2025 Global Container Terminal Operators Outlook: Changing Seas

This commentary discusses our 2025 outlook for the global container terminal operators industry. Key highlights include the following:

-- There was robust normalized growth in container volumes driven by consumer demand in 2024, despite geopolitical challenges.
-- Reorganization of shipping alliances this year could affect ports differentially. Transshipment hubs and smaller ports may be more affected with changes in the shipping companies' route strategies.
-- Trade tariffs expected to be imposed by the U.S. are likely to dampen overall volumes and favour exporting ports outside of China.
-- Geopolitical risks continue to affect smaller ports on key trade routes, and labour issues are causing volume shifts between the U.S. coasts.

"Credit ratings in the sector remain stable and supported by fundamental factors such as the strength of the service areas, competitive positioning of terminals, long-term concession agreements, and demand for essential goods," said Suneil Ramesh, Vice President, Asset Finance, European Corporate Ratings.