COMPANIES The world’s container ports industry is facing a sharp reversal in its fortunes as the sector’s first ever year-on-year fall in volumes forces an abrupt change from breakneck expansion to retrenchment.
The four biggest operators – Hong Kong’s Hutchison Ports, Singapore’s PSA, Denmark’s APM Terminals and Dubai’s DP World – have cut costs, including laying off staff, and delayed or cancelled new construction projects.
