Dedicated freight corridor a game changer24 November 2013, New Delhi, Puja Bhattacharjee

Anil Gupta, CMD, Concor spoke about the performance of the company and the container market in India.

Set up in 1988, Container Corporation of India (CONCOR) is a miniratna public sector enterprise under the ministry of railways. It provides multi-modal logistics support for domestic and external trade. Its core businesses are cargo carriers, terminal operations and warehouse operations. In this interview, Anil Gupta talks about the challenges faced by the PSU and its expansion plans. Edited excerpts:

How fast is CONCOR growing?We were growing at a rate of 13-per cent+ CAGR (compound annual growth rate) till 2008. Since October 2008 we have been affected by the global recession. In the last five years CAGR has gone down to around 3.5 per cent. But this year we are expecting to grow at around 10 per cent.

Is the container market in India very competitive?There are 17 licenced container train operators in India and we are one of them. All the players are fighting for the limited volume because of the global recession. Once that ends there will be enough share for everyone. However, CONCOR has been able to retain the major market share which is around 75 per cent.

Is the growth of CONCOR proportional to the growth of the market?In the last three years, CONCOR is growing at a relatively higher rate than the growth of the all the players put together. Our market share, which had declined to 72 per cent, is 76 per cent now. The growth rate has been affected by the global recession and the present market condition. Exports from India are not growing as compared to imports. As a result there is a heavy import-export imbalance which is affecting all the players, including us.

How was CONCOR able to do so?CONCOR has a very large customer base which has helped us even during adversity. We have the largest terminal base with 63 terminals. We are covering each and every corner of the country whereas our competitors are confining themselves to only some areas. We also have the advantage of good frequency of trains. There is service of eight or nine trains at Tughlakabad ICD (inland container depot) every day. So even if the container misses the first train, it can go in the second or ninth train the same day. But a private operator may have a train which runs once in four-five days. So customers are more comfortable with CONCOR. Our quality of service is by far the best. We have a very efficient tracking system. Customers can log into the website and track the containers. They can predict reasonably well when their container is going to arrive. We do a customer satisfaction survey every year as a part of our MoU with the government of India. It is an independent survey done by the professional bodies. They have been giving us very good ratings. Last year the rating was above 89 per cent.

Does CONCOR have any global ambitions?We already have one terminal operating in Nepal. This is the only rail-linked ICD in Nepal, where Raxaul is the Indian station and Birganj is the Nepalese station. This ICD has been built by Nepal with the help of Asian Development Bank and we are managing it. We are planning to extend our services to other neighbouring countries as well. We have been exploring Bangladesh and are trying to link our ICDs in Dhaka. There has been no proper response from the Bangladesh authorities yet. Similarly, we have made proposals to the Sri Lankan government and it port authorities for starting multi-modal (services) there. We have the ambition to associate ourselves in building up the infrastructure of multi-modal in African and Latin American countries if the opportunity arises. We are in contact with different people; we are looking at tenders being floated there and the local requirements. But nothing concrete has emerged so far.

Is CONCOR awaiting Navratna status?Our company was cleared for the grant of Navratna status by a committee of secretaries almost five years ago. But they made a condition that this would be implemented once the post of managing director is converted to that of chairman and managing director. Initially the railway ministry was hesitant. Railways have around 12 enterprises and they have to implement the rule uniformly. This year railways have reviewed the entire situation and has agreed to have the post of chairman cum managing director at all its PSUs except two IRFC and DFCCIL (Dedicated Freight Corridor Corporation of India). Our proposal was again sent to the department of public enterprises (DPE) to activate the old sanction. But we were asked to submit a fresh proposal which we did. The government will take action after the railway board submits the proposal to DPE.

