Sunday, 30 June 2013

Video: Three shipping containers fall into water from Port of Felixstowe

A rescue boat was called into action after three containers fell into the water at the Port of Felixstowe.

The Felixstowe Volunteer Coastal Patrol Rescue Service was on routine patrol escorting barges taking part in the Pin Mill Barge Match yesterday morning when the team saw three containers fall into the water.
The containers fell from the MSC Vandya just before 9.10am.
Chief coxswain John Cresswell said: “Assuming that there may be people in the water, ‘Volunteer’ arrived on-scene within two minutes and was able to confirm that no people were in the water.
“The three 40ft shipping containers, now drifting down in the strong ebb tide towards Landguard, were taken in tow by ‘Volunteer’ and put safely alongside the Landguard Terminal. 

Saturday, 29 June 2013

Maersk to probe shipboard fire with eye to misdeclared cargo causes

Maersk group will investigate the fire that broke out last week on its 15,500-TEU Eugen Maersk off Aden with a view to determining whether the blaze was the result of cargo misdeclarations.

DANISH shipping giant Maersk group will investigate the fire that broke out last week on its 15,500-TEU Eugen Maersk off Aden with a view to determining whether the blaze was the result of cargo misdeclarations.

The contents of the damaged container and of four others that caught fire were declared to be household goods, Maersk said, adding that none should have contained hazardous material.

Fire aboard broke out in the Gulf of Aden heading on an Asia-Europe run, forcing the ship to put into Djibouti where affected containers were discharged before the ship continued its voyage.
The fire broke out at the time when the 8,110-TEU MOL Comfort broke in two in a storm off Yemen, reported Lloyd's Loading List, adding that suspicions have been aroused that that accident have been the result of cargo weight misdeclarations.

A combination of stress on the hull during the storm, plus containers loaded in the wrong part of the ship because of inaccurate cargo information, is now a legitimate line of inquiry, said one source.

The MOL Comfort casualty is reminiscent of another containership incident in 1997. The 2,860-TEU MSC Carla broke in two off the Canary Islands, but in that case the ship had been lengthened and the fracture occurred close to the weld line.

More recently, a mid-Atlantic blaze severely damaged the 6,750-TEU MSC Flaminia last year, killing three crew. The fire is thought to have started in a container in the hold, adding to industry worry about cargo safety, said the report.

Friday, 28 June 2013

It’s not time to panic about UK port capacity – although there will be losers

Next time you are approached by a Manager or Supervisor and beaten with the London Gateway stick !!!!!!! just quote a little bit of this article back to them and they will clam up and disappear.

