The port of Tokyo, Japan's largest container port, continues to expand. The facility is well-developed, as is the country it caters for. As with other developed states, growth opportunities are sparse but BMI highlights the port's potential role in the growing intra-Asia sector.
The facility caters for the trade needs of the country's main metropolis and capital, Tokyo, and is highly exposed to Japan's consumer demands. The port is therefore projected to benefit from steady macroeconomic growth that we are forecasting for Japan; the country's economy is projected to expand by 1.4% in 2013 on the estimated growth of 1.9% in 2012, a recovery from the decline that was recorded in 2011.
|Continuing To Expand|
|LHC: Port Of Tokyo Throughput, ('000 tonnes & % chg y-o-y). RHC: Port Of Tokyo Container Throughput (TEUs & % chg y-o-y)|
On the back of this positive macroeconomic growth outlook, BMI projects throughput volumes at the port of Tokyo to continue increasing. In 2013 we forecast box volumes at the facility to expand by 4.3% y-o-y to reach 5mn TEUs. This marks growth on top of growth, with BMI estimating that in 2012 container throughput at the port of Tokyo expanded by 5.2% to reach 4.8mn TEUs.
This figure is still an estimate as no complete data for the port have so far been released. Our estimate is backed by import and export figures that are available for the port in 2012 and that recorded increases of 2.5% and 1.9%, respectively, and witnessed the port handling 4.2mn TEUs. No data for the port's transhipment operations have so far been released, but BMI believes that they too will show y-o-y growth and lift the port's operations above the 4.6mn TEUs that was handled at the facility in 2011.
BMI also projects that the port's total tonnage throughput growth will continue to increase in line with our forecast macro trend for Japan. In 2013 we project total tonnage throughput at the facility to expand by 1.5% to reach 86.6mn tonnes. BMI estimating that in 2012 the port handled 85.3mn tonnes, a y-o-y increase of 2.3%.