Who owns what?
集装箱船都在谁的手里？

Ownership of the world containership fleet is fundamentally divided between the carrier and tramp sectors.
按总体上来划分，全世界集装箱船舶的所有权由以下两个集团分别拥有，即航运公司及不定期船的船东。

The former are the containership end users who organise port to port or fully intermodal container services.
前者是集装箱船的最终用户，他们组织港口到港口的运输业务，或提供全方位的集装箱多式联运服务。

The latter are purely vessel owners who charter their ships to carriers, but do not themselves engage in liner transport services.
而后者则是纯粹的船东，他们将船租给航运公司，自己并不从事实际的航运服务。

The past decade has seen some significant changes in the ownership of the world containership fleet and the time charter component has become increasingly important.
在上一个十年之中，全世界集装箱船队的所有权情况有了很大的改变，期租部分所占的份额有了很大的增长。

As mentioned in Section 3, the influx of German KG investment funds in the 1990s played a crucial role in dramatically increasing the tramp share of total carrying capacity.
如第三章所述，由于德国的KG投资基金在1990年代的大力介入，为不定期船东在全部运力中所占比例的急剧增长起到了至关紧要的作用。

Since 1991, the tramp sector has added more than 20% to its share of total capacity and at the end of 2003, independent owners controlled 44.3% of capacity and 48.4% of all vessels in service (see Table 8.1).
从1991年起，不定期集装箱船在全部运力中的所占份额增加了百分之二十还多；而到了2003年的年底，独立船东控制了本项服务中的44.3%的运力，以及48.4% 的船舶数。（见表格8.1）

Often enough, ownership is obscured by the use of one-ship companies, management companies, off-shore registration and subsidiaries.
经常的情形是，所有权的统计数字会被以下现象弄得含混不清，即单船公司、管理公司、海外注册以及下属公司等现象的存在。

Consequently, any assessment of ownership will contain a certain element of interpretation.
因而，对所有权情况的任何评估都必须将这些因素考虑在内。

In addition, there are owners, which are operating under a variety of names or from different offices, while, ultimately, control is still being exercised by one and the same company.
此外，有些船东使用了多个公司名称来管理自己的业务，还在不同的地方分别设置了办公室，而实际上船舶的控制权还是掌握在同一个公司手里。

Table 8.1
表格 8.1

Development of ownership of the world containership fleet
世界集装箱船队所有权情况一览表

(End year position)
（年底时的数据）

Source:
资料来源：

Drewry Shipping Consultants Ltd
Drewry 航运咨询有限公司

Table 8.2
表格 8.2

The tramp containership fleet by country of ownership
不定期集装箱船队按国别分类的所有权情况一览表

(January 2004)
（2004年1月）

Source:
资料来源：

Drewry Shipping Consultants Ltd
Drewry 航运咨询有限公司

Within the tramp fleet, German domiciled owners control in excess of 60% of total tramp fleet capacity, followed by Greece (13.5%) and Japan (5.7%).
在不定期集装箱船队中，在德国注册的船东控制了60%还多的总运力，其次为希腊 (13.5%)，以及日本 (5.7%)。

Table 8.2 and 8.3 detail the tramp owned capacity by country of domicile and it would appear that Germany is gradually losing market share to Greece and Japan.
表格8.2及8.3表明，在德国注册的船东在不定期船舶中的所占比例正在降低，而失去的市场份额逐渐被希腊和日本所占据。

Over the past 12 months, for instance, Germany’s share of the tramp fleet has fallen from 64% of nominal capacity to 62.2%.
举例说，在过去的12个月之中，德国船东在不定期船舶中所占比例从64%降低到了62.2%。

However, this is not a market trend and the current tramp orderbook is overwhelmingly dominated by German owners (77%).
但这还没有成为一种市场趋势，德国船东在当前的不定期新船造船订单中仍占据着支配性的地位 (77%)。

This will push up the country’s market share over the next two years.
这将使得该国家在未来两年中的市场份额会有所提升。

Within Germany, NSB Niederelbe holds a dominant position, controlling well over 255,000 teu.
在德国内部，NSB Niederelbe 公司占据了首席位置，它控制了超过 255,000 标准箱的运力。

Previously owned by the defunct Bremer Vulkan shipbuilding group, the company is now controlled by the two issuing houses, Conti Reederei and Gebab as well as the shipbroker Shipping & Chartering (Jork).
该公司以前由现已解散的 Bremer Vulkan 造船集团所拥有，而如今被两家股票承销公司控股，即 Conti Reederei 公司和 Gebab 公司，以及一家船舶经纪公司 Shipping & Chartering (Jork)。

