011 .................... 8 Fig. 9 World total Trade by Commodity Group 2010 ............................................................. 9 Fig. 10 World total Trade of Manufactured Goods by Product Group 2010 ................................. 9 Fig. 11 World Trade (Value Related) and World Container Port Traffic (TEU-based) 1988-2009 .... 9 Fig. 12 Container Port Traffic by Region 2010 ....................................................................... 10 Fig. 13 Monthly Container Traffic of Selected Ports by Region 2000-2010 ................................. 11 Fig. 14 Monthly HARPEX Container Charter Rate Index 2005 up to April 2011 ........................... 12 Fig. 15 German Sea Freight Indices 2005 up to March 2011 .................................................... 12 Fig. 16 Second Hand Prices for 5 Years Old Container Ships 2005-2010 by TEU-Size Classes ....... 12 Fig. 17 Newbuilding Contracting Prices for Container Ships 2005-2010 by TEU-Size Classes ........ 12 Fig. 18 World Container Fleet New Orders and Broken-up Tonnage, Quarterly 2005-2011 ........ 13 Fig. 19 World Container and General Cargo Order Book, Quarterly 2005-2011 .......................... 13 5-16 Contents World Container and General Cargo Shipping www.isl.org 4 SSMR May/June 2011 Page ISL InfoLine Special (1) ONLINE INFORMATION COMPILED FROM LEADING INDUSTRY SOURCES (2) ISL SEABASE NEW LITERATURE ................................... 17 ISL Statistical Tables (1) WORLD CONTAINER FLEET 1.1 Key Figures on the World Fully Cellular Container Fleet by TEU-Size Class 2010 .............. 23 1.2 World Fully Cellular Container Fleet Development 2000-2011 ....................................... 23 1.3 Additions to the World Fully Cellular Container Fleet by Country of Domicile 2005-2010 ... 24 1.4 Additions to the World Fully Cellular Container Fleet by TEU-Size Class 2005-2010 .......... 24 1.5 World Fully Cellular Container Fleet by Major Flags 2009 and 2010 ............................... 25 1.6 World Fully Cellular Container Fleet by Country of Domicile 2010 ................................. 26 1.7 World Fully Cellular Container Fleet by dwt-Size Class and Division of Age 2010 .............. 27 1.8 World Fully Cellular Container Fleet by TEU-Size Class and Division of Age 2010 ............. 27 1.9 World Fully Cellular Container Fleet by dwt-Size Class and TEU-Capacity 2010 and Order Book as of 2010 ........................................................................................... 28 1.10 World Fully Cellular Container Fleet Size Dimensions 2010 ........................................ 28 1.11 Container Fleet by Operators as of February 2011 ...................................................... 29 1.11.1 Top 15 Container Operators .................................................................................... 29 1.11.2 The Global Players ................................................................................................. 29 (2) WORLD GENERAL CARGO FLEET 2.1 Key Figures on the General Cargo Fleet by Type and dwt-Size Class 2010 ...................... 30 2.2 General Cargo Fleet Development by Ship Type 2001-2011 ......................................... 30 2.3 General Cargo Fleet by Major Flags 2009 and 2010 ..................................................... 31 2.4 General Cargo Fleet by Country of Domicile 2010 ...................................................... 33 2.5 General Cargo Fleet by Ship Type and Top Ten Countries of Domicile 2010 ..................... 33 2.6 General Cargo Ships by Type and Divison of Age and Order Book 2010 ......................... 34 2.7 World General Cargo Fleet by dwt-Size Class and Division of Age 2010 .......................... 34 2.8 General Cargo Ships Size Dimensions 2010 ............................................................ 35 2.9 Additions to the World General Cargo Fleet by Country of Domicile 2007-2010 ................ 35 (3) BROKEN-UP CONTAINER AND GENERAL CARGO SHIPS 3.1 Broken-up Container and General Cargo Ships by Major Types 2000-2010 ..................... 36 3.2 Broken-up Container and General Cargo Ships by Major Flags 2000-2010 ...................... 36 (4) WORLD TRADE DEVELOPMENT AND WORLD CONTAINER PORT TRAFFIC 4.1 World Merchandise Trade by Region and Selected Countries 2009 and 2010 ................... 37 4.2 Leading Importers and Exporters of Manufactures by Main Commodity Categories 2009 .. 38 4.2.1 Iron and Steel ....................................................................................................... 38 4.2.2 Chemicals ............................................................................................................ 38 4.2.3 Pharmaceuticals .................................................................................................... 39 4.2.4 Office and Telecom Equipment ................................................................................. 39 4.2.5 Automotive Products .............................................................................................. 40 4.2.6 Office and EDC ...................................................................................................... 40 4.3 World Container Port Traffic .................................................................................... 41 4.3.1 World Container Port Traffic by Country 2003-2010 .................................................... 41 4.3.2 World Container Port Traffic of Selected Ports by Region 2005-2010 .............................. 42 4.3.3 Container Traffic of Selected Ports by Share of Loading and Unloading Regions 2010 ....... 44 (5) WORLD SHIPBUILDING CONTAINER AND GENERAL CARGO SHIPS ON ORDER 5.1 Existing World Container and General Cargo Fleet by Major Areas of Build 2010 .............. 46 5.2 Container Ships on Order .......................................................................................... 46 5.2.1 Container Ships on Order and New Orders by Type 2007-2011, Quarterly ......................... 46 5.2.2 Container Ships on Order by Top Countries of Build and TEU-Size Class 2010 .................. 47 5.2.3 Container Ships on Order by Major Countries of Build and Delivery Schedule 2010 .......... 47 5.2.4 Container Ships on Order by Ship Yard and Delivery Schedule 2010 ................................. 47 5.3 General Cargo Ships on Order .................................................................................... 48 5.3.1 General Cargo Ships on Order and New Orders by Type 2007-2011, Quarterly ................... 48 5.3.2 General Cargo Ships on Order by Major Countries of Build and Delivery Schedule 2010 ....... 48 5.3.3 General Cargo Ships on Order by Ship Yard and Type 2010 ............................................ 48 5.4 New Container and General Cargo Ship Orders by Major Countries of Build 2005-2010 ....... 49 5.5 New Container and General Cargo Ship Orders by Major Countries of Domicile 2005-2010 ... 50
ISL Market Review 17-22 23-50 52-78 Comment - World container and general cargo shipping SSMR May/June 2011 1 www.isl.org
This short comment is an excerpt from the Analytical Comment published in the ISL Shipping Statistics and Market Review (SSMR) No 5/6 2011.
