DHL Global Forwarding, Freight

OCEAN FREIGHT
MARKET UPDATE
October 2017

1
Contents

TOPIC OF THE MONTH

Top Carriers Operating Margins, 1H’17

HIGH LEVEL DEVELOPMENT

MARKET OUTLOOK
Freight Rates and Volume Development

ECONOMIC OUTLOOK & DEMAND DEVELOPMENT

CAPACITY DEVELOPMENT

CARRIERS

DID YOU KNOW ?

? Containership Orderbook By Size And Scheduled Delivery Year

DHL Global Forwarding | OFR Market Update | Oct 2017 2

 Topic of the Month
Top Carriers Operating Margins, 1H’17
EARNINGS REBOUND

The average operating earnings of the top carriers that published their
1H’17 results rebounded. Out of 13 carriers, 9 posted positive results, led
by CMA CGM with a 7.1% operating margin off a USD 10.17Bn
revenue. Global average operating margin sits at 1.1%.

Four carriers remain at loss, led by HMM, as seen last month with a
negative 9.5% margin.

Only two carriers (MOL, HMM) actually reported negative operating

margins for Q2, showing improvement over negative Q1, actually
indicating the first generally profitable quarter since July 2015.
Higher freight rates have been the main driver to this acceleration, rates
gains being posted between 4% and 22% by the carriers.
HMM’s average revenue, however, was 6% lower than Q2’16, despite a
46% increase in total liftings, the carrier not being able to secure higher
rates.

Source: Alphaliner

DHL Global Forwarding | OFR Market Update | Oct 2017 3

 High Level Market Development – Supply and Demand

CAGR 2’500
ECONOMIC 2017F 2018F 2019F 2020F 2021F WORLD
(2017-2021)
OUTLOOK 1) CONTAINER 2’000
EURO 1.8% 1.8% 1.7% 1.7% 1.8% 1.7% INDEX (WCI)2) 1’500
GDP GROWTH
BY REGION 1’000
MEA 2.6% 3.4% 3.7% 4.1% 4.0% 3.8%
500
AMER 2.1% 2.6% 2.5% 2.4% 2.4% 2.5%
0
ASPA 4.8% 4.6% 4.6% 4.5% 4.7% 4.6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
15 16 17

SHANGHAI 1’200
DGF World 3.0% 3.1% 3.1% 3.1% 3.2% 3.1%
CONTAINERIZED 1’000
FREIGHT INDEX 800
SUPPLY VS 10.0 (SCFI)3) 600
DEMAND Demand Growth
400
GROWTH 4) 8.0 Supply Growth 200
0
6.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
% Growth 15 16 17
4.0
BUNKER 800
2.0 PRICE 600
INDEX 5)
0.0 400
2011 2012 2013 2014 2015 2016 2017F 2018F 2019F
200
Source: 1)real GDP, Global Insight, Copyright © IHS, Q2 2017 . All rights reserved; 2) Drewry Container Forecaster –
BIX 380
Forecast global supply-demand balance; 3) Shanghai Shipping Exchange, in USD/20ft container and USD/40ft container for 0
US routes, 15 routes from Shanghai, 4) Global Insight, Drewry, 5) Bunker Index, in USD/metric ton, Bunker Index MGO (BIX BIX MGO Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
MGO) is the Average Global Bunker Price for all marine gasoil (MGO) port prices published on the Bunker Index website,
15 16 17
Bunker Index 380 CST (BIX 380) is the Average Global Bunker Price for all 380 centistoke (cSt) port prices published on the
Bunker Index website

DHL Global Forwarding | OFR Market Update | Oct 2017 4

 Market Outlook October 2017 – Major Trades

Rates are stabilizing – at a high level

EXPORT REGION IMPORT REGION CAPACITY RATE EXPORT REGION IMPORT REGION CAPACITY RATE
AMNO = = AMNO = +
EURO AMLA
AMLA - ++ ASPA - =

ASPA = - EURO = +

MENAT = - MENAT = =

SSA = = SSA = +

AMLA - + ASPA - =
AMNO ASPA
ASPA = = AMNO - -

EURO -/+ + AMLA ++ --

MENAT = = EURO - -

SSA = + MENAT = -

OCEANIA = +
Strong Moderate No Moderate Strong
KEY ++ + = - --
Increase Increase Change Decline Decline
Source: DGF

DHL Global Forwarding | OFR Market Update | Oct 2017 5

 Market outlook on
Market Outlook August 2017 – Ocean Freight Rates Major Trades smaller trades available
in the back-up

OCEAN FREIGHT RATES OUTLOOK

Extensive blank sailing program starting in week 39 to cater for the slower Golden Week period. Rates decline on a short-term basis,
ASPA – EURO
however no movement seen on the long-term rates.