Fears that the UK is heading towards an era of sustained overcapacity in its major container ports may have been overcooked, according to a leading industry analyst.
Neil Davidson, director of ports at Drewry Maritime Research, told delegates at this week’s TOC Container Supply Chain conference that despite the continuing flat UK economy, which has stubbornly failed to recover from the 2008 recession, average major container port utilisation in 2012 was 75%, which represents a high figure for the container terminal sector.
“[That level] is not bad considering the pressure that the UK has been under and the doom and gloom that we constantly hear – these are reasonably healthy utilisation levels on average,” he said.
“But we know that the UK market is very flat, there’s no sign of it growing or of a significant uplift in volumes. And we also know that additional capacity coming on stream represents a 30% increase over the next two-to-three years.”
According to Drewry, Felixstowe’s current annual capacity is about 4.6m teu, following the opening of the Felixstowe South terminal a couple of years ago; Southampton has 2.1m teu capacity; Thamesport 900,000teu and Tilbury and Liverpool 800,000teu each.
However, over the next couple of years Liverpool will add 600,000teu with its new Liverpool2 facility on the river, Southampton will also add a similar amount of additional capacity, while London Gateway is due to open in the final quarter of the year with an initial capacity of 1.6m teu.
In all, the country will see around 2.8m teu added, before other potential developments such as the further build-outs of Felixstowe South and London Gateway are included. In contrast, the Asia-UK trade, which is the biggest container trade lane in or out of the UK by quite some margin, is around 3.5m teu per year.
“So it’s a flat market, plus a 30% capacity increase: surely it’s time to panic?” he said.
“Well, not necessarily, because you have to look at the big [ultra-large container vessel] ship capacity in isolation – that is the key issue that we now face.
“It used to be the case – 10 or 15 years ago – that when we talked about deepsea terminal capacity it was pretty much all the same. If it was deepsea, it was deepsea, all ports could handle the same vessel. Today we segregate the capacity when we do our analysis much more in terms of what exactly is the port capacity in serving big ships.”
As far as the very largest ships (ULCVs) are concerned, it is only about the trade from Asia, as that is the only trade they can be employed on. Mr Davidson explained that if you examine that category of box shipping in isolation from the others, then the capacity of the country to serve those vessels is actually more limited than it might initially seem.
“If you assume 500,000teu per berth per annum, it means you need seven berths to handle the UK’s annual trade with Asia on these very large container ships.
“And what have we got? Three berths in Felixstowe with a potential for two more; two-ish in Southampton – it’s never completely black and white and depends on crane outreaches, berth depths and how loaded the vessels are – and another one coming; London Gateway will give us two more in 2014 with the potential for another four more.
“Then there’s also Liverpool, which is a bit of wild card not only because of its location, but also while there are reports of it handling 13,500teu ships, these aren’t the very large ships anymore.
“But ultimately, the UK is going to need seven berths by the end of 2014 capable of handling very large container ships – in other words you could argue that the market is more or less in balance. We need seven berths; there’s going to be seven berths,” he said.
Over the longer term there is potential for another seven berths for ULCVs being built, giving the country 14 in all and the ability to handle the trade for quite some time.
However, he added, there will be losers.
“While the big ship capacity may be in balance, the smaller berths that have been handling smaller Asia-UK vessels will lose traffic. The market isn’t growing so there will have to be under-utilised berth capacity across some ports,” he concluded.
The most vulnerable would currently appear to be Tilbury and Thamesport. While the former has specialised handling north-south trades and perishable cargoes, its container throughput may come under pressure from London Gateway – depending on how its trade develops.
Thamesport is in a more precarious position, given that it still services one Asia-Europe string operated by Evergreen. How long the line continues to call there remains to be seen.

The British analyst Drewry raises the question of where London Gateway with its initial capacity of 1.6 million teu will find the business to fill it. The British retailer Marks & Spencer’s recent decision to establish a distribution centre in London Gateway’s logistics park is good news for DP World, but a salient reminder that its adjacent mega-container terminal still has not yet attracted a single deepsea ocean carrier customer. It underlines the precarious nature of the container terminal management business, even though it is highly profitable, Drewry says in its new weekly Container Insight report. Eventually the facility is expected to provide six berths with 2,700 m of quays, equipped with 24 quay cranes and the capacity to handle 3.5 million teu. It is due to open at the end of this year.

