Therefore the third branch of the mutation

The global landscape of the port terminals which deal with the container lives at the time of a spectacular mutation articulated in three parts.

The first part is often mentioned because it deals with impressive sites, launched in response to the escalation of trafficking. In the British consultant Drewry Shipping, Neil Davidson, Director of research, believes that 2006 will still display, or at least curling, a progression in double digits on some main lines of the global trafficking: e.g. 10.5 in the number of equivalent containers 20 feet (evp/teu) transported to Asia in Europe. Nevertheless, in terms of economic issues, this is not the essential aspect.

The second part of the mutation is a disruption in trompe l'oeil

We approach a little more of the essential with the second part concerning the ownership of terminals. There is still a chandelier, cake is shared with 69 of the sites under the influence of traditional handlers and 31 as shipowners and pioneer of vertical integration. Today, at first glance, the handlers are around 62 (-7 points) and the owners of 16 (-15 points). Spectacular slump No, simple optical effect. If a third player has burst on the market, at the control already 22 of the world, is actually a false real regime shift because it is of mixed companies created between of handlers and shipowners. Therefore the third branch of the mutation. The one on acquisitions and other restructuring of industry clusters. Here, we approach at the heart of the economic issues.

The third component is characterized by a tsunami of spectacular purchases

At this time, purchases of port terminal sign to record levels of recovery: sixteen times the profit expected for the current year, or even more than sixteen times Ebitda (operating income before depreciation and amortization) .

Two reasons major boost craze. First of all, terminals are an exception in the marine industry because, not or little sensitive to economic conditions, they provide a good level of income stability. Financial groups want to establish a foothold in this sector, according to Drewry, can still be operating margins up to 30 of the turnover. Then, more generally, terminals speakers such as doors strategic international trade, which moves faster than the global economy.

The bubble may even take more significant proportions if the so-called "public" investors entered the round. Those of Hong Kong welcomed the appeal launched by the Group Cosco Pacific (Beijing China) market. In Europe, it will soon be able to determine in the light of the positive reception or negative which will be reserved for the introduction on the stock exchange of the DP World (Dubai) group. The latter is indeed remove approximately EUR 1.5 billion by offering 20 of its capital both in London and Dubai.

A few examples, far from being exhaustive, of transactions recently

The following table lists the recent operations in more than a billion of $ US and having been particularly commented. You can add three group PSA (Port of Singapore Authority) and leading to a total of 2,065 billion to $ US: 925 million for participation in the HIT (Hong Kong International Terminal); 755 million for the concession of the port of Mersin (Turkey) for 36 years; 385 million for various interests in terminals in Hong Kong.

Without amount specify, remember: APM Terminals has taken an equity and/or obtained concessions to Douala and Abidjan (COA), Papavav (India), Gioia Tauro (Italy), etc.; Hutchison (Hong Kong) has taken over terminals Hanno (Rotterdam) and TerCat (Barcelona); CMA CGM is entered in the capital of the OCHZ (Zeebrugge) terminal. etc. This movement has just begun and we will have the opportunity to come back.