Maritime Trade and Transport - HWWI

More documents

Recommendations

Info

frastructure program involving private equity involvement. North America holds third place. This ranking also applies to the road and rail modes of transport. Half of the value of all of the railroad projects implemented with the help of private sources are located in Europe. Among the completed airport and seaport projects, on the other hand, the Asia-Pacific region dominates with a volume of $46.3 bn (77%). Over the past twenty years, the transport infrastructure previously funded by private sources, amounting to $36 bn annually, seems modest when compared to the future requirements of as much as $420 bn per annum. The current financing structure offers enormous development opportunities for private equity involvement, which have being taken advantage of increasingly in recent years. The Macquarie Investment Bank estimates that between 2000 and 2004 at least $180 bn was invested by the private sector in (all) infrastructure projects of the OECD countries. 99 Worldwide private enterprise currently finances 10%-15% of the transport infrastructure, whereby this percentage varies considerably among the various countries. Australia leads with a share of 55%, while in Europe only 4% is privately funded. 100 The World Bank assesses the potential for worldwide private-sector participation in transport infrastructure until 2010 at $817 bn. Of this sum, a good 80% falls to road and rail, and the remaining 20% to airports and ports. In the next three years, privately funded toll roads with a volume of approximately €45 bn will be put out to tender – 150-200 new projects alone. 101 A key position is held by the Asia-Pacific region, leading by far with a potential of $681 bn and, up to the present, only 28% of implemented investment decisions. The focus is on Japan, China and India. Japan is a young market for private interests in the infrastructure sector. Public-private partnerships (PPPs) were only introduced five years ago, cover barely 15% of total investments, and up to now involve smaller projects. China has had a longer history, but intends to expand the role of private capital in the infrastructure sector, as does India. 99 See Macquarie (2005). 100 Great Britain, with a share of 20%, raises the European average considerably. For Germany, shares of 4%-9% are estimated. 101 See BMWA (2004). World transport infrastructure projects with private equity involvement, planned or completed since 1985 by project type Segment Number of projects Value in $ bn Share of Average cost of Planned Completed Planned Completed value in % completed project in US$ Road 656 359 (55%) 324.7 157.3 (48%) 44.3% 438.2 Mio. Rail 247 107 (43%) 280.6 143.7 (51%) 38.3% 1.343.0 Mio. Airports 182 67 (37%) 88.0 49.5 (56%) 12.0% 738.8 Mio. Seaports 142 44 (31%) 39.5 10.6 (27%) 5.4% 240.9 Mio. Total 1.227 577 (47%) 732.8 361.1 (49%) 100% 625.8 Mio. Fig. 20 Source: AECOM Consult (2005). Berenberg Bank · HWWI: Strategy 2030 · No. 4 135
Regional transport infrastructure projects with private equity involvement, planned or completed since 1985 Fig. 21 Region Number of projects Value in $ bn % share of world Planned Completed Planned Completed Planned Completed Europe 334 159 (48%) 268.9 139.0 (52%) 36.7% 38.5% Asia / Far East 338 140 (41%) 265.5 138.8 (52%) 36.2% 38.4% North America 252 142 (56%) 123.0 51.5 (42%) 16.8% 14.3% Latin America / Caribbean 253 124 (49%) 58.5 27.8 (48%) 8.0% 7.7% Africa / Middle East 50 12 (24%) 17.1 4.3 (25%) 2.3% 1.1% Europe holds second place. Large-scale projects, supported by legislative changes intended to foster PPPs, are planned in Spain, Portugal, Italy and Germany. In Germany alone, toll road projects worth $6 bn are to be completed by 2009. Five to ten network operator companies are conceivable, to manage the road infrastructure in Germany. 102 The focus of growth, however, lies on the EU newcomer countries and candidates, in which there is great potential, but where very few projects have as yet been realized. A broad spectrum of forms of cooperation between the state and private investors generally exists for infrastructure. They range from the formation of public-private enterprises with majority state holdings, to operator and franchise models, to privatization. Under complete privatization, the state assigns 100% of its responsibility and authority to private-sector companies and only uses regulatory measures to ensure competition. This form is rarer in the transport sector. Public-private partnerships have become popular in recent years. In this type of cooperation, the planning, construction, financing and operation of an infrastructure facility are transferred totally or partially to a private partner for a predetermined period of time. After this period has elapsed, the infrastructure object is returned to the state. 