Vizhinjam way forward sep 7 2012

  • 234 views
Uploaded on

 

More in: Education
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
    Be the first to like this
No Downloads

Views

Total Views
234
On Slideshare
0
From Embeds
0
Number of Embeds
1

Actions

Shares
Downloads
7
Comments
0
Likes
0

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Vizhinjam  Deep  water  Port  Project  A  New  Vision  and  Way  Forward   1  
  • 2. Agenda    •  Revisi>ng  the  Market  •  Core  ABrac>ons  of  the  Project  •  Modifica>ons  to  the  Master  Plan  •  Development  Structure  •  Expanded  Government  Support   2  
  • 3. Market  Study  -­‐  1    •  Current   study   by   Drewry/IFC   under-­‐es>mates   the   poten>al  of  the  port   •  Very   conserva>ve   projec>on   of   container   transshipment   volumes  even  aPer  assuming  deep  rate  discounts     •  Benefits  of  deep  draP  and  strategic  loca>on  to  act  as  single   stop  for  India  for  10,000+  TEU  class  ships  not  factored  in   •  Vizhinjam   has   been   posi>oned   as   “just   another   container   port”  and  not  a  regional  transshipment  hub   •  Lessons   of   successful   “transshipment-­‐only”   hubs,   such   as   Salalah  (99.5%  transshipment)  or  Tanjung  Pelapas  (95.8%),   not  incorporated  into  market  forecasts   •  Poten>al   for   cargo   such   as   LNG   and   coal   ignored,   ci>ng   the   need  to  be  a  “green  port”     •  Poten>al   for   deep   water   shipyard   not   factored   in   despite   clear  proposal  from  CSL   3  
  • 4. Market  Study  -­‐  2    •  Further  traffic  drivers  need  to  be  taken  into  account:   •  Study  cost-­‐savings  of  using  10,000+  TEU  vessels  and  use  as   a   strategic   driver   for   transshipment   traffic;   18   m   depth   to   be  used  as  USP   •  Posi>on  Vizhinjam  as  “the  one  stop  in  India”  for  6th  and  7th   genera3on   ships”   –   aBract   a   line   such   as   APM   or   MSC   that   typically   call   at   one   transshipment   hub   per   country   with   minimum  devia>on  from  the  shipping  lanes   •  Kerala   has   a   significant   power   deficit   –   poten>al   for   LNG   terminal  and  LNG  power  plant   •  Shipyard   and   bunkering   facility   to   be   included   in   market   study   4  
  • 5. Market  Study  -­‐  3    •  Govt.  of  India  has  proposed  revision  of  SEZ  rules  •  Single-­‐sector/Port  based  SEZs  will  need  only  40  hectares/100   acres  as  opposed  to  100  hectares/250  acres  •  Mul>product   SEZs   will   need   only   250   hectares/625   acres   as   opposed  to  1000  hectares/2500  acres  •  Significant  dis-­‐con>guity  may  be  allowed  for  large  SEZs  as  long   as  clear  connec>ons  can  be  established  •  The   Vizhinjam   market   study   should   now   factor   in   at   least   a   Port-­‐based   SEZ;   necessary   for   exemp>on   from   Customs   for   transshipment  cargo;  precedent  established  at  Vallarpadam  •  Poten>al  for  Mul>-­‐product  SEZ  to  be  studied  –  land  available   in  the  Southern  (Poovar)  and  Eastern  parts  of  district   5  
  • 6. Vizhinjam  Has  to  be  Developed  as  a  World-­‐class  port  because  it….    •  Is  Strategically  Located  •  Has  Global  Scale  •  Has  the  Lowest  Opera>ng  Costs  •  Can  be  the  Gateway  to  South  India   6  
  • 7. Strategic  Loca>on   •  Vizhinjam  is  less  than  10  nau>cal  miles  from   the  Suez/Gulf-­‐Malacca  shipping  lane   •  Closest  Indian  port  to  30%  of  world  sea  traffic   •  Best  located  port-­‐of-­‐call    in  India  for  container   ships,  cruise  vessels  and  tankers   •  Access  to  large  hinterland  area  in  South  India   •  Also  ideal  for  ship  repair  and  bunkering   facili>es   7  Actual  photo  of  a  supertanker  sailing  close  off   the  Vizhinjam  shore,  sans  dredging  
