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Westports not 'optimistic' about box volumes in 2018 after 2017's decline
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Time:2018/1/18 16:13:21 |
TERMINAL operator Westports at Malaysia's Port Klang suffered a nine per cent decline in container traffic in 2017 compared with the previous year, after handling nine million TEU. However, 2016 had been a record year for the terminal's container throughput.
After announcing its third-quarter results last November, chief executive Ruben Emir Gnanalingam said: "Recent mergers and acquisitions have affected our container volume handled, especially transshipment boxes, and Westports has now transitioned successfully towards serving new services under Ocean Alliance and THE Alliance."
Key to Westports' change of fortunes was CMA CGM's acquisition of Singapore-based APL, which resulted in the French shipping line shifting a large number of its calls to a new joint venture terminal with PSA Singapore, reported UK's The Loadstar.
Westports has retained 12 weekly calls from the Ocean Alliance for 2018, which account for one-fifth of the terminal's volumes, according to CIMB Research.
However, the impact of the forthcoming April 1 network changes by THE Alliance remains unclear, with the grouping announcing only "a Southeast Asia hub" in its schedules.
Drewry's lead analyst for ports Victor Wai was quoted as saying: "Presently, none [of THE Alliance membership] has equity interest in the three regional transshipment giants, Singapore, Westports and Pelabuhan Tanjung Pelepas (PTP). Maersk uses PTP, while 2M partner MSC has a joint terminal with PSA (MSC-PSA Asia Terminal).
"But if Westports could win THE Alliance transshipment volumes, it could be significant for the Malaysian operator."
While Westports is likely to experience a continuation of its improving gateway traffic in 2018, up by 10 per cent last year, Mr Wai said this was unlikely to offset further losses overall.
"We are not optimistic on the throughput figure this year, as an improvement in gateway traffic is unlikely to offset a substantial decline (expect a high single-digit decline) in transshipment volumes, which account for about 70 per cent of total throughput."
Mr Wai said that although several ports were capable of handling transshipment volumes from mega containerships, Singapore was likely to retain its leading position. "Hence, we expect the tilt in transshipment volumes from Westports to Singapore to continue in 2018."
With a flurry of new capacity planned among the established transshipment hubs in Southeast Asia, port capacity in the region appears to be growing faster than demand, although this will not deter secondary ports from expanding to compete with the major players, added Mr Wai. | | | | | | | |
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