ECONOMIC REVIEW

transport system. The last aspect concerns the evolution of supply and demand, and consists of a rebound in global trade volumes after the pandemic, increasing the size of containerized and non-container ships, increasing containerization of various commodities, as well as increasing world transshipment volumes.

CONSOLIDATING PORT OPERATORS

Mergers and acquisitions by port operators have also occurred a lot in recent years in Asia, Europe and Africa as illustrated in figure below. Port consolidation was driven by several market and internal factors, such as the limitation of organic growth due to access to land, the counteraction of increasing shipping lines bargaining power, as well as increasing access to funding from investors for port companies. Mergers and acquisitions were also considered a less risky strategy when compared to greenfield growth to develop ports.