Table 8.3
表格 8.3

The tramp containership fleet by country of ownership
不定期集装箱船队按国别分类的所有权情况一览表

(January 2003)
（2003年1月）

Source:
资料来源：

Drewry Shipping Consultants Ltd
Drewry 航运咨询有限公司

The second-largest independent trampowner - Hamburg-based ER Schiffahrt GmbH&Cie - , is a daughter company of Nordcapital Group, yet another German issuing house.
第二大的独立不定期船船东是总部设在汉堡的 ER Schiffahrt GmbH&Cie 公司，它是 Nordcapital 集团的子公司，这又是一家德国承销商公司。

Its fleet numbers 40 ships (155,123 teu).
它的船舶数量为40条船，(155,123 标准箱)。

Indeed, in Germany there often exist complex relationships between shipowners, managers, shipbrokers and fund-raising houses, which sometimes extend to equity holdings.
实际上在德国存在着复杂的产权关系，牵扯到船东、经理人、船舶经纪人以及筹资公司等，这些情形有时会导致交叉持股的发生。

For instance, Gebab, a leading player in the tramp containership sector, is the recorded owner of just four vessels in its own right, but this vastly understates its place in the market.
比方说，有一家Gebab公司在不定期集装箱船行业内名列前茅，但在注册局的资料中，它自己只拥有四条船，然而这个数据完全不能反映它在这个市场中的实力。

Indeed, the group controls almost 60 containerships, some of which are managed by NSB Niederelbe.
实际上该集团控制了几乎有60条集装箱船，其中的一些是交由NSB Niederelbe公司来管理的。

Historically, Greek shipowners have not been heavily involved in the container shipping sector, although, in recent years, this has started to change.
在以前，希腊的船东并没有大规模进入集装箱船舶的运输市场，但在最近几年中事情发生了变化。

Presumably, this is because expensive containerships are best financed by many individuals, which may not have suited many Greek shipowners, whose businesses tend to be organised along family lines.
原因也许在于，由于集装箱船舶造价昂贵，就需要许多人的集资，而对不少希腊船主来说就显得不太适合，因为他们的业务大多建筑在家族企业的模式之上。

However, in the past five years, some Greek shipowners have invested in second-hand container tonnage and sold some of these ships to invest in newbuilding programmes.
但在过去的五年中，不少希腊船东投资了二手集装箱船，现在他们卖掉其中的一部分，将所得资金用于新船的建造。

Within Greece, shipowners Costamare, Danaos and Technomar are the most prominent and Greek controlled ships now account for 13.5% of all tramp tonnage deployed.
而在希腊内部，Costamare, Danaos和Technomar公司是三家举足轻重的集装箱船公司。如今在全世界已投入营运的不定期集装箱船总吨位中，希腊人现在控制了13.5%的份额。

Japanese tramp tonnage is often owned or managed by a shipowner which is closely related to a shipbuilder.
日本的不定期集装箱吨位通常是由某家船东公司拥有和管理的，但这家公司往往与一家造船公司有紧密的联系。

Shoei Kisen, for instance, is associated with Imabari, while Kaisho appears to be related to the IHI shipbuilding conglomerate.
比如，昭荣汽船的背后是今治集团，而海商株式会社显然与石川岛播磨造船集团有关。

Monaco and Israel have both recently emerged as countries of domicile for owners of containerships.
作为集装箱船船东的注册国，摩纳哥和以色列这两个国家在近年来开始显山露水。

SAMAMA (Societe Monegasque d’Administration Maritime et Aerienne) is a private group of shipping companies, which is, however, believed to be closely related to the Israel based Ofer Bros (Mngmt), which in turn holds a majority stake in Zim Israel Navigation (see Table 8.4).
SAMAMA 公司 (Societe Monegasque d’Administration Maritime et Aerienne) 是一家私人航运集团公司，然而它被认为与一家在以色列注册的 Ofer Bros (Mngmt) 公司关系紧密，而这后者又掌握了 Zim Israel Navigation 集团的大部分股权。 (见表格 8.4)

Table 8.4
表格 8.4

The top 30 league – trampowners by registered capacity
世界前30位不定期集装箱船船东公司排行榜－按登记在册的载运量统计

(January 2004)
（2004年1月）

Source:
资料来源：

Drewry Shipping Consultants Ltd
Drewry 航运咨询有限公司

Within the liner carrier sector, the AP Moller-Maersk group holds an overwhelmingly dominant position, controlling an estimated 14.9% of the world fleet (see Table 8.5).
在集装箱班轮这一块之中，AP穆勒-马士基集团占据了压倒性的优势，它控制了全球商船队约14.9%的份额。（见表格8.5）