What motivated CONCOR to develop an integrated logistics park in Visakhapatnam?During 12th five-year plan we have ambitions to develop almost 15 new facilities, all of which will be integrated logistics park. Visakhapatnam is one such facility. Till now CONCOR has only been running and developing container terminals for handling two kinds of containers one for international export and import and the other for domestic cargo movement business. But all our new facilities will be logistics parks which will have a bulk handling area in addition to an export-import terminal and a domestic terminal.Railways have permitted us to handle railway wagons in the private freight terminals. Our new terminals will be private freight terminals, where we would handle containers as well as non-containers.There is a lot of demand for warehousing which will be generated by GSP and retail. At the same place we will have warehouses for catering to the requirement along with road transport and trans-shipment facilities. It will be one composite place where you could handle everything. Today if a wagon comes to a railway station it has to be unloaded within a specified time frame. If 3,000 tonnes are coming in for the customer, he has to make arrangements for unloading this at the railway goods shed and then take it further. The customer does not have the space to keep such large containers. They want only 300-500 tonnes in a day. But once our logistic parks are developed, goods can be kept there and could be delivered as and when the customer wants. This would stop all the interim costs being incurred currently would stop. We are also planning to implement scientific handling of some cargo like cement. Visakhapatnam is one of these facilities which we are developing on around 100 acres of land. We already have a container freight station (CFS) in Visakhapatnam which is chock-a-block full. This would be developed in two phases. The first 10 acres we are developing to build another CFS which will be rail linked. The remaining 90 acres will be used for developing rail sightings, bulk handling, having a proper export-import and domestic terminal, warehousing etc.

How will CONCOR benefit from the upcoming dedicated freight corridor (DFC)?Railways are doing a great thing by creating capacity ahead of demand. DFC will change the entire freight scenario in the company. It will be a game changer. Today we run a train of 90 TEUs. In DFC we will run a train of 400 TEUs. Today one train takes around 40 hours from here to Jawaharlal Nehru port (Mumbai). From Mundra and Pipavav it takes about 60-70 hours (to reach here). Once DFC comes up the trains from Mundra, Pipavav and JN port should be here within 24 hours. Many of the proposed 15 facilities will be on the DFC. Four of them are confirmed, others we are trying. We are looking for land; we are talking to state governments and different bodies. One facility has already come on a place called Kathuwas which is around 35 km short of Rewari (near Delhi). We are already operating the facility. Today it is into the current existing rail corridor. Once the DFC comes up it will not take us more than a week to link ourselves to DFC. This facility is already being planned with all the dimensions of DFC. Once the DFC connection comes, once the rail route is laid by companies given the contract by DFCCIL we will be able to link to it and add more connectivity. DFC might fully come by March 2017 but some patches of DFC will be available for increasing the existing line capacity and we will make use of that. Double stack trains are already running between Mundra, Pipavav and Ghatua terminal in a regular manner.

What kind of challenges the company has faced in the last few years?One of the challenges we have faced is slow growth. The second big challenge is the export-import imbalance, imports have been higher and exports have been lower. As a result, a lot of times empty containers are required to be run which means logistics costs go up. Governance Now

Frame fair rules for logistic development; end oligopolistic business of PSUs: ASSOCHAM studyIndia Infoline News Service | Mumbai | September 08, 2015 12:08 IST Currently organized logistics facilities are developing primarily in the form of container freight stations/container depots, mega-food processing parks and free trade warehousing zones (FTWZ), apart from the individual development of these premises.

In order to improve operatioanal efficiency and move up on the Ease of Doing Business Index, India needs to develop its logistics services in the organised sector, which in turn would require PPP models based on pricing policies good enough to attract the private sector, ASSOCHAM has said.

Besides, the oligopolistic behaviour of state-owned agencies like CONCOR must end. "A successful PPPs (Public - Private-Partnership) model in dry port operations would require pricing policies based on long - run average cost pricing aimed at full cost recovery by public and private dry port operators alike. This would eventually help establish a level playing field for all the players, irrespective of the nature of ownership," the chamber said.

In order to compete with the global market and arrest the downswing in the exports, the country requires integrated multi-modal logistics parks to efficiently store, retrieve, pack and ship products across the countrys manufacturing and distribution locations in the most cost-effective way.

Currently organized logistics facilities are developing primarily in the form of container freight stations/container depots, mega-food processing parks and free trade warehousing zones (FTWZ), apart from the individual development of these premises.

To recover initial capital costs such as land acquisition, leveling, paving, access roads etc., a private dry port operator needs to charge a price equal to his long-run average cost. This places new entrant at a competitive disadvantage vis visa public operator whose investment costs need not be recovered.

Container train operations are dominated by a few operators with state owned CONCOR accounting for a dominant market share. Given the significant entry barriers in terms of regulatory barriers and large upfront costs makes container train operations inherently oligopolistic.

