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OCEAN FREIGHT
MARKET UPDATE
OCTOBER 2022 –
PUBLICATION DATE SEPTEMBER 30TH, 2022

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Contents
Ocean Freight Market update – October 2022
1 Topic of the month
Supply Chain Challenges

2 High level market development

3 Market outlook

4 Economic outlook & demand development

5 Carrier financial results

6 Capacity development

7 Rules & Regulations

8 Ocean schedule reliability

9 Did you know?

Top 20 global ports by throughput in H1 2022

DGF Global Forwarding | OFR Market Update | October 2022 2

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Topic of the month

Supply Chain Challenges
Why the supply chain challenges are not over yet
While port congestion is easing across Asia and North America and volumes have started to shrink after last year’s cargo boom new
disruptions to the supply chain are already underway:
• China: The government’s dynamic zero-COVID policy has impacted major manufacturing and exporting centers like Chengdu, Dalian,
Guangzhou, Shenzhen and Tianjin. Whilst port operations are exempt from restrictions, manufacturing and inland logistics have already
been affected to varying degrees.
• United States: While the queue of ships waiting to enter ports in Southern California has cleared, it seems to have relocated to Savannah
where around 40 container vessels have been waiting to berth for an extended period. Also in New York, around 15 vessels were waiting
lately.
A potential rail strike has been avoided as railroad unions and companies have reached a tentative agreement on 15 Sep. Rail moves close
to 40% of the US’s long-distance trade and service disruption would cause devastating shipping delays for the holiday season in
December.
• Germany: Congestion at the port of Hamburg and Bremerhaven is expected to ease in the coming weeks as strike actions have been called
off after German labor union and employer union finally agreed on a tariff valid for two years and applying to 12’000 employees at
German seaports.
• United Kingdom: Industrial strike actions by union members are ongoing into October at the ports of Liverpool (19 Sep–3 Oct) and
Felixstowe (27 Sep–5 Oct). Further strike action at the Port of Felixstowe between now and Christmas are also possible and other UK ports
may also follow suit and announce strike actions.
Source: DHL, Dynaliner

DGF Global Forwarding | OFR Market Update | October 2022 3

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High level market development

ECONOMIC OUTLOOK GDP GROWTH BY REGION1) INFLATION, YOY in %2)

CAGR 10
2022F 2023F 2024F 2025F 2026F US
(2023-26)
8 CN
AMER 1.8% 1.2% 1.9% 2.2% 2.2% 2.1%
6 JP
ASPA 3.8% 4.1% 4.4% 4.2% 4.2% 4.2% DE
4
EURO 2.1% 0.8% 2.1% 1.8% 1.7% 1.9% UK
2
MEA 4.4% 3.4% 3.6% 3.1% 3.2% 3.3%
0

DGF World 2.8% 2.3% 3.0% 2.9% 2.9% 2.9% -2

2017 2018 2019 2020 2021 2022F 2023F 2024F 2025F 2026F
Surcharges related to
e.g., equipment & space availability
WORLD CONTAINER INDEX (WCI)3) are not reflected in WCI & SCFI
SHANGHAI CONTAINERIZED FREIGHT INDEX (SCFI)4) BUNKER PRICES5)
12,000 6,000 1,200

10,000 5,000
1,000
8,000 4,000
800
6,000 3,000 33%
600
4,000 Actual 2,000 Actual
IFO 380
2,000 Forecast 1,000 Forecast 400
VLSF
0 0 200
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 A S O N D J F M A M J J A S
’20 ’21 ’22 ’20 ’21 ’22 ’21 ’22

