Trends in the Maritime Industry in Morocco. MEYS Emerging Markets Research

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1 Trends in the Maritime Industry in Morocco MEYS Emerging Markets Research

2 Organisational structure Moroccan ports

3 Port strategy 2030 Specialisation Connectivity

4 Maritime trade on the rise By 2030 volume is expected to be increased threefold Global cargo throughput (x tons) Tanger Med Port traffic excl. Tanger Med Container throughput (Million TEU) 5,0 Port traffic excl. Tanger Med Tanger Med 4,0 3,0 2,0 1,0 0, Source: ANP, TMSA, Ministry Transport & Logistics

5 Increasing number of ships calling at Tanger Med port After opening Tanger Med 2 (2019) this will increase further Number of ships calling at Tanger Med* Note: (*) includes container port Tanger Med 1 and Passenger Port Source: TMPA

6 After opening Tanger Med 2 (+ 5 mln. TEU) in 2019 Morocco will boast the largest container port in Africa Container throughput largest African ports (1000 TEU) Port Said (Egypt) Tanger Med (Morocco) Durban (South Africa) Alexandria (Egypt) Lagos (Nigeria) Source: Lloyd s List

7 Majority of products through Moroccan ports are bulk goods Largest increase in container trade Total maritime trade bulk goods (1000 tons) Maritime trade by type of product* % 1% 4% Bulk goods Liquid goods Containers RoRo Total maritime trade liquid goods (1000 tons) % 58% Other Note: (*) excluding transshipment, including cabotage Source: ANP Total maritime trade containers* (1000 tons)

8 Global Traffic per Port, 2017 (in Tons) (excluding Tanger Med) SEA PORT TOTAL /2016 CASABLANCA ,9% JORF-LASFAR ,4% MOHAMMEDIA ,9% SAFI ,1% AGADIR ,1% LAAYOUNE ,6% NADOR ,6% DAKHLA ,5% TAN-TAN ,5% TANGER VILLE ,9% TOTAL Source: ANP ,1% Source: ANP Casablanca largest port in Morocco 35,4% 0,1% 7,4% Moroccan ports Morocco global traffic by sea port, 2017 (%) 3,2% 0,8% 5,9% 3,2% 0,0% 7,0% NADOR TANGER VILLE MOHAMMEDIA CASABLANCA 37,1% JORF-LASFAR SAFI AGADIR TAN-TAN LAAYOUNE DAKHLA

9 Morocco s main commercial ports Three main ports in Morocco for container traffic: Casablanca, Agadir, and Tangier Med. Other ports used mainly for break-bulk and conventional cargo, such as Safi, Jorf Lasfar, Dakhla, Laayoune, Nador. All ports are undergoing continuous development and upgrading in terms of both equipment and infrastructure. Period billion dirham (550 million euro) investments in upgrading, modernizing and expanding Morocco s port capacity (excluding Tanger Med and Nador West Med) Total investments by port Main investments in the ports of Casablanca and Mohammedia Mohammedia Casablanca Sidi Ifni 267 Al Hoceima Tan Tan 2769 Agadir Essaouria Cala Iris 2271 Safi Laayoune Ras Kebdana Source: ANP

10 Majority of public port investments for developing Tanger Med (TMSA) Public investments in Morocco's ports (million dirhams) p 2018p Note: (p) provisional budget Source: Ministry of Finance ANP TMSA NWM

11 Port investments divided between new ports, integration of ports with cities, and extension of existing ports

12 Construction of six new major ports between Total costs 40 billion dirhams (3.5 billion euro) 1 billion euro 800 million euro 1 billion euro 360 million euro 550 million euro 700 million euro

13 Investments in port dredging Improving competiveness and connectivity Annually million cubic metres, mainly sand 70% dredging activities in Southerns ports (coastline between Safi and Dakhla) Annual budget ANP 137 million dirham (12.5 million euro) Largest local dredging company is Drapor

14 Current shipyards in Morocco Main focus on building & repairing fishing vessels Chantier Naval de l Afrique (Tan Tan): Founded in 1984 Part of Groupe Ominum Marocain de Pêche (OMP) Building primarily fishing vessels for OMP Chantiers et Ateliers du Maroc (Casablanca): Founded in 1944 Surface shipyard m2 (7.000 m2 workshops) Yard capacity for vessels up to tonnes Primarily repair & maintenance (fishing) vessels Annual turnover ( million dirham Chantier Naval Agadir Founty (Agadir): Founded in 2002 Building and repairing mainly fishing vessels Total turnover Moroccan shipyards currently million dirhams

15 New long term strategy for shipbuilding industry in Morocco Total public and private investments necessary is 4.5 billion dirhams

16 Three largest maritime companies are (semi-)public entities Terminal operators have the largest turnover; foreign companies dominate Moroccan maritime industry Turnover main maritime companies, 2016 (million dirham) Marsa Maroc* TMSA ANP APM Tanger Inter Shipping Eurogate Tanger Somaport** CMA CGM Comanav MSC Maroc Boluda TangerMed FRS Maroc Bollore Drapor Atlantic Dredging Petrocab Marcab Note: (*) partly privatised in 2016, (**) estimate MEYS Source: Maroc1000.net, Ministry of Finance

17 With 5% of total maritime transport cabotage is still relatively limited A long coastline with dozens of ports gives strong opportunities Cabotage mainly oil products (from Mohammedia) Moroccan companies active in cabotage (oil products): Petrocab, Marcab Cabotage Moroccan ports* (tons) Import Export Ports with cabotage Cabotage of oil products Note: (*) excluding Tanger Med Source: ANP

18 Modal split container transport Port of Casablanca Main focus on road transport Rail Import volume containers Port of Casablanca: TEU (2017) Road 1% 13% Sea (cabotage) 86% Rail network

19 CMA CGM opened in 2013 a cabotage container line Roundtrip Tanger Med Casablanca - Agadir

20 d Amico Dry Maroc (subsidiary Italian company d'amico Società di Navigazione) operates a cabotage line between ports Agadir-Casablanca- Tanger Med

21 Daughter company of CMA CGM OPDR expanded her short sea shipping route May 2016 between Northern Europe and Morocco

22 Use of feeders limited in Morocco Only Maersk uses feeders between Casablanca Tanger Med Source: ALG

23 Strong trade connections between Tanger Med and the rest of the world including 34 ports in 19 West African countries

24 Great potential as regional maritime hub Expanding trade with Africa Total foreign trade Morocco by continent (%) 100% 0,4% 0,3% 0,4% 12,9% 11,8% 10,0% 80% 60% 21,1% 5,8% 19,0% 6,4% 16,9% 6,1% Oceania America Asia 40% Africa Europe 20% 0% 59,9% 62,6% 66,7% Source: Office des Changes

25 Thank you for your attention MEYS Emerging Markets Research