BDIS Submission, Group 1

Business Development of a Port
(With Mundra Port SEZ as a base case)
With the current industry trends in port sector confirming the buoyancy being felt by the global port operators and new industry entrants, a healthy growth coupled with intense competition is being anticipated. This makes the role a port business development manager all the more pivotal in hunting opportunities where none exist and realizing their full potential, using such tools as marketing, sales, information management and customer service in an agile manner. In this submission we examine various aspects of Port Business development in the backdrop of Mundra Port SEZ, India·s fastest growing port.

1. Introduction
Port is a place for ships to load and unload freight and passengers. Ports are required to facilitate the movement of goods or people from one place to other place through sea route. People move in search of opportunities or for fun. Any country produces and consumes goods using raw materials, natural resources and labor. The raw materials and natural resources are dispersed worldwide. All the countries do not have all the raw materials and resources to produce and consume the required goods. Ports are required to import or export these raw materials. Certain countries have advantage of producing certain goods very cheaply. So for import and export of these goods also ports are required. Globally 80% of trade is done through sea route. Sea route provides the cheapest mode of transportation. In India we have 12 major and approx 200 plus minor ports. There is a very high competition and the emergence of new port players is totally changing the dynamics of the Indian port sector. In view of this competition we critically examine how business development of a

port can be carried out. The scope is business development process of ports for trade.

2. Characteristics of Ports Just as success of a product lies in its characteristics, same is the case with Ports as well. Following are the characteristics of a port like Mundra:

Characteristics of a port

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BDIS Submission, Group 1 SWOT Analysis of Mundra Port

3. Market Analysis The Objective of market analysis is to identify customers and their requirements, understand the laws and regulations related to ports and also understand the competitors. 3.1 Identification of Market The ultimate objective in this step is to identify customers and their interests. Port facilities are used to load and unload freight. This business is driven in two ways. One way is the port owner contacts ship owners basically Liner owners and offers them to collect goods from his port for transportation to important transshipment points for further shipment; in this case the customer is ship owner/ liner company. Another way

is cargo owners or people who require cargo to be moved from one place to another place and customer himself contact ship owners and uses port services to load /unload a vessel, in this case the customer is cargo owner. The important step therefore in the identification of market at the broad level is to decide whether to target liner owners or cargo owners. In order to decide this analysis of markets that attract these customers is needed. Liner owners prefer to transport goods on liner routes. Vessels run according to a schedule on liner routes. There is always a promised volume to transport on liner routes. Bulk of container movement takes place on liner routes. Therefore if port is to be developed to attract liner vessels then there should be a minimum fixed

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BDIS S b i n b o on in v il b l o b xpo d o o lin hip o po Due to n ture o cargo liner vessels have a quick turnaround ti e. As number o containers loaded on a liner ship are large {5000 T enty Feet Equivalent Units or more (TEUs)} thus fixed cost of operations gets reduced considerably. Another point that needs to be considered to attract ships is if the location of port is on liner route or near to liner route, then ship o ner may like to use various facilities of port like replenishment of administrative needs like water, food, fuel (bunker oil) and repairs etc. Another kind of customers are cargo owners or people who want to import cargo export cargo in huge quantities like coal, coke, fertilizer and iron ores and that too on regular basis. Here again two kinds of customer would be there people having bulk cargo on regular basis and people having small cargo as on required basis. Analysis of demand of these commodities ,domestic production, import requirements and current handling capacity at the existing ports and their location have to be analyzed before targeting these types of customers. The analysis of LNG commodity in India is discussed here as illustration. The demand of LNG in the country is 270mscmd (million standard cubic meters per day).The domestic production in India is 130mscmd. The remaining 140mscmd has to be met through imports. But the India has only two LNG terminals at Dahej and Hazira. Handling capacity of Dahej and Hazira LNG terminal is 40mscmd and 14 mscmd respectively. Thus total import handling capacity at ports is 54mscmd, where as import handling requirement is 140

