2011/32

Vertical Integration and Exclusivities

in Maritime Freight Transport
Oscar ALVAREZ-SANJAIME
Pedro CANTOS-SANCHEZ
Rafael MONER-COLONQUES
Jos J. SEMPERE-MONERRIS
CORE DISCUSSION PAPER
2011/15

Vertical integration and exclusivities
in maritime freight transport

Pedro CANTOS-SNCHEZ
1
, Rafael MONER-COLONQUES
2
,
Jos J. SEMPERE-MONERRIS
3
and scar LVAREZ-SANJAIME
4


March 2011

Abstract

A key recent theme in maritime freight transport is the involvement of shipping lines in
terminal management. Such investments are costly but allow liners to provide better service.
Most of these new terminals are dedicated terminals but some are non-exclusive and let rivals
access them for a fee. In this paper, we show that a shipping line that builds its own terminal
finds it strategically profitable i) to continue routing part of its cargo through the open port
facilities, and ii) to keep its terminal non-exclusive. In this way, the liner investor pushes part
of the rival's freight from the open to the new terminal. Besides, under non-exclusivities, the
shipping lines offer a wider variety of services, total freight increases and the resulting
equilibrium fares are higher than with a dedicated terminal.

Keywords: freight transport, shipping lines, vertical integration.
JEL Classification: L13, L91, R40

1
Department of Economic Analysis and ERI-CES, University of Valencia, Spain. E-mail: [email protected]
2
Department of Economic Analysis and ERI-CES, University of Valencia, Spain. E-mail: [email protected]
3
Department of Economic Analysis and ERI-CES, University of Valencia, Spain and Universit catholique
de Louvain, CORE, B-1348 Louvain-la-Neuve, Belgium. E-mail: [email protected]
4
Department of Economic Analysis and IEI, University of Valencia, Spain. E-mail: [email protected]

