New Europe Ports Seen Unprofitable With Slump Deepening
Europe’s top container ports face a glut in capacity that’s set to crimp profit margins as new terminals ordered prior to the 2008 slump open for business.
Harbors in northern Europe including Antwerp, Hamburg and Rotterdam, the continent’s top three, will increase annual capacity 21 percent to 62.2 million standard 20-foot containers by 2015, according to data compiled by M.M. Warburg & Co.
Handling fees charged by port operators including Hamburger Hafen & Logistik AG and DP World Ltd. (DPW) may fall as new docks come on stream, Warburg analyst Christian Cohrs said. Europe will be hit harder than other regions as the sovereign debt crisis weighs on economic growth, stunting demand for imported goods.
DATE:2012.5.6
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