1) Real GDP, Copyright © IHS Markit, now part of S&P Global, Q2 2022 Update 3 Jun ‘22. All rights reserved; 2) IHS Markit, now part of S&P Global, Q4 2021 Update 24 Mar ‘22. All rights reserved; 3) Drewry, in USD/40ft
container, including BAF & THC both ends, 42 individual routes, excluding intra-Asia routes; 4) Shanghai Shipping Exchange, in USD/20ft ctnr & USD/40ft ctnr for US routes, including BAF, EBAF, CAF, PSS, WRS, PCS &
SCS/SCF/PTF/PCC, excl. THC, 15 routes from Shanghai; 5) Source: DHL

DGF Global Forwarding | OFR Market Update | October 2022 4

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Major trades –
Market outlook October 2022 month-on-month development

EUROPE NORTH AMERICA

Import region Capacity Rate Import region Capacity Rate
AMNO = = EURO + =
AMLA & MX = =/- AMLA -- ++
ASPA = - ASPA = =
MENAT = = MENAT -/= =
SSA = = SSA = =/+

ASIA PACIFIC LATIN AMERICA*

Import region Capacity Rate Import region Capacity Rates
EURO - - EURO + +
AMNO - - AMNO - ++
AMLA = EC / = WC - EC / - WC
ASPA = =
ASPA = -
MENAT - - MENAT = +

OCEANIA + - SSA = +

Source: DHL
*incl Mexico and Central America/Cenac
KEY Strong Increase ++ Moderate Increase + No Change = Moderate Decline - Strong Decline --

DGF Global Forwarding | OFR Market Update | October 2022 5

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Market outlook October 2022

Ocean Freight rates – Asia-Pacific exports
ASPA-EURO The general outlook for October remains flat attributed to the Golden Week holidays and the weak demand in
Europe. Port congestion in Europe continues to be a major concern as it results in longer turnaround time for vessels
to return to Asia. Typhoons in Asia are also expected to exacerbate the schedule reliability. Therefore, anticipate
additional blank sailings and port omissions to be performed by the carriers in October.

ASPA-AMNO There is no pre Golden Week rush before the holidays and we expect demand to be flat in October. Shippers are
concerned over a potential rail and security guard strike which may have impact on the operations.

ASPA-AMLA Market remain pessimistic about the trend towards the end of the year 2022. There is no pre-golden rush as
anticipated and the rates level for both ECSA and WCSA keep decreasing. With weak demand and overstock at
destination, Oct is expected to be flat. Blank sailings to be expected.

ASPA-MENAT Usual pre-Golden Week rush was not visible and market rates continue to drop. Blank sailings were not reacting in
tandem to the dwindling demand but will take place more evidently during CN Golden Weeks. Market is expected to
be sluggish in Oct with rates either stagnating or further reducing depending on the scale of blank sailings.
Equipment is considerably stable across all ASPA origins but expect recent typhoon in East Asia to disrupt schedules
with additional port omissions.
ASPA-ASPA With Golden Week holiday and sporadic lockdown happening in China due to Covid policy, volume recovery is slower
than expected. At the same time, carriers had also announced blank sailing arrangement thus may cause 'artificial'
surge in demand. Overall, space and equipment situation is improving except for key South-East Asia exporting
countries are still face slight difficulty in securing space and equipment. Advance booking is recommended.

Source: DHL

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Market outlook October 2022

Ocean Freight rates – Other major trades
EURO-AMNO Volumes dropped slightly during the summer season. The shipping lines have decided not to use any more extra loaders and therefore
the demand on all services on the Transatlantic remains high. Disruptions at European ports due to port strikes in Felixstowe and
Liverpool and ongoing port congestions at some of the US ports (eg Savannah, New York, Houston) forced shipping lines to continue
with some blank sailings. The outlook for Q4 and beginning of 2023 in regard to volume is still a little bit uncertain. Due to high energy
prices some of our customers are reducing the volumes and the warehouses in the US are partially full. The Ocean Alliance (COSCO,
CMA-CGM, OOCL, Evergreen) will increase capacity on the Liberty Bridge Service over the next weeks. No changes on supply and
demand into Canada, St. Lawrence water levels still on low level.