EURO – ASPA & MEA October rates are slightly softening due to missing overall export volumes.

Carriers put in 6 extra loaders to ECSA in September to capitalize on the strong pre-Golden Week loading. This caused the rates to
ASPA – AMLA nosedive from USD 3500/40’ to USD 1800/40’, valid until 14 th October 2018. We expect however a strong rate rebound on 15 th Oct GRI,
when China factories reopen, jostling for space.

All alliances have introduced void sailings in week 1 st half of Oct during Chinese holidays. Expect tight space situation to resume 2 nd half
ASPA – AMNO
of October

EURO – AMNO Unchanged stable, well utilized vessels

Declined in rates into EMED & Middle East, except for South Africa.
ASPA – MENAT South Africa rates have increased drastically over the months, and Carriers are still going strong for another GRI starting 15th Oct.
Expected tight vessel utilization after Golden Week.

Space is expected to be tight after the Golden Week due to the planned blank sailings as announced by the carrier on both the Intra-Asia
ASPA – ASPA
and IPBC services. Rates are expected to remain relatively stable.

Moderate capacity reduction in October from USEC (average 7000 TEUs less than in September)
AMNO – EURO
Moderate capacity increase in October from USWC (average 3000 TEUs more than in September)
Source: DGF

DHL Global Forwarding | OFR Market Update | Oct 2017 6

 Economic Outlook & Demand Development

DEVELOPPED COUNTRIES LEAD AN EXPANSION SHARED WORLDWIDE

EU 2017 GDP growth should hit 2.2% vs 1.8% in 2016, slowing down in 2018 at 1.9, and in 2019 at 1.7%. Upsides may occur depending on
labor market performance, whereas downside risks lie with a stronger Euro and toxic Brext negotiations.
EURO
DE: although Q2 GDP growth only went by 2.5%, domestic demand increased strongly by 4.3%.
UK: Economy growth will slow in 2018, at +1.0% vs 1.5% this year, according to recent data.

CA: Leads the G7 growth in Q2, with a +4.5% GDP increase q/q
US: Q2 GDP revised up from 2.6 to 3.0%. Hurricanes will hurt near-term growth (damaged infrastructure, logistics constraints, but most
AMER
importantly energy and chemical sector disruptions), but reconstrution will boost GDP growth. Q3 Growth down from 3.1 to 2.1 %, but 1H 2018
growth set up from 2.8 to 3.1%.
JP: Expansion matches DE ‘s– although Q2 GDP growth is only hitting 2.5% (slowed down by net exports), domestic demand increased
strongly by 3.8%. Bad weather conditions will soften Q3 growth as it refrained consumer spendings. In the future, downside risks lie with the
ASPA appreciation of the yen due to North Korean tensions and US policy uncertainties.
CN: Broad slowdown of economic activities in July and August – it does not mark the start of a strong decline however. Government could
support the economic acitivity with demand-friendly measures if the slowdown became too strong.

EMERGING Rising commodity prices will help strenghten growth in emerging markets – it has already begun to translate into better export earnings.
MARKETS Moreover, a recent dollar weakness also represents a relief for local central banks.

The global PMI rose from 53.6 in July to 53.9. This is the highest point since April 2015. The best improvements come from order books and
DEMAND the employment trends. New business wins showed the largest rise for almost three years, and August saw one of the quickest increases in
DEVELOPMENT backlog of uncompleted orders of the past four years. Since output levels are up, employment prospects are too, especially in the developped
economies (both services and manufacturing). It stagnated in the emerging economies, still improving over the 2016 job market deterioration.
Source: Global Executive Summary, IHS Markit, Aug 2017. The Purchase Manager Index is an IHS proprietary metric that polls purchasing managers to understand if they are to order more or less in the future, hence giving a representative estimation
of the global business sentiment. Assessed monthly, a PMI at 50 is considered neutral, expanding above 50, and shows business shrinking below 50.