Given homogenous service offerings and exogenous demand, oligopolistic market bestows a leadership or price setting role on the dominant player. Dominant player can reap supernormal profits in a situation of strong demand and can even indulge in predatory pricing to protect its market share.

CONCOR' s pricing strategy to some extent reflects traits of oligopolistic behavior. Indian ICDs/CFs segment in the logistics chain in particular is marked by a strong public sector presence substantial excess capacity, skewed spatial distribution of ICDs/CFs, smaller size in terms of handling capacity vis--vis operators abroad which handle million plus TEUs annually.

In India the Government (its agencies and departments) are also the owners of huge tracts of land which has a bearing on land prices. In addition to this, the government, through its corporate entities, is also the leading dry port service provider (CONCOR) and warehouse owner (Central Warehousing Corporation).

Public sector dry port owners enjoy a huge advantage of having land available for use at token cost or leased out to for long periods at very low, subsidized rates. The government thus becomes a price setter for dry port services. In contrast, the private sector does not get similar preferential treatment and has to acquire land at market values. A dry port is essentially a land-intensive venture but its related infrastructure is in the nature of public utility. Competition between the public and the private sector has not been taking place on a level playing field.

The size of dry ports varies according to the industrial production and commercial transactions in the area served by the facility. In the European Union, there is considerable variation in the average size of dry ports (typically 40,000 to 1.9 million TEU throughputs per year), land area (typically 30-200 hectares), number of firms (typically 25-100) and overall employment (approximately 7,000 to around 37,000 people). Highly urbanized countries tend to have more dry ports, but of smaller size for example Spain (23 dry ports), Belgium (9), Switzerland (4), and Slovenia (3) [UNESCAP (August 2006, p8]. In the Republic of Korea, four dry ports have been built. Yangsan ICD was built in 2000 close to Busan Port and is running around 66 % of its capacity. Uiwang inland container depot near Seoul was developed in 1992 under a Build-Operate- Transfer contract with a private concessionaire. It currently handles close to 1 million TEU per year.

Take the ride7 June 2015, New Delhi, Dominick RodriguesThe Millenium Post

Freight transport rates from India to Russia and other CIS countries are expected to drop considerably, writes Dominick Rodrigues.A recent government study has shown that freight transport time and rates from India to Russia and other CIS countries are expected to drop considerably alongside leading to development of trade in the International North South Transport Corridor (INSTC) due to a new route. The Federation of Freight Forwarders Associations in India (FFFAI), on behalf of the Ministry of Commerce, had conducted a successful dry run study on the (INSTC) in which they had dispatched a container on the NhavaSheva Bandar Abbas (Iran) Baku (Azerbaijan) and NhavaSheva Bandar Abbas Amirabad (Iran) Astrakhan (Russia route via the Caspian Sea in August 2014 and followed the shipments to identify the bottlenecks in this corridor.

This is an alternative route to CIS countries than the conventional route via European base port and St Petersburg. The FFFAI discovered that the +INSTC was 30 per cent cheaper and 40 per cent shorter than the current conventional route and successful activation of the corridor will help reduce dwell time and transaction costs by connecting India to Russia within 16-21 days at competitive freight rates leading to development of trade in the INSTC. It is also expected to eliminate usage of reefer containers for agrocommodities and support supplies to Russia. The FFFAI, after successful completion of this study, submitted a detailed report of the findings to the Ministry of Commerce which has approved it.

Meanwhile, excited by this study report, logistics players at the recently-concluded FFFAI Biennial Convention in Mumbai are riding a new business high alongside eagerly awaiting the execution of goods and services tax (GST) at the earliest, though also being cautious about some gaps needed to be filled before it is rolled in. The Convention, which drew wide participation from stakeholders in the EXIM Trade, Chambers of Commerce, Forwarders, Shipping Lines, Ports and Government officials from 13 member countries of INSTC, Turkey and Oman focused on the huge potential and opportunities in trade between members of INSTC countries, and awareness of Industry Dynamics while providing a platform for sharing best practices and standards alongside discussing and resolving industry issues.