Giants of the sea help drive UK port expansion

London Gateway, owned by Dubai-based DP World, might represent the bulk of the investment but its imminent opening means its rivals – Felixstowe, Southampton and Liverpool – are spending heavily on upgrading their own facilities, taking total outlay to more than £2bn, with container capacity set to jump by a third in the next five years
The timing of the investment seems at odds with the weak economic outlook: container volumes in the UK are still below the 2007 peak of 8.4m TEUs – 20ft equivalent units, a standard industry measure. And there is little sign of a strong pick up in demand over the next five years.
“Inevitably there will be commercial pressure on all the UK ports including London Gateway,” says Colin Smith, an infrastructure expert at PwC.
But it is not just the opening of a new port that is driving expansion. The other reason was lying at anchor in Southampton at the start of last week. The Jules Verne, the world’s largest operational container ship at 400m long, was making its first stop at the port on its maiden voyage.
“It is the question of ship sizes that is driving the investment,” says Neil Davidson of Drewry, the shipping consultant. “The shipping lines are struggling in the downturn and are going hell for leather to build bigger ships to get economies of scale, so the ports have to adapt.”
More than 40 per cent of UK container port traffic arrives from Asia and the Middle East, most of which is carried on these ultra large ships
At the turn of the millennium, when planning on London Gateway first started, the largest container ships afloat carried 8,000 TEU. Later this month, Maersk, the world’s largest container shipping line, will top even the Jules Verne when it takes delivery of the first ship in its class capable of carrying 18,200 TEU.
Associated British Ports, Southampton’s owner is spending £150m on building a second berth at the country’s second biggest container port to accept these large new container ships. Doug Morrison, port director of Southampton, believes its geographical position, the first port of call in the UK, gives it an inherent advantage over London Gateway and Felixstowe, the UK’s biggest container port which is just up the coast from the new facility. “We are watching the big guns slugging it out,” he says.
Felixstowe is spending big in an attempt to shore up its number one position. Earlier this month it opened a new £40m rail terminal, part of a near £400m expansion.
Mr Davidson thinks the top three ports, including London Gateway, will be able to survive side-by-side, not least because they will have seven berths between them for the new class of ultra-large container ships.
Nevertheless, something will have to give as London Gateway needs to pull one of the big five container shipping groups out of either Felixstowe or Southampton.
Simon Moore, chief executive of London Gateway, is playing his cards close to his chest and will only say that he has “committed shipping line interest in place.”
So far London Gateway has only gone public with the first tenant for the large logistics park attached to the port, which at 9m sq ft is one of the largest in Europe. Marks and Spencer has committed to building a £200m distribution centre, its third biggest in the UK.
The decision to develop a logistics hub is aimed at transforming how product distribution works across much of the UK by allowing goods to land nearer to the main population centres in the southeast.
Mr Moore sees this as a key selling point to build critical mass. “We will reconnect the UK’s biggest centre of consumer demand with its primary trading partners.” He rejects concerns that the port will put more lorries on to an already congested road network in that part of the country.
Clemence Cheng, chief executive of Hutchison Ports UK, is sceptical the logistic park will be quite so transformational and says Felixstowe has better transport links to the traditional distribution centres in the Midlands and north. “What really drives the internet retailer is that they need to deliver to their customer in 24 hours and get the lorry driver to do a daily turnaround.”
John Kent, leader of Thurrock council, says more work will be needed on the transport infrastructure. “Fortunately it will take 10 years to reach capacity on the port so we have time to deal with those problems.”

Thursday, 27 June 2013

MOL Comfort’s Aft Part Sinks in the Arabian Sea. Update

MOL released an urgent update reporting that the aft part of the containership MOL Comfort sank in the open sea near 14’26”N 66’26”E (water depth about 4,000m) at 16:48 JST (11:48 Dubai time) on June 27.
The vessel had been unable to continue sailing under its own power since June 17 because the hull fractured into 2 parts while under way on the Indian Ocean.
About 1,700 containers aboard the aft part sank together with this section of the vessel. Some are confirmed to be floating near the site.
Around 1,500 metric tons of fuel oil were estimated to be aboard in the tanks of the aft part. No large volume of oil leakage is confirmed at this moment.
“We have reported this fact to Indian authorities while we are keeping patrol boats in the area to monitor the situation of oil leakage and floating containers,“ MOL said.
The fore part is being stably towed toward the Arabian Gulf.

MOL Comfort sister vessels withdrawn from G6 service

MITSUI OSK Lines has announced it will withdraw six containerships from service to upgrade their hull structures as precautionary measures, after sister vessel MOL Comfort split during heavy weather off Yemen 10 days ago.

The fore section is or supposed to be, under tow, latest AIS of the tugs working on fore section show course almost due north, speed some 1.5 knots – probably tugs are just keeping fore section at a most safe angle towards sea and wind.
Maritime Danmark published photos of the fore section towage, made by passing Danish tanker Torm Thyra (IMO 9250488), courtesy of tanker’s Captain Svend Degn