DHL Global Forwarding | OFR Market Update | Oct 2017 7

 Capacity Development

CAPACITY DEVELOPMENT

On the Intra-Asia and Africa-related routes, several services were upsized from 2’800 TEE to 4’200 TEU (Panamax) scale over the last 18 months. The upsized
ships are often chartered at lower rates than the smaller ships they have replaced. With the opening of the larger Panama locks in Jun’16, Panamax ships had
become obsolete and were struggling to find alternative employment.

Only 6 ex-Hanjin ships have been scrapped, while all others but one of the remaining ships were taken up by other carriers, SM Line being the most active buyer.

Each of the 3 alliances have revealed their blank sailing programs for Chinese Golden Week holidays (1-8 Oct) and the week after. Total capacity withdrawn on
the Asia-Europe route will only reach about 29-46% of the average weekly capacity deployed, with 2M taking out the most this year. In 2016 the removed capacity
was over 50% of the average weekly capacity on that route.

OCEAN Alliance increases its number of direct Far East-New York links to five as of 12 Oct ’17.

Hapag-Lloyd and MSC team up on new Med-ECSA trade with the launch of a weekly joint service in Oct’17. The new service will supersede the current Med-
ECSA service offered through a joint operation of MSC + Hamburg Süd with Hapag-Lloyd taking slots. The restructuring was necessary after the European
Commission had ruled that Hamburg Süd must terminate its arrangement with MSC on the trade prior to the absorption of Hamburg Süd by Maersk Line in Q4.

MSC has launched a newbuilding program for 11 Megamax units of 22’000 TEU. The ships will be delivered from late 2019 to Mar 2020. MSC’s current 20
Megamax units are financed by CN, SG & US interests under leasing or bare-boat terms, with MSC managing the ships. It is probable that the 11 ships of the new
program will be financed similarly.

Based on projections from Alphaliner the idle container ship fleet will only be eliminated in Q3 ’19. However, the announcement of CMA CGM and MSC of new
orders of 20 vessels of 22’000 TEU with deliveries starting from H2 ’19 could potentially trigger a wave of new orders thus further extending the supply overhang.
Source: Alphaliner, carriers

DHL Global Forwarding | OFR Market Update | Oct 2017 8

 Carriers

CARRIERS

Maersk’s parent company A.P. Møller-Maersk announced the sale of Maersk Tankers to its subsidiary APMH Invest, the investment arm of the AP Møller
Foundation, for $1.17bn. The transaction follows Maersk Oil’s sale to Total S.A. in August.
The group still plans to sell Maersk Drilling and Maersk Supply Service by 2018, as a part of the company’s divestment from energy. According to analysts, Maersk
could sell these last two business units for up to $6bn.
FMC has cleared the establishment of THE Alliance’s contingency fund. The fund is meant to help member carriers manage and recover from insolvency or
financial distress of a participating carrier by ensuring that the affected carrier could:
• Continue to make port calls, pay costs/losses/liabilities as a result of arrested vessels
• Advance funds related to carriage, handling, storage, delivery of containers
• Pay claims which could lead to arrest or detention of a vessel
• Reimburse the non-affected alliance members for costs, losses, liabilities incurred.
Out of the total amount of USD 50m each member will initially contribute USD 1m into the fund and a further USD 9m in additional funds or through a letter of credit.
Brazil’s anti-trust regulator has approved the acquisition of Hamburg Süd by Maersk Line without restrictions. Maersk had already agreed on 13 Jun ’17 to
sell its Brazilian coastal shipping unit Mercosul Line to CMA CGM in order to obtain approval from Brazilian authorities for the Hamburg Süd acquisition.

