航運(yùn)分析翻譯

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.”【譯文】Drewry海事研究已發(fā)表了它的港口行業(yè)最新的年度報(bào)告，“全球集裝箱碼頭 運(yùn)營商2011”英國倫敦,2011年8月-在非凡的艱難的挑戰(zhàn)在2009年經(jīng)濟(jì)低迷，幾乎所有的 國際集裝箱碼頭運(yùn)營商在2010年都看到一個(gè)健康回暖。碼頭的利用水平稍微增 長,運(yùn)營商EBITDA與2009年也相比增加。重要的國際碼頭經(jīng)營者在2010年保持 了他們?cè)瓉淼奈恢?，并且有著重要利益?shí)現(xiàn)，特別是中國港口的高速增長。PSA 在2010年是全球的領(lǐng)先公司（股票teu吞吐量），其次為和記港口，迪拜環(huán)球港

13、務(wù) 集團(tuán)、APM公司和中遠(yuǎn)集團(tuán)。值得注目地，形式低迷的影響在許多的碼頭運(yùn)營商以及整個(gè)行業(yè)所作的能力 增長的預(yù)測(cè)時(shí)候表現(xiàn)了出來，盡管現(xiàn)在許多的碼頭運(yùn)營商正在應(yīng)對(duì)由于財(cái)務(wù)危機(jī) 所造成的投資的推遲做出反應(yīng)。盡管如此，現(xiàn)在的跡象表明在未來5年內(nèi)需求增 長將大大超過能力膨脹,導(dǎo)致在許多港口和地區(qū)的世界的設(shè)備的利用水平迅速提 高。這類世界地區(qū)最明顯的可能是遠(yuǎn)東及東南亞,那里的設(shè)備平均使用水平可能 會(huì)超過90%在2016年的時(shí)候，除非有更多的擴(kuò)建工程發(fā)展起來。拉丁美洲和中 東地區(qū)也將會(huì)出現(xiàn)類似的壓力，緊接著在非洲也會(huì)出現(xiàn)輕微的設(shè)備利用力緊張。 在結(jié)構(gòu)成熟的市場(chǎng),如北美、北歐壓力會(huì)少一些，因?yàn)樾枨笤鲩L預(yù)計(jì)不會(huì)

14、如此的強(qiáng) 有力。令人驚訝的是，盡管目前在某些特殊情況下印度的港口會(huì)嚴(yán)重?fù)頂D,但在南 亞到2016年其港口的利用平均水平可能下降，因?yàn)樵俟艿肋\(yùn)輸方面會(huì)有很多非 常大的擴(kuò)建項(xiàng)目。然而至于他們能否按照之前開發(fā)商所說的時(shí)間和規(guī)模建成，依 然有待于時(shí)間來告訴我們。Drewry已經(jīng)確定了 2011年闖進(jìn)全球前20的碼頭運(yùn)營商的排名表。由中國海 運(yùn)和中國商人組成的組合正在日益的走向國際化，例如，上海國際港口集團(tuán)擁有 了對(duì)于APMT公司的少數(shù)的股權(quán)，這不是巧合，所有這三者的經(jīng)營者是建立在中國 市場(chǎng)，并尋求投資現(xiàn)金。其他的對(duì)手已經(jīng)表現(xiàn)出了很強(qiáng)的追求國際化發(fā)展的跡象。 特別是阿聯(lián)酋的Gulftainer已經(jīng)找到了

15、在伊拉克和巴西找到了擴(kuò)張的方法，以及土耳其的Yildirim公司似乎是在利用其在CMA的20%的股權(quán)作為跳板進(jìn)行擴(kuò) 張。尼爾戴維森，Drewry的高級(jí)港口顧問，評(píng)論說：“對(duì)于投資集裝箱碼頭業(yè)務(wù) 的迫切已恢復(fù)了熱情。有證據(jù)顯示并購活動(dòng)和私有化活動(dòng)有了一定程度的增長， 同時(shí)也有跡象表明了人們對(duì)于未開發(fā)地區(qū)的發(fā)展的興趣得到了提升。有幾個(gè)強(qiáng)大 的公司憑借其非常強(qiáng)勁的先進(jìn)優(yōu)勢(shì)迎著越來越嚴(yán)峻的挑戰(zhàn)進(jìn)入這個(gè)行業(yè)的大聯(lián) 盟，而現(xiàn)任國際運(yùn)營商也需要準(zhǔn)備好面對(duì)這一系列的新的競爭?！薄咀⑨尅浚篸ownturn :低迷時(shí)期，衰退（經(jīng)濟(jì)方面），由好變壞，逆轉(zhuǎn)utilisation:使用、利用，同 utilizationEBITDA：未計(jì)利息、稅項(xiàng)、折舊及攤銷前的利潤（Earni