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ALPHALINER Weekly Newsletter 2009-Week 16 axs-alphaliner.com – the worldwide reference in liner shipping Top 5 Global Terminal Operators Liftings 2008 vs 2007 Mixed fortunes as COSCO Pacific sees dramatic declines in Jan-Mar 2009 volumes COSCO Pacific Terminals reports 2008 results COSCO Pacific’s total container terminal throughput increased by 18% to reach 45.8 Mteu in 2008, from the 38.9 Mteu recorded in 2007. Profit from the container terminal business was flat $128M, the same level as recorded in 2007. Cosco Pacific has stakes in container terminals in mainland China, Hong Kong, Singapore, Belgium, Egypt and Greece. It is currently the fifth largest global port operator based on unadjusted throughput. Liftings in M teu Before equity adjustments 67.6 66.3 63.5 63.2 58.8 HPH APMT (Est) 2008 2007 46.8 45.8 The company said that it is cutting capital expenditures and will stop new port investments as it seeks to conserve cash during the current industry slump. The company’s vice chairman had confirmed that COSCO Pacific's capital expenditure will fall to $570M in 2009 from $890M in 2008. The company believes new port investments are too risky in the current operating environment. Hence it will focus on improving and developing ports in which it holds a controlling stake. The company plans to slow the progress of committed new port projects to meet the forecast decrease in demand this year. The company chairman also added that he expects “the situation in 2009 to be even worse than in the fourth quarter of last year.” For the first quarter of 2009, COSCO Pacific’s terminals dropped by 8%, with the most dramatic falls seen in Singapore (-52%), Antwerp (-46%), Hong Kong (-27%) and Nansha (-25%). Total liftings at its terminals over the January to March period dropped to 9.6 Mteu from 10.4 Mteu a year earlier. P a g e | 16 © Copyright Alphaliner 1999-2009 58.9 43.3 38.9 PSA DPW COSCO Pacific
ALPHALINER Weekly Newsletter 2009-Week 16 axs-alphaliner.com – the worldwide reference in liner shipping SIPG defers Zeebrugge investment SHANGHAI International Port Group (SIPG) has decided to postpone its 40% investment in APM Terminals Zeebrugge. APM Terminals and SIPG had announced a “framework agreement” in September 2006 that would lead to the acquisition of a ‘substantial minority interest’ in the Belgian facility by SIPG. It would have marked the first overseas foray for the Shanghai port operator. However, the current downturn in container volumes have prompted the Chinese operator to temporarily abandon its international expansion plans and will instead focus on its home market which is also facing a significant slowing in handling volumes. Despite the recent slowdown in trade, SIPG still expects business at its stronghold – the port of Shanghai – to grow by 3.9% this year to reach 29 Mteu. The group’s 2008 net profit increased by more than a quarter year-on-year and reached USD 676 M. AP Moeller-Maersk’s annual report reveals that the terminal remains wholly-owned by AMPT ever since its launch in 2006. APMT currently partners SIPG at the Shanghai East Container Terminal, which was established in 2002. Busan Port to acquire three berths from New Port South Korea’s Busan Port Authority (BPA) has announced that it would acquire three berths at the North Terminal of Pusan New Port from Pusan New Port Co before the end of the month. The three berths with a total capacity of 1.5 Mteu are currently nearing completion. No purchase price was disclosed but it was reported that BPA will put the berths out to open tender by the end of this month. PSA International was reported to have approached the Korean government expressing interest in buying the three berths in 2008, and is known to have been in touch with the authorities again this year. It is the frontrunner in the bid to acquire the three new berths under an open tender process, with little interest shown by other operators. Pusan New Port Co, which is majority-owned by DP World, has struggled to attract cargo at the six berths it operates since it opened in late 2006, which remains severely under-utilised. Additional capacity is expected to be added by 2011, when Busan New Container Terminal (BNCT), also known as Busan Phase 2-3, begins operations. This terminal is a joint venture partnership that includes Macquarie, CMA CGM, BPA, KMTC and other local partners. P a g e | 17 © Copyright Alphaliner 1999-2009
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