ETF concerned over port policy proposals

Following the European Commission’s adoption of a new regulation and communication, ‘Ports: en engine for growth’, earlier this week, the European Transport Workers Federation (ETF) has expressed concerns that the proposals could have on workers in technical-nautical services.
While, the ETF is concerned for pilotage, towing and mooring workers, it says it is satisfied with the fact that the Commission decided not to touch upon port labour organisation in the proposals and that cargo handling is excluded from market access rules.
“Our point of view is that any attempt to deregulate technical nautical services should be strictly defined and controlled to avoid marine casualties that would pose a threat to the marine environment and put human lives at risk,” said Philippe Alfonso, ETF political secretary for maritime transport.
“Even if dock labour is not included in the new regulation it is clear that liberalisation of port labour is still on the Commission’s agenda,” added Terje Samuelsen, section chair, ETF Dockers. “The strategy seems to have changed as we have passed from comprehensive one-size-fits-all proposals to targeted interventions at national level. Furthermore, in its Communication the Commission clearly indicates its intention to come back on the issue of port labour in 2016.”
A position paper on the Commission’s proposals will be issued in the coming months after an in depth analysis of the draft communication and regulation.

Never let it be said that the European Commission gives up on a fight: liberalisation proposals for ports in the trading bloc have resurfaced once again, undaunted by the backlashes to the previous incarnations in 2003 and 2006.
This time, European Transport Commissioner Siim Kallas has taken up the mantle with what has been widely viewed as a watered down version of the contentious port reform packages of a decade ago.
Any reference to dock labour has been removed - no doubt due to its ability to raise heckles regardless of intent: the attempt to liberalise ship loading and unloading in earlier versions ultimately proved to be the downfall of the whole package.
However, even the omission of dock labour reforms has raised eyebrows, most notably at the European Transport Worker’ Federation (ETF). Its officers see a hidden agenda where the liberalisation of port labour has simply been shifted down the line.
Instead, Mr Kallas has focussed on open markets, autonomy and financial transparency – all laudable aims. Indeed, if the EU can wean out the excess public funding subsidising European ports to the detriment of others, let it get cracking.
Mr Kallas’ proposals name-check Rotterdam, Antwerp and Hamburg as the dominant European ports, but with that limited scope comes bottlenecks, congestion and ultimately additional costs.
Short sea shipping is, not for the first time, singled out as the answer to boosting unimpeded EU movements.
The figures are particularly attractive: Europe could save E10bn by 2030 if this proposal is agreed by the European Parliament.

Cool welcome 
The response to Mr Kallas’ attempt to reform European ports has been muted to say the least. The European Sea Ports Organisation is widely happy with the proposals, but questions what the reforms will really mean for port autonomy. For its part, the ETF has expressed satisfaction at the diversion away from port labour organisation and that cargo-handling is excluded from market access rules. But it still has concerns on how the rules might affect workers in six other specified areas:  pilotage, towage, mooring, bunkering, waste disposal and dredging.
The decision to steer clear of the controversial labour element is a wise one, and the low-key industry response reflects that. However, Mr Kallas needs to convince the European Parliament of his plans before the industry needs to really start paying attention. And this proposal has prior form on that front; previous attempts have not made it past that Parliamentary hurdle.
Will Mr Kallas break that glass ceiling to get ports through the EC machine at last? Perhaps. After all, the EC has plenty of other things on its plate at the moment to divert attention away from a diluted ports package. 

Patrol boat, and tugs arrive where 8,000-teu MOL Comfort split and two

A PATROL boat and three seagoing tugs have arrived at the site off the Yemeni coast where the 8,000-TEU MOL Comfort split in two on June 17 with its fore and aft sections going adrift, said MOL Line.

Some of the containers might be lost or damaged, but most of the cargo is confirmed to be aboard the fore and aft sections, MOL said. 

A total of five boats including one more boat which is expected to arrive on June 26 will prepare to salvage hull and cargo, the crew having taken to the boats in the storm and picked up by Hapag Lloyd's 7,500-TEU Yantian Express that happened to be in the area.

Elsewhere, MOL has commenced safety inspections on sister vessels together with the shipbuilder, Mitsubishi Heavy Industries (MHI). 