  • 8. Global  Scale   •  Site  has  a  natural  draP  of  18-­‐23  m   •  With  minimal  capital  dredging,  the  project  will  be   the  only  container  terminal  in  India  capable  of   handling  container  ships  of  >  12,000  TEUs   •  Rapid  increase  in  container  ship  size  –  latest   genera>on  will  carry  up  to  18,000  TEUs   •  Economies  of  scale  will  allow  for  the  lowest   logis>cs  costs   •  Ideal  loca>on  for  container  transhipment  terminal  16   8  
  • 9. Compe>>ve  Opera>ng  Costs   •  Vizhinjam    needs  next  to  nil  maintenance   dredging  to  maintain  18-­‐20  m  draP   •  Compe>ng  ports  spend  hundreds  of  Millions  of   dollars  a  year  to  maintain  even  14  m  of  draP   •  Vizhinjam  has  full  flexibility  to  set  tariffs  to   aBract  business;  major  Indian  ports  are   constrained  by  regulators   •  New  workforce;  no  legacy  unioniza>on   9  
  • 10. Gateway  to  South  India  •  Within  18-­‐24  hours  road/ rail  transit  from  Vizhinjam:   •  120  million  consumers   •  $  180  Bn  of  GSDP   •  Bangalore,  Chennai,   Coimbatore,  Tu>corin  and   Tirunelveli  •  Within  36-­‐48  hours  road/ rail  distance  from  Vizhinjam:   •  220  Million  consumers   •  $  300  Bn  of  GSDP   •  Hyderabad,  Vizag  and  Goa   10  
  • 11. Capturing  the  Hinterland  •  To   assume   that   the   hinterland   for   Vizhinjam   is   constrained   between   those   of   Tu>corin   and   Ernakulam   is   to   incorrectly   concede   that   Vizhinjam   cannot   import/export   cargo   at   lower   seaborne   costs   because  it  can  handle  bigger  ships;    •  Total  transport  costs  =  sea  transit  +  land  transit  costs  •  Vizhinjam  can  move  cargo  at  rates  30-­‐50%  cheaper  than  compe>ng   ports  because  it  can  handle  much  bigger  ships  –  a  12,000  TEU  vessel   Vs  a  6000  TEU  vessel  •  Logis>cs   firms   will   quickly   shiP   to   the   lowest   total   cost   op>on   as   long  as  land  transit  can  be  made  cost-­‐efficient  and  fast  •  Vizhinjam  can  also  match,  if  not  beat,  exis>ng  ports’  handling  >mes   by  minimizing  conges>on  and  turn-­‐around  >me  for  ships  •  Such  shiPs  in  hinterland  cargo  are  already  being  seen  in  the  case  of   efficient,   deep   water   ports   such   as   Mundra,   Gangavaram   and   Ennore  •  However  world-­‐class  road-­‐rail  connec>vity  is  absolutely  cri>cal   11  
  • 12. Further  Development  Prospects   •  Vizhinjam  has  significant  poten>al  to  develop  into  a   premier  cruise  port   •  300  cruise  ships  transit  on  the  nearby  shipping  lanes  annually   •  Trivandrum  is  already  a  top  tourist  des>na>on   •  Cochin  Shipyard  Ltd.  has  already  announced  plans   to  set  up  a  VLCC-­‐class  ship  repair  and  building  yard   at  Vizhinjam   •  Poten>al  for  LNG  terminal  and  power  plant;     significant  energy  demand  in  South  India   12  
  • 13. LNG  as  a  Key  Energy  Source  -­‐  1  •  Kerala  is  currently  facing  an  acute  power  shortage   •  Current   genera>on   of   about   2500   MW   is   unable   to   meet   demand   of   about  3300  MW   •  Current  genera>on  is  mostly  hydel  and  is  at  the  mercy  of  the  weather   •  Opposi>on  to  coal  and  nuclear  plants;  shortage  of  land  •  Demand  is  expected  to  hit  6000-­‐7500  MW  by  2020   Supply  shortall  •  Minimal   addi>on   expected;   MW   for   KKNPP   and   gas   sta>ons   8000   associated   with   Petronet   6000   LNG  terminal   4000  •  Supply   gap   of   at   least   2000   2000   MW  by  2020   0   Current  State   Current   Demand   Supply   Demand   Es>mate   -­‐2020   Source:  18th  EPS  –  CERC;  WB;  KSEB   13  
