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The seven largest global terminal operators handled more than 40% of global port throughput in 2023
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While the total number of GTOs remains unchanged at 21, there have been notable movements
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New inclusions include Adani, AD Ports Group, and Hapag-Lloyd
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Singapore-based PSA International retained the top spot, with an equity-adjusted throughput of 62.6 million twenty-equivalent units in 2023, up 4.6% over 2022
The seven largest global terminal operators (GTO) handled more than 40% of global port throughput on an equity-adjusted basis in 2023, according to the latest Drewry’s Global Container Terminal Operators Annual Review and Forecast.
Last year’s annual growth for the 21 GTOs was 2.3%, well above the 0.3% rise in global port handling.
While the total number of GTOs remains unchanged at 21, there have been significant changes in the composition of the top global terminal operators in the Drewry league tables.
Singapore-based PSA International retained the top spot in the equity-adjusted rankings, with an equity-adjusted throughput of 62.6 million twenty-equivalent units in 2023, up 4.6% over 2022.
China Merchants moved up to take second place with an equity-adjusted throughput of 55 mteu.
New inclusions include Adani, AD Ports Group, and Hapag-Lloyd, even as SAAM Ports and Bollore have been removed after they were acquired.
Eleanor Hadland, author of the report and senior analyst for ports and terminals for Drewry, in a statement said the seven largest GTOs “all reported equity-adjusted throughput of more than 40 mteu” last year.
She added that 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…”
The normalization of congestion-related storage income to pre-pandemic levels depressed the added revenue from inflation-linked tariff increases, causing terminal operators’ revenue to be mixed.
The Drewry Global Container Terminal Revenue showed upward movement in the last quarter of 2023, sparked by robust demand from the US. The positive momentum speeded up in the first quarter of this year due to knock-on effect of the Red Sea crisis. This resulted in increased congestion-related storage income.
Total capital expenditures of sampled terminal operators was $5.5 billion last year, growing 9% year-on-year.
The Drewry report noted the need to mention sustainability, “which has rapidly moved up the agenda of port and terminal operators in recent years,” as well as decarbonization of operations, deemed the most pressing environmental issue facing the sector.
Other highlights:
- MSC Group recorded strongest growth, with equity TEU up by more than 10% following the acquisition of Bolloré Africa Logistics in December 2022
- Among the new entrants, Adani was the highest-ranked at 13th place with equity-adjusted throughput of 6.5 mteu. Its position is expected to improve next year with strong growth in the Indian market, boosted by international developments.
- AD Ports and Hapag-Lloyd are expected to improve upon their rankings in 2024 when the full-year impact of their 2023 acquisitions will be seen.
All but one of the 21 companies featured in the global operator league tables published a commitment to achieve net zero.
While most companies aim to reach the target by 2050, Adani and A.P. Moller-Maersk (parent company of APM Terminals) intend to achieve net zero by 2040, while Hapag-Lloyd has set a target of 2045. In contrast, China Cosco Shipping and China Merchants Port Holdings have set a target of 2060, which is aligned with the Chinese government’s goal.
READ: M&As lifting terminal operators up global rankings: Drewry
