The Mediterranean is a complex container market, with an example of almost every aspect of the industry - good and bad.
It is also a market in the midst of a transformation, a process which is still to run its course. Previously home to high costs, inadequate investment and low service levels, it now houses some of the best facilities in the world.
Change has not been universal and opportunities exist for further improvements in ports not yet affected by the wind of change in the region. Besides this, even in the most dynamic and efficient ports there is often a need to deal with ever larger ships and accommodate strong throughput growth.
In a market which accounts for over 10% of world container throughput, headlines concentrating on transshipment hubs do not tell the whole story - this Drewry Report clears the mist.
Transshipment market - a complex animal
The rapid development of transshipment has radically changed the market with the list of top ports now somewhat different to what it was 10 years ago. Massive traffic increases at transshipment hubs such as Gioia Tauro are matched by huge expansion plans for new facilities at Cagliari, Taranto, Sines, Tanger-Atlantique, Gibraltar and East Port Said, with some of these projects more advanced than others.
The differing economics of "hub and spoke" and "relay" transshipment mean that over-capacity is a real danger and understanding the nuances of these sub-markets is critical to success.
Better profits from gateway terminals?
Meanwhile, major gateway ports like Genoa, Barcelona and Valencia are enjoying double digit annual average percentage growth rates, building on their already substantial throughputs. They have quietly got on with building volumes and making profits - one reason perhaps why a terminal operator such as Maritima Valenciana was worth US$135 million when recently sold.
Where will the real profits lie when handling charges for transshipment traffic are said to be only around US$50 per move? Margins are tight in the transshipment sector and high volume is the key, especially when such facilities are usually greenfield with the attendant investment costs. Gateway terminals meanwhile tend to see higher revenue and higher margins, so is the focus switching from the inevitable desire to be a "hub port"? Understanding the typical structure and level of pricing and the key cost elements is essential as a result.
Big players, big ships, big opportunities?
The ever increasing size of container vessels is discussed in the Report, together with the implications for ports in the region. This is backed up by detailed explanation of the current services and port call options used in the region by key carriers, some of which, notably Maersk/Sea-Land, have their own terminal facilities.
As far as stevedores are concerned, big names, including P&O Ports, Contship Italia/Eurokai, ECT/Hutchison and the PSA Corporation, are strengthening their presence in the region and further merger and acquisition activity is inevitable. Privatisation is on the agenda in a number of countries, with around 50% of the region's capacity still in public hands. The Report highlights the key players, ports and policies at work.
Unique single point of reference
“Mediterranean Container Ports and Shipping” explains the commercial, operational, financial and economic factors behind the dramatic change currently taking place in the Mediterranean container sector.
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