EURO- Asia: space situation is still relaxed. No issues with capacity only vessel delays and congestions. Rate-wise, we still see reductions to Asia.
AU/NZ: congestion situation improved; minor delays compared to the previous months. The direct service is still well utilized. Also NZ-
ASPA+MEA situation has improved – with no congestion in place any longer. Rates on the direct service are still stable at a high level but T/S rates are
decreasing.
MEA: Space is available. Rates remain at a stable level. No issues with equipment. Demand to middle east remains also on a stable level.

AMNO-EURO The Ocean Alliance will be increasing vessel capacity at the end of September, replacing their 8’000 TEU vessels with vessels in the
13’000 + teus capacity frame.

AMNO-ASPA AMNO – ASPA: Rates and Capacity are stabilizing after the blitz of Imports and carriers prioritizing empties back to Asia.
AMNO – SPAC: Rates are stabilizing but cargo back log and severe capacity situation remains ongoing.

AMLA Exports AMLA – AMNO & INTRA: Service suspensions through the region further reduce capacity for busy routes. Cosco studying market to
swap port rotation from Houston, TX to Freeport, TX. Carriers pushing Posorja services in Ecuador vs. Guayaquil. Reefer Season
imposing further delays w/dry cargo.
AMLA – ASPA: MX/WCSA to Asia vessel utilization: 90% with space available. All shipping lines are open to accept additional business
opportunities. Equipment situation improved but there are still challenges on reefer equipment..
AMLA – EURO, MENAT & SSA: MX EC to Med will see a new service enter the market in October which is expected to bring some relief.
SAEC continues to struggle with capacity and rising rates.

DGF Global Forwarding | OFR Market Update | October 2022 7

Source: DHL
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Economic outlook & demand evolution – Tightening financial conditions will slow
global economic growth and inflation
Western Europe faces a winter recession with high energy costs and limited energy supplies. After robust, consumer-led growth in Q1 & 2 2022, the eurozone
economy stalled in Q3. The temporary boost from pent-up demand for consumer services appears to be fading, giving way to headwinds from energy supply and
price issues, the ongoing Russia-Ukraine war, tightening financial conditions, and deteriorating confidence. Natural gas supply curtailment would pose risks to
EUROPE Europe’s electric power, basic metals, chemicals, plastics, glass, and ceramics industries.

The US economy faces an extended period of tepid growth and rising unemployment. Massive fiscal and monetary stimulus during the COVID-19 pandemic
have sent US inflation to a four-decade high. Despite a slight easing since June, consumer price inflation remained high at 8.3% YoY in August. The Federal Reserve
is now determined to bring inflation back to its 2% target and will likely raise the federal funds rate to 4% or higher by the end of 2022. The US economy is still
AMERICAS expected to avert a recession, as tight labor markets support sustained growth in consumer spending. However, rising financing costs will lead to significant
declines in residential and commercial construction.
Mainland China economic growth remains subpar. After a setback related to COVID-19 lockdowns in Q2, mainland China’s economy is expanding again. Industrial
production rose 4.2% YoY in August, while services output increased just 1.8% YoY. Growth will likely remain constrained by the government’s dynamic zero-COVID
policy, a deep property sector recession, and weakening export demand. The lift from stimulus policies will be limited, as the government remains cautious owing
to concerns about high debt leverage.
ASIA PACIFIC
The Q3 Business Sentiment Survey by the Japanese Cabinet Office indicated enterprises maintain robust fixed investment plans for fiscal 2022. However, weaker
outlooks for the global economy will make enterprises cautious, and higher costs because of the weak yen will squeeze profits for domestic-oriented enterprises, leading to
restrained capex growth.

EMERGING & Strong domestic demand in Asia Pacific’s emerging economies - led by private consumption and government spending on subsidy measures - has
DEVELOPING been a significant support of growth in 2022. However, for 2023 IHS Markit have downgraded the forecast for real private consumption marginally to 3.9%
COUNTRIES owing to the aggressive monetary policy tightening and some late surges in inflation as governments start unwinding measures such as fuel subsidies in Indonesia.