  • 14. LNG  as  a  Key  Energy  Source  •  Liquefied   Natural   Gas   is   gaining   prominence   world-­‐wide   as   the   fossil-­‐ fuel  of  choice  •  LNG  is  cleaner  as  a  fuel  than  coal  •  Cost   of   power   produced   is   comparable   to   coal,   with   a   global   drop   in   LNG  prices  due  to  new  supply  in  Australia,  Africa  and  the  US  •  LNG   power   plants   are   much   more   compact   than   coal-­‐fired   power   sta>ons  –  40-­‐50  acres  of  a  1000  MW  gas  power  plant  Vs  400  acres  for  a   coal-­‐fired  plant  •  LNG  is  also  much  easier  to  handle  as  a  fuel  –  lower  volumes/MW  and  it   can  be  moved  via  pipelines  •  Natural  gas  can  also  power  vehicles  •  LNG  power  plants  are  cheaper  (per  MW)  and  faster  to  permit  and  build  •  In  short,  LNG  is  the  ideal  op>on  to  solve  Kerala’s  power  crisis   14  
  • 15. Gas-fired Power GenerationCCGT (Combined Cycle Gas Turbine) Very efficient generation technology“    Modern  combined  cycle  1000  MW  power   “    Diagram  CCGT,  a  combina>on  of  a    gas   plant  (CCGT)    -­‐  needs  ~  50  acres  of  land   turbine  and  a  steam  turbine.  Efficiency  ~     59  %.    16   15  
  • 16. LNG-fired power generationLowest capital costs per MW installed Capital costs of options may vary considerably in absolute terms, but very little in relative termsIndicative, cost levelsmillion $/MW            5              4              3              2                1  Source: MMD, June 2010 16  
  • 17. Lowest All-in Unit Costs per Kwh produced Competitive for meeting Base-load Demand $/MWh Prices (at plant inlet) Based on: 7000 hrs operation for gas and coal per year Gas : 8 $/MMBtu 2500 hrs for onshore wind per year Coal: 80 $/t 3600 hrs for offshore wind per year 7800 hrs for nuclear per yearSource: MMD, June 2010 17  
  • 18. Smaller plant size reduces risk of Overcapacity Minimum size to capture economies of scale (in MW) 1000 -1600 600 -1000 450 Gas CCGT Coal Nuclear supercriticalSource: MMD, June 2010 18  
  • 19. Short  construc>on  >me  reduces  risks  of   demand  uncertainty   years 8 7 6 5 4 3 2 1 0 CCGT Coal Nuclear Plus shortest time for LA, permitting and constructionSource: Energy Technology Perspectives, IEA 2010 19  
  • 20. LNG  import  via  Vizhinjam  •  The   bulk   of   India’s   LNG   demand   will   be   met   via   imports   –   the   country’s   only  major  NG  source  –  the  KG  basin  –  has  been  underperforming  •  Major  suppliers  will  be  Qatar,  Australia,  Africa  (Mozambique)  and,  possibly   at  a  later  stage,  the  US  •  Vizhinjam  is  the  closest  port  for  imports  from  Australia,  Africa  and  North   America  (via  Malacca/Cape)  •  LNG  import  has  economies  of  scale  like  in  the  case  of  any  sea-­‐borne  trade   –  such  as  containers:  the  bigger  the  ship,  the  cheaper  it  is!  •  The   largest   LNG   carriers   –   such   as   the   260,000   Cu.m   Q-­‐MAX   –   can   be   30-­‐50%  more  cost-­‐efficient  to  import  gas  than  smaller  ships  •  Vizhinjam  can  handle  the  biggest  LNG  tankers  with  its  18  m  draP  •  Ideal   loca>on   for   a   2.5   MT/year   LNG   import   terminal   and   a   1000   MW   power  plant  (expandable  to  5  MT/year  and  2000  MW)  •  Can   supply   domes>c   gas   and   vehicle   fuel   to   Trivandrum,   Kollam,   Tirunelveli,   Tu>corin   and   Madurai   and   industrial   gas   to   Tu>corin   &   Tirunelveli   20  
