Container terminal portfolio valuation

K Line Ltd., Mitsui O.S.K. Lines Ltd., NYK Group as part of their process to establish a new joint-venture company to integrate the container shipping businesses and terminal operating businesses, engaged Drewry to carry out an independent valuation of twelve container terminals. Drewry reviewed historical financial statements, assessed each terminal against a pre-defined market and asset criteria, calculated an initial valuation based on global average EV/EBITDA and EV/TEU of listed terminal operators and historical transactions, suggested an enterprise value of each terminal and clearly outlined the rationale behind each terminal valuation.