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Crossing New Waves Contents Hutchison Port Holdings Trust Annual Report 2016 CROSSING NEW WAVES CONTENTS Corporate Milestones 004 Trust Profile 008 Corporate Structure 009 Portfolio Overview 010 Key Events 016 Letter to Unitholders 020 Board of Directors 022 Senior Management 028 Financial Review 032 Operational Review 034 Environmental, Social and Governance Report 038 Investor Relations 050 Corporate Information 051 Corporate Governance Report 052 Financial Contents 070 Statistics of Unitholdings 132 Notice of Annual General Meeting 134 Proxy Form 137 A MEMBER OF THE WORLD’S LEADING PORT NETWORK OF CK HUTCHISON HOLDINGS LIMITED OPERATING FROM A POSITION OF STRENGTH Our unrivalled operational excellence, strategic partnerships and global network ensure that we remain well placed to deliver on changing industrial trends, capitalise on global opportunities, and continue operating from a position of strength that has been built on hard work, innovation and foresight. 004 HUTCHISON PORT HOLDINGS TRUST ANNUAL REPORT 2016 CORPORATE MILESTONES JANUARY FEBRUARY MARCH YANTIAN BErth SAILS CMA CGM BENJAMIN through OFFICIAL ON- FRANKLIN MAKES SITE INSPECTION INAUGURAL CALL AT Yantian’s first berth at West Port YANTIAN Phase II passes an official on-site Measuring 399 metres long and 54 inspection and assessment conducted metres wide, and with a capacity of by the Port Office of Guangdong 18,000 twenty-foot equivalent units Province, affirming the effectiveness (“TEU”), the Benjamin Franklin is the of the port’s rigorous operating and largest vessel in CMA CGM’s fleet. It safety standards. is the first mega-vessel deployed in the shipping line’s US service and operates as part of CMA CGM’s Pearl River Express service. HIT TAKES DELIVEry OF NEW SUPER POST-PANAMAX QUAY CRANES AND BArgE QUAY CRANES HIT purchases two Super Post-Panamax (“SPP”) quay cranes (“QCs”), which boast greater lifting height, outreach and efficiency than the existing ACT commENCES QC models. These cranes also offer advanced OPERATIONS OF NEW lifting capacity of 70 tonnes and twin-lifting HYBRID RUBBER-TYRED capabilities, which allow for future remote operation and automation. HIT currently has a fleet of four GAntry CRANES SPP QCs in operation. The addition of 10 new hybrid rubber-tyred gantry cranes In March, HIT also commissions two barge quay (“RTGCs”) increases ACT’s fleet cranes (“BQCs”), replacing jib cranes at its barge of hybrid RTGCs to 30. These wharf and increasing the number of BQCs at the RTGCs can be powered by either terminal to four. HIT is the only terminal operator electricity or diesel and contain with four BQCs in South China. smaller engines, which reduce diesel consumption by 45%. CROSSING 005 NEW WAVES APRIL YANTIAN AWARDED 13TH TIEN-YOW JEME CIVIL ENGINEERING PRIZE YANTIAN RECEIVES THREE QUAY CRANES Yantian receives the 13th Tien-Yow Jeme Civil Engineering Prize, the top honour Yantian takes delivery of three QCs for its for civil engineering and construction in Phase II project. The cranes have a truss China, for its Phase III Expansion project. structure, which enhances their ability to withstand wind load caused by typhoons. This delivery increases Yantian’s number of QCs Established by the China Civil Engineering YANTIAN A BIG WINNER OF to 81. Society and the Beijing Tien-Yow Jeme CHINA Ports AND HARBORS Foundation for Development of Science and Technology in Civil Engineering, the AssociATION AWArds prize awards civil engineering projects with Yantian wins prestigious awards: distinction in innovation and outstanding • Annual throughput in excess of achievements in technological application. 12 million TEU • Intermodal volume in excess of Yantian’s award-winning project has a 160,000 TEU total of seven deep-water berths, with • Low electricity and fuel consumption depth alongside of 17.6 metres and a quay per TEU length of three kilometres. It is equipped with 35 SPP QCs, including 21 dual- • Single-vessel productivity in excess of hoist ones. The project is designed for 100 containers per hour servicing mega-vessels around the clock, • International transshipment volume in making Yantian the only terminal in South excess of 1.5 million TEU China that is capable of accommodating • Transshipment volume in excess of several 200,000-tonne mega-vessels 1.8 million TEU simultaneously. 