The SSMR includes detailed statistical information concerning the analytical focus and provides approx. 30 monthly/quarterly market indicators (Market Review). For more information compare attached contents
If you are interested in the complete publication covering all details (tables & figures), please contact our subscription department subscription@isl.org or you can order it via our webshop www.isl.org/shop
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, photocopying, recording or otherwise, without prior permission of the editors. ISL does not guarantee the accuracy of the information contained in "ISL Shipping Statistics and Market Review (SSMR)" (this is also true for the Short Comment) nor does it accept responsibility for errors or omissions or their consequences. Comment - World container and general cargo shipping SSMR May/June 2010 www.isl.org 5 1 WORLD CONTAINER AND GENERAL CARGO FLEET DEVELOPMENT 2010/2011 There was an amazing comeback of container shipping in 2010. The container shipping market performed a strong recovery in 2010 and ended the year with a trade growth of nearly 13 %. The recovery in the container market is also reflected in the idle container fleet. It has shrunk from a peak of 1.5 million TEU at the beginning of 2010 to only 240,000 TEU by the end of 2010. About 1.35 million TEU in container ship capacity came into service in 2010, thereof 0.82 million TEU of very large Post-Panamax ships (more than 10,000 TEU). The volume of deliveries was about 640,000 TEU less than scheduled. As of January 1 st , 2011, the fully cellular container fleet comprised 4,882 ships with 14.1 million TEU, a rise of 9.5 % compared to a year earlier. In 2009, the fleet had only expanded by 5.8 %, but at a time when demand actually shrunk. In early 2011, the general cargo fleet was composed of 17,365 ships with 107 million dwt and 2.2 million TEU. This is an increase of 1.2 % compared to 2010 figures in terms of dwt. These two fleet segments had a dwt-share of 21.6 % of the total world merchant fleet (ships of 300 gt and over). At the beginning of 2011, the total TEU capacity of the world merchant fleet was to 85.7 % attributable to the fully cellular container fleet. 1.1 World cellular container fleet 1.1.1 Container fleet development 2010/2011 Due to cancellations, conversions and delays, only 1.4 million TEU of additional container ship capacity came into service in 2010 - the planned deliveries amounted to 2.0 million TEU. In the same period, tonnage with a capacity of 170,000 TEU was scrapped. At the beginning of 2011, the container fleet comprised 4,882 ships with 14.1 million TEU, up 9.5 % since the start of the year. Fleet development trends can be summarised as follows: x Ships added to the world container fleet during 2010 represent 6.2 % of all fully cellular container ships, 5.3 % of the deadweight tonnage and 9.6 % of the TEU-capacity of the active container fleet at the beginning of 2011. x The number of idle containership capacity has continued to fall and has reached its lowest levels since August 2008. According to Alphaliner, only 63 units with a capacity of 80,000 TEU were reported as idle by the end of May 2011, against 240,000 TEU by the end of 2010. x The number of ships entering the fleet in 2010 was eight times higher than the number of ships leaving the fleet. x Between the beginning of 2007 and 2011, the container fleet expanded on average by 10.4 % per year in terms of TEU, and the number of container ships by 5.9 %. Fig. 1: World container fleet annual tonnage changes as of January 1 st , 1997 2011 (TEU- %)
Fig. 2: World container fleet tonnage additions and reductions 1996 2010 (mill. dwt)
Tab. 1: World container fleet additions/reductions 2006, 2009 and 2010
Fig. 3: World container fleet development as of January 1 st , 1986 2011 (Index 1986 = 100)
Statistical details World container fleet Key figures p. 23 Division of age and type p. 27/28 Summer draught, length, beam p. 28
Sources: If not otherwise mentioned, the source for tables and figures concerning the world merchant fleet, special ship type features and order book information is ISL based on IHS Fairplay, please quote accordingly. In general merchant fleet data refer to ships of 300 gt and over.
Explanatory notes: The total container fleet includes only fully cellular container ships. General cargo ships The specification of sub-types (see table left side) is based on the classification provided by IHS Fairplay.