The Convention looked forward to notable announcements on GST Implementation and changes, Delhi-Mumbai Industrial Corridor, Make in India, Ease of doing Business, inland waterways and coastal shipping, besides other topics with the emphasis on developing dedicated freight corridors and expansion of rail network to improve velocity of domestic trade, which in turn would reduce the uncertainty of international trade also. There is a plan to develop 24 cities in this corridor alongside the call for Make in India Ease of doing Business by the Government of India being pursued at all levels with the government setup and other stakeholders. This will intensify Indias engagement in the Global Value Chain and global trade through increased focus on manufacturing especially in the defence sector that is envisaged to boost the logistics sector. Nuclear Power Plants, thrust by government in energy self-reliance, are expected to trigger import of power plants and ancillary equipment like never before. Inland Waterways and Coastal Shipping are expected to witness tremendous increase in movement of goods through inland waterways and coastal shipping to reduce dependence on overburdened road infrastructure, according to Convention officials.

Highlighting the need for exploring new routes while speaking at the Convention, Guruprasad Mohapatra, Joint Secretary, Ministry of Commerce, said, CIS countries are important trade partners of India. The bilateral trade between India and CIS region has increased from $8,346.15 million in 2010-2011 to $11,054.02 million in 2014-2015.

With the Convention being themed Inspired India Surging Ahead On Agile, Adept, Accelerated Logistics, the FFFAI which is the oldest and the Apex Body of Custom Brokers and Freight Forwarders controlling ninety per cent of Indias international logistics trade focused on various other issues that witnessed decisions on: Opening of a Call Centre; Technology for Seamless Credit Flow; and Rate of GST & Place of Supply.

Kickstarting the Convention, Maharashtra Chief Minister Devendra Fadnavis described it as a privilege for the convention being organised in Mumbai and felt this was the right time with inspiration being the beginning of Indias growth story. We have an opportunity to be a manufacturing hub through Make in India and you can become leaders of the growth story as it is dependent on a few pillars of industry of which Logistics is one. With the GST being passed, we have a lot of hopes. Countries around the world want to invest in India and the government is providing measures for doing seamless business, he said

Fadnavis said, The Maharashtra government is coming up with an integrated logistic park at Bhiwandi in Mumbai. The development is ready and soon a state-of-the-art facility will be developed to boost your industry. GST will also open doors for industry. We are focusing in Maharashtra at Aurangabad and Nagpur, besides the Delhi-Mumbai industrial corridor providing lots of opportunities in the pipeline. Developing major big ports is also a focus and we will look into cargo handling so as to increase it multifold. Special Purpose Vehicles (SPVs) are involved in trying to develop railway connectivity to ports. I am keen to know about FFFAIs aspirations as we all want Maharashtra to grow and will proactively take measures to deliver your industry roadmap. Rajiv Kapoor, Commissioner, Service Tax, said, Seamless flow of credit is the biggest factor. Once GST is implemented, credit flow will be benefitted. The players will also have to build more and larger warehouses which will add to the capacity and create more businesses. With this, it will also add to ease of movement of inter-state goods. Malini Arjun, Partner, BMR Advisors, said, GST will bring a transformation of practices for all stakeholders and GST rates will differ in different states. Reviewing prices of Goods will be also on the agenda. GST will help in providing a transparent system of pricing.

A panel discussion on Adapting to Make In India saw Shantanu Bhadkamkar, Chairman of International Federation of Customs Brokers Association (IFCBA), and MD of ATC Clearing & Shipping, stating, Make in India is at centre-stage amongst all policies defined by the Government of India. All stakeholders should come together on one platform to make the initiative a fool-proof one.However, structuring the data and analysing the data is the need of the hour, D K Singh, Additional Director General Foreign Trade, said while pointing out that opening of a call centre to address all issues of the stakeholders would be a wise move.

Debashish Dutta, President, FFFAI, had said, The convention theme is based on Make in India programme driven by our government. Logistics is the pre-requisite for Make in India to succeed and this convention will provide food for thought for policy makers.

Noting that this convention was held in Mumbai after 14 years, Ashish Pednekar, Convenor, urged the government to fast-track infrastructure projects and create logistic hubs in major cities. Subhash Desai, Maharashtra Minister for Industries, said, We are keen to create an ecosystem for industrial development and customs brokers have a greater role in taking the cause ahead for growth of the industry. Mumbai is the maritime capital and the convention will come up with innovative ideas to grow the trade.

