APEC Port Development Reoort 2018
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2018 APEC Port Development Reoort 2018 1 2 2018 APEC Port Development Report www.apecpsn.org APEC Port Services Network (APSN) is an international organization established in response to the directives of the 14th APEC Economic Leaders’ Meeting in 2006 and with the support of all leaders from APEC member economies to promote exchanges and cooperation among ports and port-related industries in the Asia-Pacific region. The mandate of the APSN is to facilitate trade and investment and enhance supply chain security by strengthening economic cooperation, capacity building, information and personnel exchanges among port and port-related industries and services in the region, so as to achieve the common prosperity of the APEC member economies as a whole. Ever since establishment of APSN, as a complimentary service for port-related industries in the Asia-Pacific region, APEC Port Development Report has published 8 issues. This report focuses on the development of Asia-Pacific ports in 2018, covering trade, ocean shipping, port infrastructure and operation, laws and regulations, intelligent and sustainable development. With its detailed statistics, and in-depth analyses, APEC Port Development Report has become an important reference for those engaging in port-related industries. The APSN secretariat sincerely welcomes your advice, and we hope that ports and organizations can contribute variously valuable information so that we can follow the development of the industry even closer, and provide our readers with more accurate information in a more timely fashion. Fei Weijun Secretary General APEC Port Services Network May 2019 3 2018 APEC Port Development Report www.apecpsn.org 3 4 2018 APEC Port Development Report www.apecpsn.org 4 Table of Contents Chapter 1 Review of Global and Asia-Pacific Economic and Trade Development in 2018 1.1 Review of Global Economic and Trade Development........................................................6 1.2 Review of Asia-Pacific Economic and Trade Development.............................................11 Chapter 2 Review of Global and Asia-Pacific Shipping Industry Development in 2018 2.1 Review of Global Shipping Industry Development............................................................20 2.2 Review of Asia-Pacific Shipping Industry Development...................................................28 2.3 Shipping Costs Showed Overall Downtrend......................................................................40 2.4 New Changes in Shipping Laws and Regulations.............................................................44 2.5 Development Trends of Shipping Organizations in the Asia-Pacific Region.................48 Chapter 3 Review of Port Development in the Asia-Pacific Region in 2018 3.1 Route Density and Major Hub Ports Distribution in the Asia-Pacific Region.................50 3.2 Review of Port Production...........................................................................................................57 3.3 Business Performance of Port Enterprises........................................................................85 3.4 Review of Multimodal Transport Development of Ports................................................99 3.5 Review of Port Infrastructure Construction......................................................................108 3.6 Review of Intelligent, Green and Safe Port Construction and Development.................115 3.7 Development Trends of International Port Organizations...............................................120 Chapter 4 Review and Comment on Major Shipping and Port Events in the Asia-Pacific Region in 2018 4.1 Review and Comment on Ten Major Shipping Events in the Asia-Pacific Region in 2018........................................................................................................................................124 4.2 Review and Comment on Ten Major Port Events in the Asia-Pacific Region in 2018........................................................................................................................................129 2 References.................................................................................................................................137 5 Chapter 1 Chapter 1 Review of Global and Asia-Pacific Economic and Trade Development in 2018 1.1 Review of Global Economic and Trade Development 1.1.1 Global economic growth slowed down, regional economic disparities continued to rise In 2018, the world economy failed to maintain a robust growing trend from the previous year and presented a weaker momentum and emerging signs of economic slowdown due to multiple factors including the high-level debts globally, the financial market volatility, the sluggish