Strong throughput and container handling capacity growth for global terminal operators

The sector’s continuing story since the pandemic has been the rise of those GTOs that Drewry classifies as hybrid terminal operators. The terminal operating arms of several of the leading global carriers – MSC Group (TiL and AGL), CMA CGM (CMA Terminals and Terminal Link) and, most recently, Hapag-Lloyd (Hanseatic Global Terminals) – have strengthened their position in the rankings. These business units, which are wholly- or majority-owned by carriers, are primarily operating terminals on the same commercial basis as the leading independent operators-PSA International, China Merchants, DP World, Hutchison Ports-but are better at guaranteeing volumes due to matched ownership. 

Eleanor Hadland, author of the report and Drewry’s senior analyst for ports and terminals said: “These operators have really pushed forward with M&A-led expansion strategies, which is often the only means of entry into established port markets.”

Cash-rich carriers have spent some of their pandemic profits in the terminal sector—with the dual aim of controlling performance and cost at key gateway ports and improving the linkages between their growing maritime and land-based transport networks. In particular, MSC and CMA CGM have substantially expanded their terminal portfolios over the past five years, and neither shows any sign of slowing down. 

CMA CGM’s equity-adjusted volumes have grown by an impressive 4.6 mteu (55%) since 2019, but this is dwarfed by MSC’s addition of 14.1 mteu (47%) to its equity-adjusted totals over the same five-year period. Only China Merchants Port Group recorded a larger increase in its equity-adjusted volumes (+48%/19.7 mteu), but this has been achieved largely on the back of increasing its shareholdings in other Chinese port groups, with the group making only one overseas investment since 2019. In contrast, MSC and CMA CGM have increased both the scale and geographic scope of their portfolios, making some significant acquisitions along the way. 

Source: Drewry’s Global Container Terminal Operators Annual Review and Forecast 2025/26

While DP World’s equity-adjusted volumes remain unchanged over the past five years, this is due to its decision to monetise key assets including its flagship Jebel Ali terminal, investing these funds in not just growing its terminal portfolio but also expanding its shipping and logistics businesses. The total throughput across its portfolio rose by over 16 mteu between 2019 and 2024-outperforming other independent operators including PSA International, Hutchison Ports and China Merchants. 

Global container handling capacity is projected to rise 4.8%/ 64 mteu in 2025, which Hadland highlights “will be the largest annual increase in absolute terms since the global financial crisis”. This reflects the buoyant market conditions in the immediate post-pandemic period, which was characterised by widespread port and terminal congestion, triggering a wave of terminal upgrade and expansion projects.

While M&A remains a key driver of capacity increases for GTOs, greenfield developments are also back in favour, especially in emerging markets. In total, 14 GTOs have one or more greenfield projects in their development pipeline. Four operators - CMA CGM, Adani, MSC and AD Ports - are projected to add greenfield capacity of 3 mteu or more by 2029.

Emerging markets remain the favoured location for greenfield projects - with two or more GTOs investing in terminal developments in Vietnam, Egypt, India and Morocco. In mature markets, GTOs typically invest to expand and upgrade existing assets, with upsizing of the global container ship fleet remaining a key driver of capex. Ongoing advances in terminal operating systems, including use of AI, are also supporting GTOs to switch to higher intensity yard systems such as automatic stacking cranes.