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mscmd thus as of now there is a shortfall of 86mscmd. Moreover it is projected that the LNG requirement in India by the year 2015 would be 380mscmd. Petronet is constructing a LNG terminal at Kochi with handling capacity of 20mscmd and one more terminal is expected to come at Dabhol of capacity 10mscmd. Thus with available data one can predict there will be a shortfall of approx 300mscmd LNG handling capacity. Thus there is a huge opportunity for establishing LNG terminals in India especially in west coast where pipelines are available for further evacuation to hinterland. The regular bulk cargo owners prefer to have long term contract with vessel owners and port owners while occasional user will charter the vessel on need basis. The small cargo owners generally contact carry and forward agents. All customers are interested in fast movement of goods from their location to port thus port should have good rail or/and road connectivity to hinterland. Bulk cargo owners also like to have adequate storage space at the port, because when bulk cargo comes to port they may not be in a position to evacuate cargo immediately hence require backyard for storage.

BD manager of a port needs to understand the legal and regulatory environment of a country. The laws currently in force in India which have a bearing on port operations can be broadly grouped into following categories ‡ ‡ ‡ ‡ Port Laws Shipping Laws Port Labor Laws Environment-related laws

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BDIS Submission, Group 1 The institutional framework in India for port sector is show in the below figure.

4.1 Port Laws Two major laws at the Central level currently govern the port sector in India are the Indian Ports Act 1908 and the Major Port Trusts Act 1963. The former applies to all ports of India, including the minor and intermediate ports, while the latter applies only to designated major ports. Besides, some of the State governments have also established separate maritime boards under separate enactments under the authority vested with them by Indian Ports Act 1908 for undertaking development and administration of State ports. The minor port regulation governs the ports under state government

compliance and ballast water discharge etc on overseas and Indian flagged ships. 4.3 Port labor laws The Indian port sector like ports elsewhere in the world has been traditionally a highly labor-intensive undertaking because of the dominance of general and breaks bulk cargo. Historically, throughout the preindependent period, employment of labor within Indian ports was totally controlled by private stevedoring companies, who engaged labor on a need basis, whenever a ship called on the port and had cargo to unload. The scenario however, underwent a major change with the passing of Dock Workers (Regulation of Employment) Act in 1948, which came about after a protracted trade union movement among the port workers. Dock Workers (Regulation of Employment) Act 1948 was enacted to remove the anomalies in the working conditions faced by port workers under private stevedoring companies. This law sought to regulari e the terms and conditions of employment of port labor, frame standard service rules and other welfare issues of interest to port and

4.2 Shipping laws The important shipping law is Merchant Shipping Act 1958, which mainly deals with shipping regulations of the country, has some bearing on the working of ports. The jurisdiction of the Director General of Shipping, empowered under the Merchant Shipping Act, includes conducting onboard ship inspections, pollution control and environmental safety

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BDIS Submission, Group 1 dockworkers. However, the provisions of the Dock Workers (Regulation of Employment) Act 1948 is highly protective of rights of workers and is considered to be a roadblock from the standpoint of both corporatization and privatization of ports, with its inevitable consequences for restructuring of port labor. The enactment of Dock Workers (Regulation of Employment) Act 1948 led to the eventual formation of Dock Labor Boards (DLBs), which became the exclusive suppliers of labor to the stevedoring companies or to the port authorities themselves. Seven major ports have had their respective Dock Labor Boards, which was initially constituted in 1948 in accordance with the Dock Workers (Regulation of Employment) Act. Basically, DLBs are responsible for providing workers to perform on-board cargo handling operation, which was subsequently extended to stuffing/destuffing operation for containers on shore. environment-related laws like Wildlife Protection Act 1972, with amendments of 1983, 1986 and 1991. Water (Prevention & Control of Pollution) Act 1974 amended in 1988. Forest Conservation Act 1988. Air (Prevention and Control of Pollution) Act 1981 amended in 1988 and various notifications on Coastal Zone Regulation of 1991, which deal with formulation, implementation and enforcement of management plans suitable for the type of activities, planned and ensure reduction of adverse influence on the coastal zones.