006 HUTCHISON PORT HOLDINGS TRUST ANNUAL REPORT 2016 CORPORATE MILESTONES JUNE JULY YANTIAN BEcomES FIRST TERMINAL IN MAINLAND CHINA to RECEIVE CAPABILITY MATURITY MODEL INTEGRATION YANTIAN WINS PRESTIGIOUS MATURITY LEVEL 3 AWARD AT SEATRADE MARITIME AWArds ASIa 2016 The achievement of the Capability ACT AND Cosco-HIT Maturity Model Integration (“CMMI”) The decision by Seatrade Maritime Awards Asia boost USE OF ELECTRIC Maturity Level 3 rating demonstrates to honour Yantian as the sole winner in the Ports Yantian’s ongoing efforts in process AND HYBRID RUBBER- & Terminals category is testament to the Trust’s improvement as well as infrastructure TYRED GAntry CRANES focus on fortifying its strengths and delivering and operation optimisation. A highly ACT and COSCO-HIT implement value to its stakeholders. The award recognises regarded achievement in the IT industry, a new yard strategy to expand Yantian for its initiatives in service excellence and the award is testament to the high-quality the deployment of electric and strong customer focus, application of cutting- work delivered by Yantian staff in software hybrid RTGCs. A key element of edge terminal facilities and equipment, and green development, project management and their environmental management initiatives that protect the environment. information services. programme, the new yard strategy allows for an increase in utilisation rate, from 60% to 95%, and a 15% reduction in carbon emissions. CROSSING 007 NEW WAVES othER MILEstonES HIT WINS AccolADES AT HONG KONG STAR BRAND AWARD 2016 The Hong Kong Small and Medium Enterprises Association awards HIT the Enterprise Award and the Innovation and Technology Award at the Hong Kong Star Brand Award 2016. The awards recognise HIT’s excellence in terminal services, innovation and technology, sustainable development and corporate social responsibility. DECEMBER ACQUISITION OF EQUITY INTERESTS IN HUIZHOU INTERNATIONAL CONTAINER TERMINALS Yantian acquires interests in Huizhou International Container Terminals in Guangdong. Following the acquisition, the Trust owns an effective interest of 41.3% in the terminal. HIT RECEIVES REcognition HIT, COSCO-HIT aND ACT from CARBONCARE® Action SIGN CO-MANAGEMENT LABEL 2016 AgrEEMENT HIT’s new Internal Tractor Deployment The Trust and COSCO SHIPPING Ports System (“nITDS”) earns its CarbonCare® Limited (“COSCO SHIPPING Ports”) Action Label 2016 for reducing carbon announce that HIT, COSCO-HIT and ACT dioxide emissions. In contrast to the old enter into an agreement for the model of tractor deployment, nITDS co-management and operation of 16 berths uses an intelligent rule-based engine that across Terminals 4, 6, 7, 8 and 9 in Hong facilitates mandatory condition-checking Kong. With operations handled under one and prioritises movements. The engine also management team, this arrangement allows optimises rule execution, which improves for the most effective use of facilities and performance with every tractor assignment. resources, thereby improving the Trust’s Reduced tractor turnaround time is effective overall competitiveness. in reducing carbon dioxide emissions. 008 HUTCHISON PORT HOLDINGS TRUST ANNUAL REPORT 2016 TRUST PROFILE HPH TRUST THE TRUSTEE-MANAGER Hutchison Port Holdings Trust (“HPH Trust” or “Trust”) is the world’s first publicly traded The Trust is managed by Hutchison Port container port business trust. It was listed on the Main Board of the Singapore Exchange Holdings Management Pte. Limited (“SGX”) in March 2011, and in early 2012 became the first entity to launch dual-currency (“Trustee-Manager”), an indirect wholly- trading for its units. The Trust was admitted into the Straits Times Index (“STI”) on 3 April owned subsidiary of CK Hutchison Holdings 2013, and is one of the top 30 companies on the SGX Main Board. Limited (“CKHH”). The Trustee-Manager has dual responsibilities in safeguarding the The Trust’s mandate is principally to invest in, develop, operate and manage deep-water interests of unitholders and managing HPH container ports in China’s Guangdong Province, Hong Kong and Macau (collectively known Trust’s businesses. The key objective of the as the Pearl River Delta). Trustee-Manager is to provide unitholders with stable and regular distributions, and long- HPH Trust operates Hongkong International Terminals (“HIT”), COSCO-HIT Terminals term growth in distributions per unit (“DPU”). (“COSCO-HIT”) and Asia Container Terminals (“ACT”) in Hong Kong, and Yantian International Container Terminals (“Yantian”) and Huizhou International Container Terminals The Board of Directors of the Trustee- (“HICT”) in China. Together, these market-leading, best-in-class deep-water container ports Manager consists of individuals with a broad operate 36 berths across 647 hectares of land. In 2016, they delivered a combined throughput range of commercial experience and expertise of approximately 22.5 million TEU. in the port industry. The Trust’s core port operations are supported by complementary river port facilities and ancillary services, which provide customers with seamless supply chain solutions for imports and exports. HPH Trust holds economic benefits in two river ports in China (“River Ports Economic Benefits1”): Jiangmen International
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