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1、CONTENTS Error! No text of specified style in document. March 2011 | .au | www.ibisworld.co.uk | IBISWorld Industry Report H4913-GL Global Marine the share of containerized imports is expected to rise from 46% to 53%. WWW.IBISWORLD.COM Global Marine a business model that smaller companies are unab
2、le to achieve. For instance, the China Overseas Shipping Company (COSCO), a state- owned firm, has a joint operating agreement with a US stevedoring company at Long Beach, California. In the same vein, worldwide shipping leader AP Moller - Maersk is a major operator of port terminals via its APM Ter
3、minals subsidiary. The ports of Los Angeles and Oakland are partly owned by the Singapore government through its PSA Terminals business, which has major operations in its native Singapore, and is a major player in this industry. International Trade Exports in this industry are low and steady. Import
4、s in this industry are high and increasing. As a global industry based on service provision at specific sites, the term “international trade“ is an ambiguous one. While port operators facilitate international trade, and many of the largest operators have a presence in more than one country, the inab
5、ility to trade the service itself across borders is the key factor. In the absence of imports and exports, global demand equals industry revenue and in 2010 is estimated at $31.56 billion. WWW.IBISWORLD.COM Global Marine telecommunications; property and hotels; retail and manufacturing and energy an
6、d infrastructure divisions. HPH also has a range of logistics operations and warehousing facilities. The company operates in six of the nine busiest container ports in the world, and has interests in 300 berths in 49 ports across 25 countries. Financial performance In the first half of 2009, the bad
7、 news continued for HPH, as the global economic climate made for tough going. Earnings from the operation in mainland China and Hong Kong fell by a quarter, with company- wide pre-tax profit falling by 33% from the corresponding period in 2008. In 2008, HPH handled 67.6 million twenty-foot equivalen
8、t units (TEU), a modest increase on the previous year. Two new ports commenced under the HPH banner during the year, making around 300 berths in total. Sales increased strongly, owing to the ongoing rise in Chinas container trade, to which Hutchison has significant exposure. HPH operated 292 berths
9、in 47 ports worldwide in 2007, handling 66.3 million TEU. This rose by 2% in 2008, to 67.6 million TEU. Approximately half of its cargo throughput is attributable to HPHs operations in Hong Kong and mainland China. In April 2006, Hutchison Whampoa agreed to sell 20% stakes in Hutchison Port Holdings
10、 and a related company, Hutchison Ports Investments, to Singapore-based rival port operator PSA International. Hutchison Whampoa Limited - financial performance Year Sales Billion Dollars Growth % change Assets Billion Dollars Growth % change WWW.IBISWORLD.COM Global Marine the company lists 49 mari
11、ne terminals in 31 countries. Its flagship Jebel Ali facility in Dubai was voted “Best Seaport in the Middle East“ for 14 consecutive years. The company also has interests in logistics businesses in Hong Kong and China, notably ATL, the market leading logistics operator based at Kwai Chung, Hong Kon
12、g. DP World manages container, bulk and other cargo. Financial performance The Dubai Governments worsening financial problems during late 2009 contributed to the lowering of DP World to junk bond status by some ratings agencies. However, the government confirmed that DP World and its debt were not i
13、ncluded in a debt restructuring process announced in November. Declining cargo volumes in the first part of 2009 placed pressure on the companys revenue forecasts. DP World handled 25.6 million TEU at the terminals that it wholly owned in 2009, which was a 9% decline. Across all of the terminals in
14、which it has an interest, volumes declined 6% to 43.4 million TEU. Its Australia and Americas business segment was the hardest hit, with traffic falling 15%. During 2009, DP World opened two new terminals; in Djibouti, East Africa and Ho Chi Minh City, Vietnam. It also won concessions for two new te
