ABSTRACT
Ports are mainly multifunctional entities, but the characteristic is often the result of the combined activities of a number of specialized terminals, each dealing with specific goods and commodities such as containers, grain, oil, or iron ore. The institutional entry barriers for port terminal operations were remarkably high and limited to specific services. Privatization has stimulated an almost global trend towards awarding port operational concessions, especially for container terminals. The setting up of specialized terminal operating companies is not a recent phenomenon. Like many multinational corporations, global terminal operators are market seekers that expand their business opportunities through an entry into new markets. Port holdings, such as Hutchison Ports or DP World, are attempts at horizontal integration by acquiring stakes at port terminals in a variety of markets. The presence of specialized cruise terminal operators has expanded. Global Container Terminal Operators have recently assumed responsibilities for cruise terminal operations.