As yet, the cause of the accident has not been identified, but MOL, MHI and classification society Nippon Kaiji Kyokai, ClassNK will inspect the Comfort's six sister vessels, the MOL Creation, MOL Charisma, MOL Celebration, MOL Courage, MOL Competence, MOL Commitment.

This inspection is in addition to examinations at sea carried out by the crew of these ships during current voyages and port calls, with orders having gone out to these ships to reduce the stress on their hulls.

"We sincerely apologise for any inconvenience caused by the incident. We take the incident very seriously and continue to devote every effort to rectify the situation at the earliest possible moment. We will also conduct a thorough investigation to determine the cause and take company-wide measures aimed at preventing reoccurrence of such incident in the future," said the MOL statement.

It seems that the two halves of the container vessel 'MOL Comfort' can be salvaged says team leader Marius Bakker loss adjuster Cunningham Lindsey in Rotterdam.

He says that based on the first inspections carried out by people of Smit Salvage and Nippon on Monday with patrol and rescue ships arrived near the parts of the ship.

From the 'Capricorn', a tug from Sri Lanka at the front part of the "MOL Comfort 'has arrived, according to Bakker established a first inspection that the ship's half true three meters leans forward (with the head down drives "), but that a bulkhead is in order. "And that's good news for storage. It seems that it looks pretty good. " 

The tug 'Pacific Terrier' is located elsewhere on the Arabian Sea on the other, rear part of the "MOL Comfort '.'That also seems to look good in, "says Bakker. "From that part of the engine room is still in tact, and it is the part with the most buoyancy." 

The distance between the two parts of the ship, both the direction of driving India, is growing day by day. The front part is so hard, that it would be run, as the tugs would not have been there. In on time on the coast of India within a week The rear part, for the weekend was 170 kilometers behind, speed now 360 kilometers behind the front piece. 

If the salvage operation would indeed get underway with success is still the question of which port is ready to receive the parts of the "MOL Comfort" says Bakker.

Mitsui O.S.K. Lines, Ltd. updates the status of the containership MOL Comfort as of 23:00 JST (18:00 Dubai time) on June 25, 2013. The vessel could not continue sailing under its own power from June 17 because the hull fractured in 2 parts while under way on the Indian Ocean. 
•    Vessel
The fore part is located near 15'43"N 69'07"E. The aft part is drifting near 14'03"N 65'30"E in an east-northeast direction. The weather at the site is still adverse. 
•    Containers (No change from the Update (No.9))
Some of the containers were lost, but majority of the cargo are confirmed to be aboard the fore and aft part. 
•    Rescue of the cargo and hulls
We have contracted with a salvage company and are proceeding to rescue the cargo and hulls. The four boats arrived at the site on June 24. We have started to tow the fore part toward Arabian Gulf. We will continue to monitor the aft part and prepare for the tow operation.
•    Oil leakage 
We confirmed no oil film around the fore part. For the aft part, there is oil film, but there is no large volume of oil leakage confirmed.
•    Safety inspection on sister vessels (No change from the Update (No.9))
We have started an investigation of the causes together with the shipbuilder, Mitsubishi Heavy Industries (hereafter MHI). Although the cause of this incident has not been identified yet, MOL, together with MHI and the classification society (Nippon Kaiji Kyokai, ClassNK), is arranging inspection of the all six sister vessels (*) as quickly as possible. This inspection is in addition to the one carried out by the crew during navigation. MOL also started operational precautions to reduce the stress on the hull as an interim contingency plan. 
(*) MOL Creation, MOL Charisma, MOL Celebration, MOL Courage, MOL Competence, MOL Commitment
Source: Mitsui O.S.K. Lines, Ltd.

Wednesday, 26 June 2013

HWL is committed to transparency and good investor relations.

Annual Reports 2012

Total revenue increased 3% to HK$32,941 million.
EBITDA increased 1% to HK$11,453 million.

The Group’s UK port operations, consisting of Felixstowe, Harwich and London Thamesport, reported a combined throughput growth of 6% compared to last year, reflecting an increase in transshipment traffic. EBIT was 3% higher than last year, mainly due to throughput growth and higher average revenue per TEU, partially offset by the unfavourable impact of foreign currency translation and the impact of full year depreciation from the deep-water shipping terminal at Felixstowe comprising Berths 8 and 9 which commenced commercial operations at the end of September 2011. In local currency, EBIT increased by 4%.    

