Greece Shipping Report Q2 2012.pdf
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1、Q2 2012 shipping RepoRt issn 2040-9869 published by Business Monitor international Ltd. gReeCe INCLUDES BMIS FORECASTS Business Monitor International 85 Queen Victoria Street London EC4V 4AB UK Tel: +44 (0) 20 7248 0468 Fax: +44 (0) 20 7248 0467 Email: Web: http:/ 2012 Business Monitor Internation
2、al. All rights reserved. All information contained in this publication is copyrighted in the name of Business Monitor International, and as such no part of this publication may be reproduced, repackaged, redistributed, resold in whole or in any part, or used in any form or by any means graphic, elec
3、tronic or mechanical, including photocopying, recording, taping, or by information storage or retrieval, or by any other means, without the express written consent of the publisher. DISCLAIMER All information contained in this publication has been researched and compiled from sources believed to be
4、accurate and reliable at the time of publishing. However, in view of the natural scope for human and/or mechanical error, either at source or during production, Business Monitor International accepts no liability whatsoever for any loss or damage resulting from errors, inaccuracies or omissions affe
5、cting any part of the publication. All information is provided without warranty, and Business Monitor International makes no representation of warranty of any kind as to the accuracy or completeness of any information hereto contained. GREECE SHIPPING REPORT Q2 2012 INCLUDES 5-YEAR FORECASTS TO 2016
6、 Part of BMIs Industry Report Another Chinese Firm Withholds Charter Payments 41 Oversized Dry Bulk Fleet To Continue Growing . 44 Global Overview Liquid Bulk Shipping . 47 Summary Liquid Bulk Survival Tactics Deployed In Force In 2012 47 2012 Outlook For Crude Oil Tankers Remains Poor . 48 Frontlin
7、e 2012 To Be Consolidating Force In Supertanker Sector 53 Industry Trends And Developments 59 Container Shipping Market Overview 61 Industry Forecast . 67 Port Of Piraeus Throughput Overview 67 Port Of Thessaloniki Throughput Overview . 69 Table: Major Port Data Throughput 2008-2016. 71 Trade . 71 T
8、able: Trade Overview, 2008-2016 . 71 Table: Key Trade Indicators, 2008-2016 (US$mn and % change y-o-y) . 72 Table: Greeces Main Import Partners, 2002-2009 (US$mn) 73 Table: Greeces Main Export Partners, 2002-2009 (US$mn) 73 Company Profiles . 74 Diana Shipping 74 Diana Containerships 76 Paragon Ship
9、ping 78 Navios Maritime Holdings . 80 Excel Maritime Carriers 83 Greece Shipping Report Q2 2012 Business Monitor International Ltd Page 4 DryShips 86 Maersk Line . 90 Mediterranean Shipping Company (MSC) . 97 CMA CGM 101 COSCO Container Lines Company Limited (COSCON).105 Hapag-Lloyd .110 APL .115 Ev
10、ergreen Line .121 China Shipping Container Line (CSCL) .125 Hanjin Shipping (Container Operations) 129 Mitsui OSK Lines (MOL) (Container).133 Greece Shipping Report Q2 2012 Business Monitor International Ltd Page 5 Executive Summary Greek shipping, like other sectors, face a tough operating environm
11、ent. Domestic demand is stymied by the economic outlook, with Greece estimated to remain in recession for another year, its fourth in a row. Unemployment is at a high and consumer spending, understandably, is down. Total tonnage throughput at the countrys ports highlight the tough economic environme
12、nt in Greece, with BMI forecasting total tonnage at the ports of Piraeus and Thessaloniki to decrease by 1.1% and 3.5% respectively following an estimated throughput decline of 2% at Piraeus in 2011 and volumes at Thessaloniki dropping by 15%. Box growth, although forecast to slow in 2012, is holdin
13、g up well considering the demand conditions. The countrys container sector is benefiting somewhat from the fact that it has diversified its role away from domestic demand, with its facilities also playing transhipment and transit roles. We forecast that container throughput at Piraeus will increase
14、by 25% in 2012 and that container volumes through the Port of Thessaloniki will increase by 5.54%. BMI highlights the Port of Piraeus container throughput as the outperformer, with the facility benefiting from COSCO Pacifics operations at the port. We note the COSCO Effect, with box volumes at the p
15、ort increasing by 152.7% since the Chinese port operator began operations at the facility in 2009. The inclusion of global port operators, which bring investment and expertise, in container operations traditionally drives up container throughput growth. We therefore highlight that Greeces plans to p
16、rivatise stakes in both Piraeus and Thessaloniki offers medium-term upside risk. So far global terminal operator ICTSI has expressed interest in the privatisation drive. While privatisation will in the long run be beneficial for Greeces container shipping sector, we note the short-term risk associat
17、ed with it. The awarding of the Piraeus concession to COSCO Pacific led to rolling strikes, which severely damaged the ports box throughput, with container levels declining by 68.4%. Greeces privatisation plans have been condemned by unions, and a strike over the issue took place in June 2010. We be
18、lieve that as the privatisation drive moves forward, further industrial action is likely. Headline Industry Data ? 2012 Port of Piraeus tonnage throughput forecast to decrease 1%, over the medium term we project a 0.7% increase. Greece Shipping Report Q2 2012 Business Monitor International Ltd Page
19、6 ? 2012 Port of Piraeus container throughput forecast to increase 25%, over the medium term we project a 39.3% increase. ? 2012 total trade growth forecast at -2.14%. Key Industry Trends China Offers Greek Owners Cheap Credit To Order At Yards BMIs view that some dry bulk lines will continue orderi
20、ng vessels to take advantage of cheap newbuild prices continues to play out. Greeces DryShips is the latest line to ink a credit agreement for new vessels, despite the fact that overcapacity in the sector is causing an ongoing rates depression. Further, Chinese demand for dry bulk shipping is likely
21、 to ease in 2012, putting further pressure on a sector that is already in the doldrums. Box Pier Competition Driving Growth As predicted by BMI, the inclusion of COSCO Pacific in operations at the Port of Piraeus is encouraging competition. COSCO Pacific operates Piraeus Pier II terminal, increasing
22、 its throughput by 73% year-on- year (y-o-y) in 2011. The Piraeus Port Authority-operated Pier I terminal posted a y-o-y growth of 53%, with the authority striving to become more efficient and decrease its waiting times for ships. Risks To Outlook Major risks to our outlook stem from the macroeconom
23、ic sector, but developments in the countrys maritime market also offer risks to our outlook. In the short term we highlight the downside risk of likely industrial action in response to the governments plans to privatise majority stakes in the countrys port sector. In the medium term, however, the pr
24、ivatisation drive does offer upside risk, as private operators - particularly if the ports manage to attract global port operators - will encourage investment and develop strategies to drive throughput up. This is an outcome we have seen playing out at Piraeus, with COSCO Pacifics involvement. Greec
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