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SUBMARINE TELECOMS INDUSTRY REPORT ISSUE 7 20182019 1 TABLE OF CONTENTS EXORDIUM 4 FOREWORD 6 INDUSTRY REPORT METHODOLOGY 7 1 GLOBAL OVERVIEW 8 11 History of Submarine Telecoms 10 111 Historical Perspective 11 112 The Optical Age 12 12 Capacity 12 121 Global Capacity 12 122 Lit Capacity 13 123 Capacity Pricing 16 13 System Growth 17 14 Evolution of System Ownership and Customer Base 19 2 OWNERSHIP FINANCING ANALYSIS 20 21 Historic Financing Perspective 22 22 Regional Distribution of Financi......