2012 2011 (1)
HK$ millions HK$ millions Change
Total Revenue 32,941 31,829 +3%
EBITDA 11,453 11,360 +1%
EBIT 7,791 7,848 -1%

Delay Quote: 26 June 2013 16:01 (HKT)
Prices shown in Hong Kong Dollars
HSI: 20,338.55 (  482.830)
LastBid / AskMkt. Cap.
80.20 / 80.30341,922.34M
High / LowTurnover
80.30 / 78.05720.02M
Last Trading Day
25 June 2013
52 Wk High / LowP/E RatioYieldBid / Ask SpreadLot Size
89.00 / 64.5513.090.030.05 / 0.051,000

Do you know the signs of shift work disorder?

Are you one of many Dockers who work the night shift? If you are, are you frequently tired or do you often find yourselffighting off sleep? Do you have difficulty falling or staying asleep? Do these sleep problems disrupt your social, family or work life? Have these sleep difficulties been present for at least one month?
If you answered yes to any of these questions, then read on, because you may have shift work disorder, a type of circadian-rhythm sleep disorder that can adversely impact not only your job performance, but also the quality and even duration of your life. The good news is that by following a few simple recommendations, you can improve your health and well being and get your life back on track again.
What is shift work disorder? The human body naturally follows a “circadian” or approximately 24-hour period of wakefulness and sleepiness, with the desire to sleep strongest between midnight and 6 a.m., and between 2 p.m. and 4 p.m. Your circadian sleep-wake rhythm, which is linked to nature’s cycle of light and darkness, is regulated by an internal biologic clock located in the suprachiasmatic nuclei of the hypothalamus. Shift work disorder and its consequences occur when you try to stay awake when your internal biologic clock is telling you to sleep, or when you try to sleep when your internal clock wants you to be awake.
What are the major symptoms of shift work disorder?
It should come as no surprise that during the night shift, when your internal clock is saying you should be asleep, you would feel excessively tired, fatigued and less alert. It should be just as easy to understand why you would also have difficulty falling and staying asleep when your body’s sleep-wake rhythm demands you be awake. Thus, the major symptoms of shift work disorder are hypersomnia, or excessive sleepiness, and insomnia.
What are the consequences of shift work disorder?
  • Shift work disorder typically results in a decrease in total sleep time of one to four hours and an “unsatisfactory” or non-restorative sleep quality.
  • Excessive sleepiness, a consequence of both cumulative sleep loss and decreased circadian alertness, can result in difficulty staying alert, concentrating, remembering things and making decisions, as well as problems with eye-hand coordination, headaches, decreased attention span and increased reaction times.
  • In 2005, Kenshu Suzuki, MD, and colleagues reported in their sleep study of nurses that those who were excessively sleepy during the night shift were more likely to make drug administration errors, have needle stick injuries and operate medical equipment incorrectly—mistakes that can impact both patient and nurse. Surveys of medical workers have demonstrated that 41 percent admit to making fatigue-related errors; 19 percent reported that their error worsened a patient’s condition. These findings are consistent with studies demonstrating that experiencing only two hours of sleep loss has the same effect on performance as drinking three alcoholic beverages.
  • Individuals with shift work disorder also have increased absenteeism; gastrointestinal and digestive problems such as heartburn and indigestion; heart problems, including an increased risk of heart attacks and hypertension; carcinoma of the breast, uterus and colon; menstrual irregularities; colds and flu; and weight gain.
  • Shift workers have more automobile accidents, especially driving to and from work, probably because they’re more likely to drive while fatigued and almost twice as likely to fall asleep at the wheel. In fact, two-thirds of shift workers report driving drowsy after a shift. In addition, associated irritability, impatience and mood disorders such as anxiety and depression can ruin job and family relationships and spoil social activities.