Tonnage additions/reductions: Additions entering the fleet refer to the fleet data of the following year. Reductions refer to the fleet data of the respective year. 0.0 2.5 5.0 7.5 10.0 12.5 15.0 17.5 1997 1999 2001 2003 2005 2007 2009 2011 14.0 16.5 12.9 6.4 9.4 13.1 11.4 9.0 11.6 13.5 16.3 13.8 12.8 5.8 9.5 T E U
% - c h a n g e 0 2 4 6 8 10 12 14 16 18 20 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 m i l l
d w t Additions Reductions 2006 2009 2010 No 1000 No 1000 No 1000 TEU TEU TEU Additions to fleet 352 1332 290 1118 273 1371 22.6 0.7 Reductions from fleet 19 26 194 362 99 170 -52.9 59.4 2007 2010 2011 3881 9465 4706 12851 4882 14071 9.5 10.4 av. TEU % growth Total Fleet as of Jan. 1st. TEU-% change over 0 200 400 600 800 1000 1200 1400 1600 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 No mill dwt 1000 TEU Comment - World container and general cargo shipping SSMR May/June 2011 6 www.isl.org x During the years 2006-2010, 1,741 container ships with 6.6 million TEU and 82.2 million dwt were added to the trading fleet. During the same period, at least 374 container ships with 0.64 million TEU and 10.1 million dwt were reported as broken-up. x The 273 new deliveries in 2010 comprised 99 Post- Panamax vessels, thereof 29 Ultra Large Container Ships (ULCS) with a capacity of more than 10,000 TEU. 1.1.2 Size dimensions of the world container fleet The average size of container ships has more than doubled in 20 years. The average size increased from 1,250 TEU (1990) to 2,880 TEU at the beginning of 2011. Since August 2006 Ultra Large Containerships with more than 10,000 TEU are trading (Emma Maersk). Since that time, 64 ULCSs of over 10,000 TEU have been delivered. The average size of cellular container ships in the orderbook was 6,300 TEU in early 2011. At least 146 container ships on order had capacities of 10,000 TEU and above, which means that their number will more than double in the next few years. Of the main carriers, ten have already ordered/operated ships of at least 12,500 TEU. Maersk Line just ordered ten container ships in a new size class, each able to transport 18,000 TEU. These EEE-giants will be delivered from 2013 to 2015. According to Fairplay, the ships will have a draught of only 14.5 metres and will be little longer and wider than the current E-class ships. This would be a relief for many ports that struggle with adapting to the ever increasing ship sizes. Much of the additional of the EEE- class will be reached through an adapted hull designed for capacity rather than speed. 1.1.3 Ownership patterns of the world container fleet Leading container operators 2011 The top 15 carriers have increased their TEU capacity by 46 % in the period 2007 to 2011. According to MDS Transmodal, as of February 2011, the top 15 container operators controlled approx. 10.4 million TEU (container ships above 1,000 TEU) which account for 76.7 % of the global TEU capacity. The largest since many years is Maersk Line, operating a fleet of 530 vessels with a capacity of 2.05 million TEU equal to 15.2 % of the total world container fleet capacity, followed by the Swiss operator MSC with 1.8 million TEU (13.2 %) and the French operator CMA-CGM with 1.1 million TEU (8.4 %). Table 5 shows the development for the top operators in the period 2007-2011. The highest TEU-based expansion was reached by CSVA with 147 %, followed by Hamburg Sd (93 %), APL (87 %) and MSC (83 %). Charter activities are a determining factor of the container shipping market. The analysis for February 2011 shows that 52 % of the TEU-capacity of the world container fleet equal to 2,108 container ships is attributable to the container charter market. Looking at the 15 top-ranking operators, the share of chartered TEU capacity in 2011 stood at nearly 53 % (for Fig. 4: World fully cellular container fleet TEU-size structure January 1 st , 2002 - 2011 (1000 TEU)
Tab. 2: World fully cellular container fleet and order book by TEU-size class as of January 1 st , 2011
Fig. 5: World fully cellular container fleet average ship size development January 1 st , 1987 - 2017 (dwt/TEU)
Fig. 6: TEU-capacity of top ranking containership operators as of 2007 2011 (February, 1 st )
Ships of 1,000 TEU and above; ISL based on MDS Transmodal
Ship dimensions The largest container ships as of April 1 st , 2011 Maersk E-Class: 170,794 gt /156,907 dwt/ 12,508 TEU , L 398m/ B 56.4m/ D 16.0m Built: 08/2006, Flag: DIS, COD: Denmark; MSC Daniela Class: 151,559gt /156,301dwt /14,000TEU, L 366/ B 16m Built: 12/2008, Flag PAN. 0 500 1000 1500 2000 2500 3000 3500 4000 4500 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1 0 0 0
T E U -1999 TEU -3999 TEU -4999 TEU -5999 TEU >=6000 TEU No 1000 TEU share of total No 1000 TEU share of total < 999 1125 672 4.8 44 33 0.9 1000 < 1999 1271 1801 12.8 97 133 3.5 2000 < 3999 1055 2976 21.1 80 251 6.6 4000 < 5999 886 4202 29.9 100 460 12.0 6000 < 7999 265 1783 12.7 54 377 9.9 8000 < 9999 216 1849 13.1 85 719 18.8 >= 10000 64 788 5.6 146 1852 48.4 Total 4882 14071 100.0 606 3826 100.0 TEU Size class Fleet Order book 1000 1500 2000 2500 3000 3500 4000 10000 15000 20000 25000 30000 35000 40000 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 T E U d w t dwt TEU 0.0 500.0 1000.0 1500.0 2000.0 2500.0 Maersk- Line MSC CHKY Alliance CMA-CGM Grand Alliance Evergreen New World 1 0 0 0