The authors would like to thank participants at the Kuhmo Nectar Conference in Transport Economics
(Valencia 2010) for their comments and suggestions. We gratefully acknowledge financial support from the
Spanish Ministry of Science and Innovation and FEDER under projects ECO2010-20584 and ECO2010-
1733, and Generalitat Valenciana under project PROMETEO/2009/068.
This paper presents research results of the Belgian Program on Interuniversity Poles of Attraction initiated
by the Belgian State, Prime Minister's Office, Science Policy Programming. The scientific responsibility is
assumed by the authors.
1 IntroductIon
Ovoi lho lasl oocaoos lho linoi shipping maikol has wilnossoo oxlonsivo changos Lolh in
soa lianspoil ano lho slovoooiing maikol. 1ho movo lowaios incioasingly convoiging ano
inlogialing maikols has piooucoo a suLslanlial giowlh in lho scopo of aclivilios poifoimoo
Ly caiiiois, in loims of googiaphic covoiago, fioquoncy of soivicos, fasloi liansil limo ano
supply chain managomonl. An incioaso in lho comploxily of lho maiilimo logislics chain has
inoooo occuiioo. 1ho usual compolilion Lolwoon inoivioual shipping companios ano Lolwoon
poils has changoo lo compolilion Lolwoon logislics chains (Suykons ano Van oo Vooioo, 1008),
Lasically composoo of lhioo laigo soclions: lho puioly maiilimo soivicos, lho fioighl hanoling
in lho poil ano lho hinloilano soivicos. An impiovoo oiganizalion of lhoso soclions Locomos
funoamonlal iogaioing whal 'piooucl' is oloioo Ly a shipping lino al a pailiculai poil. A koy
ioconl lhomo is lho involvomonl of shipping companios in loiminal managomonl. 1ho oLjoclivo
of oui papoi is lo analyzo lho ooiivoo olocls of voilical inlogialion Lolwoon maiilimo soivicos
ano loiminal poil aclivilios on piicos, oomano ano piolls; wo wish lo assoss wholhoi il is
slialogically piollaLlo foi a shipping lino lo havo a oooicaloo loiminal anooi conlinuo lo
omploy lho poil`s opon infiasliucluio.
1
1ho poil ano maiilimo inousliy has ioconlly ovolvoo lowaio vaiious foims of conconlialion
ano coopoialion. 1ho main lypos aio: hoiizonlal coopoialion Lolwoon shipping companios,
hoiizonlal coopoialion Lolwoon loiminal opoialing companios (1OCs), ano voilical coopoia-
lion Lolwoon 1OCs ano shipping companios (soo o.g. Hoavoi ol al., 2001). As a consoquonco
of poil iofoim, ano ovoi lho lasl couplo of oocaoos lhoio has Loon a oocioaso in lho num-
Loi of slalo-ownoo loiminal facililios. 1his piocoss of poil piivalizalion has loo lo piivalo
invoslmonl in conlainoi loiminals, as a moans lo ovoicomo shoilagos in poil infiasliucluios.
2
Moga-vossols cannol Lo hanoloo al all loiminals, lhus Liinging aLoul a signilcanl incioaso in
slovoooiing cosls, ano lho loaoingunloaoing opoialions ioquiio moio limo. Wilh a giowing
comploxily in gloLal lianspoil nolwoiks, managing lho facloi limo Locomos ciucial foi cui-
ionl linoi soivico oosign. Shoiloi wailing limos ano oolays iooouno in Lonolls lo cuslomois
lhal savo on logislics cosls (NolloLoom, 2006). Spocilcally, Wilmsmoioi ol al (2006) lno
lhal poil omcioncy is lho mosl ooloiminanl olomonl, followoo Ly poil infiasliucluio, piivalo
1
Wo shall iofoi lo opon poil facililios lo moan lhal any shipping lino can accoss lhom on oqual conoilions,
iogaioloss of lho lypo of piopoily, Lo lhom puLlic oi Lo lhom inooponoonlly opoialoo mulli-usoi facililios.
2
Miooio ol al. (200) suivoy lho ioconl hisloiy of linoi shipping ano lalk aLoul ono ovolulion (giowlh in
vossol sizo ano in poils) ano lhioo iovolulions (conlainoiisalion, inloimooal ship-iail lianspoil, ano lianship-
monl). 1ho cuiionl wavo of lho inlogialion ano gloLalizalion of lho loiminal Lusinoss ano linois is lo Lo pul
in lho lianshipmonl iovolulion.
1
socloi pailicipalion ano inloi-poil connoclivily. DouLling poil omcioncy in a paii of poils
involvoo in Lilaloial liaoo has lho samo impacl on inloinalional lianspoil cosls as halving lho
oislanco Lolwoon lhom. All lhoso faclois havo oiivon linois lo conliol a numLoi of loiminal
facililios all ovoi lho woilo. Wilhin lho sliucluial ovolulion in poils, many shipping linos havo
oslaLlishoo lhoii own loiminal opoialing Lianch. 1o illuslialo, lho AIMolloi-Maoisk gioup
opoialos appioximaloly 0 conlainoi loiminals aiouno lho woilo. 1his coilainly inliooucos an
olomonl of slialogy in such voilical inlogialion aiiangomonls. In pailiculai, a koy oocision foi
caiiiois is wholhoi lo manago a oooicaloo loiminal (ano lhus koop il oxclusivo) oi wholhoi
lo havo a loiminal accossiLlo lo all usois (lhus kooping il non-oxclusivo). Inoooo, mosl gloLal
caiiiois iun lhoii own loiminals; olhois aio shifling lo common-usoi (non-oxclusivo) loiminals,
as oono Ly Maoisk cioalion of AI Molloi 1oiminals ano Japanoso Yusin Kaisha. Of couiso,
lho shipping lino can opoialo lhiough any poil loiminal.
8
1ho linoi shipping maikol has a numLoi of chaiacloiislics, of which lho following slano oul.
Fiisl, il is an oligopolislic maikol: lho lop 20 caiiiois accounl foi ovoi 80/ of vossol capacily.
Socono, moigois ano coopoialion agioomonls havo Loon common in lho pasl fow yoais. Sinco
lho 00s, lho foimalion of slialogic alliancos poimils caiiiois lo pool vossols on main commoicial
ioulos ano pioll fiom scopo ano nolwoik oconomios. Shipping companios now oslaLlish foims
of voilical inlogialion lo gol a lighloi giip on logislics chains, in pailiculai, as a moans of
gaining conliol ovoi poil capacily (Van oo Vooioo ano Vanolslanooi, 2000). 1ho omoigonco of
oooicaloo conlainoi loiminals ovoi lho lasl yoais may Lo ouo lo lho incioasing gap Lolwoon lho
oLjoclivos of poils ano lhoso of shipping linos. HaialamLioos ol al. (2002) piovioo a oolailoo
oiscussion ano analysis of lho cosls ano Lonolls of oooicaloo loiminals. 1hiio, oiganizing lho
lianspoil of fioighl Ly soa involvos a numLoi of oiloionl agonls: fioighl foiwaioois, poil aclois
(caigo hanolois, slovoooios, ano shipping agonls), shipping companios ano inlano lianspoil
piovioois. Voilical inlogialion can holp companios iun lhoii Lusinoss moio omcionlly.
4
Fouilh,
in lho sliong compolilion onviionmonl lhal chaiacloiizos lho inousliy, piooucl oiloionlialion
(lhiough a wiooi iango of soivicos oloioo) has a sliong inluonco on poifoimanco (Ianayioos,
2008).
1his papoi oovolops an oligopoly moool wilh voilical iolalions lhal accounls foi lho afoio-
monlionoo chaiacloiislics of lho maiilimo fioighl inousliy. 1ho lims upslioam aio lho ship-
8
1ho impoilanco of maikol powoi ano lho inlogialion of aclivilios in lho maiilimo socloi aio maoo cloai
Ly lwo ioconl OLCD woiks Ly Fiomonl (2000) ano Van oo Vooioo ano Vanolslanooi (2000).
4
1hoio aio puio 1OCs ano also olhoi foims of pailnoiships Lolwoon shipping linos ano slovoooios (such
as joinl vonluios, conliacls, lho cioalion of pailially ownoo suLsioiaiios, ano so on). Soo Soppo ol al. (2000)
foi a ioconl ioviow on ioasons loaoing lo lho inlogialion of voilical aclivilios.
2
ping linos lhal oloi oiloionlialoo fioighl soivicos ano opoialo lhiough lho oownslioam opon
poil facililios. 1hon ono of lho companios invosls in a piivalo loiminal. 1his inlogialion of
soivicos moans il can socuio ils poil opoialions, savo on cosls ano Lolloi schooulo ils ships.
Such suLslanlial invoslmonl can Lo jusliloo Ly a high volumo of liamc wilh lho oLjoclivo
of piovioing Lolloi soivico qualily. 1hal is lo say, cuslomois will Lo willing lo pay highoi
faios foi lhal liamc lhiough lho now linoi loiminal, mainly Locauso of fasloi liansil limo.
1ho loiminal is in piinciplo a oooicaloo loiminal ano lho caiiioi invosloi oocioos wholhoi lo
conlinuo using lho opon poil facililios. Howovoi, ano foi slialogic ioasons, such invoslmonl
can Lo Losl paio ol if lho loiminal is hiioo lo olhoi linois al somo piico. All lhoso compolilion
sconaiios aio consiooioo ano compaioo. Oui solling lhus focusos on shipping linos` oocisions
ano nol on poil managomonl.

Il allows us lo oxamino lho now Lusinoss lino aooploo Ly majoi

linois ano lo ovalualo lho oppoilunily of oxclusivo loiminals. Il is shown lhal lho shipping
lino lhal invosls in lho now loiminal lnos il aovanlagoous lo opoialo ils fioighl Lolh lhiough
ils own loiminal ano lho opon facililios. In lhis way il can sogmonl lho maikol ano soil oul
lhoso cuslomois lhal aio willing lo pay moio foi a Lolloi soivico. In caso lho shipping lino
lols lho iival uso lho piivalo loiminal in oxchango foi a foo, wo lno lhal lho faio of lho caiiioi
invosloi is highoi lhan lho iival`s al lho opon facililios, whoioas lho opposilo happons al lho
linoi loiminal. Wilh lhoso faios lho caiiioi invosloi pushos somo of lho iival`s fioighl fiom
lho opon lo lho now loiminal. Oui main lnoing is lhal lho shipping lino lhal Luilos ils own
loiminal allains highoi piolls wilh a non-oxclusivo loiminal lhan wilh a oooicaloo loiminal;
inloioslingly, lho iival caiiioi also gols moio piolls unooi lho non-oxclusivo iogimo. Wilh
lho foo, lho caiiioi invosloi pailially inloinalizos lho compolilion slomming fiom lolling lho
iival oloi a now piooucl. Lolh shipping linos oloi a wiooi vaiioly of soivicos, lolal fioighl
incioasos ano lho iosulling oquiliLiium faios oxcooo lhoso unooi a oooicaloo loiminal.
1ho papoi is oiganizoo as follows. Soclion 2 piovioos somo ovioonco on lho ioconl liono
iogaioing voilical inlogialion in maiilimo fioighl. 1hon Soclion 8 piosonls lho moool ano
oovolops lho vaiious compolilion sconaiios. 1ho main iosulls aio piosonloo ano oiscussoo.
Soclion 4 concluoos.

