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Ports, Inland Ports and Logistics Zones: Governance Issues

Ports, Inland Ports and Logistics Zones: Governance Issues. Jean-Paul Rodrigue Professor Dept. of Global Studies & Geography Hofstra University New York, USA.

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Ports, Inland Ports and Logistics Zones: Governance Issues

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  1. Ports, Inland Ports and Logistics Zones: Governance Issues Jean-Paul Rodrigue Professor Dept. of Global Studies & Geography Hofstra University New York, USA

  2. 1- Terminals and Governance2- The Financing of Intermodal Terminals3- Global Terminal Operators4- Challenges to Terminal governance

  3. Terminals and Governance  Technical and Policy Changes Transport Terminal Governance

  4. Intermodal Transportation: Emerging Paradoxes Growth Maturity Rationalisation (corridors and sites). Geographical and functional diffusion of containerization. Massive investments. Evolution Revolution Incremental changes. Decreasing returns. New standards, practices and technologies. Increasing returns. Deregulation Governance Consolidation (maritime, rail and trucking). Emergence of large operators. PPP. Supply chain control. Added-value-capture.

  5. Foreland / Hinterland: An Ongoing Integration Through Containerization

  6. Shift in Public Transport Policy Perspective

  7. Commodity Chains and Added Value High Fabrication R&D Sales / Service Marketing Branding Added value Design Distribution Manufacturing Concept Logistics Low Commodity chain

  8. Why Governance of Intermodal Terminals Matters? • “The exercise of authority and institutional resources to manage activities in society and the economy. It concerns the public as well as the private sectors, but tends to apply differently depending if public or private interests are at stake.” • Terminal assets: • Capital intensive. • Consume land use. • Have externalities (noise, emissions). • Have many stakeholders (port authority, terminal operators, rail operators, trucking companies, etc.).

  9. Transport Terminal Governance PPP

  10. The Main Activities of Landlord Port Authorities

  11. Public and Private Roles in Port Management

  12. Freight Cluster Governance

  13. Main Governance Models for Inland Ports

  14. The Financing of Intermodal Terminals  Private Participation and Public Divesture Privatization and Financing Models Public / Private Partnerships

  15. Main Causes of Public Divesture in the Transport Sector

  16. Lifespan of Main Transport Assets

  17. Risk Transfer and Private Sector Involvement in Public-Private Partnerships Privatization Concession D-B-F-M-Operate PPP Models Design-Build-Finance-Maintain Degree of Private Sector Risk Build-Finance Operation & Maintenance Design - Build Degree of Private Sector Involvement

  18. Conditions for Port Privatization

  19. Privatization and Financing Models

  20. Value Propositions behind the Interest of Equity Firms in Transport Terminals Sectoral and geographical asset diversification. Mitigate risks linked with a specific regional or national market. Diversification (Risk mitigation value) Asset (Intrinsic value) Source of income (Operational value) Terminals occupy premium locations (waterfront). Globalization made terminal assets more valuable. Traffic growth linked with valuation. Same amount of land generates a higher income. Terminals as fairly liquid assets. Income (rent) linked with the traffic volume. Constant revenue stream with limited, or predictable, seasonality. Traffic growth expectations result in income growth expectations.

  21. Port and Maritime Industry Finance Investors Financial Markets Brokers Corporations Money Markets Commercial Banks Shipping Companies Private Investors Capital Markets Mortgage Banks Port Operators Investments Managers Equity Markets Merchant Banks • Insurance Companies • Pension Funds • Banks • Trust Funds • Finance Houses Private Placement Finance Houses Earnings Leasing Companies

  22. The Prediction of Future Outcomes Forecasting Scenarios Speculations Uncertainty 5 years 10 years Predictability New Project Time

  23. Global Terminal Operators  Global Port Terminal Portfolios Port Operator Strategies Added Value Strategies

  24. Control of Global Container Terminals

  25. Typology of Global Port Operators

  26. Vertical and Horizontal Integration in Port Development 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

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

  28. 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

  29. Container Terminal Surface of the World's Major Port Holdings, 2010

  30. Container Terminals of the Four Major Port Holdings, 2010

  31. Portfolio by Equity-Based Capacity of Main Global Terminal Operators, 2010 APMT HPH PSA DPW

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

  33. Inter-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 Europe Terminal 100% PSA HNN 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 (3) 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 (under construction) 100% 100% ROTTERDAM 75% APM Terminal Shanghai International Port Group (SIPG) 25% ZEEBRUGGE

  34. Inter-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

  35. Inter-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

  36. The Strategies of Port Operators

  37. Challenges to Terminal Governance  Changes in the Role of Port Authorities Security of Global Supply Chains A Volatile Global Trade Context

  38. Governance Changes in Port Authorities: Competing over the Hinterland Conventional Port Authority Expanded Port Authority • Planning and management of port area. • Provision of infrastructures. Landlord Landlord Cluster Governance • Service Efficiency • Logistical Integration • Infrastructure and Growth Management • Terminal-City Integration Regulator Regulator • Planning framework. • Enforcement of rules and regulations. Operator Operator • Cargo handling. • Nautical services (pilotage, towage, dredging). Terminal Operator(s)

  39. Port Community System Exporter Importer Freight Forwarder Shipping Agency Customs Port Community System Port Authority Ocean Carrier Container Depot Inland Carrier Terminal Operator Foreland Hinterland

  40. Risks in Global Supply Chains RISKS Supply Risks Demand Risks Operational Risks FACTORS Environmental Geopolitical Economic Technological Political instability Demand shocks Natural disasters ICT disruptions Trade restrictions Price volatility Extreme weather Infrastructure failures Terrorism Border delays Pandemic Corruption Currency fluctuations Theft and illicit trade Probability Mitigation Energy shortages Uncontrollable High (>30%) Piracy Average (15-30%) Influenceable Low (<15%) Controllable

  41. Thefts by Type of Cargo and Location, United States, 2010

  42. Maritime Security Initiatives Implemented by The United States or the European Union

  43. Global Maritime Piracy, 2008-2009

  44. West Texas Intermediate, Monthly Nominal Spot Oil Price (1970-2012)

  45. China: The Largest Bubble in History? Rebalancing in demand

  46. Baltic Dry Index, Monthly Value, 1985-2012

  47. Conclusion: Terminal Governance in a New Global Economic Setting • Terminal Operators and Port Authorities • New public / private partnerships. • Shifting balance of power (global vs. local). • Finding value to capture • New forms of distribution and integration with transport terminals. • Finding capital to finance • Governance as a risk mitigation strategy. • Governance of global freight distribution • Governance of foreland, hinterland and supply chains. • Strategies and policies a reflection of the scale and scope of global supply chains.

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