外媒称国家发改委对港口反垄断调查威胁到上港集箱的国际信用评级和明年的股价——转载一篇“帝国主义亡我之心不死”的文章......

外媒称国家发改委对港口反垄断调查威胁到上港集箱的国际信用评级和明年的股价——转载一篇“帝亡不死”的文章。供批判用，别打我哈：Beijing's cut in port box handling tariffs threatens Shanghai's creditstatus

20 Nov 2017

Wei Zhe Tan

Lloyd’s List Containers

But Moody's maintains SIPGratings outlook at stable

穆迪评级（Moody’s）预测，由于收费标准降低，2018年上港集箱（SIPG）的集装箱装卸费收入将减少10亿至15亿元人民币，毛利润率将从今年上半年的57%下降为2018年的52%-53%。

Tariff cuts will hit SIPG's profits and cashflowgeneration from 2018.

SHANGHAI International PortGroup’s credit rating is at risk of a downgrade due to a recent move byChina’s National Development and Reform Commission to reduce handling tariffsfor import and export containers, according to Moody's Investors Service.

However, there will not be animmediate impact on the port operator's A1 issuer rating or its A2 backedsenior unsecured bond rating, while the ratings outlook is maintained atstable.

Osbert Tang, the marketanalyst for SIPG, noted that the NDRC's move will however hit the portoperator’s profits and cash generation from 2018, when the regulation kicks in,and lower the group's financial leeway for its individual credit profile.

The NDRC hadannounced on November 15 this year that the import and exporthandling tariff for non-transhipment containers at Shanghai port will bereduced by 19.4% to Yuan480 ($72) per teu, with tariff cuts of 11%-21% atother ports such as Tianjin, Ningbo-Zhoushan and Qingdao. All these ports havedominant market positions in their respective regions served.

“The tariff adjustment wasprompted by the Chinese government's (A1 stable) antitrust review on thebusiness operations of coastal ports, with the aim of reducing overalllogistics costs and promoting a fairer operating environment for shippingcompanies. Other announced measures included a further opening of tugboat,tallying and shipping agency markets, and cancellation of unreasonable contractclauses.”

The ratings agency forecaststhat the lowering of the tariffs will lead to a Yuan1bn-Yuan1.5bn fallin SIPG’s container handling revenue over 2018, with weaker grossprofit margins of 52%-53% in the business segment in question over the 57%figure reached over the first six months of 2017.

It expects the port operator’sadjusted funds from operations (FFO) over debt and FFO interest coverage willsubsequently decline to 20%-21% and 6 times-6.5 times respectively next year,compared to earlier estimates of 22%-23% and 6.5 times-7 times.

The revisions will in turngive SIPG less of a buffer against factors that may lead to a creditrating downgrade, such as adjusted FFO over debt falling below 20% and/or FFOinterest coverage remaining under 6 times.

In the meantime, “Moody’s willtrack if SIPG can dynamically adjust its tariff on its non-export/importcontainers — such as transhipment containers — to mitigate the negative impactof the tariff cut. In addition, Moody’s will closely monitor any furtherdevelopments in the national antitrust review on the port sector, and assessany resultant operational and financial impact on SIPG,” said the ratingsagency.