Dollippi ano Floi (2008) sluoy lho iolo of a iogulaloiy fiamowoik on accoss ano piicing foi poil in-
fiasliucluios; lhoy oxamino lho olocls on facililaling fuilhoi piivalo invoslmonl in oovoloping counliios.
8
2 TLe InvoIvenent In TernInaIs Ly SLIIng LInes
As acknowloogoo in lho Gioon Iapoi COM(07) 678 on soapoils ano maiilimo infiasliucluios in
lho Luiopoan Union, ano lho Communicalion fiom lho Comission lo lho Luiopoan pailiamonl
ano lho Council, COM 20010047, lho lnancing of poils ano policios on chaiging lhoii usois
vaiy fiom ono counliy lo anolhoi, iolocling lho consiooiaLlo oiloioncos in lho appioach lakon
lowaios lhoii ownoiship ano oiganizalion. In Luiopo wo lno slalo-ownoo poils, olhois lhal
aio iun Ly local govoinmonls ano somo lhal aio in lho hanos of piivalo managomonl. 1ho
lack of lianspaioncy of poil accounls as woll as lho oxlonsivo applicalion of suLsioios ano
puLlic aios oisguiso lnal piicos. 1o illuslialo, Spain`s Ioil Syslom ooos nol oscapo lo lhis
oosciiplion. 1ho poil faios aio iogulaloo Ly lho conlial govoinmonl lhough companios oloi
oiscounls on lnal piicos, which lianslalos lo signilcanl oispoision of oLsoivoo faios. 1ho facl
lhal poils lono lo Lo soon as commoicially oiionloo onlilios has oiivon lho Spanish govoinmonl
lo mooify lho Law on Ioils. Allhough chaigos shoulo follow avoiago cosl piicing oi maiginal
cosl piicing, lhoio is slill much lo Lo oono. 1hoiofoio, oala on changos in maikol sliucluios
ano volumos of fioighl can Lo usoful inoicalois of lho Lusinoss slialogios ioconlly unooilakon
Ly gloLal caiiiois.
Dooicaloo loiminals aio a wioospioao phonomona nol only in Luiopo Lul also in Asia
ano Noilh Amoiica. Diowiy Shipping Consullanls (2008) collocloo lhioughpul lguios foi
loiminals in which caiiiois havo a non-minoiily shaioholoing: Lvoigioon hanoloo .7 million
1LU woilowioo on ils loiminals in 2002, Cosco 4.7 million 1LU, Hanjin 4.7, AIL 4.8, NYK
Lino 8. (incluoing 1.8 million 1LU al ils suLsioiaiy Coios 1oiminals) OOCL 8, NOL 2.,
K-Lino 2.2, MSC 2.2, Yang Ming 1.8 ano Hyunoai 1.1 million 1LU. 1ho slialogy of holoing
oooicaloo anooi non-oxclusivo loiminals Locomos funoamonlal foi lhoso Lig playois. Con-
lainoi shipping linos appioach loiminal managomonl in a oiloionl way: lhoy sook conliol ovoi
Loilhs whilo olhoi puio` loiminal opoialing companios manago mulli-usoi facililios. Somo
of lhoso linoi loiminals oloi slovoooiing soivicos lo lhiio caiiiois as woll, lhoioLy cioaling
somo hyLiio foim in Lolwoon puio oooicaloo facililios ano inooponoonlly opoialoo mulli-usoi
facililios (NolloLoom 2006).
1aLlo 1 galhois infoimalion on lho inloiosls lhal many of such Lig caiiiois in hanoling
loiminals in Luiopoan poils. Allhough nol a gonoializoo oLsoivalion, many poils havo soon
an incioaso in lhioughpul following lho oponing of now loiminals. Dooicaloo loiminals havo
Loon gianloo ioconlly lo AIM-Maoisk in Iolloioam ano lo MSC in Anlwoip. As alioaoy
noloo, somo of lhom opl foi supplying loiminal soivicos only lo lhoii own vossols (as happons
wilh MSC in poils liko Valoncia, Anlwoip oi Napols). Howovoi, olhoi companios allow olhoi
4
shipping linos lo uso lhoii poil loiminals foi a ooloiminoo foo (as is lho caso of Cosco in
poils liko Singapoio). 1aLlo 2 iopoils aggiogalo fioighl oala foi somo Luiopoan poils whoio
loiminals woio ioconlly cioaloo. Foi oxamplo, lho poils of ZooLiuggo ano Lo Havio havo soon
a nolaLlo incioaso sinco 200 ano 2006, afloi lho oponing of CMA-CGM ano MSC loiminals,
iospoclivoly.
6
[Insoil 1aLlos 1 ano 2 aLoul hoio[
Fuilhoimoio, caiiioi invoslois conlinuo using lho opon poil facililios. As shall Lo soon
Lolow, lhis is a slialogic foaluio suppoiloo Ly oui moool. In lhis iogaio, 1aLlo 8 shows somo
ovioonco aLoul lho sliucluio ano fioighl volumos in lho poil of Valoncia. Up unlil lho ono
of 2006 lhoio was ono main opon conlainoi loiminal, whoso managomonl has ioconlly Loon
concoooo lo a piivalo opoialoi. Sinco 2007 a now conlainoi loiminal slailoo lo opoialo. Il
was Luill Ly lho shipping lino MSC, ano il is a oooicaloo loiminal foi lho opoialions of MSC
allhough MSC opoialos pail of ils opoialions lhiough lho opon loiminal. 1ho oala of 1LUs
movoo in Lolh loiminals aio shown Lolow.
[Insoil 1aLlo 8 aLoul hoio[
3 TLe AodeI and HesuIts
Wo aio inloiosloo in oslaLlishing wholhoi a voilically inlogialoo company piofois lo koop a
oooicaloo loiminal (ano conlinuo omploying lho opon facililios) oi lo lol il lo a iival linoi. 1o
lhis ono wo will compaio piicos, oomano ano piolls unooi sovoial sconaiios.
I) HencLnark scenarIo.
Consiooi ono (soa) poil in which lwo shipping linos oloi oiloionlialoo fioighl soivicos.
7
1ho oomano syslom foi lianspoil is linoai in lho following foim:
Q
O
= c ,
O
d,
1O
(1)
Q
1O
= c ,
1O
d,
O
.
whoio Q
i
iopiosonls lho oomano (oxpiossoo in 1LU) ano ,
i
is lho faio of shipping lino i
(i = C. 1C) ano is chaigoo foi lho soivicos of lianspoiling a 1LU Lolwoon lwo poinls. 1his
6
1ho lhooiolical moool piocisoly incoipoialos lhis facl; lho now loiminal cioalos oomano foi now ano
impiovoo soivicos.
7
Compolilion on ioulos is a majoi ooloiminanl of lianspoil cosls, ano is closoly iolaloo lo lho lolal liaoo
volumo. In 2006, ono in six impoiloi oxpoiloi paiis was soivoo Ly a singlo linoi soivico, ano ovoi half woio
soivoo Ly lhioo oi fowoi (Hummols ol al., 2000).

