Based on Drewry’s latest Global Container Terminal Operators Annual Review and Forecast report, a total of 19 companies have been classified as global terminal operators (GTOs). Overall, global port throughput volumes showed a strong recovery in 2024, rising 7.2% year-on-year to 928 million TEUs.
Key Trends and Market Dynamics
- Rise of Hybrid Terminal Operators: The report highlights the increasing prominence of “hybrid” terminal operators, which are the terminal operating arms of major global carriers. Companies like the MSC Group, CMA CGM, and Hapag-Lloyd have significantly strengthened their positions in the rankings. These carrier-owned units are leveraging their pandemic-era profits to acquire and expand terminals, aiming to control performance and costs at key ports and improve the integration of their logistics networks.
- Acquisition-Led Expansion: According to Drewry’s senior analyst, Eleanor Hadland, these hybrid operators are primarily expanding through mergers and acquisitions (M&A). This is often the only way to enter established port markets. The report notes that MSC and CMA CGM have notably increased both the scale and geographic scope of their portfolios over the past five years.
- MSC Group added an impressive 14.1 million TEUs to its equity-adjusted volumes from 2019 to 2024.
- CMA CGM grew its equity-adjusted volumes by 4.6 million TEUs in the same period.
- PSA International Retains Top Spot: Despite the strong growth of hybrid operators, PSA International has maintained its position as the top GTO in the equity-adjusted rankings, with a throughput of 67.2 million TEUs in 2024. The report notes that China Merchants Port Group had a larger increase in volumes than both MSC and CMA CGM, primarily by increasing its shareholdings in other Chinese port groups.
Capacity Expansion and Future Outlook
Global container handling capacity is projected to increase by 4.8% in 2025, which represents the largest annual increase in absolute terms since the global financial crisis. This is a direct result of the high demand and port congestion experienced in the post-pandemic period, which triggered a wave of terminal upgrade and expansion projects. Both M&A and greenfield developments, particularly in emerging markets like Vietnam, Egypt, India, and Morocco, are contributing to this growth. Four operators, including CMA CGM, Adani, MSC, and AD Ports, are expected to add over 3 million TEUs of greenfield capacity by 2029.
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Source: Drewry