Environment Protection Act 1986 is the main law related to environment. It is administered by Ministry of Environment and Forests. Under this act, the coastal stretches of seas, bays, estuaries, creeks, rivers and backwaters that are influenced by tidal action (on the land side) up to 500 meters from the high tide line and the low tide line is declared as the coastal regulation zone (CRZ). Based on the representations made by various State governments and other development agencies, CRZ regulations have been modified from time to time. Environmental clearance for a port project also attracts provisions of other

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MPSEZ·s hinterland consists of among the most industrialized states in India such as Gujarat, Rajasthan, Punjab, Haryana, Delhi, parts of Uttar Pradesh (UP) and to an extent Maharashtra and Himachal Pradesh as seen in the map below. More importantly, the GDP of this hinterland has grown around 10 consistently over past few years and of India·s accounts for nearly 70 container traffic. Growth post FY04 is expected to have been higher, in line with the India GDP.

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BDIS Submission, Group 1 MPSEZ has also entered into long term contracts with the various customers. IT is expected to handle close to 31 mtpa of coal cargo mainly on account of its agreements with Adani Power (4620 MW) and Tata Power (4,000 MW) by FY15. MPSEZ is also expected to handle another 9 mtpa of coal cargo from the power plants that are expected to come up in the western region by FY16. Single Point Mooring Facility 1 has been contracted to IOC under a ´take or payµ agreement. The company is developing a second single point mooring terminal (SPM2), which has a capacity to handle 25 mtpa of liquid cargo. It has signed an agreement with Guru Gobind Singh Refineries Ltd (GGSRL), subsidiary of Hindustan Petroleum Corporation Ltd (HPCL) for the second SPM terminal. The construction of the terminal is underway and it is expected to be operational by FY11-12. contracts, they provide cushion to the company s top-line amid slowdown. Further contracts with respect to the expansion of HPCL and IOC, additional coal contracts for Adani Power s Dahej and Kawai projects and any pick up in the car exports would further increase the contribution of such long term contracts. As summed up below, the MPSEZ·s is indeed attractive to high potential industries like auto, chemicals, light and heavy industries and textiles and apparels.

Source: India Equity Research

MPSEZ has also entered into a MoU with Maruti Su uki for exporting cars. Maruti Su uki commenced its export operations in January 2009, and is expected to export over 200,000 cars in FY11. The capacity of car exports at Mundra is quite scalable and can handle about 450,000 cars per annum. Moreover, this is quite a lucrative business as MPSEZ reali es about Rs. 2,500 per car with nominal operating expenses. MPSEZ has entered into a sub-concession agreement with MICT for the operation of CT1. The contract entails that MICT pay the port a royalty of 10% of gross operating income of CT1. The ´take-orpayµ nature of the above long-term

6. Competitor Analysis
Based on geographical location, ports in Gujarat can be divided into two categories i.e. located on Mainland i.e. Port of Dahej

Source: India Equity Research Report, May 2011

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BDIS Submission, Group 1 and Hazira and ports located in peninsular region i.e. Kandla, Pipavav, and Mundra etc. As Mundra port is located in peninsular region, hence competitive analysis with ports located in peninsular region can be carried out.

1.

Bhavnagar

Connected to State Highway (SH)

Connected to Broad Gauge (BG) line

Lighterage port with 4m draft

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Cargo handling is carried out at anchorage point. Multiple handling of Cargo

2. 3.

Pipavav Navlakhi Okha

Connected to NH Connected by road to NH

Connected to BG line Connected to BG line

12.5 m Lighterage port 7.5-8m Lighterage Movement restricted to high tide and daylight hours only, causes delay y Movement restricted to daylight & high tide, only causes delay. y Beam (width) of vessel restriction of 30m. y Handles basically Coal and furnace oil.
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4.

Connected by Connected road to to BG line amnagar/ Porbander and from there on to NH

5.