In August, the JPMorgan Global Composite Output Index (compiled by S&P Global) fell 1.5 points to 49.3, dropping below the no-change level of 50.0 for the first
DEMAND
time since June 2020. Output, new business, export orders, and backlogs declined, while employment growth slowed.
DEVELOPMENT

Source: IHS Markit, now part of S&P Global, IHS Purchasing Manager Index Manufacturing, a PMI at 50 is considered neutral, expanding above 50, and business shrinking below 50

DGF Global Forwarding | OFR Market Update | October 2022 8

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Carrier Financial results 6 Months 2021–2022 (US$ million)

Another new record.

Revenue Operating Profit Operating Profit Margin Net Profit

Carrier 2021 2022 % 2021 2022 % 2021 2022 2021 2022 %
COSCO SHIPPING Holdings 6) 21’118 30’925 46% 7’329 13’579 85% 34.7% 43.9% 6’635 11’445 72%

CMA CGM 2), 5) 18’568 30’870 66% 7’297 17’658 142% 39.3% 57.2% 5’582 14’801 165%

Maersk Group 8) 17’990 28’910 61% 7’844 17’812 127% 43.6% 61.6% 6’463 15’369 138%

ONE 3) 5’776 9’019 56% 2’924 5’859 100% 50.6% 65.0% 2’559 5’499 115%

Hapag-Lloyd 10’551 18’562 76% 4’240 10’942 158% 40.2% 58.9% 4’240 10’942 158%

Evergreen Marine Corp. 1), 5), 7) 6’807 11’623 71% 3’440 7’822 127% 50.5% 67.3% 3’213 7’114 121%

HMM 4’662 8’072 73% 2’104 4’936 135% 45.1% 61.1% 319 4’919 1442%

Zim 4’126 7’145 73% 2’156 4’636 115% 52.3% 64.9% 1’478 3’047 106%

Yang Ming 4’858 7’265 50% 2’560 4’815 88% 52.7% 66.3% 2’122 3’910 84%

Wan Hai 3’105 5’231 68% 1’449 2’963 104% 46.7% 56.6% 1’210 2’380 97%

Average 4) 91’785 148’603 62% 38’419 85’163 122% 41.9% 57.3% 31’262 73’927 136%

Source: Alphaliner, DynaLiners; n.a. = not available, n.m. = not meaningful; 1) local currency numbers were converted into US$ using the average exchange rate for relevant financial period; 2) container shipping segment only, excl. CEVA Logistics, Net Profit for Group; 3)
result is Q1 Japanese financial year, i.e. Apr-Jun not calendar year; 4) Average excluding ONE, CMA CGM; 5) operating profit is EBIT; 6) COSCO Shipping Lines and OOCL, excl. terminals; 7) not consolidated for Evergreen Group; 8) Ocean segment only; Net Profit for Group

DGF Global Forwarding | OFR Market Update | October 2022 9

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Capacity
The 2M carriers Maersk and MSC announce Asia – North Europe blanking program. During and after the Golden Week holiday in China, the 2M carriers plan to skip 9
sailings of their joint 2M Asia – North Europe loops in weeks 37 to 41. The voyages are blanked to match capacity with the expected weaker demand. The cancelations also
address restrictions in cargo operations caused by the temporary reduced workforce in ports and terminals during Golden Week. Many other carriers in the trade will also
offer fewer westbound sailing from China in October but have not announced this officially as a ‘blanking program’.

