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Nothing normal about terminal deal
| 题名： | Nothing normal about terminal deal |
| 正文语种： | eng |
| 作者： | PETER TIRSCHWELL |
| 作者单位： | Shipping Intelligence division within S&P Global Market Intelligence |
| 摘要： | As CMA CGM SA emerged victorious in August from a competitive bidding process for two container terminals at the Port of New York and New Jersey (NY-NJ), two terms of the deal jumped out: the world's third-largest container line would assume "full responsibility for wharf and berth maintenance" and agree to "participation of the port authority in demurrage revenues". Such terms are unusual, given that in landlord-tenant port relationships like those at the NY-NJ port, it is the traditional role of the port authority to maintain the berth, while demurrage is a core revenue component of the tenant. The deal makes the relationship between the carrier and the port look more like a business partnership. However unusual that may be, in the current environment where carriers earned all-time high profits during the pandemic and CMA CGM itself generated $68 billion in total EBITDA since 2020, what is clear is that prior rules no longer apply. So vast were the carrier profits that Sea-Intelligence estimated that the container lines since 2020 earned "far greater operating profits than they did in the combined previous 63 years, since the maiden voyage of the first container ship". That chanced the calculus in what otherwise would have been a much more routine terminal transaction. The NY-NJ port, which carefully nurtures its credit rating to keep borrowing costs in check, felt it had unique leverage now to drive a hard bargain with the Marseille-based carrier, even if it was criticized for undermining financial viability of terminal investments. |
| 出版年： | 2023 |
| 期刊名称： | Ports & harbors |
| 卷： | 68 |
| 期： | 6 |
| 页码： | 22-22 |
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