OCEAN FREIGHT

M A R K E T U P D AT E
APRIL 2021

MARKET UPDATE APRIL 2021 1

Contents
01 HIGHLIGHTS

02 FOCUS

03 TRADE ROUTE ANALYSIS

MARKET UPDATE APRIL 2021 2

Market
HIGHLIGHTS (1/3) Sea-Intelligence Maritime Analysis noted in its latest
The situation in the shipping industry situation is still weekly newsletter that carriers re-routing ships around
very tight by the end of the first quarter and there are Africa or through Panama would absorb an amount
little signs of easing since demand is expected to of carrying capacity equal to 6% of the globally
outstrip container ship capacity for the next three available container vessel capacity.
years. Moreover, fresh congestion problems are expected at
Capacity issues, acute equipment shortages, port Europe ports where ships will arrive all at once whereas
congestion and poor vessel schedule reliability are ship operations were already challenging.
keeping freight rates at elevated levels even though Shippers should expect the Suez blockage to lead to
upsurges are less dramatic. However, global a constriction in shipping capacity and equipment,
transportation costs could remain high because of and consequently, some deterioration in supply chain
growing fuel costs and high charter rates, as well as hikes reliability issues over the coming months.
in haulage and terminal rates.
Consequently, the pricing power is still with carriers
and most long-term contracts are signed at high
rates with the largest MQC (Minimum Quantity
Commitment) shippers can get to secure space.
Clearing the backlog of ships at the Suez Canal is
expected to take more than a week. Some carriers
have already chosen to reroute some of their vessels via
the Cape of Good Hope, that is 3 000 nautical miles more
and at least another week.
Whatever the choice made, the consequences will be
huge since the delay in current voyages is going to
MARKET UPDATE APRIL 2021 3
impact schedules already jeopardized by disruptions
 HIGHLIGHTS (2/3)
Inevitably this situation will result in shipping rate
increases as carriers will face higher costs whether it
be extra fuel consumption, waiting time at anchor near
the Suez Canal or at congested European ports.
Furthermore, Suez blockage will influence the price of the
bunker fuel since it prevents many tankers from delivering
their oil and the demand will be higher due to re-routings
via the Cape of Good Hope.
Service
In February, the global schedule reliability has been
stable at 34.9 % which is however the lowest recorded
figure for any February and the seventh consecutive
month that schedule reliability has been the lowest for
that respective month.
The average delay for LATE vessels arrival increased by
0.27 days over January and 1.53 days year-on-year to
6.76 days.
A lot of “schedule recoveries” or “contingency
plans” (i/e blank-sailings, omits or changes in
services) are still implemented by carriers in order to
“respond to the recent, unprecedented market situation
causing severe port congestion and vessel delays around
the globe”.
Shipping Industry
Unsurprisingly, carriers are officially publishing strong
profits for 2020. Most of them faced a decline in liftings
but their profitability increased. Considering the freight
levels and the demand outlook, they are expecting good
results for 2021 too.
MARKET UPDATE APRIL 2021 4
 HIGHLIGHTS (3/3)
Generally, carriers intend to use these revenues to All the Trade lanes are concerned and impacted
enhance their finances and to fund their operational
-Increase of the rates for the next 4 to 6 weeks
development (new capacities, new services and ports of
call, acquisition,…). -Shortage of equipment will be a real concern for the
next 2 months at least
Hapag-Lloyd recently announced its acquisition of Nile
Dutch in order to grow its presence in Africa. -Demand is still stronger than the Offer / Capacity
from carriers
During the first quarter, massive orders have also been
placed for new container ships, especially 12 Kteu, 15 -Peak season is still on going
Kteu and 24 Kteu vessels. The orderbook-to-fleet ratio
-SUEZ canal consequences will be strong and on
now stands at nearly 15 % compared to 8.8 % six months
mid/long term basis
ago. Although it could seem to be a sharp increase,
analysts like Sea-Intelligence Maritime or BIMCO
consider that it will allow the fleet renewal.

