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Global Terminal Operators: An Emerging Geography of Intermodal Assets

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Global Terminal Operators: An Emerging Geography of Intermodal Assets

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  1. GLOBAL CONTAINER TERMINAL OPERATORS: FROM DIVERSIFICATION TO RATIONALIZATION?Theo NotteboomITMMA - University of Antwerp and Antwerp Maritime Academy, BelgiumJean-Paul RodrigueDept. of Global Studies & Geography, Hofstra University, New York, USAEuropean Conference on Shipping & Ports – ECONSHIP 2011Chios, Greece, June 22-24 2011

  2. Global Terminal Operators: An Emerging Geography of Intermodal Assets 1) Emergence 3) How Global? 2) Entry and Expansion 4) Rationalization? Tangier Med (Eurogate & APMT)

  3. The Emergence of Global Terminal Operators

  4. Typology of Global Port Operators: Three Sides of the same Coin

  5. Vertical and Horizontal Integration: Moving along the Foreland and Hinterland Vertical Integration Horizontal Integration Maritime Services Port Holding Inland Port Port Services Port Inland Services Intermediate hub Terminal Port Rail / Barge Distribution Center Maritime Shipping Port Terminal Operations Inland Modes and Terminals Distribution Centers Commodity Chain

  6. Top Twelve Global Container Terminal Operators in Equity-Based Throughput

  7. Number of Terminals and Total Hectares Controlled by the Twelve Largest Port Holdings Terminals 14 16 13 14 10 20 11 9 42 50 38 47

  8. ENTRY AND EXPANSION STRATEGIES IN THE TERMINAL OPERATOR INDUSTRY

  9. Factors behind the Interest of Equity Firms in Transport Terminals

  10. Major Port Terminal Acquisitions Since 2005

  11. The Strategies of Terminal Operators

  12. World’s Main Intermediate Hubs and Markets, 2008

  13. HOW ‘GLOBAL’ ARE GLOBAL TERMINAL OPERATORS?

  14. Dimensions of the Global Orientation of Terminal Operators

  15. Geographical Coverage: Container Terminal Surface of the World's Major Port Holdings, 2010

  16. Container Terminals of the World's Four Major Port Holdings, 2010

  17. Container Terminals of Some of the World's Minor Port Holdings, 2010

  18. Regional Share in the Terminal Portfolio of the Twelve Largest Global Terminal Operators (Hectares, 2010)

  19. FROM DIVERSIFICATION TO RATIONALIZATION?

  20. Potential Rationalization Strategies followed by Global Terminal Operators

  21. Intensified cost control helped to keep margins level Note: EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization. Source: company websites (2010 figures) and Drewry 2010 (2008 and 2009 figures) Revision of investment plans, equipment maintenance schedules, asset deployment strategies and renegotiation of concession agreements and throughput levels.

  22. Hedging the risksInter-firm Relationships in the Three Main Container Ports of the Rhine-Scheldt Delta, 2010 HUTCHISON PORT HOLDINGS PSA 20% Majority shareholding 100% ANTWERP Minority Shareholding (4) ECT MSC MSC Home terminal 50% North Sea Terminal 50% NYK PSA (Antwerp/ Zeebrugge) Europe Terminal 100% Delta Terminal 100% CYKH Alliance Deurganck Terminal 50% Waal- and Eemhaven 50% 100% Antwerp International Terminal (AIT) Shipping Line New World Alliance 50% Euromax phase 1 DP World Delwaidedock 50% (Global) Terminal Operator 100% 60% DP World 42.5% Antwerp Gateway 30% Rotterdam World Gateway (Maasvlakte 2) Operational by 2013 ZIM Line (1) 10% Terminal Cosco Pacific 20% 10% PORT CMA-CGM (2) APM Terminal Maasvlakte 10% • Financial Holding CHZ 65% 35% 100% Terminal 1 (Maasvlakte 2) Operational by 2014 APM Terminals (AP MollerGroup) Albert II-dock north 100% 100% ROTTERDAM 75% APM Terminal Shanghai International Port Group (SIPG) 25% ZEEBRUGGE

  23. Hedging the risksInter-firm Relationships in the Three Main Container Ports of North America, 2010 • Ontario Teachers' Pension Plan APL • Global Gateway South 100% NYK • YusenTerminals 100% 100% • TraPac Los AngelesBerth 136 Global Container Terminals • Mitsui OSK 100% APM Terminals (AP Moller Group) 100% • APM Terminals Pier 400 100% Evergreen • Evergreen Terminal 50% 50% • New York Container Terminal • West Basin Container Terminal Yangming 40% 60% 100% • Global Terminal and Container Services LOS ANGELES • Deutsche Bank RREEF LONG BEACH • APM Terminals Port Elizabeth 100% • Terminal C60 Maher Terminals MSC • Maher Terminal • Terminal A 50% 100% 50% • Long Beach Container Terminal OOIL • Port Newark Container Terminal 100% Ports America 100% K-Lines • Pier G Berth 100% NEW YORK 100% Hyundai • Stevedoring Services of America • California United Terminals 100% • AIG Highstar Capital Cosco Pacific • Pacific Container Terminal 49% 51% • Macquarie Infrastructure Hanjin • Total Terminals International 60% 40% Shipping Line Terminal Operator Terminal PORT • Financial Holding

  24. Hedging the risksInter-firm Relationships in the Main Container Ports of the Pearl River Delta, 2010 GUANGZHOU Cosco Pacific • Guangzhou South China Oceangate Container Terminal 39% APM Terminals (AP Moller Group) 20% 41% • Guangzhou Port Group • China Shipping Group 60% • Nansha Container Terminal 40% • Nanhai International Container Terminals 50% ZHUHAI • Guangzhou Huangpu Xingang Terminal 49% • Zhuhai International Container Terminals PSA 50% • Guangzhou Huangpu Xinsha Terminal 49% 10% 50% • Moderns Terminals • Shenzhen Yantian Port Group • Dongguan Container Terminal • COSCO-HIT Terminal 10% 30% 33% HUTCHISON PORT HOLDINGS • Hong Kong International Terminals • Yantian International Container Terminals 70% 67% 20% 100% • Shenzhen Municipal Government • Asia Port Services • Da Chan Bay Terminal One 35% 65% ModernTerminals • DP World Hong Kong 66% 33% • Shekou Container Terminals 20% 80% DP World • China Merchants Holdings International 55% • Asia Container Terminals 25% 75% • Chiwan Container Terminal HONG KONG SHENZHEN Shipping Line Terminal Operator Terminal PORT • Financial Holding

  25. Changes in the Terminal Portfolio of APM Terminals Between April 2008 and April 2011

  26. Changes in the Terminal Portfolio of DP World Between April 2008 and April 2011

  27. Conclusion: A Globalized but Highly Regionalized Industry

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