招商证券*港股研究*全球集装箱港口行业季度报告－中国港口和美国港口吞吐量同比继续增长***余黄炎

报告名称：全球集装箱港口行业季度报告－中国港口和美国港口吞吐量同比继续增长
研究员：余黄炎
报告类型：港股研究*行业报告
报告日期：20101021

行业/子行业：水陆运输
公司名称及代码：
投资建议：无评级

【内容摘要】

In 3Q2010, container throughput of China mainland ports increased 18% YoY, and 5% QoQ. Hong Kong and Singapore recorded weak recovery. In USA, container throughputs of leading ports grew strongly YoY. As for operators, CMHI, DPW and APMT announced their new projects recently. Besides, Ningbo Port, a major port operator in Yangtze River Delta, newly got listed in China A share market.

China mainland: container throughput increased 18% YoY. As for individual ports, Shenzhen Port recorded biggest growth of 28% YoY and 18% QoQ in 3Q2010. We believe new Dachanwan terminals is contributing additional container volume.

Singapore: container throughput recorded weak recovery. Singapore's performance was almost same as Hong Kong. Its container throughput increased 8% YoY in 3Q2010, still obviously lower than that in 3Q2008.

USA: container throughputs of leading ports grew strongly. In 3Q2010, container throughput of Los Angeles increased by 24% YoY. Container throughput of Long Beach increased by 30% YoY.

CMHI, DPW and APMT announced their new projects. CMHI intends to invest new terminal in Colombo of Sri Lanka. In October, DPW signed agreement with the Red Sea Ports Authority to double the size of DP World's container operations in Sokhna Port. APM Terminals has signed a concession agreement for the operation of the Port of Monrovia in Liberia.


中国大陆港口第三季度集装箱吞吐量同比和环比继续增长；香港和新加坡港集装箱吞吐量同比继续增长，但环比增长幅度很小。美国主要港口集装箱吞吐量继续强劲增长。欧洲的鹿特丹港暂未公布数据。港口企业中，招商局国际、迪拜港口世界和马士基码头近期宣布有新的投资项目。

中国港口：第三季度集装箱吞吐量同比和环比继续增长 今年第三季度，中国港口规模以上港口集装箱吞吐量约3880万TEU，同比增长18%，环比增长5%。其中，深圳港第三季度集装箱吞吐量同比增长28%，环比增长18%，在中国主要港口中增长幅度最大，我们估计这与大铲湾港区集装箱吞吐量大幅增长有关。

新加坡港：第三季度吞吐量同比增长，但显著低于2008年同期 新加坡港第三季度集装箱吞吐量表现与香港类似。第三季度集装箱吞吐量为718万TEU，同比增长8%。预计2010年全年增长9%至2825万TEU。

美国：两大港口第三季度吞吐量继续强劲增长 洛杉矶港今年第三季度集装箱吞吐量为221万TEU，同比大幅增长24%，大大超过2008年第三季度的水平。长滩港第三季度集装箱吞吐量同比大幅增长30%，环比大幅增长16%。

招商局国际、迪拜港口世界和马士基码头近期宣布有新的投资项目 招商局国际宣布，拟投资斯里兰卡科伦坡港集装箱码头。马士基码头签署协议，投资利比里亚蒙罗维亚港。迪拜港口世界签署协议，扩建在埃及苏克哈拿港的码头。


【摘要结束】