  • 21. Cruise  Terminal  •  Hundreds  of  cruise  ships  cross  the  Indian  Ocean  and  transit  very  close   to  Indian  ports  •  Over  100  cruise  calls  were  made  at  ports  like  Mumbai,  Mangalore,  Goa   and  Kochi  •  Close  to  50  made  calls  at  Kochi  because  of  its  proximity  to  the  shipping   lane  and  the  aBrac>veness  of  Kerala  as  a  tourist  des>na>on  •  Vizhinjam   is   the   closest   Indian   port   to   the   interna>onal   shipping   lane   –   a   cruise   ship   will   have   to   divert   only   an   hour   to   call   at   Vizhinjam   Vs   about  10  hours  to  call  at  Kochi  and  24+  hours  at  Goa  •  Vizhinjam  is  located  right  inside  Kerala’s  top  foreign  tourist  aBrac>on  –   the  Trivandrum  –  Kovalam  –  Kollam  tourist  belt  •  As  a  greenfield  port,  cruise  ships  will  not  encounter  conges>on  •  India’s  first  world-­‐class  Cruise  Terminal  at  Vizhinjam  could  aBract  over   100  ships  and  up  to  100,000  premium  tourists  every  year!   21  
  • 22. Deep  Water  Shipyard  •  Significant  market  for  ship  repair  and  construc>on   •  About   1/3rd   of   global   shipping   passes   close   to   Vizhinjam,   necessita>ng   periodic  maintenance  and  repair  of  tens  of  thousands  of  ships  each  year   •  India  and  Asia  are  seeing  rapid  addi>on  in  shipping  capacity  –  especially  for   container  ships  and  LNG  tankers  •  No  deep  water  shipyard  between  Dubai  and  Singapore  •  Indian   workers   form   a   major   part   of   the   workforce   at   Dubai   &   Singapore;  India  is  well  known  for  low  cost,  high  quality  engineering  •  Vizhinjam  has  a  draP  of  18  m  and  can  build  any  size  ship  •  Cochin  Shipyard  Limited  has  already  expresses  strong  interest  in  a  deep   water  ship  repair  and  construc>on  yard  at  Vizhinjam;  needs  larger  yard   to  complete  its  order  book  including  India’s  second  new  aircraP  carrier  •  The  shipyard  will  aBract  more  traffic  to  the  port  and  create  thousands  of   Crores  of  economic  ac>vity  including  for  small  manufacturers   22  
  • 23. Master  Plan  –  Basic  Concepts  -­‐  1  •  Deep  water  port  with  a  focus  on  container   transshipment;   close   to   the   int’l   shipping   lanes  •  Design   emphasis   should   be   on   creaGng   a   world-­‐class   port,   NOT   on   cuMng   costs   to   build  a  mediocre  port  –  ALL-­‐IN  STRATEGY!  •  Design  draP  in  Phase  I  itself  should  be  the   best   in   India   –   18   m   at   least   –   sufficient   for   6th  genera>on  ships  •  Turning   circle/breakwater   length   to   be   sufficient   to   handle   6th   genera>on   ships   (10,000  TEUs)  •  Future-­‐proof   by   Maximizing   berth   length   within  loca>onal  constraints  –  have  berths   along   main   breakwater   and   allowance   of   two  way  vessel  traffic  in  port  channel   23  
  • 24. Master  Plan  –  Basic  Concepts  -­‐  2  •  Container  berths  need  to  be  located  on  the  land  side  of  the   basin  since  they  need  adjacent  stacking  areas  for  maximum   opera>onal  efficiency  •  Since  there  are  constraints  on  the  total  length  of  coast  that   the  project  can  occupy,  it’ll  be  ideal  to  create  another  line   of  berths  along  the  main  breakwater  •  Cruise,  LNG  and  liquid  cargo  terminals  can  be  located  along   the  breakwater  •  Vizhinjam   Port   area   development   including   logis>cs   hubs,   Container  Freight  Sta>ons  (CFS)  etc  to  be  planned  •  Addi>on  of  bunkering  facility  •  Mul>purpose/general  cargo  handling  to  be  provisioned  for  •  Strategic   Choice:   Longer   berth   length,   greater   basin   depth   and  capacity  Vs  increased  construc>on  cost  16   24  
