{"id":80554,"date":"2024-08-22T00:00:00","date_gmt":"2024-08-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/22\/global-ports-set-to-plug-eur-2-tn-into-modernization-as-importance-as-geopolitical-assets-grow\/"},"modified":"2024-08-22T00:00:00","modified_gmt":"2024-08-22T00:00:00","slug":"global-ports-set-to-plug-eur-2-tn-into-modernization-as-importance-as-geopolitical-assets-grow","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/08\/22\/global-ports-set-to-plug-eur-2-tn-into-modernization-as-importance-as-geopolitical-assets-grow\/","title":{"rendered":"Global ports set to plug EUR 2 tn into modernization as importance as geopolitical assets grow"},"content":{"rendered":"

Big money is going into the world\u2019s ports as their geopolitical value comes into focus<\/strong>:<\/strong> Governments around the world are investing big into developing their ports, whose importance as geopolitical assets is more obvious now than ever, according to a Bloomberg<\/a> report. Some EUR 2 tn is expected to be spent on modernizing ports over the next decade to ensure that they adhere to the latest standards in digital technology, automation, and green energy.<\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background as well as external sources.)<\/p>\n

Global dynamics are shifting: <\/strong>\u201cIt\u2019s now much clearer that ports are geopolitical assets and that emphasis hasn\u2019t always been there,\u201d Spanish maritime consultancy firm Ports and Logistics Advisory owner Peter de Langen told the business news service. Maritime gateways handle 80% of global merchandise trade, meaning they facilitate the movement of USD 25 tn in trade annually, and as such are being heavily affected by geopolitical events.<\/p>\n

China is making big moves:<\/strong> China\u2019s Shenzhen Port is forecasted to become a global vehicle export hub, with plans to expand the port\u2019s automaking capacity in partnership with car manufacturer BYD, according to the report. <\/p>\n

Singapore is no slouch either: <\/strong>The Port of Singapore is gearing up to handle significantly more cargo with fewer human workers, employing robots instead. The operation will eventually relocate to a new area on the western side of the island city-state, with an investment of USD 15 bn to develop what Singapore claims will be the world\u2019s largest fully automated terminal. The new port \u201cwill be a critical engine driving the Singapore economy,\u201d then-Prime Minister Lee Hsien Loong said in 2022. <\/p>\n

India has big plans of its own:<\/strong> India\u2019s under-development Vadhvan Port, which will be the starting port for the India-Middle East-Europe Economic Corridor<\/a> (IMEC), is set to expand the country\u2019s export capability significantly. The Vadhvan port is set to be a massive facility, featuring nine container terminals each stretching one kilometer in length. It will include specialized berths for wheeled and liquid cargo, as well as one for the coast guard. Expected to be finished by the end of the decade, the USD 9 bn port will be capable of handling around 23 million container units, positioning it among the top 10 largest ports globally, according to the project's supporters.<\/p>\n

Green plans in Antwerp:<\/strong> Brussels\u2019 Antwerp Bruges Port is planned to become Europe\u2019s green energy-powered corridor. DP World plugged a EUR 200 mn into its container yard at the port in 2020, with plans to convert petrol-powered container carriers to automated electric stacking cranes, set to be completed by 2026, according to a statement<\/a>. <\/p>\n

New trade hubs are emerging:<\/strong> Somaliland\u2019s Berbera Port is \u201cbecoming more strategic in light of new threats to global maritime trade in the Red Sea and Gulf of Aden,\u201d think tank Sahan Research director Matt Bryden told Bloomberg. UAE-based terminal operator DP World inaugurated its container terminal, with a handling capacity of 500k TEUs annually, at Somliland\u2019s Berbera Port, back in 2021, according to a statement<\/a>. The firm is investing up to USD 442 mn into developing and expanding the port, looking to leveraging Somaliland\u2019s strategic position in the Gulf of Aden. It aims to boost its access to the key trade bottleneck, which sees passing of nearly 12% of global trade flow.<\/p>\n","protected":false},"excerpt":{"rendered":"

Maritime gateways handle 80% of global merchandise trade<\/p>\n","protected":false},"author":1,"featured_media":80555,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[56],"tags":[248,184,23,55,123,32,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-80554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-logistics-in-the-news","tag-china","tag-decarbonization","tag-dp-world","tag-logistics-in-the-news","tag-shipping-maritime","tag-trade","tag-uae","wpautop","entry"],"acf":{"mongo_id":"0cb4dbb2-26a6-49c7-b1b4-a6a48a6b5eed","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/2005.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Global 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