T E U 2007 2008 2009 2010 2011 Comment - World container and general cargo shipping SSMR May/June 2011 7 www.isl.org www.isl.org comparison: in 1998, the respective share was 28 %). But charter strategies of container operators differ significantly. Whereas NYK only had a chartering share of 23 %, the share for the third-ranked CMA/CGM was about 58 %. The biggest operator, Maersk Line, chartered 335 container ships representing 51 % of its total TEU capacity. 1.2 World general cargo fleet 1.2.1 General cargo fleet development 2010/2011 At the beginning of 2011, the total general cargo fleet consisted of 17,365 ships with 107 million dwt. In comparison, the order book amounted to 1,295 vessels with 18.1 million dwt, equivalent to 17 % of the fleet. Comparing fleet tonnage figures for January 1 st , 2010 and 2011, the general cargo fleet shrunk by number of ships but the tonnage increased by 1.2 %. In 2010, fleet newbuildings exceeded demolitions by 1.6 million dwt. Since 2006, 2,600 general cargo ships with 24.0 million dwt were added to the fleet and 1,886 ships with 15.1 million dwt were reported as broken up. The fleet analysis indicates that the general cargo fleet is composed of various sub-types having their own momentum in the market. x The yearly growth rate for multi-purpose/single-deck ships in the period 2007-2011 stood at 5.2 %. In the same period, the fleet of multi-deck ships and reefer vessels decreased by 7.0 % and 2.2 % respectively. Today, a large number of general cargo ships classified as single-deckers have foldout decks. x Besides the single deck fleet, the special fleet segment (incl. car carriers and heavy lift) shows a positive yearly growth with 6.0 % in the period 2007-2011. At the beginning of 2011, the following Special types sub-types specified by IHS Fairplaycan be distinguished:
2 FUNDAMENTALS OF THE CONTAINER AND GENERAL CARGO MARKET 2.1 Major world trade developments 2010/2011 The World Trade Organisation (WTO, Press Release 628/2011) has just published their assessment of the world trade development in 2010 and prospects for 2011. The most relevant features for the seaborne trade development are highlighted below. x After the record-breaking 14.5 % increase in the Fig. 7: World general cargo fleet annual tonnage changes as of January 1 st , 1997 - 2011 (dwt- %)
Please note: The decrease in 2002 was caused by the deactivating of ships from the US-Reserve Fleet.
Fig. 8: World general cargo fleet tonnage additions and reductions 1996-2010 (mill. dwt)
Fig. 9: World total trade by commodity group 2010 (% share of value in US$)
Source: WTO; World Trade Statistics 2011
Statistical details World general cargo fleet Key figures p. 31 World general cargo fleet ranking by flag p. 33 Registered flag and country of domicile p. 34/35 General cargo fleet and order book by type and age p. 36 General cargo fleet by size class and of age p. 36
Explanatory note Major Open Registries: Countries permitting the registration of ships owned by non-residents. In general, ISL figures on open registry flags are restricted to the top ten major flags: Panama, Liberia, Bahamas, Malta, Marshall Islands, Cyprus, St. Vincent, Antigua & Barbuda, Bermuda and Cayman Islands. (01.01.2011). Country of registration and country of domicile: Country of registration indicates the country of the port of registry of a country (flag). The country of domicile indicates where the controlling interest of the fleet is located in terms of the parent company. This information is applicable to merchant fleet vessels of 1000 gt and above. Ship Type No share of No 1000 dwt share of dwt 1000 TEU share of TEU av. ship size (dwt) Single deck ships 10388 59.8 59672 55.7 1305 60.4 5744 Multi deck ships 3165 18.2 19034 17.8 488 22.6 6014 Reefer ships 1039 6.0 6028 5.6 64 3.0 5802 Ro/Ro cargo ships 1353 7.8 6339 5.9 222 10.3 4685 Special ships 1420 8.2 15976 14.9 80 3.7 11251 of which Vehicles carrier 775 4.5 11782 11.0 46 2.1 15203 Heavy load carrier 108 0.6 2689 2.5 22 1.0 24901 Fish/Live fish carrier 308 1.8 461 0.4 0 0.0 1496 Livestock carrier 86 0.5 454 0.4 0 0.0 5283 Pallets carrier 60 0.3 188 0.2 2 0.1 3134 Other special types 83 0.5 401 0.4 10 0.4 4836 Total General cargo fleet 17365 100.0 107049 100.0 2159 100.0 6165 -4.0 -2.0 0.0 2.0 4.0 1997 1999 2001 2003 2005 2007 2009 2011 -0.4 -1.7 1.2 0.6 -0.9 -3.1 0.7 -1.6 0.1 2.1 3.0 2.4 3.9 -1.0 1.2 d w t
%
c h a n g e 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 m i l l