15、rminals in Algeria. In 2008, DP World handled more than 46.8 million TEU across its portfolio from the Americas to Asia - an increase of 8% compared with 2007. With a number of major expansion and development projects in key growth markets in the pipeline, including India, China and the Middle East,
16、 the capacity is expected to rise to around 95 million TEU over the next ten years. Profit after tax for 2008 was in excess of $600 million. Revenue from container related activity increased slightly to 76% with the remaining 24% from non- container related activities such as bulk cargo, marine serv
17、ices, roll-on roll-off cargo and P and a joint venture with China Ocean Shipping Company to operate a major container facility in the Port of Long Beach, which commenced in 2001. During 2009, SSA announced plans to use a revolutionary new crane technology that offered potential productivity improvem
18、ents of 50% or more. The technology, developed by Chinas Shanghai Zanhua Port WWW.IBISWORLD.COM Global Marine & Container Terminal Operation March 2011 26 Machinery Company, is a new system of electrified guide rails to move containers throughout the yard at a terminal. IBISWorld believes that compa
19、ny revenue declined slightly during 2009, totaling around $1.6 billion. A new generation of container tracking system was introduced in 2008 at SSAs Oakland terminal, with ContainerTrac, Inc. providing a cell-level accurate position detection system to integrate with the existing terminal operating
20、system (TOS) from Tideworks Technology. The system boasts the potential to improve the efficient flow through of containers, in addition to homeland security. In late 2007, the company reported that it had in excess of $2 billion of new projects in the pipeline, including terminals in Mexico and Eur
21、ope. It is difficult to calculate the sale price of the 49% stake to Goldman Sachs, as SSAs revenue figures have always remained closely guarded. IBISWorld estimates that 2007 revenue rose 5%, to $1.66 billion. It is predicted that the additional capital provided by Goldman Sachs will enable SSA to
22、fund further expansion programs in the future, and continue its growth. CMHI - financial performance Year Revenue Million Dollars Growth % change Operating Profit Million Dollars Growth % change 2005 383.2 N/C 304.0 N/C 2006 562.0 46.7 327.0 7.6 2007 824.1 46.6 454.4 39.0 2008 N/A N/C 476.0 4.8 SOUR
23、CE: ANNUAL REPORT WWW.IBISWORLD.COM Global Marine & Container Terminal Operation March 2011 27 Operating Conditions Capital Intensity The level of capital intensity is medium. Significant capital investment is required to purchase cranes and other equipment In some cases, there is the capacity to le
24、ase equipment to reduce the initial outlay Marine port operation is a capital intensive activity, but numerous other requirements generally need to be met. A new operator looking to enter the industry will require up-front investments to be made on cranes, lifting equipment, and storage. An operator
25、 looking to establish a relatively small 200,000 TEU capacity terminal will require hardware such as two new Panamax-size cranes and four rubber-tired gantry cranes. The cost for this equipment is in the area of $20 million - a substantial amount for even the established port operator with existing
26、cashflow. Because of these high costs, access to credit is essential for most operators. However, in recent years numerous manufacturers have been making their products available through various schemes, such as operating leases, finance leases, export finance deals and contract renting. Where owner
27、ship of equipment is unimportant, an operating lease allows port operators to use the range of equipment required to successfully operate a port over a determined period against payment of a lease fee, usually based on capital and interest. Technology & Systems The level of technology change is medi
28、um. The role of technology in this industry is significant, with speed, efficiency, and flexibility of central importance to customer satisfaction. Hardware Increasingly, ports are facing demands for fast vessel turnarounds. This is accompanied by the ongoing trend towards larger ships, which means
29、more cargo per vessel. The main limitation on turnaround speed for container port and terminal operators is the rate at which the cargo can be moved on and off the ship by crane. No game-changing breakthroughs have been made in recent times, despite the advent of tandem lift and triple lift cranes.
