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ID number:409943
Author:
Evaluation:
Published: 11.09.2006.
Language: English
Level: College/University
Literature: 46 units
References: Used
Table of contents
Nr. Chapter  Page.
  INTRODUCTION    1
  CAPTER ONE    4
1.  PORT FINANCE    4
1.1.  NATURE OF PORT FINANCE    5
1.1.2.  INFRASTRUCTURE CHARACTERISTICS    5
1.1.3.  FACTORS DETERMINING PORT INVESTMENT CRITERIA    6
1.1.4.  UNDERSTANDING OF THE PORT INFRASTRUCTURE    7
1.1.5.  CONTAINER TERMINAL INFRASTRUCTURE    8
1.2.  SOURCES OF PORT FINANCE    11
1.2.1.  PORT MODELS    12
1.2.2.  SOURCES OF PORT FINANCING    13
1.3.  MAGNITUDE OF PORT FINANCE    18
  CAPTER TWO    20
2.  PUBLIC FINANCING    20
2.1.  PUBLIC PORT FINANCING    21
2.1.1.  UNDERSTANDING OF PUBLIC FINANCING    22
2.1.2.  IMPORTANCE OF THE PUBLIC SECTOR    23
2.3.  INDIRECT PUBLIC INVESTMENT    24
2.4.  DIRECT PUBLIC FINANCING    27
2.5.  ECONOMICAL VIABILITY    29
  CAPTER THREE    31
3.  PRIVATE PORT FINANCING    31
3.1.  THE ROLE OF DEREGULATION AND PRIVATIZATION    35
3.1.1.  REASONS OF PORT DEREGULATION    35
3.1.2.  PORT PRIVATIZATION    36
3.2.  PARTIAL PRIVATE INVESTMENT    37
3.3.  FULL PRIVATE INVESTMENT    39
3.4.  PORT COMMERCIALIZATION    42
3.5.  PRICING METHODS AND ECONOMIC VIABILITY    44
3.5.1.  PRICING OF CONTAINER TERMINAL INFRASTRUCTURE    46
3.5.2.  ASSESSMENT OF RISKS    49
3.5.3.  FINANCIAL RISKS ASSESSMENT APPROACHES    50
  CHAPTER FOUR    52
4.  PUBLIC-PRIVATE PARTNERSHIPS    52
4.1.1.  GENERAL NOTION OF PUBLIC-PRIVATE PARTNERSHIPS    52
4.1.2.  PRIVATE PUBLIC PARTNERSHIPS, PROFITABILITY AND RISKS    54
4.1.3.  VARIETY OF PUBLIC PRIVATE PARTNERSHIP SCHEMES    55
4.1.3.1.  CONCESSION AGREEMENTS    56
4.1.3.2.  AGREEMENTS THAT ENTAIL INDEFINITE RELEASE OF OWNERSHIP    50
4.1.  THE INTEGRAL ROLE OF PUBLIC AND PRIVATE SECTOR    60
4.2.  GETTING THE BEST OF THE TWO SECTORS    63
4.3.  FUTURE OF PORT FINANCING    65
  CONCLUSIONS    69
  LIST OF REFERENCES    72
Extract

The purpose of this paper is to evaluate nature, sources and magnitude of port infrastructure financing (and, particularly, financing of container terminal infrastructure), as well as to show the role of public and private sectors’ financing, to evaluate its viability, to examine the role of deregulation and privatization within the industry, also to review pricing methods of infrastructure and relevant risks of container terminal infrastructure financing, and finally, to emphasize the growing importance of public-private partnerships, and in conclusion to analyze the future of port financing.

Port industry always has been perceived as public sector. The structural changes in international trade, transport and shipping have fundamentally transformed the political and operational environment in which most major world ports carry out their business. Within last three decades due to furious structural transformations within shipping industry, which facilitated rapid port evolution, private parties were greatly implicated in various port activities. This tendency can be observed worldwide: both in developed economies and in the Third World countries.

In the course of time, ports survived countless reformations that brought changes in their operating, management and organization. And as a result, we can observe various forms of port ownership, where private participation evidently plays important role or has certain influence within the sector. Port and logistics operations are more and more carried out by a limited number of international operators, specializing in dedicated market segments, and by a few large shipping lines expanding their maritime networks into inland operations to offer integrated transport services ( Chlomoudis, et al., 2002).

The magnitude of private implication distinctly varies from port to port. But the importance of private sector’s involvement cannot be denied. Moreover, this can be evaluated as a very complicated process. Evaluating structural establishment of European ports, we can distinguish both: entirely private ports and entirely public ports. European philosophy regards the port as a part of the transport infrastructure of the country – to be supported by direct government subsidy. This criterion applies to many other countries throughout the world, while in the UK and the USA particularly the ports the ports are viewed as individual commercial enterprises which should conform to normal financial criteria (Branch, 1986).

Private sector today is taking part in several activities within port industry. The current paper is devoted to review financing of container terminal infrastructure. The authors will focus on container terminal infrastructure, excluding issues that concerns supra- and superstructures. The determination to pay attention to the role of public and private financing can be based on fact that despite growing importance of private influence within the sector, importance of public funding still remains essential. But on the other hand, considering the principle “user pays”(which, we must say, was supported by majority of port authorities), we can hypothetically affirm that public financing of private container terminal infrastructure is not essential and even can be wasteful for public budget. With respect to super- and suprastructure of container terminal, practice shows that for ages these assets are commonly owned, managed and operated by private companies.

Research Methodology

The use of f following methodology can be mentioned in the course of present research. To gain complete understanding of the problem, various theoretical sources were used: such as relevant analytical publications in scientific journals and other literature on private and public financing. As well as financial reports and researches, World Bank recommendation for port reform implementation.

Thesis Framework

The opening chapter – Introduction – sets up the topic’s background and purpose of the thesis, as well as uncover methodological approach for further research.
Chapter 1 observes nature, sources and magnitude of port infrastructure financing, depending on port ownership, operational, and managerial model. …

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