Source: Alphaliner, carriers

DHL Global Forwarding | OFR Market Update | Oct 2017 9

 Carriers – Drewry’s Altman Z-Score as at August ’17

Asset Book Value of Liabilities Liabilities Retainted

Company Period Period End Unit Net Sales EBIT Asset Total Z-Score
Current Equity Total Current Earnings
AP Moller-Maersk 6 months 30-Jun-17 mn US$ 18’567 1’002 61’3100 11’294 32’349 28’961 8’583 27’749 2.07
OOIL (parent of OOCL) 6 months 30-Jun-17 mn US$ 2’898 110 9’693 2’783 4’592 5’101 1’437 4’529 2.03
CMA CGM 3 months 31-Mar-17 mn US$ 4’620 260 18,812 5,940 5,029 13’783 6’006 4’637 1.72
Wan Hai 6 months 30-Jun-17 mn NT$ 29’156 1’020 75’266 30’716 32’935 42’331 20’833 9’866 1.67
K Line Group 3 months 30-Jun-17 bn Yen 287 4 1’056 388 253 802 229 65 1.59
NYK Group 3 months 30-Jun-17 bn Yen 522 4 2’072 606 587 1’486 481 330 1.56
Hapag-Lloyd Holding 3 months 31-Mar-17 mn EUR 2’132 4 11’206 1’573 4’940 6’266 2’386 3’090 1.54
Pacific International Lines Annual 30-Dec-15 mn US$ 3’732 146 5’830 1’215 1’979 3’851 1’493 1’184 1.26
Evergreen Marine Corp 6 months 30-Jun-17 mn NT$ 71’543 2’871 189’505 58’751 55’095 134’410 43’342 8’071 1.26
MOL Group 3 months 30-Jun-17 bn Yen 403 1 2,199 478 679 1,519 445 361 1.26
China Cosco1) 3 months 31-Mar-17 mn RMB 20’101 566 120’574 46’136 38’531 82’044 35’473 8’576 1.22
Yang Ming 6 months 30-Jun-17 million NT$ 63’483 -1’047 132’694 25’215 16’260 116’435 42’504 -3’016 0.80
Hyundai Merchant Marine 6 months 30-Jun-17 bn Won 2’544 -259 3’419 1’295 702 2’718 744 -2’400 0.35
Zim 3 months 31-Mar-17 mn US$ 655 25 1’723 512 -110 1’833 562 -1’901 0.09
• Slight improvement in all carrier results, as most of them are now stretched over a shorter period of time. HMM now scores a positive 0.35, whilst OOIL went back to the grey zone
(scoring above 2.00). Hapag-Lloyd is marginally down vs. their annual results published in March. Again, none of the carriers manage to reach the > 2.99 “safe“ zone.

• The Z-score is a statistical analysis to predict a company’s probability of failure in the next 2 years, using data from the company’s financial statement.
• A Z-score ≥ 2.99  company is “safe”.
• A Z-score between 1.8 and 2.99  exercise caution (“grey zone”).
• A Z-score ≤ 1.8  higher risk of the company going bankrupt (“distress zone”). All indications based on these financial figures only.
Source: Drewry Sea & Air Shipper Insight, June 2017; 1) parent of Cosco Container Lines; Z-score is calculated as follows: T1 = (Current Assets - Current Liabilities) / Total Assets, T2 = Retained Earnings / Total
Assets, T3 = Annualized EBIT / Total Assets, T4 = Book Value of Equity / Total Liabilities, T5 = Annualized Sales / Total Assets, Z-score bankruptcy rating = 1.2*T1 + 1.4*T2 + 3.3*T3 + 0.6*T4 + 1.0*T5

DHL Global Forwarding | OFR Market Update | Oct 2017 10

 Did You Know ?

CONTAINERSHIP ORDERBOOK BY SIZE AND SCHEDULED DELIVERY YEAR TEU CAPACITY

% of % of • Most of the new vessels are

Size (TEU) 2017 2018 2019 2020 Total orderbook current fleet current fleet scheduled to be delivered until
<500 260 2'000 2'260 0.10% 99'301 2.30% end of 2018.
500-999 1'200 600 1'800 0.10% 529'909 0.30% • The vast majority of ordered
container vessels falls in the
1,000-1,499 18'624 33'618 3'486 55'728 2.00% 802'422 6.90%
>10’000 TEU category. Drewry
1,500-1,999 37'360 32'690 18'200 3'500 91'750 3.30% 929'861 9.90% states that «adding even more
2,000-2,499 29'684 23'350 16'550 69'584 2.50% 599'945 11.60% ships to this top-heav pool will
2,500-2,999 54'010 87'636 24'700 5'400 171'746 6.20% 960'466 17.90% make the task of deployment
3,000-3,999 33'000 55'400 14'400 102'800 3.70% 833'238 12.30% and cascading harder than it
already is».
4,000-4,999 - 0.00% 2'505'578 0.00%
• The >10’000 TEU category on
5,000-5,999 26'201 10'600 36'801 1.30% 1'600'039 2.30% order would replace, if
6,000-6,999 6'882 6'882 0.20% 1'487'755 0.50% delivered, 41% of the current
7,000-7,999 - 0.00% 364'566 0.00% fleet capacity.
8,000-8,999 - 0.00% 2'642'515 0.00% • No orders for Panamax size
vessel (4’000-4’999), which
9,000-9,999 65'822 9'400 75'222 2.70% 1'618'145 4.60%
became obsolete with the
10,000+ 645'023 1'130'331 183'652 204'026 2'163'032 77.90% 5'258'195 41.10% opening of the new Panama
Total 918'066 1'385'625 246'588 227'326 2'777'605 20'231'935 13.70% locks.

