A REPORT from UK based research company Drewry has found that the seven largest global terminal operators handled over 40 percent of global port throughput in 2023.
Drewry’s Global Container Terminal Operators Annual Review and Forecast found that while the total number of global terminal operators (GTOs) featuring in the Drewry league tables remained unchanged, the composition has changed significantly.
Eleanor Hadland, author of the report and senior analyst for ports and terminals at Drewry said the seven largest GTOs all reported equity-adjusted throughput of more than 40 million TEU in 2023.
“While several of the smaller GTOs have clearly stated their intention to expand their portfolios, there are very limited opportunities to close the 30 mteu wide gap that exists between this leading pack and the rest of the table” Hadland said.
PSA International retained the top spot in the equity-adjusted rankings, with an equity-adjusted throughput of 62.6 million TEU in 2023, an increase of 4.6 percent over 2022.
DP World and Hutchison Ports landed in the fifth and sixth spots respectively, combining for almost 10 percent of the word container port throughput. However, both saw a decreased percentage share from 2022.
Adani was the highest placed of the new entrants, securing 13th position in the rankings with equity-adjusted throughput of 6.5 million TEU.
Drewry says this position is expected to improve next year with strong growth in the Indian market, boosted by international developments.
Similarly, Drewry expects AD Ports and Hapag-Lloyd to improve upon their rankings in 2024, when the full-year impact of their 2023 acquisitions will be seen.
Hapag-Lloyd recently acquired the terminal business of SM SAAM, while Bolloré Logistics was acquired by CMA CGM, removing the two aquisitioned companies from the rankings.
Revenue of terminal operators was mixed, despite a growth in throughput for the 21 GTOs, with the normalisation of congestion-related storage income to pre-Covid levels dampening additional revenue from inflation-linked tariff increases.
The Drewry Global Container Terminal Revenue began an upwards tick in the last quarter of the year, driven by robust demand from the US.
Drewry says positive momentum accelerated in Q1 2024 due to the knock-on effect of the Red Sea crisis, which again increased congestion-related storage income.
“While congestion is starting to ease, the recovery of consumer demand in import-dominant markets will provide continued support to the average revenues reported by the GTOs that are included in the Index” Hadland said.