Porbandar

Connected by Connected road to to BG line Rajkot and from there on to NH

9.8 m Direct berthing for vessels upto 50,000DWT Lighterage port

Beam (width) of vessel restriction of 30m. Pilotage during daylight hours only. Only medium size ships can be handled. Cargo handling is carried out at anchorage point 11kms from port Multiple handling of Cargo Mainly handles POL at SBM for refineries Movement restricted to high tide, causes delay

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Bedi/ amnagar

Connected to National Highway(NH)

Nearest Railway Station 7 km away

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Kandla

Connected to Connected NH to BG line

10.7-12m

Large ships have to unload part of cargo at anchorage.

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BDIS Submission, Group 1 To understand the competitive positioning of Mundra Port against various major ports of India, KRChoksey Research has categori ed them based on the traffic growth registered (FY10) and their capacity utili ation (FY10). They have classified ports into four quadrants: y y y y Leaders (High Cargo Growth and High Utili ation) Ascendants (High Cargo Growth and Low Utili ation), Stagnants (Low Cargo Growth and High Utili ation) Laggards (Low Cargo Growth and Low Utili ation). including Dahej) from the current level of 115 mtpa (130 mtpa including Dahej). Such a humongous capacity addition would place Mundra port ahead of some of the major ports. Moreover, Mundra port would continue to attract incremental cargo on the west coast due to its strategic advantages and operational efficiencies.

As per the below figure, MPSEZ lies favorably in the ascendants one. This is because Mundra port is better placed (than its peers) to capitali e on the strong cargo growth that India is likely to witness in the mid-term. Further, Mundra port is undergoing a huge capacity expansion, which would increase its capacity to 155 mtpa by FY14 (180mtpa

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BDIS Submission, Group 1

7. Product and its targeted customer

USP/s

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Following USPs can be highlighted to potential customer for using Mundra port:y y An All-Weather Port. 17.5m draft, which is deepest in India and long jetties for servicing of various si es of vessels. Shippers can save on transshipment costs and their valuable time.
Comparison of draft on Western coast of India

engines enable faster shunting of rakes for faster movement of cargo. Mundra port is over 180 kms closer to Delhi than Mumbai and connected to NH8 of the national highway net work, in fact Mundra port is closest port for industrial and agricultural centers of North and West India.
Mundra Port connectivity

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Mundra Port is one of the fastest growing ports in India with cargo volumes growing across all segments. Cargo handing YOY growth of 12.79%. Mundra Port accounted for 78% of all container traffic handled by all the minor ports in the country with (0.7 million TEUs). This number is bound to increase rapidly in the coming years for following reasons:o Industriali ed and growing hinterland of Northern and North West India (accounts for 2/3rd of India·s GDP) with good hinterland connectivity by rail and road. Availability of seven railway sidings and two railway

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Source: Gujarat Ports, www.scribd.com

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Source: www.quantcapital.co.in

Paucity of passenger traffic and non electrification of railway track along Kutch and Rajasthan makes its railway routes relatively free for cargo railway traffic and also enables double stacking of containers. With alignment of Dedicated Freight Corridor (expected by 2017), Mundra Port will be the biggest beneficiary.

Port connectivity to dedicated freight corridors

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Source: Gujarat Ports, www.scribd.com