Source: Drewry Sea & Air Shipper Insight

DHL Global Forwarding | OFR Market Update | Oct 2017 11

BACK-UP
12
 Market Outlook October 2017 – Ocean Freight Rates Additional Trades (1/2)

Ocean Freight Rates Outlook

EURO – AMLA Increases to ECSA due to drop of capacity. Another increase announced for November. WCSA still stable.

EURO – SSA Unchanged stable, well utilized vessels

No change in the current market situation. Space is still tight from USEC & USGC Ports but only 1 or 2 weeks out this months. It appears that
AMNO – MENAT
current rates will stay the same until end of October.

Space is available to all destinations in South & West Africa.

AMNO – SSA East Africa is tighter due to routing via congested transshipment ports.
APL & CMA announced GRIs to most African destinations.

Rate trending upward all US to WCSA.

AMNO – AMLA Rate trending upward Gulf to all AMLA
Capacity reduced slightly w/CMA cancelling Gulf to CL on Brasex

FCL market is facing extreme space issues from the SAEC. Rates have doubled and tripled in some cases on certain trade lanes.
AMLA Exports Situation could last through December 2017. Bookings should be placed 2-4 weeks out to ensure space.
Space ex WCSA tight to the US and along the WCS.

Source: DGF

DHL Global Forwarding | OFR Market Update | Oct 2017 13

 Market Outlook October 2017 – Ocean Freight Rates Additional Trades (2/2)

Freight Rates Outlook

EURO MED - AMNO Unchanged/slight increases can occur depending on the provider
EUR MED – AMLA Unchanged/stable rates
EURO MED – ASPA Stable/some slight reductions can occur depending on the provider.
EURO MED – MENAT Stable/some slight reductions can occur depending on the provider.
EURO MED – SSA Unchanged/stable rates.
GRI quantum of USD 300-500/TEUs announced for North Asia-Australia effective 15 Oct 2017. Lack of equipment, Maersk and COSCO
ASPA-SPAC
blank sailings, and smaller Maersk vessels will cause rates for ex Asia to remain high/increase after the October holiday.

Source: DGF

DHL Global Forwarding | OFR Market Update | Oct 2017 14

 Market Outlook – Volume Outlook in Main Trade Lanes, 2017 Estimate & Growth
Forecast 2017/20 in %
2017e, in mTEU 2017e-2021e CAGR, in %

N O R T H N O R T H
A M E R I C A A M E R I C A
I n c l . 3.5 mTEU +1.2% 7.6 mTEU +0.7% I n c l .
M E X I C O F A R E A S T M E X I C O

1.7 mTEU +0.9% 11.9 mTEU +1.6% 15.8 mTEU +0.9%

3.5 mTEU 2.0 mTEU

+1.3% +0.7% 1.7 mTEU +1.3% E U R O P E 7.0 mTEU +0.9% 7.0 mTEU +0.9%
L A T I N L A T I N
I n c l . M E D
A M E R I C A 0.2 mTEU +3.0% 4.5 mTEU +2.8% A M E R I C A
INTRA ASIA
excl. Oceania

35.1 mTEU +3.1%

GLOBAL CONTAINER TRADE 2017e 138.5 mTEU +2.3% CAGR 2017e-2020e

 Mid-term growth is mainly driven by Asian tradelanes.

Source: Drewry

DHL Global Forwarding | OFR Market Update | Oct 2017 15

 Global Capacity Development all Trades

Highest scrapping level ever Average age Idling remains high 3.0% Returning Net capacity growth remains low
capacity
[TTEU] well
absorbed Net capacity growth 2017E
27 28 28 1,480 1,359 1,324 7.7%
24 23 23 23 by
19 20 demand
+239%
602 -1.8%
809 779
(May 2017)
[TTEU] 654 595 2.7%
444 381 356
351 332 -3.3%
193 205 228
131 75

2009 2010 2011 2012 2013 2014 2015 2016 Apr 17 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Q4 Scheduled Post-ponements Scrapping Net capacity
YTD 2009 2010 2011 2012 2013 2014 2015 2016 capacity growth growth