Conclusion

MARKET UPDATE APRIL 2021 5

FOCUS
SHIPPING LINES GLOBAL SCHEDULE RELIABILITY

2019- 2020- 2020- 2020- 2020- Trend vs

Top-14 carriers Q4 Q1 Q2 Q3 Q4 Dec/20 Jan/21 Feb/21 M-1
CMA CGM 80.3% 68.6% 74.9% 66.0% 50.6% 45.5% 33.7% 34.2% ↑
COSCO 80.7% 68.0% 73.0% 62.8% 47.1% 42.6% 28.6% 28.3% ↓
Evergreen 80.5% 67.8% 78.5% 63.3% 43.1% 37.6% 24.7% 22.5% ↓
Hamburg Süd 87.3% 76.4% 82.5% 74.4% 55.0% 51.1% 41.6% 38.7% ↓
Hapag-Lloyd 76.7% 66.9% 73.7% 65.2% 49.2% 45.3% 33.6% 34.3% ↑
HMM 81.1% 73.1% 76.9% 57.7% 33.9% 32.5% 21.2% 21.2% ↑
Maersk Line 84.8% 75.3% 79.0% 71.2% 56.0% 54.1% 46.2% 44.2% ↓
MSC 81.8% 69.8% 76.7% 68.7% 50.0% 45.6% 33.6% 35.2% ↑
ONE 73.1% 63.4% 71.3% 56.6% 37.2% 32.5% 23.7% 23.7% ↑
OOCL 79.6% 65.4% 71.7% 62.5% 45.2% 40.8% 27.7% 27.1% ↓
PIL 74.6% 62.3% 67.7% 50.8% 38.6% 35.3% 26.0% 28.6% ↑
Wan Hai 86.6% 75.6% 78.3% 56.1% 50.2% 44.7% 32.2% 25.2% ↓
Yang Ming 70.1% 59.1% 71.4% 55.5% 34.8% 30.1% 22.8% 19.6% ↓
ZIM 81.9% 69.5% 79.0% 66.2% 49.5% 48.6% 34.9% 37.7% ↑

The Global Liner Performance database covers the majority of the deep sea service identified from 60 different carriers. Currently, the GLP database cover
more than 295 active services and more than 165 iNACtive services, based on more than 430.000 individual vessel arrivals, across 33 major trade lanes.

Sources: Global Liner Performance March 2021 MARKET UPDATE APRIL 2021 6
FOCUS
CARRIERS’ NEWBUILDING DELIVERY SCHEDULE

Sources: Alphaliner Monthly Monitor MARKET UPDATE APRIL 2021 7

 CLICK TO GO TO EACH TRADE LANE

EUROPE ASIA
NORTH
PACIFIC
AMERICA

MARKET UPDATE APRIL 2021 8

Vessel
Vessel utilization
and
and will
utilization continued
will be
Export
be expected
continued to
expected to
to last
to be
last till
be high
till Q2
high
Q2 2021.
2021.
MARKET OUTLOOK | ASIA Rates
Rates are
are generally
sustained
generally increased
sustained volumes
increased owing
volumes expected
expected for
owing to
for March
March
to

Export from
from China
China to
to South
South EastEast Asia
Asia R AT E EVO L U T IO N R AT E EVO L U T I O N
remained We
We will
will still
still face
face tighter
tighter space
space for
for the
the
remained to to strong
strong for
for the
the month
month ofof
March INTRA ASIA SOUTH ASIA / EUROPE coming
coming months.
months.
March 2021.
2021.
(Shanghai-Singapore) (Nhava Sheva-Rotterdam)
Equipment Equipment
Equipment shortage
shortage isis still
still an
an issue
issue and
and
Equipment shortage
shortage may
may bebe expected
expected
in will
will be
be up
up to
to date.
date. India
India being
being the the main
main
in March
March especially
especially in
in CN
CN in in view
view of
of
Ramadan impacted
impacted country.
country. Import
Import flows
flows to to the
the
Ramadan and and thethe strong
strong growth.
growth.
Hence, area
area not
not sufficient
sufficient toto cater
cater to to the
the
Hence, reliable
reliable forecast
forecast in
in advance
advance (2-3
(2-3
weeks) westbound
westbound demand.
demand. Equipment
Equipment is is still
still
weeks) is
is high
high required.
required.
allocated
allocated on
on first
first come
come firstfirst served
served
Numerous
Numerous liners
liners like
like HMM,MSC,
HMM,MSC, ONE,ONE, basis
basis
OOCL
OOCL have
have suspended
suspended their
their services
services to
to
Yangon
Yangon due
due toto the
the continual
continual protest
protest
happening
happening in
in Myanmar.
Myanmar.
Service OUTLOOK OUTLOOK
Service integrity
integrity of
of vessels
vessels inin Asia
Asia still
still
needs
needs to
to be
be monitored
monitored asas it
it is
is reported
reported   CAPACITY DEMAND UTILIZATION RATES
that   CAPACITY DEMAND UTILIZATION RATES
that Port
Port Klang-
Klang- North
North Port,
Port, Manila
Manila
South
South and
and Singapore
Singapore areare still
still facing
facing
Q1 2021    
congestion
Q1 2021    
congestion with
with delays.
delays. March
March 2021​    
2021​    
Q2 2021​    
Q2 2021​    
Q3 2021​    
Q3 2021​    
æ Upward trend
â Flat trend
è Downward trend
Source: Bolloré Logistics, Drewry Index
MARKET UPDATE APRIL 2021 9
The
The Transpacific
Transpacific container
sagging
sagging under
imports
imports from
The
under a
from Asia
container shipping
a seemingly
Asia into
into North
shipping system
seemingly unending
North America.
The surge of imports, coupled with
surge of imports,
America.
coupled
system is
unending deluge
deluge of

with labor
is
of

labor
MARKET OUTLOOK | ASIA Ships
Ships to
carriers
WCSA/MEX
to ECSA
carriers are
ECSA is