  • 25. Master  Plan  Modifica>ons  Phase  I  capacity  to  be  at  least   Phase  II  capacity  1.5  Mn  TEUs   to  be  at  least  =   Phase  I  Phase  I  Design  Depth  to  be  18  m   Move  Cruise   Terminal  to   Breakwater  Turning  circle  to  accommodate  6th   Move  Main  Gen  ships   Breakwater   further  out  to   sea  to  allow   berths  for  non-­‐ 16   25   container  uses  
  • 26. Master  Plan  on  Site  
  • 27. ABrac>ve  Deal  Structure   •  The  State  Government  of  Kerala   PORT   acts  as  the  ‘Landlord’;  it  pays  for   basic  facili>es  such  as  the   breakwater,  berths  and  road/rail   connec>vity   •  Landlord  invests  75%  of  capital   Landlord  Invests   BASIC   cost   75%  of  project   INFRSTRUCTURE   •  Operator/Investor  develops   cost   terminal  infrastructure;  invests  SoP   Revenue   25%  of  capital  cost  Debt   Share   •  Landlord  can  provide  ‘soP  debt’   Operator   TERMINAL   Opera>ng   support;  at  low  interest  and  with   invests  25%   SUPERSTRUCTURE   Revenue   a  10  yr  repayment  moratorium   •  Operator/Investor  receives  all   opera>ng  revenue  for  30  years;   op>on  to  share  with  Landlord   27  
  • 28. Modifying  the  Business  Model  •  Offer  the  private  investor  the  op>on  to  set  the  business  plan  for  the   en>re  port  as  opposed  to  just  the  container  terminal  •  A   Swiss-­‐Challenge   op>on   to   develop   further   container   and   non-­‐ container  terminals  •  Rather  than  the  Government  ge{ng  involved  in  marine  services  as   is  envisaged  in  the  current  Landlord  model,  all  opera>ons  would  be   leP  to  the  operator  •  As   opposed   to   an   op>onal   revenue   share,   the   Government   could   mandate  a  share  of  the  overall  net  income(cargo  handing  +  marine   charges)  above  a  Preferred  Return  earned  by  the  private  investor  •  The   Investor/Operator   makes   an   offer   based   on   the   share   of   revenue  that  it  will  offer  to  GoK  above  the  Preferred  Return   •  This  could  be  modified  for  later  phases  based  on  the  rela>ve  investment   by  the  public  and  private  sectors     28  
  • 29. Increased  Government  Support  -­‐  1  •  Establishment   of   Port-­‐based   and   Mul>-­‐Product   SEZs;   along   with   road/rail   connec>vity   between   the   port   and   SEZs  •  Improve  hinterland  connec>vity  for  Vizhinjam;  to  rest  of   Kerala,  South  TN,  Coimbatore  and  Bangalore   •  New  mixed  use  rail  corridor  from  Vizhinjam  to  Coimbatore   and  Mangalore;  high  speed  rail  and  passenger  services   •  Road   connec>vity   to   Southern   TN   via   KoBur-­‐ Ambasamudram   •  Coastal  passenger  &  freight  shipping  services  •  Immediate   decision   to   establish   CSL’s   new   deep   draP   shipyard  at  Vizhinjam     29  
  • 30. Road  Connec>vity  •  The   exis>ng   road   infrastructure   in   Kerala   is   severely   congested  •  4/6-­‐laning   of   NH-­‐66   from   TN   Border   to   Mangalore   to   be   taken  up  urgently  •  Four   Lane   road   to   T i r u n e l v e l i   v i a   Ambasamudram   to   be  re-­‐developed  •  GoK   to   apply   for   GoI   funding   under   port   Stretch to be upgraded to 4/6 lane connec>vity  scheme   Existing 4 lane New 4 lane road 30  
  • 31. Rail  Connec>vity  •  Upgrade   key   rail   routes   to   p r o v i d e   h i g h   s p e e d   connec>vity   to   key   ci>es   like   M a n g a l o r e ,   C o i m b a t o r e ,   C h e n n a i ,   B a n g a l o r e ,   Tirunelveli,   Tu>corin   and   Kochi  •  Electrifica>on   of   en>re   route   to  Chennai  via  Nagercoil    •  New  North-­‐South  rail  corridor   needed   from   Trivandrum   to   Mangalore   as   current   routes   are  at  over  100%  capacity     31  