oomano syslom has lho piopoily lhal lowoi faios aio Loosling lianspoil soivicos as lho cosl of
lho shippoo piooucl in lho ooslinalion maikols is lowoi.
8
1his olocl is Lounooo Ly c. 1hus,
paiamoloi c coiiosponos wilh lho maximum lovol of lianspoil oomano foi oilhoi shipping lino
in lho oopailing silualion. All of lho fioighl is opoialoo lhiough lho opon loiminal (suLsciiploo
Ly C). Soo Figuio 1a. Iaiamoloi d is iolaloo wilh lho oogioo of piooucl oiloionlialion Lolwoon
lho soivicos supplioo Ly shipping linos. Il iangos fiom 0 lo 1. ano soivicos aio loss oiloionlialoo
as d appioachos 1. 1his (invoiso) oomano schooulo capluios hoiizonlal piooucl oiloionlialion
(paiamoloi d) Lolwoon lho fioighl soivicos, as woll as voilical piooucl oiloionlialion iogaioing
lho qualily of lho soivicos oloioo (paiamoloi c).
0
Shipping linos incui conslanl maiginal cosls
of pioouclion c. In aooilion, lhoy aio chaigoo cn poi 1LU foi loiminal poil uso.
10
Wo can
lhoiofoio slalo lho pioll maximizalion pioLlom foi lho shipping linos as follows:
max
)

= (,
O
c cn)Q
O
(2)
max
)

:
1
= (,
1O
c cn)Q
1O.
1his is a slanoaio oiloionlialoo ouopoly wilh a symmoliic oquiliLiium chaiacloiizoo Ly:
,

O
= ,

1O
=
c c cn
2 d
. (8)
lhal loaos lo oquiliLiium oomanos ano piolls givon Ly:
Q

O
= Q

1O
=
c (1 d)(c cn)
2 d
: :

= :

1
=

c (1 d)(c cn)
2 d

2
. (4)
Nolo lhal wo nooo lo assumo lhal c (1 d)(c cn) in oiooi lo gol posilivo oquiliLiium
oomanos. Howovoi, lhis is a consisloncy assumplion as il simply implios lhal lho maximum
willingnoss lo pay foi lho lianspoil soivico musl Lo gioaloi lhan lho maiginal cosls of piovio-
ing lho soivico.
11
Ono of lho shipping linos, say . sols up ils own loiminal al lho poil, which
8
Al lho aggiogalo lovol Koiinok ano Souioing (2000) show lhal a oouLling in Lilaloial maiilimo lianspoil
cosls (oxpiossoo in $lonno of gooos shippoo) is associaloo wilh Lolwoon 66 ano 80 poiconl ooclino in lho
valuo of impoils Lolwoon lwo givon counliios, holoing conslanl lho olocls of GDI, oislanco ano all olhoi
ooloiminanls of impoils.
0
1hal is, whon Lolh piooucls aio solo al lho samo piico lho high qualily ono has highoi oomano lhan
lho olhoi. If wo invoil lho aLovo linoai oomano syslom lho aclual inloicopl is inloipioloo as lho maximum
willingnoss lo pay foi lhal gooo. Nolo lhal a highoi a implios a highoi willingnoss lo pay.
10
Nolo lhal incioasing ioluins lo scalo woulo mako lho moooling much moio oimcull wilhoul aooing loo
much lo lho analysis. 1ho ioason is lhal wo focus on symmoliic shipping linos, lhus oconomios of scalo will
alocl Lolh linois in a symmoliic way ano will imply moio liamc foi Lolh caiiiois in lho Lonchmaik caso.
11
Ly invoiling lho linoai oomano syslom wo oLlain lho maximum willingnoss lo pay, which ioaos

ano
il musl Lo gioaloi lhan c cn.
6
onlails somo lxoo cosl 1. 1his oocision will allow lho shipping lino lo supply a Lolloi soivico
qualily (o.g., fasloi liansil limo ano Lolloi managomonl of lho caigo). 1his is mooolloo as a
chango in lho maximum oomano paiamoloi. Losioos, lho shipping lino can slill mako uso of
lho opon poil soivicos oi nol. Fuilhoi assumo lhal lhoio is no congoslion al lho poil.
12
1hoso
silualions aio analyzoo noxl.
II) DedIcated use oI tLe IIner ort ternInaI.
1.1&: &.
In lho caso of a puioly oxclusivo loiminal, wo assumo lhal shipping lino opoialos all ils
fioighl lhiough ils loiminal, whoioas shipping lino 1 only opoialos lhiough lho opon loiminal.
Soo Figuio 1L. 1ho (asymmoliic) oomano syslom is now givon Ly:
Q
T
= c ,
T
d,
1O
()
Q
1O
= c ,
1O
d,
T
.
whoio Q
T
oonolos fioighl soivicos of shipping lino lhiough lho piivalo loiminal (suLsciiploo
Ly 1); ano Q
1O
(as aLovo) coiiosponos lo fioighl soivicos of shipping lino 1 lhiough lho opon
loiminal. As noloo aLovo, lho impiovomonl in soivico pioviooo lianslalos lo lho oomano
paiamoloi c. wilh c c. Shipping lino now savos on unil cosls cn sinco ils fioighl lianspoil
is opoialoo via ils own loiminal.
18
1hoiofoio, lho pioll maximizalion pioLlom facoo Ly lho
shipping linos is slaloo as follows:
max
)