Falling cargo volumes and freight rates are forcing carrier to continue to slash capacity on the Pacific. Following Matson’s decision to close its China-California Express
‘CCX’ service, the Chinese carriers CULines and Shanghai Jin Jiang Shipping are now cutting their exposure on the trade too. CULines and Shanghai Jin Jiang are closing their
jointly operated Trans Pacific Express ‘TPX’ China – USWC service. CULines had already started reducing capacity on the Pacific with the closure of its ‘TPN’ service in August.
In view of China’s upcoming Golden Week holidays, which take place in the first week of October, and the overall bearish developments on the cargo front, the main carriers
active in the trade are expected to implement additional capacity cuts in the coming weeks.

Carriers
Fast growing China United Lines (CULines) and Antong Holding have signed a new co-operation pact to jointly invest in shipping and logistics. Under a capital investment
framework agreement agreed in September, the companies will team up for future investments in shipping and logistic-related industries. It extends a relationship which
already saw CULines charter 12 vessels of 4,100 – 4,700 TEU from Antong for the East-West trades in 2021. CULines described the collaboration as one of its primary
growth drivers last year, as it moved rapidly up the ranks from 95th largest carrier in 2020 to 20th place today. The two companies also signed a new framework agreement
in May this year to enhance their long-term cooperation on European and transpacific services and integrate domestic and foreign trades.

Source: Alphaliner, Dynaliners, Carriers

DGF Global Forwarding | OFR Market Update | October 2022 10

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Rules & Regulations

New York container fee postponed. Facing a container imbalance of some 200,000 TEU this year, the Port Authority of New York and New Jersey (PANYNJ) had, alike its
west coast compatriots Los Angeles and Long Beach, imposed a delay fee to encourage the quick collection of import containers and evacuation of empties. This was due to
take effect on 1 September, but also alike the US West Coast, this has been delayed to the fourth quarter of this year.
Suez Canal to increase tolls 15% in 2023. The Suez Canal is set to hike transit tolls for containerships by 15% in 2023. The increased rates will be levied from January 1st
and will apply to all ship types except dry bulkers and cruise ships, where rates will rise only 10%. The Canal Authority said the rise reflected inflation pressures, which had
increased costs for its operations and its navigational services. Tolls were also being adjusted to reflect higher freight rates for ship owners, and the greater savings that
could now be gained from using the canal given the increase in bunker costs.

Source: Alphaliner, Dynaliners

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Ocean Schedule Reliability

Improving for the fourth consecutive month but still far away from pre-COVID levels
2019
2020
SCHEDULE RELIABILITY (%)
• Schedule reliability has further improved to 46.2% in August to the highest reading 2021
in the last 22 months. 85 2022

• The trade with the lowest reliability continues to be the Asia-US East Coast trade 80
although (17.2%) while the Europe-Indian Subcontinent trade was the best 75
performer (66.2%). 70
• On the Transpacific Eastbound reliability improved for the 7th consecutive month 65
in a row to 29.5% and 42.6% on the backhaul.
60
• Performance remained unchanged on the Asia-North Europe trade (30%) and on 55
Transatlantic westbound (29%) while Transatlantic eastbound slightly decreased
(34.9% in Sep vs. 39.6% in Aug). 50
45
• The Asia-South America trades registered 43.5% on Asia-ECSA and 44.7% on
Asia-WCSA. 40
35
30
J F M A M J J A S O N D

Source: Sea Intelligence, DHL

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Did you know?

Top 20 global ports by throughput in H1 2022
Ranked by throughput in TEU, previous ranking () refers to H1 2021

• Booming transpacific volumes have brought half-year

throughput at China’s 2nd largest port Ningbo-Zhoushan to
within 1 MTEU of Singapore, the number two ranked globally.
Ningbo-Zhoushan has benefited from restrictions at its lock-
down hit neighbour Shanghai, with many carriers diverting ships
to avoid delays and trucking issues. However, the port continued
to grow in July, even as volumes bounced back at Shanghai.

• Qingdao, Dubai and Antwerp-Bruges moved up the rankings,

while Guangzhou, Port Kelang and Hamburg lost ground.

