Some might claim that they have led to a major inflation in the price of terminal assets but as they say what goes up must come down, and guess what, in general this happened with terminal assets.<\/p>\n
You can even take the view that EBITDA multiples are half what they were in the heydays of 2008. So we have to say \u201cget real\u201d to those that decry the entrance of parties other than international terminal operators into global port investment.<\/p>\n
Indeed, many international port operators have been invested in by such entities \u2013 so it is a little ironic to hear the recent view that non-port operators investing in the sector are distorting the market.<\/p>\n
Equally, it seems a little unrealistic to say that port operators are unable to compete with them . There is some overlap but this writer respectfully suggests that in the main the type of investments made by both entities tend to fall into two different categories. The majority of international terminal operators tend to invest in individual terminals \u2013 only two or three have the resources to buy out a whole chain of terminals or a large port. The latter arena is where the funds tend to come in.<\/p>\n
By their own admission, international terminal operators also recognise that they alone cannot meet all the investment requirements.<\/p>\n
More interesting, the sector overall is only just beginning to embark on the journey of how non-core investors and international terminal operators can work together. This promises to be a relatively slow process but one that over time may make larger projects open to a greater number of parties and make some projects viable that have hitherto have not been viewed as such.<\/p>\n
One of the fundamental determinants of this will be the willingness of funds to stay in a project for longer than a token period, i.e. to \u201cmake a quick turn\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Is the entrance of pension funds, infrastructure funds, private equity funds and other non-core investors into the international port investment arena a good thing? Of course it is.<\/p>\n","protected":false},"author":8,"featured_media":1847,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[],"sponsor":[],"class_list":["post-1846","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-strategist"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/posts\/1846","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/comments?post=1846"}],"version-history":[{"count":1,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/posts\/1846\/revisions"}],"predecessor-version":[{"id":1848,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/posts\/1846\/revisions\/1848"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/media\/1847"}],"wp:attachment":[{"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/media?parent=1846"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/categories?post=1846"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/tags?post=1846"},{"taxonomy":"sponsor","embeddable":true,"href":"https:\/\/www.portstrategy.com\/greenport-congress\/wp-json\/wp\/v2\/sponsor?post=1846"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}