Investor Presentaiton
Competitive Landscape
Container lessors, shipping lines, and container manufacturers have experienced a recent wave of consolidation and organic growth, with
enhanced economies of scale, greatly improving the competitive landscape and facilitating a greater level of stability over economic cycles:
Lessors: The top 5 container lessors account for 85% of the market. We expect lessors to continue rationalizing new container
investments and further improve lease quality in pursuit of stable long-term returns with reduced volatility.
Shipping lines: Consolidation and alliances have dramatically improved credit quality since the 2016 Hanjin bankruptcy. The top
10 shipping lines now account for 85% of market share, facilitating improved discipline and capacity management. This has
contributed to higher freight rates and improved financial performance.
Manufacturers: Improved economies of scale and coordination by suppliers have resulted in greater production discipline. Since
early 2020, industry efforts to rationalize production levels with demand have provided support for container prices and a more
balanced supply of containers which we expect will continue into the foreseeable future.
t
X
Container lessors
100%
100%
80%
80%
60%
40%
20%
60%
40%
20%
0%
0%
2015
2022
■Top 5 ■Others
Note: market share data from Harrison consulting.
Market share (2015 vs 2022)
Shipping lines
Container manufacturers
100%
80%
60%
40%
20%
0%
2015
Top 1-5
2022
2015
2022
■Top 6-10
■Others
Top 3
Others
17View entire presentation