• Overall, the top 20 largest container ports in the world handled

194.8 MTEU in the 1st half of 2022 vs 192.6 MTEU in H1 2021, a
year-on-year increase of 1.1%. Total throughput rose at 11 ports
(on which 7 are located in China or the US), while 9 ports
recorded volume declines.

Source: Alphaliner
DGF Global Forwarding | OFR Market Update | October 2022 13
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Market outlook October 2022 – Ocean Freight rates additional trades (1/3)
EURO-AMLA + MX MX: No significant changes vs. previous month: High demand into Mexico continues. Rates extended for Q4.
South America: Capacity is slightly improving, but still tight. Rates extended across the board for Q4.

EURO-MENAT Space is available. Rates have been mostly extended.

EURO-SSA South Africa: The previous tight capacity situation has improved with also reduced delays and vessel schedule disruptions. However
extended waiting times for berthing remains.
West Africa: space remains tight across all carriers. Pre-bookings 3-4 weeks in advance are required. Congestion situation in major
transshipment hubs easing further.
East Africa: very high vessel utilization, space is very tight. Pre-bookings 3-4 weeks in advance are required.
AMNO-MENAT Slight relief available for USCHS / USSAV connections to Mideast as carriers open up transshipment options via EURO / MED.
Capacity is open to Turkey and N. Africa and slowly opening to Egypt as well.
AMNO-SSA West Coast Africa starting to receive some GRI notifications for October, but overall, rates are stable to the region due to the trade
continuing to be down. Hapag is re-launching their service via North Europe transshipment.
AMNO-AMLA Port congestion and service disruption ex Gulf and North East POL’s continues to challenge the market. Sporadic increases
announced for October (GRI / PSS) at approximately $250/TEU. Q4 FAK market levels are expected to increase while we navigate this
space crunch

Source: DHL

DGF Global Forwarding | OFR Market Update | October 2022 16

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Market outlook October 2022 – Ocean Freight rates additional trades (2/3)

EURO MED-AMNO Overall market conditions lead all carriers to extend all rates till end of the year. Congestion in the ports and railroad in North America
still impact schedule’s reliability.
EURO MED-AMLA ECSA and WCSA trade are both stable.

EURO MED-ASPA ASPA : slight softening of rates depending on the service and alliance, issue on empties, blanks, and congestion in MED hubs.
and MENAT MENAT : unchanged/stable.
EURO MED- Unchanged/stable.
SSA
ASPA-SPAC No Golden Week rush sighted this year and overall market volumes decreased. With new carriers emerging such as ASL and BAL
putting capacity into Oceania market has resulted in further decrease in market rates. Sporadic lockdown is still happening in China,
which impacts overall volumes and slows down volume recovery. Schedule reliability remains an ongoing issue and blank
sailings/port omissions are still performed by carriers to get vessels back to schedules.

Source: DHL

DGF Global Forwarding | OFR Market Update | October 2022 17

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Market outlook October 2022 – Ocean Freight rates additional trades (3/3)
MENAT Exports Intra Gulf & ISC: Space is available. No Rate increase expected on this trade.
Asia: Equipment and space are available. Rates are stable.
Oceania: Space for AU and NZ has opened up. Rates on downwards trend.
Europe & MED : Most carriers are aggressively looking for more bookings. Some carriers are offering sharp rates on spot basis while
few others are trying to hold on to higher levels.
Africa (West & South): Space on this trade is opening up.
Africa (East): New capacity added on this trade causing rate reductions. Congestion in TZ continues to be a challenge.
AMNO: Space on USEC and USWC is open. Some of the Asian carriers have started to accept booking from MEA to USWC. Space on
EC is open as carriers face lower volume.
AMLA: Space opened by few carriers. Advance booking forecast still needed. Situation expected to improve further in the coming
weeks.