Describing as a Lions Step Prime Minister Narendra Modis Make in India national programme designed to facilitate investment, foster innovation and build best-in-class manufacturing infrastructure, Amit Kamat, Secretary, FFFAI Convention 2015, queried, Can Indias logistics industry strive for a lions share of this lions step? The FFFAI anticipates that with focus being placed from top most level on reviving the manufacturing sector in the country, it will take couple of years for the results to yield for this effort. Logistics is the fulcrum of global trade. The FFFAI is working actively to provide the requisite mind-set, skill, technological roadmap and develop execution ability to handle the next growth curve in economy. This will help in reduction of transaction cost and provide efficient movement for manufactured products within and outside the country.

Rajesh Alreja, Vice-President, Godrej and Boyce Mfg. Co. Ltd, observed that lack of shipping facilities on Indian coast and no Barge movement for lifting Heavy lift Projects Cargo on Inland Waterways of India was leading to exorbitant costs and making India globally uncompetitive.

Poor infrastructure was noticed at the small ports, which are under the control of the state governments and are lacking road and rail connectivity, he said while urging for a Berth reserved solely for movement of Coastal Cargo without any hindrances being faced, either from the Custom Authorities or their Regulators.

Indias coastlines

India has one of the most beautiful coastlines about 7,500 kms including some virgin territory in the world and we should be able to allow movement of passengers to travel within states by the sea route, and hence promote RORO services wherein trucks, containers and passengers could be accommodated, said Mark Fernandes, Director, Sylvester & Co, and FFFAI 2015 Session Chairman, for Inland Waterways and Coastal Shipping. Coastal and inland waterways in India are greatly under-utilised and the Government needs to wake up to the massive loss to it and the travelling public in the benefits that could be obtained from it. For example, in the countrys economic hub of Mumbai itself, it takes four hours by road to travel from Mumbai to Alibag a hugely popular seaside resort town whereas it takes barely 20 minutes for the same distance by sea-route.

Unfortunately, till date, vessels used for transporting passengers belong to the 1930s-1940s era and not to the 21st century where hi-speed crafts and catamarans are deployed globally. So the Indian government needs to subsidise and extend all facilities like: 1) capital goods like sea crafts, inland waterways crafts etc where imported to be free from red tape, huge duty structures and restrictions and manning restrictions. 2) Bunkerage for these vessels should be supplied at international rates, and not at domestic rates which are 300 per cent marked up with taxes etc. 3) All ports whether major or state-owned must have one berth reserved solely for coastal crafts and the tariff should be the same 25 per cent charged for international shipping vessels. If all of this is done, the mode of transport from road and rail to coastal and inland waterways will witness a sea change.

Sadly, the neighbouring erstwhile Portuguese and now Indian territory of Goa does not possess even a single Marina to house the thousands of yachts sailing their course across the world on their sea-going voyages. A Marina comprises area where 300 to 500 boats and yachts can be parked safely and has common facilities restaurants, which generate foreign exchange as well create jobs.

Goa and its steamersGoa was famous for its Steamer service that plied between Mumbai and Goa and took nearly a whole day of travel following pit stops at ports along the Maharashtra coast before finally docking the Panjim the capital of Goa. The service was totally stopped when the Steamers were taken off to ferry the Indian Peace Keeping Force (IPKF) to Sri Lanka in the 1990s. Catamarans tried to do the job but failed miserably with passengers heaving their insides in rhythm with the waves outside on the eight-hour route. Now comes the good news that a ferry service between Mumbai and Goa is to begin shortly.

The chairman of Murmugao Port Trust, Cyril C George told the media in Mumbai on April 7, 2015 that the ferry service will cater to the tourists commuting between Mumbai and Goa. He also said that Mormugao Port Trust (MPT) has registered a sterling performance clocking a remarkable 25 per cent growth during the just concluded financial year. In the process, MPT has also recorded the highest growth rate on a year on year basis, among all the 12 major ports in India. This is a commendable achievement, considering that the Port suffered massive downturn in the throughput following the ban on exports of iron ore from Goa. From a peak of 50.02 MMT handled during 2010-2011, the Port faced fall of fortunes in 2013-2014, when the total cargo throughput was reduced to 11.74 MMT.Showing a great degree of resilience, the port has shown a resurgent growth by handling 14.71 million metric tons (MMT) cargo between April 2014 and March 2015, as against 11.74 MMT during the corresponding period in 2013-2014. Out of the total throughput of 14.71 MMT, exports accounted for 3.33 MMT (23 per cent) and Imports accounted for 11.38 MMT (77 per cent). Prior to the ban on iron ore mining, iron ore exports constituted a lions share (80 per cent) in the ports cargo profile. MPT has since staged a remarkable turnaround from being a mono-commodity port to being a multi-commodity port by adding a wide range of cargo to its kitty. Today, coal, coke, fertilisers, wood chips, petroleum and other chemicals figure prominently in its cargo profile and constitute 90 per cent of total tonnage handled at the Port.