d w t Additions Reductions Fuels and mining products 19.2% Agricultural Products 9.9% Manufactures 70.9% Comment - World container and general cargo shipping SSMR May/June 2011 8 www.isl.org volume of exports in 2010 the WTO expects a more modest growth of world trade at 6.5 % in 2011. The sudden increase in trade volumes in 2010 permitted the global trade to rebound to its pre-crisis level. x Asia showed the fastest real export growth of any region in 2010 with a boost of 23.1 %, headed by China and Japan, whose exports to the rest of the world each gained roughly 28 %. Chinas trade growth is even more impressive when taking into account that the cutback in the countrys exports in 2009 was less severe than for Japan (11 % compared to 25 %). x The United States, China, Japan and India all recorded growth rates in exports exceeding the world average of 14.5 %. The smallest export increases were registered by Africa and South/Central America with 6.2 % resp. 6.5 %. x Considering the other side of the trade balance the developed economies showed a slower import growth than exports in 2010 (10.7 % compared to 12.9 %) while developing countries plus the CIS exhibited the inverse development (17.9 % growth in imports compared to 16.7 % for exports). In particular imports were up 22.1 % in real terms in China, 14.8 % in the United States, 10.0 % in Japan, and 9.2 % in the European Union. x World merchandise exports were up 22 %, ascending from US$ 12.5 trillion to US$ 15.2 trillion in a single year. x World exports of commercial services gained 8 % to US$ 3.67 trillion in 2010 after diminishing 12 % in 2009. The growth rate in 2010 was corresponding to the average annual rate for the 2005-2010 period. x The WTO Secretariat forecasts that world exports will expand by 6.5 % in 2011, while developed economies exports will grow 4.5 % and those from developing economies and the CIS gaining 9.5 %. These forecasts include the likely influence of the earthquake in Japan. x The WTO analysts forecast a 4.5 % rise in demand for imported goods and services in 2011 in favour of the developed economies (OECD). x The trade outlook presumes the growth of the world GDP by 3.1 % at market exchange rates for 2011, with developed economies reaching 2.2 % and the rest of the world (including developing economies and CIS) climbing 5.8 %. x The WTO has come to the conclusion that even greater natural disasters (e.g. the earthquake in Japan) have no significant impact on the growth in the long view. Drawing on a study (by Gassebner, Keck and Teh, 2010) dealing with the effects of natural disaster on trade the WTO analysts assume the impacts of the Japanese earthquake on the trade as follows: The disaster would reduce the volume of Japanese exports by between 0.5 % and 1.6 %; and increase the volume of Japanese imports by between 0.4 % and 1.3 %. 2.2 World container port traffic regional highlights 2009/2010 Based on data published by Containerisation International, the worldwide container traffic reached a total of 560 million TEU, equal to a year on year growth of 14.5 %. The ISL port Fig.10: World total trade of manufactured goods by product group 2010 (% share of value in US$)
Source: WTO; World Trade Statistics 2011
Fig. 11: World trade (value related) and world container port traffic (TEU-based) 1990-2010 (Index 1990=100)
ISL Port Data Base and WTO; World Trade Statistics 2011
Tab. 3: TEU-ranking of the top 20 world container ports in 2010 ISL Port Data Base 2011
Fig. 12: World container port traffic by continents 2010 (TEU-% share)
ISL Port Data Base 2011 0 5 10 15 20 Office and telecomequipment Other machinery Chemicals Other semi manufactured goods Iron and steel Clothing Textiles % share of total manufactures 0 100 200 300 400 500 600 700 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 Containertraffic (TEU) World trade(Value, real) 2010 (2000) Port (Country) 2000 2009 2010 2009- 2010 2000- 2010 1 (6) Shanghai (China, PR of) 5.6 24.9 29.0 16.4 17.8 2 (2) Singapore (Singapore) 17.1 25.9 26.0 0.6 4.3 3 (1) Hong Kong (China, PR of) 18.1 21.1 23.7 12.3 2.7 4 (11) Shenzhen (China, PR of) 3.8 18.0 22.3 23.8 19.4 5 (3) Busan (Korea, Rep. of) 7.5 11.9 14.2 18.8 6.6 6 (64) Ningbo (China, PR of) 0.9 10.4 13.1 25.3 30.6 7 (38) Guangzhou (China, PR of) 1.4 11.0 12.5 13.4 24.2 8 (22) Qingdao (China, PR of) 2.1 10.3 12.0 17.2 18.9 9 (13) Dubai Ports (UAE) 3.1 11.1 11.6 4.1 14.2 10 (5) Rotterdam (Netherlands) 6.3 9.7 11.1 14.4 5.9 11 (31) Tianjin (China, PR of) 1.7 8.7 10.1 16.0 19.4 12 (4) Kaohsiung (Taiwan) 7.4 8.6 9.2 7.0 2.1 13 (12) Port Kelang (Malasyia) 3.2 7.3 8.9 21.3 10.7 14 (10) Antwerp (Belgium) 4.1 7.3 8.5 15.9 7.6 15 (9) Hamburg (Germany) 4.3 7.0 7.9 12.7 6.3 16 (7) Los Angeles (US) 5.0 6.7 7.8 16.0 4.6 17 (77) Tanjung Pelepas (Malasyia) 0.4 5.8 6.3 7.9 31.2 18 (8) Long Beach (US) 4.6 5.1 6.3 23.6 3.1 19 (49) Xiamen (China, PR of) 1.1 4.6 5.8 25.1 18.3 20 (14) New York / New Jersey (US) 3.1 4.6 5.3 16.0 5.7 mill TEU TEU %- growth TEU-Ranking Africa 4% America 15% Asia 62% Europe 17% Oceania 2% Comment - World container and general cargo shipping SSMR May/June 2011 9 www.isl.org www.isl.org data base covers more than 85 % or 479 million TEU of the global container port traffic. ISL figures show a growth of 12.7 % in the major container ports. This increase is mainly driven by surging