Source: DHL

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Market volume 2022 – 2026

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 . 4.6 mTEU +2.2% 3.6 mTEU +2.3% 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 +3.1% 15.9 mTEU +4.0% 23.8 mTEU +3.2%

3.1 mTEU 1.7 mTEU
+3.8% +4.3% 1.7 mTEU +4.1% E U R O P E 5.1 mTEU +2.3% 1.5 mTEU +1.9%
L A T I N L A T I N
I n c l . M E D
A M E R I C A 1.8 mTEU +2.7% 6.3 mTEU +2.4% A M E R I C A
2.6 mTEU 6.9 mTEU
+2.3% +4.7%
INTRA ASIA
3.4 mTEU 3.3 mTEU
excl. Oceania
+2.9% +3.1%
43.1 mTEU +2.9%

M I D D L E E A S T &
N O R T H A F R I C A

GLOBAL CONTAINER TRADE

I N T R A M E N A T

2.7 mTEU +3.9% 143.2 mTEU 2022e +3.2% CAGR 2023e – 2026e
Source: Seabury Jun22 update

DGF Global Forwarding | OFR Market Update | October 2022 19

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State of the industry – Ocean Carrier alliances

THE ALLIANCE OCEAN ALLIANCE 2M

HAPAG-LLOYD OOCL
ONE CMA CGM MAERSK LINE
YANG MING CHINA COSCO SHIPPING MSC
HMM EVERGREEN

Source: Carriers

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Acronyms and Explanations – Ocean Freight glossary

AMLA – Latin America OWS – Overweight Surcharge
AMNO – North America PH – Philippines
AR – Argentina PMA - Pacific Maritime Association
ASPA – AsiaPacific PNW – Pacific North West
BR – Brazil Ppt. – Percentage points
CAGR – Compound Annual Growth Rate PSW – Pacific South West
CENAC – Central Amercia and Caribbean QoQ – Quarter on quarter
CNC – CNC Line (Cheng Lie Navigation Co. Ltd.) SAEC – South America East Coast
DG – Dangerous Goods SAWC – South America West Coast
DWT – Dead Weight Tonnage SOC - Shipper Owned Container
EB – Eastbound SOLAS – Safety of Life at Sea
ECSA – East Coast South America (synonym for SAEC) SPAC -
ECRS - Emergency Cost Recovery Surcharge SPRC – South People’s Republic of China – South China
EGLV – Evergreen Marine Corp SSA – Sub-Saharan Africa
EURO – Europe SSL – Steam Ship Line
GRI – General Rate Increase T – Thousands
HMM – Hyundai TA - Trans Atlantic
HL – Hapag-Lloyd TEU – Twenty foot equivalent unit (20‘ container)
HSFO – High-Sulphur Fuel Oil (< 3.5% Sulphur) TSA – Trans Pacific Stabilization Agreement
HSUD – Hamburg Süd USGC – US Gulf Coast
HWS – Heavy Weight Surcharge US FMC – US Federal Maritime Commission
IA – Intra Asia USEC – US East Coast
IPBC – India Pakistan Bangladesh Ceylon (= Sri Lanka) USWC – US West Coast
IPI – Inland Point Intermodal VGM – Verified Gross Mass
ISC – Indian Sub Continent (synonym for IPBC) VLCS – Very Large Container Ship
MEA - Middle East and Africa VLSFO – Very Low-Sulphur Fuel Oil
MENAT – Middle East and North Africa VSA – Vessel Sharing Agreement
ML – Maersk Line WB – Westbound
mn – Millions WCSA – West Coast South America (synonym for SAWC)
MoM – Month-on-Month WHL – Wan Hai
NOO – Non-operating (vessel) owners WRS – War Risk Surcharge
NOR - Non-operating reefer YML – Yang Ming Line
OCRS – Operational Cost Recovery surcharge YoY – Year-on-Year
OOCL – Orient Overseas Container Line YTD – Year-to-Date
THEA – The Alliance
Source: DHL

DGF Global Forwarding | OFR Market Update | October 2022 21