WCSA/MEX utilization
within
within the
is full
are looking
full at
looking to
utilization is
the acceptable
acceptable range
at 100%
100% utilization
to rolling

range by
utilization and
rolling containers.
is running
running above
by the
containers.
above 90%
the carriers.
carriers.
and

90%

shortages,
shortages, continues
continues to to impact delays
impact delays in in R AT E EVO L U T IO N R AT E E VO L U T I O N
Carriers are
Carriers are expecting
expecting rates rates to to increase
increase due due to to
unloading
unloading cargo cargo and and returning
returning empty empty ASIA / NORTH AMERICA ASIA / SOUTH AMERICA their
their tight
tight space
space situation
situation and and pushing
pushing for for GRI
GRI
containers
containers to to vessels
vessels heading
heading back back toto Asia.
Asia. (Shanghai-Los Angeles) (Shanghai-Lazaro Cardenas)\ from
from the
the 2 2nd week
nd
week of of March.
March.
Port Terminals
Port Terminals continue
continue to to be
be above
above capacity
capacity
March space
March space situation
situation to to ECSA
ECSA is is very
very tight
tight
by
by 70-119%
70-119% with with LA/ LA/ LB 
LB  beingbeing thethe most
most and
and carriers
carriers reporting
reporting theirtheir ships
ships areare full
full till
till end
end
impacted.
impacted. March.
March. Similar
Similar Situation
Situation to to WCSA/MEX
WCSA/MEX
Main US
Main US gateway
gateway ports ports (LA/
(LA/ LB LB and
and NYC)
NYC) areare expecting
expecting a a pre
pre rush
rush during
during the the 2 2nd half
nd
half of of
congested.
congested. Berth Berth congestion
congestion (LA/ (LA/ LB
LB – – delay
delay March
March priorprior to to the
the 1 1st May
st
May ChinaChina National
National
7,8
7,8 days),
days), OAK OAK – – (4-14
(4-14 days),
days), dwell
dwell time
time NYC
NYC holiday.
holiday.
–
– (12.5
(12.5 days).
days). Equipment
Equipment shortage
shortage situation
situation easedeased a a little
little inin
The lingering
The lingering effects
effects of of the
the winter
winter storm
storm have
have March
March at at Shanghai
Shanghai and and Shenzhen
Shenzhen but but the
the rest
rest
only
only stressed
stressed somesome port port gateway
gateway further
further andand of
of the
the POLs
POLs in in North
North china,
china, NGB NGB and and inland
inland
continue
continue to to slow cargo
slow cargo through through rail rail hubs
hubs OUTLOOK OUTLOOK points
points areare still
still suffering.
suffering. Especially
Especially in in Korea
Korea
including
including Chicago.
Chicago. and
and Japan.
Japan. South
South East East Asia Asia is is still
still suffering
suffering
There   from
from shortage
shortage of of equipment.
equipment.
There is also an
is also an increasing
increasing risk risk of
of disruption
disruption in in CAPACITY DEMAND UTILIZATION RATES   CAPACITY DEMAND UTILIZATION RATES
Eastern
Eastern Canada.
Canada. Shippers
Shippers have have already
already begun
begun Due to
Due to Bad
Bad weather
weather and and port
port congestion,
congestion,
diverting
diverting cargo cargo in in case
case the the Maritime
Maritime Q1 2021     Q1 2021     sailing
sailing schedules
schedules are are badlybadly affected
affected thus thus
Employers
Employers Association
Association (MEA) (MEA) and and Canadian
Canadian causing
causing delays
delays and
and congestions
congestions at
at
Union March March
Union of of Public
Public Employees
Employees (CUPE) (CUPE) don’t don’t 2021​         transshipment
transshipment hubs. hubs.
agree 2021​
agree to to aa new
new contract.
contract. Shippers
Shippers moving
moving Blank
goods Blank Sailings
Sailings willwill be
be expected
expected beginning
beginning of of
goods not not destined
destined for for oror originating
originating fromfrom Q2 2021​     May due
Montreal
Q2 2021​     May due to to thethe China
China holidays,
holidays, to to be be
Montreal can can route
route through
through the the ports
ports ofof announced
Halifax, announced by by the
the carriers.
carriers.
Halifax, Saint
Saint John,
John, and and NewNew YorkYork andand New
New Q3 2021​     Q3 2021​    
Jersey. Which
Jersey. Which has has added
added impacts
impacts on on the
the USUS Carrier's pricing
