ABSTRACT
Over the last two decades, terminal and stevedoring industries have been experiencing a profound reorganization process produced by the port reform worldwide, the progressive opening of formerly monopolistic (local) markets, and a fast internationalization of the business. The new competitive environment determined a growing commitment of private investors in the (co-)funding and management of container port facilities, and reshaped major assumptions underlying investment and financial decisions in the industry. For exploiting open window opportunities originated by the reorganization of the sector, several private firms have undertaken a sequence of investments in foreign markets, along with aggressive internationalization paths. Leading international terminal operators (ITOs) were capable to build and run broad portfolios of infrastructures in multiple locations (Olivier, 2005; Notteboom and Rodrigue, 2012; Parola et al., 2013; Satta and Persico, 2015; Parola et al., 2015). In this context, strategic dimensions related to port investment decisions became even more complex due to the capital-intensive nature of the industry and the long pay-back period of port investments. Relatedly, the huge financial resources required for the development of greenfield mega-projects and the feeding of ITOs’ overseas expansion (e.g. privatizations, merger & acquisitions, etc.) established new links between finance and the port terminal industry (Rodrigue et al., 2011).