,)

= (,
T
c)Q
T
1 (6)
max
)

:
1
= (,
1O
c cn)Q
1O
.
Solving lho syslom foimoo Ly J:

,J,
T
= 0. ano J:
1
,J,
1O
= 0 loaos lo oquiliLiium
faios:
,
jc
T
=
2(c c) (c c cn)d
4 d
2
(7)
,
jc
1O
=
d(c c) 2(c c cn)
4 d
2
.
12
Do Loigoi ol al. (2008) sluoy lho iolovanco of congoslion whon poils, which soivo a hinloilano, compolo
foi liamc. 1hoii analysis highlighls lhal, unooi somo ciicumslancos, invoslmonls in poil capacily can Lo
wolfaio ooliimonlal.
18
Wo noimalizo lho linoi loiminal`s maiginal opoialing cosl lo zoio foi lho sako of oxposilion. Wo aio jusl
assuming lhal lhoio is a cosl aovanlago in lho now loiminal. 1hoiofoio, cn is inloipioloo as lho oiloionco in
opoialing cosls onco lhal of lho now loiminal is assumoo lo Lo zoio.
7
whoio supoisciipl jc slanos foi puioly oxclusivo. Lol Q
jc
T
. Q
jc
1O
. :
jc

ano :
jc
1
oonolo lho oqui-
liLiium oulpuls ano piolls. Il follows lhal, as long as c c cn. ,
jc
T
,
jc
1O
, Q
jc
T
Q
jc
1O
,
ano :
jc

:
jc
1
(aLsliacling fiom lho lxoo cosl 1). 1ho conoilion on c is jusl moshing lho lwo
opposilo olocls on lho shipping lino

: faios ooiivoo fiom lho now loiminal uso. An incioaso

in lho soivico qualily lhal onlails an oquiliLiium faio iiso, Lul also a oocioaso in maiginal cosl,
sinco cn is savoo, lhal implios a oocioaso in lho faio.
14
1ho conoilion infoims lhal only whon
c is high onough will lho lnal olocl Lo an incioaso in faios. Inloioslingly, il also implios lhal
oquiliLiium faios aio highoi lhan in lho Lonchmaik sconaiio.
. `.rJ &.
In lhis caso, Lolh shipping linos omploy lho opon facilily whoioas shipping lino omploys
lho piivalo poil loiminal on an oxclusivily Lasis. Soo Figuio 1c. 1hus, lhioo oiloionl fioighl
soivicos aio availaLlo ooponoing on lho shipping lino ano lho lypo of loiminal usoo. 1ho
(asymmoliic) oomano syslom is now givon Ly:
Q
T
= c ,
T
d(,
O
,
1O
)
Q
O
= c ,
O
d(,
T
,
1O
) (8)
Q
1O
= c ,
1O
d(,
T
,
O
).
whoio Q
O
oonolos fioighl soivicos of shipping lino lhiough lho opon loiminal. Iaiamoloi
d now iangos fiom 0 lo 0.. lo havo lhal an oqual oocioaso in all lho faios implios an incioaso
in oomano. Now lho pioll maximizalion pioLlom facoo Ly lho shipping linos is slaloo as
follows:
1
max
)

,)

= (,
T
c)Q
T
(,
O
c cn)Q
O
1 (0)
max
)

:
1
= (,
1O
c cn)Q
1O
.
Solving lho syslom foimoo Ly J:

,J,
T
= 0. J:

,J,
O
= 0 ano J:
1
,J,
1O
= 0 loaos lo
14
Iogaioing shipping lino 1

: faio, lho incioaso is ouo lo slialogic complomonlaiily sinco 1

: maiginal
piolls aio incioasing wilh ils iival`s faio.
1
Wo aio nol consiooiing oconomios of scopo in oiooi lo koop lho moool as simplo as possiLlo. Lconomios of
scopo woulo imply highoi shipping lino

: piollaLilily. 1hus Ly assuming lhom away wo aio unooioslimaling

lho posilivo olocl of a now soivico in lho maikol.
8
oquiliLiium faios:
16
,
c
T
=
(c c)(4 d
2
) 3(c c cn)d(2 d) d(4c(1 d) cn(4 d
2
))
4(2 (3 d)d
2
)
,
c
O
=
(c c cn)(4 d(2 d)) (c c)d(4 d) d(4c(1 d) cn(4 d)d)
4(2 (3 d)d
2
)
(10)
,
c
1O
=
(2 d)(c c cn) d(c c) d
2
(2c cn))
2(2 d(2 d))
.
whoio supoisciipl c slanos foi oxclusivily. Il can also Lo chockoo lhal lho faios aio incioasing
wilh c ano c. ano also wilh c ano cn as long as d (0. 0.).
Givon lhoso oquiliLiium faios, lho oquiliLiium oomanos ano piolls can Lo oLlainoo. Lol
Q
c
T
. Q
c
O
. Q
c
1O
. :
c

ano :
c
1
oonolo lhoso oxpiossions. Il happons lhal ,
c
T
,
c
O
ano Q
c
T
Q
c
O
if ano only if c c cn(1 d).ano lho samo conoilion is sumcionl foi ,
c
O
,
c
1O
ano Q
c
O
Q
c
1O
. In facl il is oasily piovon lhal ,
c
1O
giows wilh iospocl lo lho faio in lho
Lonchmaik silualion; lho samo happons foi quanlilios. 1his is oxplainoo Ly lho facl lhal
moio vaiioly in soivicos is alliacling oomano lo lho maikol in such a way lhal lhoio is always
oomano foi lho now soivicos.
17
1ho compaiison of lho puio ano lho mixoo sconaiios yiolos lho noxl iosull:
18
HesuIt 1 Jh h..nj |.n hn h&.|J h :n.nn| . h: ] .J . :n . J:.jh
h:&jh hh :n.nn|, ... :
c

:
jc

.
1hoiofoio, lho ownoi of a now loiminal will nol oxil lho opon loiminal. In ooing so, il
can oslaLlish a soil of maikol sogmonlalion oovico as ono of ils soivicos is aimoo al lhoso
cuslomois lhal aio willing lo pay moio foi Lolloi soivico qualily, whilo Ly oloiing lho olhoi
soivico via lho opon loiminal il is lghling foi cuslomois lhal woulo olhoiwiso Lo palionizoo
Ly shipping lino 1.
16
1ho fulllmonl of lho socono oiooi conoilions foi a maximum ioquiio lhal 4(2 (8 d)d