Container Corporation of India: On the fast trackMeera Siva THEHINDU Implementation of GST and dedicated freight corridors should accelerate volume growthTransporting bulk cargo by rail is cheaper and nearly twice as energy efficient than by road. Yet, the share of load moved in India by rail has been dropping over the years from nearly 90 per cent in 1950s to under 36 per cent currently. This is much lower than the nearly 50 per cent share that rail transport has in the US and China. One reason for the higher popularity of roadways in India is the existence of smaller distributed warehouses. The other is the capacity and speed limitation issues in the railways at present. But these could change in the next few years with a likely structural shift in favour of rail transport. One, the implementation of GST could make it more efficient to operate large centralised warehouses. Two, the dedicated freight corridor (DFC) projects will increase the capacity and transport speed of cargo by rail. Three, freight volumes for core commodities such as coal could pick up as the economy gathers steam. These factors bode well for Container Corporation of India (Concor), a State- owned rail transport service provider. The company is the leader in the segment, with a market share of 75 per cent. Concor has a vast network of 63 container depots (of the nearly 70 total depots) to handle domestic and export-import cargo and a fleet of over 11,000 wagons. Investors seem to have taken note of the companys potential. Concors stock is up 30 per cent in the last six months. After the run-up, it currently trades at 32 times its 2014-15 earnings per share. This is at a premium to the average multiple of less than 20 times in the past three years. But the valuation re-rating seems justified given that the company is an undisputed leader in the growing rail logistics segment. Being State owned, it also has an enviable advantage of having access to strategic land at low cost. Expansion drive

The company is on an expansion path and hopes to increase its cargo capacity from three million TEU (twenty-feet equivalent units) to over five million TEU by 2017. It is also diversifying its operations and growing its cold-storage, air cargo and port operations. Also in the works are investments to grow its non-containerised cargo segment business by developing six-eight terminals along rail tracks over two-three years. The company is also setting up five logistics parks in Andhra Pradesh and Telengana. Concor has a strong balance sheet with no debt and sufficient cash balance to fund these expansion plans. It also has strategic partnerships with a dozen logistics service providers including Allcargo and APM Terminals to offer single window multimodal logistics services. Investors with a three year view can buy the stock, given the companys strong long-term growth prospects. That said, the Government is planning to reduce its stake from 61.8 per cent stake to up to 51.8 per cent and this may cause short-term price volatility - offering good buying opportunities. Boost to revenue

In 2014-15, Concors revenue and profit grew 15 per cent 11 per cent respectively to Rs. 6,150 crore and Rs. 1,050 crore. Volumes in its export-import segment (accounting for three-fourth of the revenue) increased 11 per cent in a difficult year when the countrys exports dipped. Domestic volume dropped nearly 4 per cent, but higher freight rates helped revenue growth. The companys near-term revenue should be aided by volume up-tick while its long-term growth could get a leg-up from significant expansion plans. Concor will be a key beneficiary of the DFC projects which will enable speedy delivery, higher efficiency and more cargo carrying capacity. Over 3,300 km of new lines will be added by December 2019 in the eastern and western DFCs, boosting freight volumes in at least three ways. One, the load limit that can be carried will be higher. Two, delays will be reduced due to not sharing the line and achieving higher speeds - up to 100 km/hr, from the current average speed of 25 km/hr. Three, cost is expected to be lower by 40 per cent, making rail transport more economical. About 84 per cent of the land for the has been acquired. Also, coal transport, which accounts for nearly half the freight traffic for Concor, should revive as coal output is expected to double in the next four years. Volumes in other commodities such as iron ore and cement could also pick up as the economy revives. Concor is also diversifying its revenue by expanding in other segments such as cold chain. It is also planning to grow its air cargo handling business beyond Mumbai airport. Also, setting up freight terminals to handle non-containerized cargo will add to revenue in two to three years. (This article was published on July 4, 2015)