30、The names of these cranes are slightly misleading, as they do not double or triple the efficiency of the crane. Factors that limit the productivity of these cranes include imperfect stowage as well as imperfect supply and demand. Beyond these incremental improvements to crane output, there does not
31、appear to be any new major innovation on the horizon in the area container handling or box design. Software As a result of the limited innovation in crane and handling engineering, operators have turned to computerization and software products to increase their productivity and ability to satisfy cu
32、stomers. Companies such as Tideworks and Jade supply modern software solutions to port and terminal operators that allows them to prioritize vessels and cargoes, efficiently plan work flow, schedule berthing positions, synchronize information with customers, model scenarios in the event of unforesee
33、n delays, and more accurately predict the time at which particular containers will be available on dock. WWW.IBISWORLD.COM Global Marine & Container Terminal Operation March 2011 28 Revenue Volatility Industry revenue volatility is medium. Demand for marine port operators can vary depending on ship
34、arrivals, cargo to be loaded and unloaded and unexpected factors such as delayed arrivals and difficult stows. Industry revenue is sensitive to levels of trade and the strength of labor relations with unions. Weak industrial relations in the past have led to a loss of revenue over the duration of di
35、sputes. High levels of container imports in key markets provide stable demand for stevedoring at container ports. Industry output is also affected by the level of global GDP growth which has been steady through much of the current performance period. The global financial crisis reduced the movement
36、of goods by sea in two main ways. Firstly, a slump in productive output, employment, and consumer demand meant that ships were sailing partially loaded, or not at all. Secondly, the freezing up of credit markets worldwide made it difficult for producers and wholesalers to undertake the transactions
37、necessary to facilitate the movement of cargo. Industry revenue volatility has been calculated as medium. While the economic crisis has sent many national economies sharply downward, the diversity of locations, products, and contracts that are involved in the Global Marine Port Operation industry me
38、ans that the overall volatility of the industry has been more moderate than some of the individual industries whose products pass through the ports. Regulation & Policy The level of regulation is medium and the trend is increasing. Being a global industry often governed by local regulations, there i
39、s considerable variance between nations and regions in terms of the regulation and policy relating to workers, safety, and cargo. Global The International Maritime Organization (IMO) is a body that first met in 1959. IMOs main task has been to develop and maintain a comprehensive regulatory framewor
40、k for shipping and its remit today includes safety, environmental concerns, legal matters, technical co-operation, maritime security and the efficiency of shipping. A specialized agency of the United Nations with 169 Member States and three Associate Members, IMO is based in the United Kingdom with
41、around 300 international staff. The International Dockworkers Council (IDC) was founded in the year 2000 on the island of Tenerife by several dockworker trade unions. Its main objectives were to defend working conditions for dockworkers, to promote a high level of professionalism and to prevent acci
42、dents and health problems caused by adverse working conditions. The organization represents around 55,000 dockworkers worldwide, with around 18,000 members working in European ports. IDC has its head office in Barcelona, Spain. United States The Maritime Law Association founded in 1899 and incorpora
43、ted in 1993 looks at the issues and possible solutions affecting Maritime Law in the US. It is a professional organization concerned with improvements in the maritime law, which stands ready to be of help to those interested in this area of law. It includes a committee on stevedoring, marine termina
44、ls and shore side services. The Maritime Transportation Security Act of 2002 (MTSA), signed on November 25, 2002, is designed to protect US ports and waterways from a terrorist attack. This law is the US equivalent of the International Ship and Port Facility Security Code (ISPS), and was fully imple
45、mented on July 1, 2004. It requires vessels and port facilities to conduct vulnerability assessments and develop security plans that may include container screening procedures among other activities. Examples of security regulations imposed on the industry by Congress as part of the Maritime Transpo
46、rtation Act 2002 include lists of all cargo coming into the nations ports being screened, the requirement of ID cards for cargo handling workers, and the installation of radiation detectors at major ports. The registration period for the Transport Workers WWW.IBISWORLD.COM Global Marine & Container
47、Terminal Operation March 2011 29 Identification Credential system ran until April 2009, with the system operational thereafter. The TWIC costs $132.50 per worker, valid for 5 years. As of late 2009, around 1.2 million TWIC cards had been issued. Europe The European Commission, after a period of cons
48、ultation, issued a communication in late 2007 that outlined its desire to improve the integration and dialogue between Europes various ports, which were at that time operating largely independent of each other on national lines (internal company structures notwithstanding). EU legislation applies cu
49、stoms supervision to maritime transport between Member States as the ports of departure and arrival located in the EU are part of the external border where third country goods and Community-cleared goods come together. Therefore the supervision also exists when the vessel carries Community-cleared goods although simplified customs procedures are available for those ships that only carry these goods. By 2009, the European Union (EU) had released a policy paper titled the Maritime Transport Strategy 2018, an ambitious pla