航运分析翻译

1、Drewry Maritime Research has published its latest annual port sector report, “Global Container Terminal Operators 2011”London, UK, August 2011 - After the extraordinary challenges posed by the economic downturn in 2009, almost all of the global container terminal operators saw a return to healthy gr

2、owth in 2010. Average terminal utilisation levels were generally up, and operators increased their EBITDA compared with 2009. The main international terminal operators broadly maintained their positions in 2010, with those having significant interests in Chinese ports achieving particularly high gro

3、wth. PSA was the leading global terminal operator in 2010 (by equity teu throughput), followed by Hutchison Ports, DP World, APM Terminals and the Cosco Group.Significantly, the effects of the downturn are still to be seen in relatively low forecast capacity increases for many operators and for the

4、industry as a whole, although global operators are now reactivating many terminal investments deferred during the financial crisis. Nevertheless, the current indications are that in the next 5 years demand growth will significantly outstrip capacity expansion, leading to rapidly rising utilisation l

5、evels in many ports and regions of the world. The world regions where this is likely to be most pronounced are the Far East and South East Asia where average utilisation levels could exceed 90% by 2016 unless more capacity expansion projects are brought forward soon. Latin America and the Middle Eas

6、t will also see similar pressures, along with Africa to a lesser extent. In mature markets such as North America and North Europe the pressure is less because demand growth is not expected to be as strong. Surprisingly, despite current severe congestion in ports in India in particular, average utili

7、sation levels in South Asia could fall by 2016 because thereare a number of very large expansion projects in the pipeline. However, it remains to be seen whether they are all built to the scale and on the timing their developers say they will be.Drewry has identified several emerging players who cou

8、ld break into the Top 20 global/international terminal operator league table in 2011. The terminal portfolios of China Shipping and China Merchants are rapidly becoming more international for example, whilst Shanghai International Ports Group (SIPG) now has its first international investment with a

9、minority stake in APMTs Zeebrugge operations. It is no coincidence that all three of these operators are based in China and are seeking outlets to invest cash. Other players are showing strong signs of pursuing international development too, notably the UAE based Gulftainer which has already found o

10、pportunities in Iraq and Brazil and the Turkish based Yildirim Group which appears to be using its 20% stake in CMA CGM as a springboard for terminal expansion.Neil Davidson, Drewrys Senior Advisor - Ports, commented that, “The appetite for investing in the container terminals business has returned

11、strongly. There is evidence of increased M&A and privatisation activity and also signs of renewed interest in bidding for greenfield developments. Several strong companies are mounting serious challenges to enter the big league based on very strong cash positions and the incumbent international oper

12、ators will need to be ready to face this new competition.”【译文】Drewry海事研究已发表了它的港口行业最新的年度报告，“全球集装箱码头 运营商2011”英国伦敦,2011年8月-在非凡的艰难的挑战在2009年经济低迷，几乎所有的 国际集装箱码头运营商在2010年都看到一个健康回暖。码头的利用水平稍微增 长,运营商EBITDA与2009年也相比增加。重要的国际码头经营者在2010年保持 了他们原来的位置，并且有着重要利益实现，特别是中国港口的高速增长。PSA 在2010年是全球的领先公司（股票teu吞吐量），其次为和记港口，迪拜环球港

13、务 集团、APM公司和中远集团。值得注目地，形式低迷的影响在许多的码头运营商以及整个行业所作的能力 增长的预测时候表现了出来，尽管现在许多的码头运营商正在应对由于财务危机 所造成的投资的推迟做出反应。尽管如此，现在的迹象表明在未来5年内需求增 长将大大超过能力膨胀,导致在许多港口和地区的世界的设备的利用水平迅速提 高。这类世界地区最明显的可能是远东及东南亚,那里的设备平均使用水平可能 会超过90%在2016年的时候，除非有更多的扩建工程发展起来。拉丁美洲和中 东地区也将会出现类似的压力，紧接着在非洲也会出现轻微的设备利用力紧张。 在结构成熟的市场,如北美、北欧压力会少一些，因为需求增长预计不会

14、如此的强 有力。令人惊讶的是，尽管目前在某些特殊情况下印度的港口会严重拥挤,但在南 亚到2016年其港口的利用平均水平可能下降，因为再管道运输方面会有很多非 常大的扩建项目。然而至于他们能否按照之前开发商所说的时间和规模建成，依 然有待于时间来告诉我们。Drewry已经确定了 2011年闯进全球前20的码头运营商的排名表。由中国海 运和中国商人组成的组合正在日益的走向国际化，例如，上海国际港口集团拥有 了对于APMT公司的少数的股权，这不是巧合，所有这三者的经营者是建立在中国 市场，并寻求投资现金。其他的对手已经表现出了很强的追求国际化发展的迹象。 特别是阿联酋的Gulftainer已经找到了

15、在伊拉克和巴西找到了扩张的方法，以及土耳其的Yildirim公司似乎是在利用其在CMA的20%的股权作为跳板进行扩 张。尼尔戴维森，Drewry的高级港口顾问，评论说：“对于投资集装箱码头业务 的迫切已恢复了热情。有证据显示并购活动和私有化活动有了一定程度的增长， 同时也有迹象表明了人们对于未开发地区的发展的兴趣得到了提升。有几个强大 的公司凭借其非常强劲的先进优势迎着越来越严峻的挑战进入这个行业的大联 盟，而现任国际运营商也需要准备好面对这一系列的新的竞争。”【注释】：downturn :低迷时期，衰退（经济方面），由好变坏，逆转utilisation:使用、利用，同 utilizationEBITDA：未计利息、税项、折旧及摊销前的利润（Earni