cross-border investment, and the intensifying international trade tensions. According to a report released by the International Monetary Fund (IMF) in January 2019, the outlook for global GDP growth in 2018 was downgraded to 3.7 percent from 3.9 percent. The global economic growth remained high in 2018, but at a lower rate. As the global trade frictions spread, and geopolitical risks and turbulences in some parts of the world rose, the global economy's ability to maintain stable growth was undermined. Table 1-1 Global GDP Growth Rates in 2017-2020 (Unit: %) Historical Estimated Forecast Value Item Value Value 2017 2018 2019* 2020* Global GDP 3.8 3.7 3.5 3.6 Developed Economies 2.4 2.3 2 1.7 United States 2.2 2.9 2.5 1.8 Euro Zone 2.4 1.8 1.6 1.7 Japan 1.9 0.9 1.1 0.5 United Kingdom 1.8 1.4 1.5 1.6 Canada 3 2.1 1.9 1.9 Emerging Markets and 4.7 4.6 4.5 4.9 Developing Economies Russia 1.5 1.7 1.6 1.7 China 6.9 6.6 6.2 6.2 India 6.7 7.3 7.5 7.7 ASEAN 5.3 5.2 5.1 5.2 Brazil 1.1 1.3 2.5 2.2 Middle East, North Africa, 2.2 2.4 2.4 3 Afghanistan and Pakistan South Africa 1.3 0.8 1.4 1.7 Note: * indicates projections. Data source: IMF 6 2018 APEC Port Development Report www.apecpsn.org 6 The level of equilibrium in global economic growth dropped significantly in 2018, making it harder for the world to maintain the extensive economic growth as in 2017. Growth disparities started to rise among major economies. The U.S. economy seemed to be the only exception which delivered sound performance in 2018, while other developed economies, such as the Euro Zone and Japan, all reported less- than-satisfactory performance, and the emerging markets and developing economies moved downward overall in economic growth. The IMF's latest record shows that growth rates of developed economies and of emerging markets and developing economies both declined by 0.1 percentage points year-on-year, at 2.3 percent and 4.6 percent, respectively. Among developed economies, the U.S. outperformed everyone else in terms of economic growth by recording 2.9 percent of annual growth for 2018, up by 0.7 percentage points over the previous year. Driven by tax reduction and returning overseas investment, the U.S. enjoyed a record-low unemployment rate and a high- level consumer confidence index. The U.S. economy was among the few of the developed group to score an increasing growth rate. The Euro Zone once again suffered weak economic growth, as evidenced by its 1.8 percent growth rate in 2018, down by 0.6 percentage points year-on-year. It is worth noting that German economy started to shrink. Germany’s introduction of new fuel emission standards disrupted domestic automobile production in the first three quarters of 2018 and consequently led to declining exports, and a lower economic growth rate at 1.5 percent as a result. In the year, the economic growth of U.K. went down by 0.4 percentage points, as the nation was stuck with the Brexit deal that has hurt consumer and investment sentiments and crushed the economic growth momentum. The economy of the Euro Zone was also hit by outbreaks of social and economic crises, such as the "Yellow Vests Movement" in France and the political crisis in Italy. Though Japan managed to maintain steady growth for the first half of 2018, the Japanese economy was hurt by natural disasters such as earthquakes and tsunami in the second half of the year, with its annual growth rate declining to 0.9 percent. The increasing global trade frictions, interest rate hikes by the U.S. Fed, capital outflow, and oil price volatility among others jointly led to lower growth and more distinct differentiation of emerging markets and developing economies. In 2018, main emerging markets including Russia, India, and Brazil managed to keep inflation afloat and basically stay free from high inflation pressure and their economic growth recovered to a certain extent as a result. China managed to maintain overall stable growth, but with slower economic growth, namely at 6.6 percent annually, down by 0.3 percentage points year-on-year, due to sluggish internal demands and the Sino-U.S. trade frictions. The ASEAN states sustained flat growth, while the situation of South Africa was worsening with high unemployment. In view of the currency devaluation, which is the biggest of its kind in history, and the prevailing capital outflow, emerging economies faced increasing risks of a large-scale financial crisis. Looking into 2019, as uncertainty and instability prevail, the global economic growth will further slow down. As global debts remain high, geopolitical tension may 7 Chapter 1 intensify in the Middle East and East Asia, and the U.S. Fed will continue to raise interest rates, emerging economies are expected to face significant pressures on financial sectors, and global economies may perhaps further