Carrier's pricing strategy
strategy had had changed
changed by by not not
cargo
cargo volume
volume and and flows.
flows. willing
willing toto offer
offer for
for quarterly
quarterly or or long-term
long-term NACs NACs
æ Upward trend and
and tenders
tenders as as their
their commitment
commitment for for long
long term
term
Schedule reliability
Schedule reliability continues
continues to to be
be at
at all
all time
time
â Flat trend tenders
tenders and and BCOs
BCOs is is over
over their
their allocations.
allocations.
low.
low. Carriers
Carriers continue
continue to to request
request premiums
premiums for for
equipment è Downward trend
equipment and and loading
loading guarantee.
guarantee. Source: Bolloré Logistics APRIL 2021 10
MARKET UPDATE
Tight
Tight space
to
space and
to drive
drive the
and equipment
the rates
equipment situation
rates upwards.
situation continue
upwards. Outlook
continue
Outlook remains
remains
MARKET OUTLOOK | ASIA Ocean
strong R AT E EVO L U T I O N R AT E EVO L U T I O N Ocean freight
freight spot
spot rates
rates from
from Asia
Asia slightly
slightly
strong through
through April.
April. decreased
decreased post-Chinese
post-Chinese new new year
year but but rates
rates
In
In the
the Asia/West
Asia/West Africa,
Africa, cut
cut off
off in
in market
market ASIA / AFRICA ASIA / EUROPE remain
remain high
high asas carriers
carriers do do not
not see
see thethe usual
usual
capacity
capacity via via blank
blank sailing
sailing programs
programs and (Shanghai-Lagos) (Shanghai-Rotterdam) demand
and demand slowdown.
slowdown.
container
container availability
availability continue
continue to to be
be the
the main
main Even
Even though, during
though, during CNY, CNY, carriers
carriers have have
challenge.
challenge. However,
However, carriers
carriers have
have globally
globally repositioned
repositioned some some containers
containers and and increased
increased
extended
extended their
their tariffs
tariffs up
up to
to Mid-April
Mid-April inin order
order to
to their
their production
production for for the
the coming
coming months,
months, we we still
still
add
add GRI
GRI and
and maintain
maintain market
market on on a
a higher
higher level.
level. can
can see
see some
some signs
signs of of containers
containers shortages
shortages in in
Asia to
Asia to NAF
NAF isis on
on downward
downward trend.trend. South
South Asia.
Asia.
Asia
Asia to
to SOUTH
SOUTH AF AF && EAF
EAF :: The
The Suez
Suez canal
canal case
case will
will amplify
amplify this
this difficult
difficult
Very situation
situation asas itit will
will delay
delay the
the move
move of of empty
empty
Very similar outlook in these
similar outlook in these markets
markets than than the
the
WAF containers
containers to to Asia
Asia and
and vessels
vessels routing.
routing. It It will
will
WAF route
route :: rate
rate extension
extension on on the
the first
first half
half of
of
April have
have a a huge
huge impact
impact on on the
the Asia
Asia to to Europe
Europe
April and
and probably
probably an an increase
increase in in the
the second
second OUTLOOK OUTLOOK
half trade.
trade.
half of
of the
the month.
month. The The shortage
shortage of of equipment
equipment in in
the
the ZA ZA marketmarket becomes
becomes an an increasing
increasing CAPACITY DEMAND UTILIZATION RATES That
That means
means equipment
equipment situation
situation keeps
keeps being
being
  CAPACITY DEMAND UTILIZATION RATES
challenge
challenge and and even
even allocations
allocations on on NACs
NACs are are very
very tight
tight as
as the
the inventory
inventory still
still not
not recovered
recovered to to
facing
facing fulfilment
fulfilment issues.
issues. FAK FAK rates
rates are are pre-covid
pre-covid levels
levels
Mar 2021     Q1 2021    
subjected
subjected to to space,
space, roll
roll overs
overs andand equipment
equipment These
These factors
factors combined
combined with with some
some blank blank
availability.
availability. Carriers
Carriers areare pushing
pushing for for premium
premium
    March sailings
sailings and
and omit
omit due
due toto some
some port
port congestion
congestion
above
above FAK
FAK to to confirm
confirm space.
space. Q1 2021
2021​
   