Very few deliveries expected post 2017

Orders placed by year [TEU m] Vessel deliveries by year [TEU m]
3.2

+33%
2.2 1.7
2.0 15,300 TEU 1.5
1.8 1.4 1.4 1.4 1.3
1.2 1.2 1.3 1.2
1.2 1.1 0.9

0.6 0.4
0.1 0.2
0.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Apr17 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E
YTD
Source: Alphaliner (May 2017), carrier views

DHL Global Forwarding | OFR Market Update | Oct 2017 16

 Carrier Mergers, Acquisitions and Alliances

M E R G E R S A N D A Q U I S I T I O N S

United Hyundai
China OOCL CMA Hapag Hamburg Maersk Yang Hanjin
Cosco Evergreen APL Arab Merchant MSC K Line MOL NYK
Shipping TBC CGM Lloyd Süd Line Ming Shipping
Shipping Marine
     
HYUNDAI
EVER OCEAN NETWORK YANG
CHINA COSCO SHIPPING CMA CGM HAPAG-LLOYD/UASC MERCHANT MAERSK LINE MSC Bankrupt
GREEN MARINE EXPRESS (ONE) MING

A L L I A N C E S
F O R M E R A L L I A N C E S P R E S E N T A L L I A N C E S

CMA CGM MAERSK LINE OOCL

MAERSK LINE CHINA SHIPPING MSC OCEAN CMA CGM
2M OCEAN 3 2M
MSC UNITED ARAB HMM (strategic ALLIANCE CHINA COSCO SHIPPING
SHIPPING COMPANY cooperation) EVERGREEN

HAPAG-LLOYD HYUNDAI COSCO

HAPAG-LLOYD/UASC
MOL MERCHANT EVERGREEN K-LINE
G6 MARINE CKYHE THE ALLIANCE ONE
NYK HANJIN YANG MING
OOCL YANG MING
APL SHPPING

Source: Carriers

DHL Global Forwarding | OFR Market Update | Oct 2017 17

Acronyms and Explanations
2M - Carrier Alliance: Maersk / MSC OCRS - Operational Cost Recovery surcharge
AMLA - Latin America OWS - Overweight Surcharge
AMNO - North America PH - Philippines
AR - Argentina PNW - Pacific North West
ASPA - AsiaPacific Ppt. - Percentage points
BR - Brazil PSW - Pacific South West
CAGR - Compound Annual Growth Rate RR(I) - Rate Restoration
CENAC - Central Amercia and Caribbean SAEC - South America East Coast
CKYHE - Carrier Alliance: Cosco, K-Line, YangMing, Hanjin and Evergreen SAWC - South America West Coast
CNC - CNC Line (Cheng Lie Navigation Co. Ltd.) SOLAS - Safety of Life at Sea
DG - Dangerous Goods SPRC - South People’s Republic of China – South China
DWT - Dead Weight Tonnage SSA - Sub-Saharan Africa
EB - Eastbound SSL - Steam Ship Line
ECSA - East Coast South America T - Thousands
EURO - Europe TEU - Twenty foot equivalent unit (20‘ container)
FMC - US Federal Marine Commission TP - Trans Pacific
G6 - Carrier Alliance: APL, Hapag Lloyd, Hyundai, MOL, NYK and OOCL TSA - Trans Pacific Stabilization Agreement
GRI - General Rate Increase ULCS - Ultra Large Container Ship
HJS - Hanjin Shipping USGC - US Gulf Coast
HMM - Hyundai US FMC - US Federal Maritime Commission
HSUD - Hamburg Süd USEC - US East Coast
HWS - Heavy Weight Surcharge USWC - US West Coast
IA - Intra Asia VGM - Verified Gross Mass
IPBC - India Pakistan Bangladesh Colombo VLCS - Very Large Container Ship
IPI - Inland Point Intermodal VSA - Vessel Sharing Agreement
ISC - Indian Sub Continent WB - Westbound
MENAT - Middle East and North Africa WCSA - West Coast South America
mn - Millions YML - Yang Ming Line
MoM - Month-on-Month YoY - Year-on-Year
NOO - Non-operating (vessel) owners YTD - Year-to-Date
Ocean 3 - Carrier Alliance: CMA, UASC, China Shipping

DHL Global Forwarding | OFR Market Update | Oct 2017 18