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DCT: Poland's Maritime Window on the
World
November 27th, 2013
Adam Żołnowski
Chief Financial Officer
Company Profile Ownership Structure
1
DCT Gdansk is an infrastructure asset majority owned and managed by
Macquarie Group
64% 18%
9% 9% Macquarie Global Infrastructure Fund II
MTAA Superannuation fund
Statewide Superannuation Trust
Westscheme Fund
Asset Overview
Description
• DCT is a deep-water container terminal offering all
year round ice-free access
• DCT is located at the centre of three major market
growth areas – Polish demand and regional transit
flows (import / export) and transshipment for the
Baltic
Capex investments since port opening
• Key equipment purchases (2 STSs, 7 RTGs, Navis
TOS)
• Rail upgrade (2 rail tracks + 2 new from September
2013)
• Yard upgrade (Rebuilding RoRo ramp into stacking
area and gravel bed)
• Mooring dolphin
Equity investments and commitments
• €135m invested to date
• € 22m undrawn commitments
2
Feature Comments
Invested to date €188m
Terminal area 44 hectares
Berth 1 berth – 650m extended further by mooring
dolphin
Depth: 13.5m and 16.5m
Key equipment 5 STS cranes with capacity for 7
16 RTG cranes
Storage Space 6,553 ground slots
Theoretical capacity p.a. 1.25m TEU
Reefer plugs 336
Warehouse size CFS warehouse (7,200m²) with truck ramps
Key statistics
Evolution of Containership Size
Source: DP World
The principle of economies of scale is fundamental to the economics of maritime
transportation
Closest Location to Final Destination DCT as the Most Eastern Deepwater North Continent Port
4
Ports with depth 15,5m or more
DCT Gdansk
Goteborg
Aarhus
Hamburg
Bremenhaven Wilhelmshaven
Le Havre
Antwerp
Rotterdam Zeebrugge
The Gdansk – Le Havre Range and the Ultra-Large Container Vessels
The Baltic Revolution
5
Past and present transportation patterns
Traditional X/M model The DCT Gdansk alternative
Until the late-2000s, most Polish consumer goods imports were
shipped to northern German, Dutch and Belgian ports, then
transhipped to Gdynia or transported overland.
The opening of DCT Gdansk in 2007 for the first time enabled deep
sea calls direct to the Baltic sea, from whence goods could be
transported onwards by transhipment, rail or road
MOSCOW
KIEV POZNAN
WROCLAW
MOSCOW
KIEV
DCT Catchment Area
6
• Poland with very limited transit to Eastern part of
Czech Republic (Ostrava/Moravia Region),
Slovakia, Western/Central Ukraine, Belarus,
Russia (Kaliningrad)
Transit (XM) by truck or rail Transshipment (TS) by feeder
• Russia (Kaliningrad and Saint Petersburg), Baltic
Republics, Finland, Germany
The Advantages to a Shipping Line of Using DCT Gdansk
7
Comparative costs of shipping containers directly to DCT Gdansk – OCT 2012
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
€ p
er
40
' co
nta
ine
r
Cheapest inland delivery Stevedoring / port duties Deepsea cost
-----------to Warsaw------------ -----------to Wroclaw------------ --------------to Łodz---------------
Source: OSC
8
The Competitive Container Port Landscape in the Baltic Sea
Norway
Sweden
Germany
Denmark
Poland
Czech Rep.
Lithuania
Latvia
Russia
Ukraine
Estonia
Finland**
Belarus Gdansk*
Gdynia
St Petersburg
Ust Luga
Kaliningrad
Riga
Klaipeda
Helsinki Kotka - Hamina
Muuga Container T.
+4.8%
+9.8%
+8.1%
+9.6%
+8.4%
+8.2%
+7.9% +9.4%
+2.3%
+13.8%
+4.1%
+23.1%
+4.6%
+4.7% +9.8%
+0.0%
+0.0%
+0.0% Port
CAGR 2011-2020
Country
CAGR 2011-2020
2011 2020
2011 2020
Port Capacity
Container Demand
Source : Ocean Shipping Consultants
(1) Excluding Finland as 2020 data not
available
(2) Baltic Russia ports only
Please note that for the purpose of clarity, this
graph does not show ports which capacity is
less than 0.2m TEUs in 2011
LEGEND
1 cm = 1m TEUs
1 cm = 1m TEUs
Significant growth of
container demand in the
Baltic region (CAGR
2011-20 +8.5%)(1)
Poland and Russia are and
are forecast to remain the
largest markets in the region
(56.5% of total market in
2011, 58.1% in 2020)
Large growth of Baltic ports
capacity – from 10.1m TEUs
in 2011 to 18.1m TEUs in
2020 (CAGR 2011-20
+6.6%)
Limited growth of Finnish
and Estonian ports in terms
of capacity, as apposed to a
strong growth of Polish,
Lithuanian and Russian (2)
ports
Based on Base Case
* Includes DCT Gdansk and Gdansk
Container T. A conservative approach has
been taken to the DCT Gdansk potential
capacity development.