103 Such partnerships may take various forms in regard to the scope of services provided and the sharing of risk. As a rule, the lower the investment volume, the weaker the influence by the state. In the worldwide transport sector, operator and franchise models predominate in twothirds of the contracts that have been made. 104 In this form, financing is managed completely by the private partner. On the basis of the partnership, the private operator’s credit standing is often upgraded, making it possible to profit from lower financing costs. 102 See Hochtief (2006). In many countries, however, the legal framework still has to be created or improved and political objections removed, to enable country-wide and border-crossing holdings by private investors. An example here is the resistance by the Italian government to the merger between Autostrade (Italy) and Abertis (Spain) into the world’s largest toll road operator. See BMWA (2004). 103 See Berenberg Private Capital (2006). 104 Road infrastructures worldwide are transferred to private partners 39% through franchise agreements, 26% through so-called build-operate-transfer (BOT) contracts. See AECOM Consult (2005). 136 Berenberg Bank · HWWI: Strategy 2030 · No. 4 Source: AECOM Consult (2005).
Page 1 and 2:
Hamburgisches WeltWirtschafts Insti
Page 3 and 4:
»Berenberg Bank · HWWI: Strategy
Page 5 and 6:
Contents Part A 7 Summary Part A 8
Page 7 and 8:
5.2.5 Shipyards and shipbuilding na
Page 9 and 10:
Summary Global economic development
Page 11 and 12:
and have consistently modernized an
Page 13 and 14:
The leading exporters and importers
Page 15 and 16:
The three core regions also play a
Page 17 and 18:
The USA continues to be the most im
Page 19 and 20:
Whereas Ricardian foreign trade the
Page 21 and 22:
y the European Union are the Euro-M
Page 23 and 24:
Box 1 Advantages and disadvantages
Page 25 and 26:
eached 1.6% annually between 1985 a
Page 27 and 28:
portant customers for coal in 2004.
Page 29 and 30:
The various regions of the world ar
Page 31 and 32:
Intra-EU trade by mode of transport
Page 33 and 34:
3.3. Determinants of maritime trade
Page 35 and 36:
Annual growth rate in seaborne worl
Page 37 and 38:
4. Maritime trade and port economic
Page 39 and 40:
Shares of individual shipping areas
Page 41 and 42:
2004 amounted in Wilhelmshaven to 9
Page 43 and 44:
of total goods handling in Le Havre
Page 45 and 46:
Shares of total goods handling of t
Page 47 and 48:
4.3 Hubs and feeder transport in Eu
Page 49 and 50:
The top 10 of the world’s largest
Page 51 and 52:
The Taiwanese port of Kaohsiung44 i
Page 53 and 54:
areas. Its location on the Elbe, ho
Page 55 and 56:
Modal split in container handling t
Page 57 and 58:
Generally speaking, it should be as
Page 59 and 60:
Box 5 education and research polici
Page 61 and 62:
5. HWWI forecast 5.1 World trade Th
Page 63 and 64:
has grown much more than trade volu
Page 65 and 66:
ences. Whereas the annual growth ra
Page 67 and 68:
5.3.1 Basic scenario For the basic
Page 70 and 71:
Part B Perspectives of maritime tra
Page 72 and 73:
Among the various modes of transpor
Page 74 and 75:
1.3 The symptoms: Delays at ports f
Page 76 and 77:
2. The macroeconomic significance o
Page 78 and 79:
Parking aids and cruise controls ar
Page 80 and 81:
Using the findings of the HWWI as a
Page 82 and 83:
In the PRC, as in Europe, the futur
Page 84 and 85:
slipped down to a lower middle-clas
Page 86 and 87: 4. Reorganization of the logistics
Page 88 and 89: In the long term, however, the mark
Page 90 and 91: Fuijan (located opposite Taiwan) fo
Page 92 and 93: Hapag Lloyd, Hanjin (South Korea) -
Page 94 and 95: The mood can become significantly o
Page 96 and 97: The second method, using larger shi
Page 98 and 99: completely or transferred to smalle
Page 100 and 101: Since the large capesize freighters
Page 102 and 103: (1,719 ships) were ordered at the b
Page 104 and 105: The result: Peak Oil will ultimatel
Page 106 and 107: LNG tankers - Elite class with pote
Page 108 and 109: dern technologies, and a productive
Page 110 and 111: Europe’s shipbuilding opportuniti
Page 112 and 113: first time in 2007. Series producti
Page 114 and 115: 6.1.2 Comparing modes of transport:
Page 116 and 117: The highest growth rates in air fre
Page 118 and 119: Growth in shares of modes of transp
Page 120 and 121: Crossing Paths at the Port of Hambu
Page 122 and 123: should especially benefit the share
Page 124 and 125: 6.2.2 Harmonizing and privatizing t
Page 126 and 127: 6.2.4 Support for intermodal networ
Page 128 and 129: 6.3.2 Many roads lead to Rome: New
Page 130 and 131: 7. Financing transport infrastructu
Page 132 and 133: 300 250 200 150 100 50 frastructure
Page 134 and 135: The traditional chronology accordin
Page 138 and 139: World potential for private partici
Page 140 and 141: 250 200 150 100 50 7.3.2 Investment
Page 142 and 143: Transport infrastructure sectors Fi
Page 144 and 145: Hafen Hamburg (November 1, 2005) ww
show all

Maritime Trade and Transport - HWWI

Create successful ePaper yourself

Delete template?

Save as template?