EU EU EU 1

2

2 22005 3

3 4 3 17 4 20041079 3932.5 4

TEU 5 6 5 TEUTwenty Foot Equivalent Unit20 20m 2.4m TEU TEU 401 FEUForty Foot Equivalent Unit 6 17 TEU TEU 5

6 LNG LNG

7

7 8 Far East Freight Conference 9 7 Shipping ConferenceLiner Conference Freight Conference 8

Rate AgreementSailing Agreement Dual Rate System 10 Exclusive Patronage Contract/Loyalty Agreement Non-contract RateContract Rate Fidelity Rebate System Differed Rebate System 10 9

Closed Conference Fighting Ship 10

Shipping Board 11 Open Conference 12 13 11 FMC 12 FMC v. Isbrandtsen Co. 13 30%40 11

GHQ 14 14 12

15 EC EC 16 EC EC 17 13

18 EC EC EC EC EC 14

19 UNCTAD 20 19 20 A code of Conduct for liner conferences, 15

Independent Action 16

21 Stabilization Agreement Trans Pacific Stabilization Agreement TSA 22 23 24 2004 17

25 EU OECD 26 25 26 OECD 18

EU EU Council of the European Union Committee for Economic and Monetary AffairsECON ELAA 27 27 ELAAEuropean Liner Affairs Association 19

28 28 20

HHI CR MSCCOSCO P&O 21

Hanjin 12.3% 12.2% 12.5% 12.5% Maersk Sealand( 11.8% 12.3% 11.0% 10.5% P&O Nedlloyd 9.7% 8.4% 8.4% 8.0% Evergreen 7.8% 8.3% 7.5% 7.5% CMA CGM 4.2% 5.2% 5.8% 6.2% APL 6.9% 5.8% 5.8% 5.8% MSC 2.2% 4.9% 5.1% 5.1% Hapag-Lloyd 5.5% 4.5% 4.5% 4.9% NYK 5.5% 4.5% 4.5% 4.8% COSCO 3.9% 5.1% 4.6% 4.6% OOCL 4.2% 3.9% 3.9% 4.5% MOL( 5.5% 5.2% 4.5% 4.4% K Line() 3.5% 4.5% 4.5% 4.3% China Shipping() 2.5% 2.7% 4.1% 4.1% HMM 5.5% 4.5% 3.9% 3.8% Yangming() 3.5% 3.2% 3.2% 3.2% Norasia 1.4% 1.0% 1.9% 2.3% MISC() 2.1% 1.3% 1.3% 1.5% ANL 0.0% 0.3% 1.3% 0.8% Others 2.1% 1.8% 1.6% 1.6% 100% 100% 100% 100% HHI 709 696 665 662 CR 48.5% 47% 45.2% 44.7% 69.2% 64.9% 64.6% 65.0% HHI CR Others ANL Container Line P&O TSA CMA CGM 29 2003 22

30 Maersk Sealand( 12.5% 11.1% 10.9% 10.6% APL 8.6% 8.2% 8.1% 8.3% Hanjin 8.2% 7.8% 8.7% 7.7% Evergreen 9.4% 9.6% 9.0% 7.3% COSCO 6.8% 6.6% 5.3% 5.9% HMM 6.2% 5.7% 5.8% 5.7% NYK 5.4% 5.5% 5.7% 5.4% OOCL( 5.2% 5.8% 5.6% 5.3% China Shipping 3.3% 4.1% 4.0% 4.8% K Line 5.1% 5.2% 5.3% 4.6% Yangming 4.8% 4.5% 4.3% 4.5% MOL 3.9% 3.7% 4.0% 3.9% P&O Nedlloyd 2.8% 3.0% 3.3% 3.5% CMA CGM 1.7% 2.0% 2.4% 3.3% MSC 2.0% 2.0% 2.7% 3.2% Hapag-Lloyd 2.3% 2.5% 2.4% 2.1% Others 11.8% 12.7% 12.5% 13.9% 100% 100% 100% 100% HHI 641 608 603 563 CR 45.5% 43.3% 42.5% 39.8% TSA 80.1% 78.2% 77.5% 64.0% Maersk Sealand 31 32 Winland Shipping 30 Westbound Transpacific Stabilization Agreement (WTSA) 31 32 23

2002 2003 TEU 1,322,946 1,582,999 10.5% 13.8% 16.5% 13.4% 6.4% 9.4% 42.2% 37.8% 33 35 2,300 CI "Freight Rates Indicators" US$ per TEU 2,100 1,900 1,700 1,500 1,300 1,100 900 700 500 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Asia/US EB Asia/US WB Asia/Europe EB Asia/Europe WB Europe/US EB Europe/US WB C "Freight Rates Indicators" 34 24