  • 32. Increased  Government  Support  -­‐  2  •  Parity  with  Vallarpadam  on  incen>ves  and  policies  –   Cabotage,  Customs  clearance,  tax  incen>ves  etc  •  Preferen>al   power   purchase   policy   for   an   LNG   power  plant  that  sources  fuel  via  Vizhinjam  since  the   port  is  a  State  Government  project  •  Expedite   construc>on   of   Outer   Ring   Road   in   Trivandrum   to   provide   more   land   for   port-­‐based   industrial  uses  •  Expedite  4/6  laning  of  NH-­‐66  and  connec>on  to  the   Na>onal  Highway  network  •  PPP   mode   development   of   logis>cs   and   industrial   areas  including  warehouses,  CFS  etc   32  
  • 33. Logis>cs  Zone  -­‐  1  •  World-­‐class   Industrial   facili>es   including   logis>cs   and   light   manufacturing  space  is  a  cri>cal  success  factor  for  a  major  port  like   Vizhinjam  •  World-­‐wide,   the   concentra>on   of   industrial   real   estate   is   closely   correlated  with  hub  ports  •  Focus   areas   for   value   addi>on   in   the   supply   chain,   such   as   just-­‐in-­‐ >me   inventory   management,   re-­‐packaging   of   cargo   for   regional   distribu>on  and  loading/unloading  of  containers,  require  world-­‐class   logis>cs  spaces  •  These  ac>vi>es  will  be  a  differen>ator  for  Vizhinjam  Vs  current  ports   which  generally  only  have  rudimentary  warehouses  •  World-­‐class   logis>cs   spaces   will   aBract   global   logis>cs   and   retail   players  who  are  currently  entering  India  •  Generate  addi>onal  employment  and  economic  ac>vity   33  
  • 34. Logis>cs  Networks  and  Hubs   •  Logis>cs   space   is   co-­‐located   with   major   ports   and   airports;   increases  importance  of  hubs  in  the  supply  chain   •  In  the  US,  there  is  an  average  of  36  SF  of  space/TEU  handled     34  
  • 35. Logis>cs  Zone  -­‐  2  •  Considering  an  ini>al  container  terminal  capacity  of  1,500,000  TEUs   and   80%   transshipment,   Vizhinjam   will   need   up   to   8,000,000   SF   of   logis>cs  space  •  GoK   should   set   up   a   Free   Trade   Warehouse   Zone   (FTWZ)   on   100   acres   of   land   close   to   the   port   and   engage   private   developers   to   build  and  operate  world-­‐class  logis>cs  facili>es  •  Build   a   combina>on   of   storage   warehouses,   cross-­‐docking   facili>es   for  re-­‐distribu>on  opera>ons  and  regional  distribu>on  facili>es    •  Anchor  tenants  could  include  major  retail  players  such  as  IKEA,  Wal-­‐ Mart,   Future   Group,   Carrefour,   METRO,   Amazon,   E-­‐Bay   etc   and   logis>cs   players   such   as   global   shipping   lines   and   cargo   operators   like  DHL,  FedEx  and  UPS  •  On-­‐site   access   to   road   and   rail   transport   and   ancillary   facili>es   like   truck  maintenance,  Customs  &  Security  etc   35  
  • 36. Key  Next  Steps  •  Appoint   consultants   to   update   market   study   and   to   re-­‐ visit  development  and  business  plans  •  AECOM   to   prepare   master   plan   according   to   updated   market  study  and  business  plan  •  Govt.   of   Kerala   &   VISL   to   explore   G2G   op>ons   to   iden>fy   a  capable  operator   •  Under  the  leadership  of  the  Hon.  MP  of  Trivandrum   •  Focused   discussions   with   Governments   that   have   na>onal/ regional  port  operators    such  as  Barcelona,  Singapore,  Hamburg   and  Malaysia   •  Pro-­‐ac>ve   discussion   with   Liner   based   Operators   who   would   be   direct   beneficiaries   in   transshipment   terminals   such   as   APM   Terminals   (Maersk),   APL   Terminals   (APL/NOL),   Terminal   Link   (CMA  CGM),    Ceres  Global  (NYK  Liners),  Hapag  Lloyd  etc   36  
  • 37. THANK  YOU  ©  Benny,  Gopinathan  and  Prasad,  MMXII   37