volumes at Far Eastern ports, whose container throughput grew above average. Nearly one quarter of the worlds container shipments originate in the Peoples Republic. Chinese ports, including Hong Kong, have increased their container traffic by 17.6 %, pushing their world market share to 28 percent in 2010 up from 26.8 percent in 2009. Six of the top ten container ports are located in China, with most of those ports recording faster growth than ports in other regions, while growth of the remaining regions follows nearby. The total container traffic of the top 50 ports listed in Tab. 4.3.3 on page 44 grew by 13.3 percent in 2010 with only Algeciras, Manila and Priok Port suffering noteworthy losses. Apart from Los Angeles, Santos and Balboa, all ports showing increases of more than 20 % are Asian. Los Angeles registered an empty container share of more than 40 %, documenting the trade deficit of the United States. The port of Hamburg, last years port with the highest loss in percentage terms loosing more than one quarter of its container traffic, is back on track with a growth of 12.7 % in 2010. All major container ports are integrated in a worldwide network of container liner services, connecting ports throughout the world with each other. According to data provided by the ports, trade with ports in Asia is not only most important in the Asian and Oceanian ports, but also in North American West Coast ports and some European and North American East Coast ports. Based on ISLs Monthly Container Port Monitor (MCPM), the positive trend of 2010 is lasting in 2011 but on a lower level. The MCPM World Index of container port traffic is now roughly at its pre-crisis level. 2.3 The general cargo and container market rates and prices General cargo shipping In contrast to the other shipping sectors, the general cargo and in particular the heavy lift and MPP sectors are less cyclical, as the shipped goods are to a large part capital intensive goods (such as power stations and other large machineries). These goods need a relatively long scheduling. Consequently rates and demand for ship tonnage decreased with a time lack to the global economic crisis. Moreover the market has to absorb a large portion of new ships and as a result owners had to struggle for charters. The bankruptcy of Beluga Shipping is an impressive example of this development. While the number of infrastructure projects is growing especially in developing and emerging markets, there will be requirements to transport specialised or project cargos in the medium term. Charter rates of MPP-vessels climbed around 25 % rates were around US$/day 10,000 at the beginning of 2011 and around US$/day 8,000 two years ago. All in all, and based on a shrinking order book and a growing demand, prospects for owners of special ships are positive. Fig. 13: Monthly container traffic of selected ports by region 2001-2011 (TEU - Index monthly av. 2000=100)
ISL Monthly Container Port Monitor 2011
The ISL Monthly Container Port Monitor is continuously highlighting the container traffic (TEU) of the worlds major container ports. The MCPM is a short-term market indicator on world container traffic and a benchmarking tool for the port industry Information is presented in form of monthly indices and quarterly TEU- traffic aggregates. Indices have been provided since January 2000 for the top American, Asian, and European/Oceanian ports. The monitor is distributed quarterly as online service. For more information please see www.isl.org/infoline 0 50 100 150 200 250 300 350 400 450 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 China Japan, South Korea, Taiwan South Asia 0 50 100 150 200 250 300 350 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 North Range Baltic Sea Mediterranean 0 50 100 150 200 250 300 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 South America North America Atlantic North America Pacific 0 50 100 150 200 250 300 350 400 450 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Africa Oceania Near East Comment - World container and general cargo shipping SSMR May/June 2011 10 www.isl.org Container charter rates After a very difficult year 2009, container operators felt a rebound of profits in 2010 due to rising demand of manufactured goods in Europe and the Americas as well as a good investment climate. Another factor was beyond question the caution of owners on the supply side, i.e. not ordering new transport capacity and implementing cost- cutting and capacity-absorbing measures like slow steaming. The number of ships on lay-up shrunk continuously. The efforts led to a very good year-end closing in 2010. Maersk Line for example stated a net profit of 4.2 billion dollars, after being in the red in 2009. 