Geneva-headquartered Mediterranean Shipping Company (MSC) is in second position in terms of capacity operated, but only third in terms of owned capacity.
而按管理的运力来计算，总部设在日内瓦的地中海海运公司 (MSC) 公司位居第二，但按照自有运力来考量，则位居第三。

Table 8.5
表格 8.5

The top 25 league – registered capacity owned by liner operators
世界前25位集装箱班轮船东公司排行榜－按登记在册的载运量统计

(January 2004)
（2004年1月）

Note:
说明：

Includes some estimates
有些数据是估计的。

Source:
资料来源：

Drewry Shipping Consultants Ltd
Drewry 航运咨询有限公司

Indeed, Evergreen (including Lloyd Triestino and Hatsu Marine) is the second largest shipowner, based on owned slots, with an estimated 352,000 teu under its control.
按自有运力来计算，长荣集团 (包括意大利邮船和Hatsu海运在内) 是第二大的船东公司，估计其自己能够控制的运力是 352,000 标准箱。

The Taiwanese carrier is not very active on the charter market, with only 16% of capacity drawn from this sector.
这家台湾公司对租船市场不是很积极，从这一块获取的运力仅占其总运量的16%。

In a strong charter market, this strategy makes much sense, although, ideally, a combination of both owned tonnage as well as a policy to play the charter and S&P market promises the greatest success.
尽管说，最理想的情形是既依靠自有运力，又实施租赁船舶的政策，以及面向标准普尔市场，这样才能确保利益最大化。但在租赁市场十分火爆之时，采取这一策略仍不失为明智之举。

There is a huge variation between carriers and their tonnaging strategies.
不同的承运人在获取运力一事上采取了完全不同的策略。

Cosco, UASC, Horizon Lines (former CSX Lines) and Evergreen are least reliant on the charter market and should, therefore, have a reasonably stable cost base at present.
中远、阿拉伯联合航运公司、Horizon 航运公司 (前 CSX 航运公司) 以及长荣集团等最少依赖租赁市场，所以在现阶段其成本基础应该是比较稳固的。

Hanjin Shipping, P&O Nedlloyd, China Shipping Container Lines, CMA CGM and Hamburg-Sud are on the other side of the scale, chartering in between 60% to 70% of their operated capacity.
韩国的韩进海运株式会社、P&O Nedlloyd公司、中海集装箱公司、CMA CGM 以及Hamburg-Sud 公司等就处于天平的另一端，因为他们租赁来的吨位占其总管理量的60% 到70%。

This does not necessarily mean that these carriers will be less profitable this year, because many of these ships have been taken on long-term charter when the market was low (2001).
但这并不意味着，这些公司今年就赚钱比较少，因为他们的许多船是按照长期租船合同获得的，而在那时租船市场还比较低迷（2001年）。

At the risk of stating the obvious, carriers are generally well advised to buy second-hand ships or newbuildings when the market is low, lock in on cheap long-term charter deals and follow the market very closely.
就当说一句废话吧，我的忠告是，航运公司最好去买二手船，或者在市场疲弱之时才建造新船，或者在谈生意时锁定于价格比较便宜的长期租船合同。除此而外，他们还必须密切注视市场的动向。

On the liftings front, 2003 was a generally good year with volumes growing by double-digit rates in many cases (see Table 8.6).
总的来说，2003年出现了市场转机，是一个好年份，各种市场容量都有了两位数的增长。（见表格8.6）

It should be noted that Table 8.6 contains some estimates.
要注意的一点是，表格8.6中有一些数字是估计的。

Obviously, Maersk Sealand is the largest operator with total volumes more than twice that of its nearest rival Cosco.
很明显，就营运的总吨位来说，马士基-海陆集团仍是头号选手，比仅次于它的竞争对手中远集团几乎多出了整整一倍。

Moreover, the 10.8 million teu estimated by Drewry Shipping Consultants as being carried by the Danish heavy weight does not include its associate company Safmarine.
另外，根据Drewry 航运咨询有限公司的估算，这家丹麦的重吨位航运公司运输了1080万个标准箱，但这个数字并不包括它的子公司南非航运公司在内。

The latter carrier’s annualised lifts are probably in the 800,000/900,00 teu range.
后者的年运输量在80万到90万标准箱之间。

Collectively, therefore, the APM Moller Maersk-controlled container shipping operations are believed to account for approximately 12.7%of global container trade.
所以加在一起，由A·P·穆勒－马士基控制的集装箱运输大约占全世界集装箱能力的12.7%。