BDIS Submission, Group 1 The port has implemented the IPMS as single window port operation software which caters to all the needs of the port operations. The IPMS system along with State of art mechanical material handling equipment along with trained manpower to operate same for faster loading and unloading of vessel reducing the vessel turnaround time increasing efficiency of cargo handling which results in lower operational cost if computerized the dry bulk and general cargo operations of the cargo terminal. West port with 60 million ton annual handling capacity is world·s largest coal import terminal shall have 20 berths when fully constructed with a draft of around 21.5 meters geared for cape size vessels. 632 meters long side quay in container terminal enables docking of Panamax vessels. Port uses Goliath Cranes for handing of ´steel pipesµ for export from various steel manufacturers. By using these cranes with vacuum lifting attachment for steel handling at turnaround time is reduced by 30-40 . Due to mechanized fertilizer handling facility which is a traditionally a labor oriented activity, in peak season port is able to handle up to 10 rakes per day with labor force of 1000 while traditionally 6000 labors handle 8 rakes in a day. present with a total 1,25,157 cars exported in the financial year 200910, and possibly for at least three other vehicle manufacturers in the near future (Tata Motors, Ashok Leyland and Nissan are in discussions).
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Availability of experienced master mariners and powerful tugboats to navigate and maneuver large vessels in shipping channel. Availability of adequate storage space (open and closed) in backyard for temporary storage. Port has following storage facilities : o 26,000 sq. m of open storage alongside rail siding. o Wheat cleaning facility with a capacity of 1,200 MT / day. o 8 weighbridges for dry cargo. o 8,80,000 sq. m. of well demarcated open storage space for steel sheets, plate, coils, scrap, clinker, salt, coal and coke etc. o 21 closed sheds, provide 70,000 sq.m. Of covered space for storage of wheat, rice, sugar, de-oiled cakes (DOC), fertilizer, fertilizer raw materials (FRM), etc. o Back up infrastructural facilities have been developed for the area of 38 hectares for the container yard rail operation. o Port has one of the largest liquid tank farm storage areas inside any port in the country coupled with the most efficient back up infrastructure to handle liquid cargo handling. Seven 3.5 km long liquid

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Mundra is also India·s largest port for car exports - Maruti Suzuki at the

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BDIS Submission, Group 1 pipelines, 8 to 24 in diameter connect berths to the tanks. Provision for heating in selected tanks for storing specific cargo.54 loading buys with sophisticated volume dispatch system ensure no loss capability. Fully computeri ed inventory management system with connectivity to weigh bridges provides accuracy as well as speed. y MPSEZ has the highest reali ation/tonne in the Indian Port sector owing to its operational efficiencies and locational advantages.

Source: Gujarat Ports, www.scribd.com

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Source: India Equity Research Report, May 2011

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BDIS Submission, Group 1

8. Fi a ial Impli atio for Bu i ess Development Mana er
Key parameters on which a BD manager can pitch a port·s services are ship turnaround time and grade of waiting. These parameters have direct implications on the opportunity costs of a ship. The more the turnaround time and the grade of waiting, the higher the standing costs (fixed costs that a ship incurs when it is not sailing) and staff expenses will be that a ship has to bear. In addition, a BD manager should have hands on knowledge of financial aspects of port business. The financial ratios are important in interpreting the performance of any company. However, these ratios should always be interpreted keeping the roles and missions of the port company. Strategies such as cost leadership or differentiation will have different implications on the financial ratios. Frequently used financial performance metrics to evaluate various aspects of ports is: 1. Activity a. Operating ratio = Operating expenses/Operating Revenues The primary role of a business development manager is generally limited to identifying new markets and new business opportunities. Hence, this parameter may not be very important from the business development perspective. However, this ratio can be used by business development manager to pitch the port services as a cost leader. 2. Capital Structure a. Gearing ratio = Debt / Equity The more the gearing, the higher the return on equity will be.

However, with increased debt, the perceived risk grows and tends to increase the cost of equity. Thus it is important for BD manager to be aware of the equity constraints of the company and choose a balanced gearing ratio while planning for new investments. b. Debt service coverage = Gross income / Debt service This ratio shows the robustness of the expected cash flows to service the debt. 3. Solvency / Liquidity a. Current ratio = Current Assets / Current Liabilities This ratio gives an indication of how solvent or how quickly the port company can service its short term liabilities. Thus, this ratio can be a useful indicator for the BD manager to know about the short term financial position of the company. This will help BD make informed decisions on when to plan for additional investments. 4. Profitability a. Return on Equity = Net Profit / Equity b. Return on Assets = Net Income / Total Value of assets Both the ratios give the indication about the profitability of the port company in a given year. This will help a BD manager to diagnose what is affecting the profitability of a company and identify areas where business opportunities can be tapped or existing markets strengthened to increase the profitability.