2011 seems to become similarly prosperous as the first quarter rate development suggests. The weighted Charter Rate Index from Harper Peterson & Co., for example, stood at a level of 670 in late 2010 (double the level of a year ago). From that time on, the index climbed and is currently at around 880 (compare Fig. 14). The Hamburg Index for Containership time-charter rates shows a similar development (please see page 61 of this issue). End of May 2011, the idle container fleet comprised only 63 vessels with 80.000 TEU against 234 vessels with 0.48 million TEU a year earlier (Alphaliner Newsletter 23/2011). This represents only 0.6 % of the existing cellular fleet, the lowest level of idling since December 2008. Second-hand and contracting prices for container ships Second-hand prices climbed in 2010. Vessel prices increased on average by about 40 % during the last year. This led to a number of around 150 sold vessels on the second hand market. According to market data the traded container capacity amounted to 165 vessels carrying 368.000 TEU, nearly twice the capacity of 2009. The market tendencies can be summarised as follows: x Second-hand prices for five-year old container ships of 2,750 TEU reached an average price of 31.3 million US$ in late 2010. The newbuilding prices for the same size and period stood at 35 million US$ one year earlier. x As expected there were continuing second-hand and newbuilding price increases during 2010 for ships of all TEU sizes. x For the first months of 2011 development of second- hand and newbuilding prices was uneven. 3 FUTURE TONNAGE SUPPLY - THE SHIPBUILDING MARKET FOR CONTAINER AND GENERAL CARGO SHIPS 3.1 New orders and order book development Container ships on order The ordering activities for new container ships picked up in 2010. 124 container vessels with a capacity of 690,000 TEU were reported as new orders. The order book for container ships decreased by 20 % in 2010 in terms of TEU and represented 27.2 % of the trading container fleet compared with 37.4 % one year earlier and well below the all-time high mid of 2008, when the order book reached 60 % of the existing fleet. At the beginning of 2011, the total order book comprised 606 container ships equal with a combined capacity of 3.8 Fig. 14: Monthly HARPEX container charter rate index 2008 up to April 2011
ISL based on Harper Petersen & Co Fig. 15: German sea freight indices - Liner trade indices 2006 up to March 2011
ISL based on German Federal Statistical Office
Fig. 16: Second hand prices for 5 years old container ships 2005 -2010 by TEU size classes (mill. US$ at year end)
ISL based on Platou Monthly 04/2011
Fig. 17: New building contracting prices for Container ships 2005 -2010 by TEU size classes (mill. US$ at year end)
ISL based on Platou Monthly 04/2011 0 200 400 600 800 1000 1200 1400 1600 2008 2009 2010 2011 R a t e s
i n
1 0 0 0
U S $ 50 75 100 125 150 2006 2007 2008 2009 2010 2011 Overall index 0 10 20 30 40 50 60 1000 TEU 1700 TEU 3000 TEU 4500 TEU m i l l
U S
$ 50.0 46.7 12.9 Price % changes 2009- 2010 -2.0 0 20 40 60 80 100 120 1,000 TEU 1,700 TEU 3,000 TEU 4,500 TEU 6,000 TEU m i l l
U S
$ Price % changes 2009 - 2010 22.9 22.9 11.5 25.7 9.5 Comment - World container and general cargo shipping SSMR May/June 2011 11 www.isl.org www.isl.org million TEU (21.0 million cgt), the lowest figure in a decade. Only 105 container vessels equal to 17 % of the current TEU-capacity are contracts signed in 2010 or later. New ships with a capacity of 1.6 million TEU are scheduled to enter the fleet in 2011. More than 80 % of the ordered capacity equal to 3.1 million TEU is due for delivery within the next two years, a result of the recent shifts. Assuming, that the deliveries will be completed as scheduled and about 140,000 TEU will be removed from the fleet, the container fleet will increase by about 10 % in 2011. The trend towards larger ships continues. About 77 % of the capacity on order was attributable to Post-Panamax ships of 6,000 TEU and over. The average size of container ships on order is 6,300 TEU, currently 146 ships have a capacity of more than 10,000 TEU. Meanwhile, the Maersk Line has signed a contract with Koreas Daewoo shipbuilding yard to build ten 18,000 TEU vessels. A further 10 ships are likely to follow. General cargo ships on order During 2010, 377 orders for new general cargo ships were placed on shipbuilding yards. In terms of cgt these new orders had a volume of 3.8 million cgt, an increase of 22 % compared to 2009. During the same period, 614 general cargo ships with 2.9 million cgt left the order book after completion. At the beginning of 2011, 1,295 general cargo ships with a volume of 14.4 million cgt were on order. Compared with figures in 2010, this is a decrease of 18 % (based on cgt). Latest figures on container and general cargo ship orders (1 st quarter, 2011): x During the first quarter of 2011, at least 50 new orders for container ships with 0.48 million TEU have been reported. As of April 1 st , 2011, the order book for container vessels comprised 604 ships with 4.0 million TEU (21.7 million cgt) compared to 750 vessels on year earlier. x During the first quarter 2011, only 37 new orders for general cargo ships were placed. As of April 1 st , 2011, the order book for general cargo ships comprised 1,208 ships with 17.0 million dwt (13.1 million cgt).