Cosco’s volumes, which have been estimated at 5.2 million teu and comprise a mix of international and domestic cabotage traffic, grew by about 13% last year, with Evergreen (in third place) lagging the market with growth of 8% to 4.75 million teu.
估计中远集团去年的总运输量是520万个标准箱，包括国际航线和国内业务在内，增长了13%；名列第三的Evergreen长荣集团稍逊一筹，增长率为8% ，达475万标准箱。

P&ON also posted disappointing growth, with liftings up just over 5% to 3.7 million teu.
P&ON在增长率方面仍旧没有大的起色，只增长了5%多一点，达到370万标准箱。

Strategically, the Anglo/Dutch carrier placed a greater focus on carrying higher margin business and this impacted its business.
这家英荷合资航运企业的策略是将重点放在高毛利率的运输上，而这个策略影响了它的生意。

The fastest growing carriers in 2003 were Hamburg-Sud (+48.4%), MSC (up 21.4%, CSCL (+20.2%) and OOCL (+18.6%), with most of the traffic increases resulting from organic growth.
2003年里增长最快的公司是 Hamburg-Sud 集团(+48.4%)，紧随其后的是MSC地中海海运公司 公司 (+21.4%)、CSCL 公司(+20.2%)、以及东方海外集装箱公司 (+18.6%)。这些增加的运量绝大多数都来自于结构性的增长。

Hence OOCL phased bigger vessels into its various services, most of which are operated through its participation in the Grand Alliance, with this space giving it an ability to target more cargo.
所以东方海外逐步引入了吨位更大的船只，将它们投入了多种服务项目，它们大多数都是通过加入Grand Alliance大联盟财团来管理的，希望靠此来揽得更多的货源。

In addition, the Hong Kong-headquartered carrier benefited from active growth in its regional trades, most notably within the Far East and between the Far East/Mid-East.
此外，这家总部设在香港的航运集团依靠其地区业务的明显增长而获得好处，显而易见的就是其在东亚的业务，以及远东跑中东的生意。

Solid gains were also posted in its expanding intra-European/ Scandinavia/Baltic operation.
它还扩展了欧洲／斯堪的纳维亚／波罗的海的地区内航运业务，并获得了实质性的利益。

Table 8.6
表格 8.6

Selected carriers annual liftings, 2003-2003
部分航运公司的2003年度货运量

Note:
说明：

contains some estimates
有些是估计的数字。

Source:
资料来源：

Drewry Shipping Consultants Ltd
Drewry 航运咨询有限公司

In the case of MSC and CSCL, the traffic increases came from their respective ship acquisition and newbuild programmes with several new services launched in 2003. With both lines active in the newbuilds market and MSC aggressively purchasing second hand ships and chartering in units above average growth is set for the next two/three years.
就 MSC公司和CSCL公司而言，他们的运量增加归功于他们各自的购买旧船及建造新船计划，因而在2003年推出了若干项新的服务。这两家公司都在新船建造市场上积极活动，MSC还积极地购入二手船，并且计划在今后的两三年内租赁那些超过平均增长率的集装箱船舶。

In contrast, Hamburg Sud’s growth was almost entirely attributable to acquisitions, the line having bought Taiwan’s Kien Hung Shipping and parts of the UK-based Andrew Weir Shipping Group within the past couple of years.
相反，Hamburg Sud公司的增长几乎全部来自于二手船购置，这家航运公司在过去两年之中买进了台湾的建恒海运股份有限公司的所有船只，以及总部设在英国的Andrew Weir 航运集团的部分船舶。

In 2003, Germany’s second largest liner services company, which is mainly focused on the North/South Trades, lifted over one million teu for the first time in its history.
2003年，德国第二大的班轮服务公司装运了超过一百万个标准箱，创造了该企业的历史最高纪录。这个公司将主要业务重点放在南北运输上。

Of the other operators listed in Table 8.6, two of the most interesting are Wan Hai and Regional Container Lines (RCL).
在表格8.6中的其他营运商中，最有趣的两家当属万海航运和Regional Container Lines (RCL)。

Although both are focussed on the intra-Asia market, their operations are very different, with Wan Hai carrying almost entirely local import/export cargo.
尽管这两家企业全都致力于亚洲内部的市场，但它们的运作方式大不一样。万海装运的几乎全部都是当地的进出口货物。

Wan Hai also has a modest presence in the Europe/Far East and transpacific trades.
在欧洲－远东航线，以及泛太平洋航线上，万海也显示了它的存在。

In contrast, RCL lifts a mix of import/export and relay cargoes and acts as a feeder company for many mainline operators.
相反，RCL既装运进出口货物，又承揽货物中转运输，还为许多主航线承运人扮演着供货公司的角色。