**Forecast for 2020 not available.
9
The move towards larger vessels on key routes will be accelerated by the formation of P3
P3: The Alliance of Three World’s Biggest Shipping Lines
42%
24%
34%
Expansion plans
Overview
DCT Gdansk has the ambition to become a 7m+ TEUs terminal by 2025-2030
Management has therefore developed an expansion plan to adequately support this growth scenario
2011: Terminal 1 – Existing Capacity 1,000 kTEUs
2012-2014: Terminal 1 – Stretch Capacity Expansion + 500 kTEUs
2013-2022: T2 Expansion + 1,750 kTEUs
2020+: Option North Expansion 750 kTEUs
2020+: Option East Expansion 1,500 kTEUs
Additional expansion plans / Investment opportunities: West Pomeranian Logistics Centre (PLC) adjacent to Terminal 1
Total additional capacity could amount to M 5,5 TEUs
Pomeranian Logistic Center
Adjacent to DCT Gdansk
Ground-lease 30 years
Total development area:
approx 500,000 m2
Possibility to create:
A special economic trading zone
A duty free industrial zone
T2 2013-2022
Option East 2020+
ROZWÓJ NABRZEŻA
2015+
Pomeranian Logistic Center
Rail Terminal
Option North 2020+
T1 Stretch Capacity
Terminal ‘T2’ 2016+
New yard and
equipment
Terminal 1
Existing infrastructure (cap. 1 000 k TEU)
Yard expansion
2012-2014
(+500k TEU)
Terminal ‘T2’
1750 k TEU
2022
T2 - Driver for Further Capacity Development
12
1. Poland is developing its export market and needs a strong container port sector to access directly its
export market without depending on NEPs
2. Poland strong dependence on Far East imports stresses importance of direct connection to main
markets (China, Korea, Japan)
• Lower cost of imports via Polish ports should benefit Polish consumers
• GDP driven by consumption should benefit Polish state income by having imports entering Poland via
Polish ports (collection of duties & VAT in Poland)
3. Development of container port sector will create new jobs in the transport and logistic sectors: Polish
companies may serve Polish market and go beyond it – to the CEE market. Current dominance of NEPs has
been favouring German and Benelux logistic operators
4. Attractiveness of Poland for foreign investment will increase as the country develops into the gateway to
the CEE and as a major hub to the BSR: Polish container ports have potential to serve a market of 100 million
people
Importance of Polish Container Ports for the Polish Economy
Throughput(
TEU)
Direct
Employment
(DCT)
Associated
employment
1 mio 580 - 660 700 - 800
4 mio 2270 - 2670 2720 - 3210
Importance of DCT for the Polish Economy
Government revenues generated by import containers handled by
DCT Gdansk (in `000 PLN)
Source: Customs Office in Poland; October 2013
Fiscal benefits for Polish government
2010 2011 2012 2013F
VAT 798 557 1 419 664 1 511 549 1 665 033
Excise 437 454 24 720 6 579
Duties 127 599 221 175 201 031 219 269
Sum 926 593 1 641 294 1 737 301 1 890 880
„DCT Gdansk have been informed that the European Commission received a
complaint from Gdynia Container Terminal, majority owned by Hutchison Whampoa
on 19th April 2013, alleging that the Port Authority of Gdansk (ZMPG) has unfairly
favoured DCT Gdansk by granting them the lease for the land on which the second
terminal will be constructed without a public tender. The complaint alleges that this is
in breach of EU State Aid laws and Polish procurement legislation”
GCT Complaint
Polish container terminals need to work together in order create complimentary
and effective container port system….
… otherwise the biggest beneficiary of surge of Polish import/export volumes
will be German and Benelux ports.