Fig. 18: World container fleet - new orders and broken-up tonnage, quarterly 2005 2011 (mill. dwt)
Fig. 19: World container and general cargo order book, quarterly 2005 2011 (mill. cgt)
Explanatory note The compensated gross tons (cgt) concept was first devised by shipbuilder associations, and adopted by the OECD Council Working Party on Shipbuilding (WP6), in the 1970s to provide a more accurate measure of shipyard activity than could be achieved by the usual gross ton (gt) and deadweight ton (dwt) measures. The compensated gross tons (cgt) are calculated by multiplying the tonnage of a ship by a coefficient, which is determined according to type and size for a particular ship. Cgt is used as an indicator of the volume of work that is necessary to build a given ship. Cgt coefficients were changed as of January 1 st , 2007. Statistical details Container and general cargo ships on order Order book and new orders by type p 48/50 Ships on order by type and delivery schedule p. 49/50 Additions to the order book by ship type and major countries of domicile p. 51/52
3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 05/I 05/III 06/I 06/III 07/I 07/III 08/I 08/III 09/I 09/III 10/I 10/III 11/I m i l l
d w t Broken-up New orders - 5 10 15 20 25 30 35 40 45 05/I 05/III 06/I 06/III 07/I 07/III 08/I 08/III 09/I 09/III 10/I 10/III 11/I m i l l
c g t Container ships General cargo ships ISL Market Review 2011 - World ports www.isl.org .3 |$L Honth|y 0onta|ner Port Traff|c |nd|ces 2009 - 2011 78 SSMR May/June 2011 .3 |$L Honth|y 0onta|ner Port Traff|c |nd|ces 2009 - 2011 TEL |rdex; 0 2000 = 100; rov|rg quarler|y averages Honth 2009 2010 2011 2009 2010 2011 Jar. 145.2 149.9 159.4 338.7 337.7 378.0 Feo. 132.5 148.0 101.5 317.7 343.9 390.9 Varc| 122.0 143.1 151.7 282.0 329.2 357.4 Apr|| 120.2 145.2 154.0 273.4 320.8 358.5 Vay 125.0 150.9 274.9 328.1 0h|na Japan, $outh Korea, Ta|wan 250 350 450 Japan, 8outh Korea, Ta|wan 6h|na wor|d Vay 125.0 150.9 274.9 328.1 Jure 134.0 101.0 302.7 358.4 Ju|y 134.1 101.0 304.5 370.0 Aug. 135.7 101.5 315.4 383.1 3ep. 137.7 100.7 323.0 390.4 0cl. 141.0 157.9 332.7 393.9 |ov. 144.0 155.0 334.8 385.1 0ec. 140.8 154.2 333.9 381.1 Average 134.9 154.0 15.I 311.2 30.I 3I1.2 0ther As|a North Amer|ca Pac|f|c 50 150 2005 200 2007 2008 2009 2010 2011 |8L 450 Honth 2009 2010 2011 2009 2010 2011 Jar. 201.0 205.4 214.4 143.3 132.5 151.9 Feo. 187.0 208.1 215.3 131.0 128.4 145.3 Varc| 175.4 204.5 208.8 114.4 124.3 137.8 Apr|| 170.5 208.1 212.3 112.1 123.3 134.3 Vay 179.5 200.4 111.4 127.4 Jure 188.4 213.9 121.0 139.1 Ju|y 188.0 212.5 123.9 149.3 Aug. 193.8 218.2 120.9 158.7 0ther As|a North Amer|ca Pac|f|c 150 250 350 450 0ther As|a North Amer|ca Pac|f|c wor|d Aug. 193.8 218.2 120.9 158.7 3ep. 198.0 217.0 130.3 104.2 0cl. 198.7 214.5 132.0 105.1 |ov. 200.1 211.0 135.4 103.8 0ec. 201.2 210.8 133.0 157.8 Average 190. 210.9 212.I 12.3 144.5 142.3 Honth 2009 2010 2011 2009 2010 2011 Jar. 158.2 148.4 102.0 193.4 177.8 195.0 North Amer|ca At|ant|c North Europe 50 2005 200 2007 2008 2009 2010 2011 |8L 350 450 North Amer|ca At|ant|c North Europe Jar. 158.2 148.4 102.0 193.4 177.8 195.0 Feo. 143.5 143.0 155.5 177.1 175.0 190.2 Varc| 133.8 141.2 153.1 105.7 174.0 189.9 Apr|| 131.0 148.3 101.4 101.3 179.2 197.4 Vay 133.0 152.0 101.4 184.4 Jure 137.0 159.9 104.0 193.1 Ju|y 141.5 101.5 100.1 194.8 Aug. 144.0 100.2 108.9 198.0 3ep. 147.5 109.0 109.8 200.3 0cl. 149.0 109.0 172.7 202.0 |ov. 152.4 171.2 177.0 203.8 50 150 250 350 2005 200 2007 2008 2009 2010 2011 North Europe wor|d |ov. 152.4 171.2 177.0 203.8 0ec. 151.0 100.0 178.4 200.4 Average 143.I 158.1 158.0 1I1.3 190.3 193.1 Honth 2009 2010 2011 2009 2010 2011 Jar. 181.9 109.3 177.5 233.8 223.9 253.8 Feo. 108.0 100.3 170.8 214.0 215.7 247.2 Varc| 159.7 102.8 178.2 194.0 210.3 240.2 Apr|| 158.0 107.0 179.4 184.4 210.9 234.1 Vay 102.2 172.9 180.7 210.5 Hed|terranean 0ther Peg|ons 2005 200 2007 2008 2009 2010 2011 |8L 250 350 450 Hed|terranean 0ther Reg|ons wor|d Vay 102.2 172.9 180.7 210.5 Jure 109.2 183.1 187.4 224.0 Ju|y 170.9 182.2 192.3 231.0 Aug. 173.3 180.8 201.4 241.2 3ep. 171.5 185.2 203.7 253.5 0cl. 171.7 180.2 210.3 258.4 |ov. 170.8 182.5 217.0 200.1 0ec. 170.2 179.4 223.3 250.7 Average 19.0 1II.0 1I8.0 203. 233.5 243.8 |ole. For lurl|er |rlorral|or, e.g. del|r|l|or ol porl reg|ors, p|ease see 0el|r|l|ors. 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