and
and all
all the
the accumulated
accumulated backlog
backlog led led toto anan
NB
NB :: The
The Suez Suez canal
canal incident
incident will
will certainly
certainly increase
increase of of rates
rates asas carriers
carriers keep
keep the
the pricing
pricing
Q2 2021    
worsen
worsen the the container
container shortage
shortage on on all
all trades.
trades. InIn Q2 2021​     power.
power.
the
the meantime,
meantime, carrier
carrier MSC
MSC already
already announced
announced
Q3 2021     The
The SCFI
SCFI between
between China
China andand North
North Europe
Europe at at
space
space cut cut probably
probably moremore than
than we we expected.
expected. Q3 2021​     the
Therefore, the end
end ofof March
March (week
(week 11)11) shows
shows spotspot rates
rates
Therefore, we we foresee
foresee a a general
general rate
rate increase
increase up
on up to
to ++ 343%
343% to to north
north continent
continent compared
compared to to
on all
all trades
trades as as from
from April
April 14
14th..
th
last
last year
year same
same period
period andand ++ 421
421 % % for
for WMED.
WMED.
æ Upward trend
â Flat trend
Source: Bolloré Logistics è Downward trend MARKET UPDATE APRIL 2021 11
Export
Export to

Huge
getting
to Latin
Situation
Latin America

Huge demand
America
Situation remains
remains the
demand in
getting tighter
the same
same as
in Europe
as last
Europe and
tighter everyday.
everyday.
last month.
month.
and space
space is
is
MARKET OUTLOOK | EUROPE Export
Export to
Demand
to United
United States
States
In R AT E EVO L U T I O N R AT E E V O L U T I O N Demand remains
remains huge huge andand space on
space on vessel
vessel
In Europe,
Europe, we we are
are facing
facing omissions
omissions and
and is
Blank is remains
remains tight. tight. Carriers
Carriers confirmed
confirmed
Blank Sailing
Sailing to
to South
South America
America East
East Coast,
Coast, that situation
West EUROPE / SOUTH AMERICA EUROPE / NORTH AMERICA that situation willwill remain
remain the the same
same until
until end
end
West Coast
Coast and
and Caribbean.
Caribbean. of
(Rotterdam-Santos) (Rotterdam-New York) of Q3
Q3 and
and then
then will
will slowly
slowly decrease
decrease in in Q4.
Q4.
Shippers
Shippers are
are advised
advised to to anticipate
anticipate bookings
bookings It
It is
is important
important to to know
know that the
that the overflow
overflow is is
at
at the
the earliest.
earliest. Please
Please note
note that
that due
due to
to the
the very
very important,
important, and even
and even with with an
an additional
additional
current
current situation
situation in in the
the Suez
Suez Canal
Canal and
and premium
premium cargocargo may may still
still be
be rolled.
rolled. Carriers
Carriers
vessel
vessel delay,
delay, we we will
will face
face toto massive
massive are
are also
also no
no longer
longer offering
offering space
space protection
protection
congestion
congestion in in Northern
Northern Europe
Europe and and anymore
anymore (unless
(unless on on specific
specific contracts),
contracts), so so
Mediterranean
Mediterranean ports,
ports, demand
demand will
will be
be higher
higher shippers
shippers should
should anticipate
anticipate bookings
bookings at at the
the
and
and space
space will
will be
be much
much tighter
tighter than
than these
these earliest.
earliest.
past
past few
few weeks.
weeks. Please
Please notenote that
that due
due toto the
the current
current situation
situation
in
in the
the Suez
Suez Canal
Canal and and the the delay
delay from
from
Export
Export to
to Mexico
Mexico vessels,
vessels, we we will
will face
face massive
massive congestion
congestion in in
OUTLOOK OUTLOOK Northern
Demand Northern Europe
Europe and and Mediterranean
Mediterranean ports, ports,
Demand is is still
still strong
strong inin Mexico
Mexico and
and space
space demand
is   CAPACITY DEMAND UTILIZATION RATES   CAPACITY DEMAND UTILIZATION RATES demand will will be
be higher
higher and and space
space will
will be
be
is also
also tight
tight on
on vessels
vessels to to this
this destination.
destination. much
Yet, è æ æ æ much tighter
tighter than
than these
these past
past few
few weeks.
weeks.
Yet, there
there is
is no
no announcement
announcement of of congestion
congestion Q1 2021 è æ æ æ Q1 2021
or
or any
any major
major issues
issues inin Mexico.
Mexico. But
But please
please
March March Export
Export toto Canada
Canada
anticipate
anticipate your
your bookings
bookings at at the
the earliest
earliest è æ æ æ è æ æ æ
2021​ 2021​ Situation
Situation isis the
the same
same than
than United
United States.
States.
because
because demand
demand is is very
very strong.
strong. Note
Note that
that today
today Canadian
Canadian government
government and
and
Q2 2021​ è æ æ æ Q2 2021​ è æ æ æ Montreal
Montreal portport representatives
representatives are
are still
still inin
Q3 2021​ è æ æ æ negotiations.
negotiations. So,So, no
no strike
strike in
in Montreal
Montreal toto
Q3 2021​ â â â â
this
this day.
day. We We will
will keep
keep you
you inform
inform if
if the
the
situation
situation change.
change.
æ Upward trend
â Flat trend
Source: Bolloré Logistics è Downward trend

