,Port of Tanjung Pelepas
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PETALING JAYA: Sea ports and dry bulk ship operators will continue to perform well for the rest of 2021, riding on the tailwind of the world’s economic recovery, according to research analysts.
In a report, MIDF Research said that Port of Tanjung Pelepas Sdn Bhd’ (PTP) (pic below) role as a transshipment hub will act as a cushion for other MMC Corp Bhd ports which rely heavily on gateway containers.Port of Tanjung Pelepas
“Furthermore, with Maersk, the largest container ship operator in the world, owning a 30% stake in PTP, we believe that the shipping company will ensure that PTP will remain as its regional transshipment hub, ensuring sustainability of twenty-foot equivalent units’ (TEUs) volume,” said the research unit.
It noted that in the first half, MMC recorded a 10.4% year-on-year (y-o-y) increase in revenue to RM2.29bil while earnings soared 120.7% to RM298.5mil mainly due to higher volume handled at PTP and Northport (M) Bhd.
AmInvestment Bank Research also said seaport operators will continue to benefit from the growing containerised cargo movements worldwide.
The research unit pointed out that the seaport segment had already emerged from the pandemic since mid-2020 and stayed resilient, underpinned by strong demand for seaborne freight as reflected in the record Shanghai Containerise Freight Index (SCFI), a barometer of the containerised trade globally.
AmInvestment Bank Research said the ports’ improved performance was due to the recovery in demand for consumer and industrial goods, restocking activities by big retailers (such as Amazon and Walmart), and increased semiconductor production in response to the acute chip shortages worldwide.
The research unit also noted that in the first half, Westports Holdings Bhd’s container throughput volume increased by 11% y-o-y driven by growth in transshipment throughput volume, and an increase in gateway throughput due largely to strong exports of healthcare-related and consumer products.
“Looking beyond the pandemic, the outlook for the port sector in the region (Malaysia included) is resilient, underpinned by global trade and investments in the manufacturing sector that generate tremendous inbound (feedstock) and outbound (finished product) throughput for ports,” said the research unit.
AmInvestment Bank Research added that there had been significant relocations of the manufacturing base by multi-national companies out of China to the region due to the rising labour and land costs, exacerbated by the United States-China trade war.
“Westports has charted a long-term expansion plan to capitalise on these,” the report said.