36 37 CAF 38 Currency Adjustment FactorBAF 39 Bunker Adjustment FactorTHC 40 Terminal Handling Charge PSS 41 Peak Season Surcharge CAF BAF THC PSS 25

42 42 THC 26

43 44 45 BAF CAF 46 43 44 45 46 BAF CAF 72 27

47 / / TSA Transpacific Stabilization Agreement CTSA Canada Transpacific Stabilization Agreement WTSA Westbound Transpacific Stabilization Agreement CWTSA Canada Westbound Transpacific Stabilization Agreement Japan Europe Freight Conference North Europe & Mediterranean JEFC Committee FEFC Far East Freight Conference Eastbound & Mediterranean Committee JGARSPC Japan/Gulf of Aden & Red Sea Ports Conference BOBCON Bay of Bengal/Japan/Bay of Bengal Conference FESAMEC Far East/South Asia-Middle East Conference JCFC Japan/Ceylon Freight Conference JHSFA Japan/Hong Kong & Japan/Straits Freight Agreement JPFC Japan/Philippines Freight Conference JTFC Japan/Thailand Freight Conference JTJCFC Japan/Taiwan/Japan Container Freight Conference 47 28

/ / IADA Intra Asia Discussion Agreement FEEA Far East/East Africa Freight Conference JAHOSAS Japan & Hong Kong/South Africa Shipping Conference JWAAC Japan/West Africa (Angola/Cameroon Range) Freight Conference JWANS Japan/West Africa (Nigeria/Senegal Range) Freight Conference FECI Far East/Canary Islands & Western Sahara Freight Conference WAFEAC West Africa (Angola/Cameroun Range)/Far East Freight Conference WAFENS West Africa (Nigeria/Senegal Range)/Far East Freight Conference ANZESC Australian and New Zealand/Eastern Shipping Conference JSPFC Japan/South Pacific Freight Conference JLA Japan-Latin America Eastbound Freight Conference JWCSA Japan-West Coast South America Freight Conference JMEX Japan-Mexico Freight Conference BRAZIL Brazil/Far East/Brazil Freight Conference RIVERPLATE Far East/River Plate/Far East Freight Conference WCSAFC West Coast of South America/Far East Freight Conference SCAGA 49 50 49 50 29

51 TEU 53 TEU 54 WTSA 55 TEU 56 51 54 41 53 /TEU 54 55 56 /FEU /FEU 30

57 57 10 31

32

BAFCAF THC BAF BAF 58 TSA BAF 59 Platts BAF BAF BAF BAF BAF / TEU 60 TSA 10A C 16 BAF 33

BAF BAF T BAF Cockett Marine Oil 61 TEU BAF 62 BAF 63 BAF BAF BAF CAF CAF CAF 63 BAF TSA BAF 34

1 CAF( ()) CAF TSA 64 CAF CAF CAF 115.00 116.00 117.00 118.00 119.00 126.00 133.00 134.00 135.00 136.00 137.00 4 4 3 3-4 -4-5 -5 SCAGA 65 CAF CAF CAF TSA WTSACAF CAF WTSA WTSA CAF 65 39.037.4112 35

CAF THC THC THC THC THC TEU THC TEU THC THC 68 67 TSATHC TEU 68 17 36

BAF CAF CAF THC THC THC CAF BAF THC PSS 69 1816 37

CAF 38

70 71 Dispensation 70 7113-14 39

72 73 72 13-73 13-40

41

Evergreen Evergreen Lloyd Triestino Hatsu Marine The Grand AllianceGA P&O Nedlloyd OOCL HapagLloyd MISC The New World Alliance TNWA APL CKYH COSCO Senator Lines 1511 TEU 78 320,629 145 717,156 90 435,006 169 729,980 EU 42

74 74 43

EUEU 75 75 44

77 78 76 EU 823/20002010 77 78 / 1400 / 45

CAFBAF THC 79 80 81 1816 46

82 82 Global Insight The Application of Competition Rules to Liner Shipping, Final Report20051026 47

EU EU 83 EU EU EU EU 83 20069 84 1998TACA EU EC 81 Decision 1999/243/EC of 16 September 1998 TACA 1999 48

EU 85 EU 85 Commission proposes repeal of exemption for liner shipping conferences 49

86 EU BAF 86 Commission proposes repeal of exemption for liner shipping conferences 50

51

THC 87 18939 52

88 THC THC BAF CAF THC 88 53

89 90 91 89 90 91 54

55

EU EU EU 56

EU 57