) < 0, which
holos foi valuos of d (0, 0.782).
17
1his is a foaluio cloaily omLooooo in lho iopiosonlalivo consumoi appioach lo piooucl oiloionlialion lhal
wo aio consiooiing. 1ho inlioouclion of a now piooucl has always a maikol oxpansion olocl lhan oulwoighs
lho olocl of moio piooucls in lho maikol. 1ho convonionco of lhis appioach ialhoi lhan any olhoi is an
ompiiical issuo. 1hal is, wholhoi lho consiooioo maikol has a high polonlial giowlh oi is a maluio ano
slaLilizoo maikol. Wo aio focusing on lho foimoi silualion.
18
1ho pioof piocooos as follows. Wo lisl piovo lhal ^

(a, a, cn, c)

, is incioasing in a al an
incioasing ialo. 1hoiofoio, ^

(a, a, cn, c) ^

(a = a, a, cn, c). Wo lhon chock lhal inoooo ^

(a =
a, a, cn, c) 0 foi all d <

.
0
III) on-excIusIve use oI tLe IIner ort ternInaI.
Lolh shipping linos omploy lho puLlic ano lho now facililios (soo Figuio 1o)., which moans
lhal lhoio aio foui oiloionlialoo piooucls as galhoioo Ly lho (asymmoliic) oomano syslom:
Q
T
= c ,
T
d(,
O
,
1T
,
1O
)
Q
O
= c ,
O
d(,
T
,
1T
,
1O
) (11)
Q
1T
= c ,
1T
d(,
T
,
O
,
1O
)
Q
1O
= c ,
1O
d(,
T
,
O
,
1T
).
Nolo lhal now shipping lino oxliacls iovonuo fiom lho iival shipping lino Ly chaiging a
poi unil faio of t on 1

: fioighl lhiough lho piivalo loiminal, Q

1T
. 1his moans lhal shipping
lino is Lohaving as a soivico pioviooi foi shipping lino 1 lhus onloiing inlo a voilical
iolalionship. Fuilhoi nolo lhal paiamoloi d iangos fiom 0 lo 1,3. 1his iosulls in lho following
pioll maximizalion pioLlom:
max
)

,)

= (,
T
c)Q
T
(,
O
c cn)Q
O
tQ
1T
1 (12)
max
)

,)

:
1
= (,
1T
c t)Q
1T
(,
1O
c cn)Q
1O
.
Solving lho syslomfoimoo Ly J:

,J,
T
= 0. J:

,J,
O
= 0. J:
1
,J,
1T
= 0 ano J:
1
,J,
1O
=
0 loaos lo oquiliLiium faios:
10
,
ac
T
=
(2 d)(c c) 3d(c c cn) d(2 d)cn 2d(1 d)c 3d(1 d
2
)t
4(1 d)(1 2d)
,
ac
O
=
(2 d)(c c cn) 3d(c c) 3d
2
cn 2d(1 d)c 3d(1 d
2
)t
4(1 d)(1 2d)
(18)
,
ac
1T
=
(2 d)(c c) 3d(c c cn) d(2 d)cn 2d(1 d)c (1 d)(2 4d 3d
2
)t
4(1 d)(1 2d)
,
ac
1O
=
(2 d)(c c cn) 3d(c c) 3d
2
cn 2d(1 d)c 3d(1 d)t
4(1 d)(1 2d)
.
Again, il is sliaighlfoiwaio lo soo lhal lho faios aio incioasing wilh c ano c. wilh c ano cn
as long as d (0. 1,3): lhoso cosls onloi symmoliically in all lho oxpiossions. 1ho unil faio t
alocls posilivoly ano in lho samo magniluoo lho faios foi shipping lino . Losioos, ,
ac
1T
,
ac
T
ano ,
ac
O
,
ac
1O
, i.o., lho faio of fioighl lhiough lho linoi loiminal is highoi foi shipping lino
1. whoioas lho faio of fioighl lhiough lho usual facililios is highoi foi shipping lino . Il is
inloiosling lo nolo lhal lhoso faio oiloioncos aiiso as long as t 0. Whon t is zoio, fioighl
10
1ho fulllmonl of lho socono oiooi conoilions foi a maximum ioquiio lhal 16 48d

82d

0, which
holos foi valuos of d (0, 0.).
10
soivicos al lho samo loiminal havo lho samo oquiliLiium faios. 1ho faios al lho now loiminal
oxcooo lhoso al lho opon loiminal if ano only if c c (1 d)cn. Losioos as soivicos Locomo
moio oiloionlialoo, i.o. lowoi d. lho faio oiloionco in lho linoi loiminal incioasos, whilo lhal
oiloionco al lho opon loiminal oocioasos. Iogaioing lho piicing policy wilhin a shipping lino,
il always happons lhal lho high qualily soivico is piicoo highoi lhal lho low qualily ono if c is
Lig onough ano iogaioloss of lho poi unil faio on 1

: fioighl via lho now loiminal. 1ho noxl

iosull summaiizos oui lnoings:
HesuIt 2 .) 1.h.n h :.n :n.nn| & hn hn ,
ac
1T
,
ac
T
&h:n &.h.n h n
:n.nn| ,
ac
O
,
ac
1O
.
..) 5h..nj |.n Jn: &h hn ,
ac
T
,
ac
O
&h:n J: h..nj |.n 1. ,
ac
1T
,
ac
1O
n
|nj n c c (1 d)cn.
1ho oquiliLiium faios aio suLsliluloo Lack in lho pioll funclion :

lo oLlain lho poi unil

faio t lhal shipping lino chaigos shipping lino 1 foi lho uso of ils loiminal. Solling J:

,Jt
oqual lo zoio ano solving foi t yiolos:
20
t
ac
=
o(26o1o

So

)oo(21oSo

)2c(1o)(1So)(1SoSo

)c&o(116oo

)
(1o)(2So)(2o(7So(2o))
(14)
whoio il is oasily chockoo lhal t
ac
cn.
21
Iogaioing fioighl soivicos lho following ianking is
oslaLlishoo Q
ac
T
Q
ac
1T
Q
ac
1O
Q
ac
O
. 1his happons foi all possiLlo t 0. whoio i)
Q
ac
T
Q
ac
1T
sinco ,
ac
1T
,
ac
T
. ii) Q
ac
1O
Q
ac
O
sinco ,
ac
O
,
ac
1O
. Finally Q
ac
1T
Q
ac
1O
if ano
only if c c (1 d)(t
ac
cn) sinco t
ac
cn. Finally, Q
ac
1T
Q
ac
O
if ano only if
c c (1 d)(t
ac
cn) 3d(1 d)t
ac
.
Wo may now compaio wholhoi shipping lino lnos il slialogically aovanlagoous lo havo
a piivaloly Luill loiminal on a non-oxclusivo iogimo. 1ho noxl iosull summaiizos lho main
lnoing in oui papoi.
22
20
1ho fulllmonl of lho socono oiooi conoilion ioquiios lhal d (0, 0.80).
21
Wo lisl uso lho facl lhal lho oiloionco t

cn is incioasing in a. 1hon, wo uso lho conoilions a

a (1 d)cn, a c cn, ano d <

lo oLlain lho iosull.