MARKET UPDATE APRIL 2021 12

We
We are
lack
do
do not
are still
lack of
still in
of equipment
not expect
period. 
period. 
expect any

Regarding West
in the
the same
equipment and
same complicated
and space
complicated context
space restrictions.
any improvements

West Africa
improvements over

Africa trade
trade ,, demand
context of
restrictions. We
over the

demand is
We
the Q2Q2

is still
still
of
MARKET OUTLOOK | EUROPE
Regarding
strong
strong andand therethere areare no 
no  additional
additional allocations
allocations R AT E EVO L U T IO N R AT E EVO L U T I O N Europe
Europe // Middle
Middle East
East global
global market
market
foreseen situation
situation is
is as
as same
same as
as trade
trade Europe
Europe to
to Asia.
Asia.
foreseen in in the
the market
market for for the
the month
month to to come.
come.
It EUROPE / AFRICA EUROPE / MIDDLE EAST Suez
Suez Canal
Canal incident
incident will
will add
add much
much more
more
It is
is expected
expected that that space
space willwill be
be pressed
pressed with with (Rotterdam-Lagos) (Rotterdam-Jebel Ali)
an pressure
pressure onon an
an already
already tensed
tensed market.
market.
an impact
impact on on pricing
pricing which
which is is still
still increasing.  
increasing.  
Carriers are
Carriers are trying
trying toto take
take advantage
advantage of of this
this 2-week
2-week delay
delay is
is approximatively
approximatively expected.​
expected.​
strong
strong demand,
demand, either either byby implementing
implementing PSS, PSS,
EBS Carriers
Carriers are
are now
now working
working to
to restore
restore
EBS or or increasing
increasing rate rate levels
levels forfor new
new requests.
requests. scheduled
To
To bebe noted
noted :: Congestions
Congestions are are still
still in
in place
place In In scheduled rotations.
rotations.
Guinea,
Guinea, Nigeria,
Nigeria, Cameroon
Cameroon and and Gambia. 
Gambia.  Blank
Blank sailings,
sailings, congestion
congestion situation
situation and
and
Europe to
Europe to East
East Africa
Africa Trade
Trade remains
remains dynamic,
dynamic, shortage
shortage of
of equipment
equipment will
will intensify.
intensify. Carriers
Carriers
many
many projects
projects as as oil
oil &
& gas
gas andand mining
mining projects
projects will
will increase
increase rates,
rates, congestion
congestion surcharges
surcharges
are
are still
still in
in development;
development; market market is is however
however might
might be
be implemented
implemented or
or increased.​
increased.​
slowing
slowing down down on on the
the commodity
commodity /brewery/brewery OUTLOOK OUTLOOK
sector.
sector. Capacity
Capacity is is limited
limited butbut still
still sufficient
sufficient to to
place
place bookings
bookings withoutwithout risks
risks of of rejection.  
rejection.     CAPACITY DEMAND UTILIZATION RATES   CAPACITY DEMAND UTILIZATION RATES
Carriers
Carriers will will apply
apply a a PSS
PSS in in Kenya
Kenya and and in in
Tanzania
Tanzania in in March.
March. Q1 2021 è æ æ æ Q1 2021 è æ æ æ
NAF route
NAF route is is still
still suffering
suffering due due to to the
the
March March
complicated
complicated politicalpolitical context
context in in Algeria
Algeria which
which is is 2021​
è æ æ æ è æ æ æ
2021​
the
the biggest
biggest market.
market. We We foresee
foresee a a rebound
rebound of of
March
March volumes
volumes with with the
the next
next Ramadan
Ramadan starting starting Q2 2021​ è æ æ æ Q2 2021​ è æ æ æ
in
in mid-March. 
mid-March. 
Main South
Main South African
African ports
ports remain
remain congested.
congested. Q3 2021​ è æ æ æ
Q3 2021​ â æ æ â
Market
Market is is still
still under
under structural
structural and and economical
economical
pressure.
pressure. ZA ZA also
also remains
remains the the most
most impacted
impacted æ Upward trend
country
country by by Covid
Covid 19 19 outbreak
outbreak in in Africa.
Africa. â Flat trend
However
However slight slight demand
demand recovery
recovery is is expected
expected in in
the è Downward trend
the coming
coming which which should
should positively
positively impact
impact the the 13
market
market in in S1.
S1. Source: Bolloré Logistics MARKET UPDATE APRIL 2021
Globally
Globally the
tight. West
strong
the situation

