??根據德路里最新發布的《全球集裝箱碼頭運營商年度回顧與預測》報告分析，在后疫情時代，全球集裝箱航運貿易復蘇提振了全球碼頭吞吐能力的發展。全球碼頭運營商提高了對風險相對較高的綠地港口項目的青睞，以追求長期增長，這也佐證了德路里的觀點。

盡管大多數（約70%）運營商的投資計劃仍集中在現有碼頭上，但綠地碼頭項目的數量明顯增加——到2026年，CMA Terminals、Hutchison和TIL的綠地港口吞吐能力預計都將增加400萬TEU甚至更多。

本報告的作者、德路里港口和碼頭高級分析師Eleanor Hadland認為“碼頭運營商對新建碼頭項目興趣重燃，表明市場對未來前景的信心有所增強。而對于CMA Terminals和TIL這類運營商，可以從CMA CGM和MSC兜底一定數量的集裝箱，這會使得他們比起非承運人附屬的運營商更具優勢。”

圖1：德路里全球港口吞吐能力預測更新

資料來源：德路里《全球集裝箱碼頭運營商年度回顧與預測2022/23》

2021年全球供應鏈擁堵導致貨物滯留港口時間增加，產生了額外的倉儲費用，使碼頭運營商的收入在吞吐量恢復所帶來增長水平上進一步提升。

盡管港口生產效率普遍下降，但港口擁堵似乎并沒有對其財務業績產生不利影響。到目前為止，部分收入增長（例如超時收費、倉儲費）足以抵消擁堵帶來的額外運營成本。運營商還表示，為應對新冠疫情而實施的持續成本控制措施對利潤率產生了積極影響。

Hadland補充道：“一旦全球供應鏈擁堵的情況得到緩解，隨著港口滯留時間恢復到疫情前的水平，港口收入回落的風險就會增加。”

2021年，運營商的資金支出反彈，同比增長31%，但現在面臨著裝卸設備交貨期延長和成本迅速上升的雙重挑戰。德路里研究還發現，自2020年以來，運營商籌資步伐已經放緩，利率上升給市場發展帶來了阻力。但總體而言，良好的碼頭運營商財務業績已轉化為穩健的資產負債表。剔除中遠港口和ICTSI后，行業的凈債務下降，使得凈資產負債率也下降了8.5個百分點至54.7%。

2021年，德路里定義的全球碼頭運營商的公司數量從21家下降到20家，其中K Line因在2020年第四季度出售了其美國業務后，不再算作“全球碼頭運營商”。而這20家公司，權益吞吐量（即按股權調整后的吞吐量）增長為7.0%，略高于2021增長6.8%的記錄。這些頭部運營商處理了超過48%的全球港口吞吐量（按股權調整），與2020年相比基本保持穩定。

報告中，APM Terminals權益吞吐量增長量最大，同比增長470萬TEU（10.3%）。

圖2：2021年頭部全球碼頭運營商權益吞吐量排名

資料來源：德路里《全球集裝箱碼頭運營商年度回顧與預測2022/23》

EN Version:

Widespread container shipping trade recovery in the wake of the Covid-19 pandemic has boosted the global terminal capacity outlook, supported by global terminal operators’ (GTOs) increased appetite for higher-risk greenfield projects to deliver long-term growth, according to Drewry’s latest Global Container Terminal Operators Annual Review and Forecast report.

Global container port capacity is projected to increase by an average annual rate of 2.4% to reach 1.38 billion teu by 2026. However, the worsening economic and geopolitical situation has led to a downgrading of the cargo demand outlook, and as a result container port utilisation is now projected to moderate to 70% in 2025 compared to last year’s projection of 75%.

While the majority (70%) of GTO investment plans remain focussed on existing assets, there has been a notable increase in the number of greenfield projects – with CMA Terminals, Hutchison and TIL all expected to add 4 mteu or additional greenfield capacity by 2026.

Eleanor Hadland, author of the report and Drewry’s senior analyst for ports and terminals said: "The renewed appetite for greenfield projects shows improved confidence in the market outlook. However, the ability of CMA Terminals and TIL to secure volume guarantees from CMA CGM and MSC gives these companies an advantage over non-carrier affiliated operators."

Figure 1：Changes to Drewry's global port capacity forecast

Source: Drewry’s Global Container Terminal Operators Annual Review and Forecast 2022/23

Global supply chain disruption resulted in increased cargo dwell times in 2021 which generated additional storage charges, lifting terminal operators’ revenue growth above that which could be justified on the basis of volume recovery alone.

Port congestion does not appear to have adversely impacted financial performance, despite the widespread decline in productivity levels. The revenue raising mechanisms (i.e., paid-for overtime, storage charges) have so far proven to be sufficient to offset the additional congestion-related operating costs. Operators also cite the continuing cost control measures implemented in response to Covid as having a positive impact on margins.

“Once global supply chain disruption eases, which is now expected in 1H23, there is heightened risk that revenue gains will retreat as dwell times return to pre-pandemic levels,” added Hadland.

Capital expenditure bounced back in 2021, rising 31% YoY, but operators now face the twin challenges of longer lead time for handling equipment and rapidly rising costs. Drewry’s research also identifies that the pace of fund raising has slowed since 2020, with rising interest rates putting a brake on the market. In general, favourable terminal operator financial performance has translated into robust balance sheets. With the exception of COSCO Ports and ICTSI, net debt fell, leading to a reduction in net gearing by 8.5 percentage points to 54.7%.

Looking back at 2021, the number of companies that qualified as GTOs fell from 21 to 20, with K Line dropping out of the rankings following the sale of its US operations in 4Q20. Growth in equity-adjusted throughput for the remaining 20 companies classified by Drewry as GTOs was 7.0%, marginally higher than the 6.8% growth in global port handling recorded in 2021. The leading operators handled over 48% of the global port volumes on an equity-adjusted basis, stable on a like-for-like basis vs. 2020.

APM Terminals reported the largest absolute increase in equity-adjusted volumes, with volumes up 4.7 mteu (10.3%) YoY.

Figure 2：Leading global/international terminal operators, equity-adjusted throughput, 2021

Source: Drewry’s Global Container Terminal Operators Annual Review and Forecast 2022/23