22
Faios iankings aio oLlainoo oiioclly jusl using lhal d < 1,8 ano a a. In oiooi lo piovo pail i) wo lisl
piovo lhal ^

(a, a, cn, c)

, is incioasing in a al an incioasing ialo. 1hoiofoio, ^

(a, a, cn, c)
^

(a = a, a, cn, c). Finally wo piovo lhal ^

(a = a, a, cn, c) 0 foi all d <

. Similaily foi ii), oolno

^

(a, a, cn, c)

, which is also incioasing in a al an incioasing ialo, lhoiofoio ^

(a, a, cn, c)
^

(a = a, a, cn, c). Wo noxl piovo lhal ^

(a = a, a, cn, c) is incioasing in a, so ^

(a = a, a, cn, c)
^

(cn, cn, cn, c). Finally, wo piovo lhal ^

(cn, cn, cn, c) 0 foi any d <

.
11
HesuIt 3 1jn:J| J h n|& c nnJ J: d (0.
1
S
).
.) 5h..nj |.n . h: ] &.h n nn-r|&. :n.nn|, ... :
ac

:
c

.
..) 5h..nj |.n 1 . n| h: ] &.h n nn-r|&. :n.nn|, ... :
ac
1
:
c
1
...) Jh Jn: n: h.jh: &nJ: n nn-r|&. :j.n, ... ,
ac
T
,
c
T
. ,
ac
O
,
c
O
nnJ
,
ac
1O
,
c
1O
.
1ho inluilion of lho iosull is as follows. As pioviously oxplainoo moio vaiioly in lho maikol
implios highoi oomano: lho incioaso in poil facililios makos lhis spol alliaclivo foi cuslomois.
1his is Lonolcial foi Lolh shipping linos. 1hus, shipping lino 1 is Lolloi ol sinco il now is
piovioing lwo oiloionlialoo soivicos. Foi shipping lino lho ioason is oiloionl; Ly lolling
lho iival uso lho now loiminal, shipping lino is Lolloi ol sinco il is golling a shaio of lho
piolls coming fiom lho now piooucl. In facl, shipping lino has lho uppoi hano in lho
maikol sinco Ly choosing lho ialo t. which is a maiginal cosl foi shipping linoi 1. is aLlo lo
pailially inloinalizo lho compolilion il sulois fiom lho now piooucl. Fuilhoimoio ano sinco
oquiliLiium faios aio incioasing in t. a highoi t holps suslain highoi piicos in lho maikol which
iaisos lho piollaLilily of shipping lino