strong growth in
previous
situation is
tight. West Indies Market
growth in the
previous months.
months.
the same
is still
still very
Indies Market continues
very
continues its
same trend
its
trend like
like
MARKET OUTLOOK | EUROPE
Space
Space pressure
pressure is is very
very high
high andand R AT E EVO L U T I O N R AT E E VO L U T I O N The
The Indian
Indian ocean
ocean market
market is
is still
still growing
growing
facing difficulties getting
facing difficulties getting space
space on
on vessels
vessels strongly.
strongly. Carriers
Carriers are
are taking
taking measures
measures to to
and stop-bookings are currently EUROPE / FRENCH WEST INDIES EUROPE / INDIAN OCEAN limit backlog
and stop-bookings are currently limit backlog and
and roll
roll over.
over.
implemented
implemented by by CMA/MARFRET
CMA/MARFRET or or (Le Havre-Pointe-à-Pitre) (Le Havre-Reunion)
MAERSK Following
Following aa strong
strong surge
surge in
in shipments
shipments and
and
MAERSK to to reduce
reduce their
their backlog.
backlog.
a
a limited
limited capacity,
capacity, CMA
CMA hashas announced
announced
Bookings
Bookings have
have toto proceed
proceed atat least
least 2
2 stop
stop booking
booking 44 weeks
weeks before
before departure
departure for
for
weeks
weeks before
before to
to secure
secure space.
space. each
each vessel
vessel in
in March
March and
and March.
March.
After
After CMA,
CMA, MARFRET
MARFRET and and SEATRADE
SEATRADE Maersk
Maersk isis monitoring
monitoring its
its volumes
volumes to to reduce
reduce
announcing
announcing GRI
GRI implementation
implementation from 
from  the
the risk
risk of
of congestion
congestion in
in Salalah
Salalah like
like the
the last
last
ALT&Med
ALT&Med to
to West
West Indies
Indies only.
only. quarter
quarter of
of 2020.
2020.
Regarding
Regarding equipment,
equipment, situation
situation seems
seems to
to CMA
CMA and
and MSC
MSC announcing
announcing GRI
GRI
ease
ease slightly
slightly in
in Europe
Europe for
for DRY
DRY but 
but  still
still OUTLOOK implementation from ALT&Med to
implementation from ALT&Med to Indian
Indian
OUTLOOK
complicated
complicated in
in RF.
RF. Ocean.
Ocean.
  CAPACITY DEMAND UTILIZATION RATES   CAPACITY DEMAND UTILIZATION RATES
RF
RF Equipment
Equipment shortage 
shortage  is
is still
still an
an issue
issue in
in
Q1 2021 â æ æ â
Mar 2021 â æ æ â Europe.
Europe. We
We noted
noted also
also aa lack
lack of of DRY
DRY inin
March FOS
FOS with
with MSC
MSC (reuse 
(reuse  is
is a
a back
back up up plan).
plan).
2021​
â æ æ æ
Q1 2021 â æ æ â
Q2 2021​ â è è æ
Q2 2021 â â â æ
Q3 2021​ â æ æ â
Q3 2021 â æ æ â