HPH Trust 2012 profit up 16pc to US$293.95 million as revenue rises 28pc

Management at The Port Of Felixstowe is looking to cut the productivity bonus for the front line staff at the Port. It seems that high productivity is no longer a priority ??????.

HONG KONG's global terminal operator HPH Trust, the second biggest in the world after Singapore's PSA International, posted a 16 per cent year on year net profit increase in 2012 to HK$2.28 billion (US$293.95 million) drawn on revenues of HK$12.42 billion, up 28 per cent.

HPH Trust's deep-water ports throughput was up five per cent year on year, despite the challenging business environment, said the company.

But the company also said revenue and other income for 2012 were nine per cent below projections "as the demand on the US and Europe trade has been weak since 2011".

Fourth quarter revenue was two per cent higher year on year and quarterly net profit attributable to shareholders was six per cent above last year's.

"The prolonged euro zone crisis and slow US recovery continue to hamper the global economic growth. Euro zone slump deepened as manufacturing activities shrank, which was caused by weak consumer sentiment, reduced investment and government spending," said the HPH statement accompanying the results.

But recent US data showed signs of improvement and American investment is picking up with more jobs are being created as US housing market shows signs of a rebound, said HPH.

"Emerging countries continue to play a significant role in driving the global recovery. Transshipment along with trade routes such as the Far East, Africa, Central and South America and Oceania continue to expand and are expected to outperform those of the US and Europe.

"With the policy easing [government borrowing to sustain spending] to support GDP growth, China's economic recovery is gaining momentum. The manufacturing activities have turned from contraction to growing at a mild pace in the three consecutive months since October 2012," the statement said.

"China continues to be the key engine of global growth with Pearl River Delta region remaining a main cargo source and the gateway to the Guangdong province's trade catchment area. HPH Trust's ports shall continue to benefit from China's growth.

"Shipping lines are increasingly deploying mega-vessels, entering into more vessel sharing agreements, adopting slow steaming and consolidating traffic at larger ports as part of their strategy to achieve economies of scale and reduce costs," said HPH.

"All of these measures are expected to benefit HPH Trust's ports given their superior infrastructure, natural deep water channels, long contiguous berths and scale of operations," said the statement.

Who owns HPH?: Hutchison Port Holdings is the ports section of a conglomerate based in Hong Kong. It’s called Hutchison Whampoa Ltd and controlled by a billionaire named Li Ka-Shing.

Where does HPH operate?: HPH operates in around 50 ports in 25 countries including China, Hong Kong, Holland, UK and parts of South America and the Caribbean.

For every 100 containers that are moved globally, 14 go through a HPH terminal.

Profit: HPH made an operating profit of USD$50,000 for every worker in 2010, or a total of $1.5 billion. That was 11% higher than 2009. 

Headquarters location: Kwai Chung, Hong Kong

Expansion plans:

HPH is reportedly interested in acquiring ports in ‘prime locations’ where the ‘price is right’.

China: In January 2011 HPH increased it’s stake in the Yantian Port from 48% to 53.4% and in Hong Kong from 66.5% to 76.5%.
Sweden: The Swedish Court of Appeal has given the go ahead to the construction of a new container port 30 kilometres from Stockholm which is set to be managed by HPH.
East Africa: HPH is among bidders to operate an EU funded port owned by the governments of Ethiopia and Somaliland.

Other info: Since 2006 PSA has owned a 20% stake in HPH and it looks like the two companies try to avoid direct competition.

Financial Highlights

(in millions)
US$ (1)
(in millions)
Total Revenue
   (including share of associates and jointly controlled entities)
Profit attributable to shareholders of the Company26,1283,350
Earnings per share for profit attributable to shareholders of the Company$6.13$0.786
Dividend per share$1.53$0.196

Amounts in these accounts are stated in Hong Kong dollars (HK$), the currency of the place in which the Company is incorporated and is the functional currency of the Company. The translation into US dollars of these accounts as of, and for the year ended, 31 December 2012, is for convenience only and has been made at the rate of HK$7.80 to US$1. This translation should not be construed as a representation that the Hong Kong dollar amounts actually represented have been, or could be, converted into United States dollars at this or any other rate.