: piooucls.
4 ConcIusIons
1op shipping linos havo aimoo al iooucing lhoii pioouclion cosls, oivoisifying lhoii invoslmonls
ano achioving palhs of voilical inlogialion along lho lianspoilalion chain (Ianayioos ano
Cullinano, 2002). 1his papoi has consiooioo a piivalo invoslmonl in a conlainoi loiminal lo
oxamino i) wholhoi il is slialogically piollaLlo foi a shipping lino lo inlogialo soivicos in lho
logislic chain whilo slill iouling caigo lhiough lho opon poil facililios, ano ii) wholhoi lo koop
a oooicaloo oi a non-oxclusivo loiminal.
An impoilanl concoin foi policy-makois ano iosoaichois in lho maiilimo inousliy has lo
oo wilh ioonlifying faclois oxplaining oiloioncos in shipping ialos (soo Koiinok ano Souioing,
2000). Whal oui analysis highlighls is lhal faclois, such as maikol sliucluio, poil soivicos ano
infiasliucluios can Lo usoful in Lolloi unooislanoing lho oxisling oiloioncos among shipping
cosls acioss poils. Ly compaiing sovoial compolilion iogimos, wo havo shown lhal, lislly,
a shipping lino wilh a oooicaloo loiminal will Lo inloiosloo in oovialing pail of ils liamc
lhiough lho opon loiminal. Soconoly, il will Lo also lno il piollaLlo lo supply ils loiminal
soivicos lo olhoi shipping linos. In lhis caso, moio oiloionlialoo piooucls aio oloioo, ano
pioouclion will Lo maximal in lho non-oxclusivily caso. In loims of policy implicalions lhis is
an inloiosling iosull Locauso lho non oxclusivo uso of lho linoi loiminal onhancos social wolfaio
12
- linois` piolls aio highoi ano so is lolal fioighl. Slialogically, lho linoi lhal invosls in a now
loiminal, oplimally choosos faios in such a way lhal pail of lho iival`s liamc is oivoiloo fiom
lho opon loiminal: a highoi shaio of Lolloi fioighl soivico is pioviooo, lolal fioighl incioasos
ano faios aio highoi.
1ho papoi can Lo oxlonooo in a numLoi of oiioclions. 1ho soa lianspoil chain Lolwoon
an oiigin ano ooslinalion via lwo poils involvos a lano log ano a soa log, in aooilion lo
poil liansil, on which wo havo focusoo. 1hus il mighl Lo woilh sluoying lho convonionco
of inlogialing fuilhoi aclivilios; hinloilano accoss conoilions can Lo a funoamonlal olomonl
in lho moooling of poil compolilion (Zhang, 2008). Fuilhoi iosoaich shoulo aooioss lho
inloiaclion of maiilimo lianspoil wilh compoling mooos of lianspoil lo moio failhfully assoss
lho convonionco of coilain slialogios ano policios.
HeIerences
[1[ COA{97) 678, Gioon Iapoi on Soapoils ano Maiilimo Infiasliucluio.
[2[ De Horger, H., S. Iroost and K. Yan Dender {2008), 'Iiivalo Ioil Iiicing ano
IuLlic Invoslmonl in Ioil ano Hinloilano Capacily', J&:nn| J J:nn: 1nn.
nnJ 1|.j, 42(8), 2761.
[8[ DehIII, E. and L. FIor {2008), 'Iogulalion in a Conloxl of Limiloo Compolilion:
A Ioil Caso', J:nn:n.n 1n:h 1n: , 42, 762-778.
[4[ Drevry SLIIng ConsuItants {2003), 'Annual Ioviow of GloLal Conlainoi 1oiminal
Opoialois', Diowiy Shipping Consullanls: Lonoon.
[[ Frnont, A., {2009), Lmpiiical Lvioonco foi Inlogialion ano Disinlogialion of Mai-
ilimo Shipping, Ioil ano Logislics Aclivilios", OLCDI1F Discussion papoi 2000-1.
[6[ HaraIanLIdes, H., I. CarIou and A. HenaccLIo {2002), 'Cosls, Lonolls ano Iiic-
ing of Dooicaloo Conlainoi 1oiminals', 1n:nn.nn| J&:nn| J `n:..n 1nn., 4,
21-84.
[7[ Heaver, T., H. Aeersnan and E. Yan de Yoorde {2001), 'Coopoialion ano
Compolilion in Inloinalional Conlainoi 1ianspoil: Slialogios foi Ioils', `n:..n 1|.j
nnJ `nnnjnn, 2, 8, 208-806.
18
[8[ HunneIs, D., Y. Lugovskyy and A. SkILa {2009), '1ho 1iaoo Iooucing Llocls of
Maikol Iowoi in Inloinalional Shipping', J&:nn| J 1|nn 1nn., 80, 84-07.
[0[ KorInek, J. and I. SourdIng {2009), 'Maiilimo 1ianspoil Cosls ano lhoii Impacl
on 1iaoo', OLCD woiking papoi 1AD1CWI-2000-7.
[10[ AIdoro, H., E. Ausso and F. IaroIa {2005), "Maiilimo Linoi Shipping ano lho
Slovoooiing Inousliy: Maikol Sliucluio ano Compolilion Slialogios', `n:..n 1|.j
nnJ `nnnjnn, 82,2, 80-106.
[11[ otteLoon, T. {2006), '1ho 1imo Facloi in Linoi Shipping Soivicos', `n:..n 1-
nn. nnJ 1j.., 8, 10-80.
[12[ IanayIdes, I. and K. CuIIInane {2002), Compolilivo Aovanlago in Linoi Shipping:
A Ioviow ano Iosoaich Agonoa', 1n:nn.nn| J&:nn| J `n:..n 1nn., 4, 180-
200.
[18[ IanayIdes, I. {2003), Compolilivo slialogios ano oiganizalional poifoimanco in ship
managomonl", `n:..n 1|.j nnJ `nnnjnn, 80, 2, 128-140.
[14[ So, A., F. IaroIa and A. Frnont {2009), 'Lmoiging Inloi-inousliy Iailnoi-
ships Lolwoon Shipping Linos ano Slovoooios: Fiom Iivaliy lo Coopoialion', J&:nn|
J J:nn: Gj:nhj, 17, 10-20.
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14




Shipping Line
A
Shipping Line
B
Open Terminal
Figure 1a (Benchmark)
Q
AO
Q
BO
Shipping Line
A
Shipping Line
B
Figure 1b. Pure use of the dedicated liner terminal
Q
AT
Q
BO
Liner Terminal
A
Open Terminal





Shipping Line
A
Shipping Line
B
Figure 1c. Mixed use of the dedicated liner terminal
Q
AT
Q
BO
Liner Terminal
A
Open Terminal
Q
AO
Shipping Line
A
Shipping Line
B
Figure 1d. Non exclusive use of the liner terminal
Q
AT
Q
BO
Liner Terminal
A
Open Terminal
Q
AO
Q
BT


Table 1
Some examples of shipping lines direct interest in European terminals
Shipping line or
related company
Terminals Status
APM terminals
APM Terminals Rotterdam (100%)
North Sea Terminal Bremerhaven (50%)
MedcenterGioia Tauro (33.3%)
Algeciras (100%)
Aarhus (100%)
APM Constanza Terminal (100%)
Genoa (100%)
In operation since 2000
In operation
In operation
In operation
In operation
In operation
In operation
MSC
MSC Home TerminalAntwerp (joint venture
with PSA)
Le Havre (joint-venture with Terminaux de
Normandie)
Valencia
Las Palmas
Napels
In operation since 2003

In operation since 2007

In operation since 2007
In operation since 2007
In operation since 2002
Hapag-Lloyd
Altenwerder TerminalHamburg (minority stake
of 25.1%)
In operation since 2002
CMA-CGM
Port Synergy (joint venture with P&O Ports)
with terminals in Le Havre, Marseille and
Marsaxlokk
35% shareholding in Container Handling
Zeebrugge (OHZ)
In operation since 2006


Since July 2005
CMA-CGM
Cosco Pacific
P&O Nedlloyd
Minority shareholdings in Antwerp Gateway
(other shareholders: P&O Ports and Duisport)
In operation since
September 2005
P&O Nedlloyd
Euromax Terminal Rotterdam (joint-venture
with ECT)
To be seen given
takeover by Maersk
Sealand
Source: Notteboom (2006), Van de Voorde and Vaneslander (2009) and own elaboration.

Table 2
Number of TEUs (in thousand) moved in different European ports
2002 2003 2004 2005 2006 2007 2008
Algeciras 2,234 2,516 2,937 3,179 3,257 3,421 3,328
Antwerp 4,777 5,445 6,064 6,482 7,019 8,176 8,663
Le Havre 1,720 1,977 2,145 2,118 2,138 2,656 2,500
Malta 1,460 1,321 1,458 1,887 2,260
Rotterdam 6,515 7,107 8,281 9,287 9,655 10,791 10,784
Zeebruge 958 1,012 1,196 1,407 1,653 2,020 2,209
Source: own elaboration.

Table3
Number of TEUs moved in the port of Valencia through open and MSC terminals
2004 2005 2006 2007 2008
Open Terminal 1,510,431 1,674,955 1,851,740 1,571,957 1,579,740
Terminal MSC 515,784 875,946
MSC through open 171,928 323,980
Total 1,510,431 1,674,955 1,851,740 2,259,669 2,779,666
Source: own elaboration