æ Upward trend
â Flat trend
Source: Bolloré Logistics è Downward trend

MARKET UPDATE APRIL 2021 14

 Suez
Suez Canal
more
more pressure
MARKET OUTLOOK | EUROPE
Canal incident
incident (blocked
pressure toto an
(blocked during 6
an already
during 6 days) adds
already tight
days) adds
tight global
global market.
market.
Clearing
Clearing of
of backlog
backlog will
will take
take another
another 66 days
days (400
(400
vessels R AT E EVO L U T I O N
vessels were
were waiting
waiting both
both southbound
southbound and
and
northbound).
northbound). 2 weeks delays  are
2 weeks delays  are approximatively
approximatively EUROPE / ASIA
expected.
expected. (Rotterdam-Shanghai)
Carriers
Carriers are
are now
now working
working to
to restore
restore scheduled
scheduled
rotations.
rotations. Blank
Blank sailings,
sailings, congestions
congestions
situations and
situations and shortage
shortage of
of equipment
equipment will
will intensify.
intensify.
Carriers
Carriers will
will increase
increase rates,
rates, congestion
congestion
surcharges
surcharges might
might be
be implemented
implemented or or increased.  
increased.  
As
As direct
direct consequences
consequences ::
o
o MSC
MSC (2M)
(2M) :: stop
stop bookings
bookings from Europe
from Europe
to FEA
to FEA and
and MEA.
MEA.   
o
OUTLOOK
o MAERSK
MAERSK (2 (2 M)
M) :: stop
stop bookings
bookings on
on spot
spot and
and
short
short term
term contracts from
contracts from Europe
Europe to
to FEA
FEA MEA
MEA   CAPACITY DEMAND UTILIZATION RATES
OCE.
OCE. Q1 2021 è æ æ æ
o
o Evergreen
Evergreen (Ocean Alliance)
(Ocean Alliance) stop
stop bookings
bookings all
all March æ Upward trend
trades
trades from
from Neur
Neur and
and Med.
Med.   
   2021​
è æ æ æ
â Flat trend
o
o CMA
CMA (Ocean
(Ocean Alliance)
Alliance) previously
previously announced
announced è Downward trend
Q2 2021​ è æ æ æ
they
they are
are almost
almost fully
fully booked
booked for
for APR.
APR.
Q3 2021​ â æ æ â
o
o ONE
ONE (The
(The Alliance)
Alliance) being in
being in stop
stop bookings
bookings
situation
situation in
in MAR/beginning
MAR/beginning of of APR
APR will face
will face
with strong
with strong demand.
demand.

Source: Bolloré Logistics

MARKET UPDATE APRIL 2021 15
Selective
Selective ports
recover
ports are
recover the
are being
the vessel
being omitted
omitted
vessel schedule
schedule from
from
in
in order
the
order to
to
the delays
delays
MARKET OUTLOOK | NORTH AMERICA
due
due toto the
the weather
weather impact
impact and
and port
port R AT E EVO L U T I O N R AT E EVO L U T I O N Market
Market Outlook
Outlook
congestion.
congestion. In
NORTH AMERICA / EUROPE NC INTRA AMERICAS / NORTH SOUTH In general,
general, vessels
vessels areare delayed
delayed forfor 1-2
1-2 week
week
Capacity due
due toto the
the portport congestion
congestion in in both
both US US and
and
Capacity (to(to Europe)
Europe) is is continuing
continuing to
to (New York-Rotterdam) (New York-Santos)
increase LATAM
LATAM ports.
ports.
increase in
in April
April inin responding
responding toto the
the
increase No
No blank
blank sailings
sailings have
have been
been announced
announced for for
increase of
of the
the utilization
utilization on
on the
the vessels.
vessels.
March
March in in responding
responding to to the
the high
high utilization.
utilization.
Rate
Rate levels
levels in April
in April will
will increase
increase due
due to
to the
the US
US – – South
South America
America East
East Coast
Coast trade.
trade.
increase
increase of
of the
the utilization
utilization and
and the
the increase
increase of
of No
No major
major changes
changes in in terms
terms ofof capacity
capacity and and
the
the fuel
fuel cost.
cost. utilization.
utilization.
Port
Port toto port
port raterate levels
levels will
will slightly
slightly increase
increase
A
A higher
higher amount
amount of of increase
increase willwill be
be in
implemented in March
March due due to to the
the increase
increase of of thethe fuel
fuel
implemented to to some
some ofof the
the ramp
ramp locations
locations cost. 
cost. 
in
in April
April due
due to
to the
the increasing
increasing rail
rail cost.
cost. Higher
Higher increase
increase will will bebe implemented
implemented from from
Carriers
Carriers continue
continue toto prioritize
prioritize the
the empty
empty OUTLOOK OUTLOOK the
the ramp
ramp locations
locations due due toto the
the increasing
increasing railrail
repositioning,
repositioning, with
with reduced
reduced allocations
allocations for
for cost.
cost. USUS – – Central
Central America
America // Caribbean
Caribbean
  CAPACITY DEMAND UTILIZATION RATES   CAPACITY DEMAND UTILIZATION RATES
export
export cargo,
cargo, export
export vessels
vessels are
are booked up
booked up trade
trade
to 6 Q1 2021     Q1 2021 â â â â Utilization
Utilization isis increasing.
increasing.
to 6 weeks
weeks out.
out.
More
More GRIGRI havehave been
been announced
announced for for Apr
Apr 1
st
1 st
March March
    â â â æ and Apt
and Apt 15 15th..
th
2021​ 2021​

Q2 2021​     Q2 2021​ â â â æ

Q3 2021​ â â â â Q3 2021​ â â â â

æ Upward trend
 Flat trend
Source: Bolloré Logistics è Downward trend
MARKET UPDATE APRIL 2021 16