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BDIS Submission, Group 1

8.1 I entifying the feasi ility of new investments
Ports are perceived as infrastructure projects which not only provide an underpinning to trade activity but also impact the local environment and demographics. Hence while a private party may look at financial cost benefit analysis, the government is under the obligation to carry out a social / economic cost benefit analysis as well. Both the cost benefit analysis can be done on the basis of NPV or IRR using the discounted cash flow technique. While analyzing the social costs and benefits, the impact of ports should be considered from three aspects: 1. Direct Impact: Direct impact includes the impacts on organizations and activities that are directly linked to port project. 2. Indirect Impact: This impact includes the impact on industries and institutions that have decided to locate their activities near or around the port because of their dependence on port. Some of the examples could be trade industries and finance institutes serving ports. 3. Induced Impact: The aggregation of the direct and indirect impacts on other sectors of economy is referred as induced impact. One such example could be the increased real estate activity.

8.2 Risks while making investment decisions
While identifying new business opportunities, a BD manager must also bear in mind the risks involved with the

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investments. Primarily, the risks can be classified in three categories: 1. Cost Risk: Risks associated with cost overruns. This may emanate from technical, economical and financial changes. 2. Revenue Risk: Risks associated with fluctuations in forecasts of volume or price. 3. Country Risk: Risks such as political, social, legal and currency risks

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9. Promotion in Ports
Following are the different types of promotion tools for ports in order to communicate to various target groups, inform them and influence their perception towards the port (as given in UN manual on port business) : ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ ‡ Advertising Direct mailing International shipping exhibitions Organizing port days Personal Selling/Direct business trips Representatives Domestic networking Domestic fairs School visits Organizing conferences Speaker at a conference International press day Other tools

9.1 Port Advertising The objectives of advertising is shown in figure below:
‡ ‡ ‡ Enlarging the general renown of the port Paving the way for sales Improving port·s image

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BDIS Submission, Group 1 ‡ ‡ Increasing port·s recognition Highlighting the port·s elements position to identify the user and would have gathered more information about the user. When a direct mailing is used as a tool it is very important to verify the following points in order to make a good impression. ‡ ‡ ‡ ‡ ‡ ‡ ‡ The name of the person being written to His/her function Male/Female References mentioned Faultless and carefully drawn up letter Enclosures are indeed enclosed Names of the people available for further information

quality

Advertising a seaport is completely different from any other product, typically a seaport advertisement should consist of information about the geographical location, nautical characteristics and services. Even the use of media is of greater importance, we cannot use normal mass media communication. Rather the advertisement should be placed in a business magazine of the ports, business TV-channels etc. As was the case with normal advertising the same is with seaport advertising as far as choosing the message is concerned, because you start to communicate with customers from many countries with diverse expectation about the port so the message should be clear and should talk about the specific nature of the port rather than the general characteristic of the port.

9.3 International Shipping Exhi itions: International shipping exhibitions are great platforms where we can encounter large group of professional in aver short period of time. The presence of the port at a professional shipping exhibition shows that the port is a recognized player in the market. This participating in the exhibition is a serious affair because of the amount of money one has to spend and the amount of fame involved in it. There are two types of professional fairs which can be of interest to a seaport as shown in the below (as per UN manual on port business):
‡ The shipping fairs that focus on meeting the shipping industry, such as ship owners, agents and brokers etc. The commodity fairs: which focus on meeting the owners of the commodities, who will anyway also have interest in the best manner to transport their commodities to the final destination.

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9.2 Direct Mailing: The aim of direct mailing is to influence identified potential port users. Here the message can be personalized and can be far more detailed, this is because we will be in a

The port has to make the choice out of the large number of trade fairs.

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The objectives of the advertising programme of the port are determined by the goal of the port and the international environment. The two most important factors of the international environment are language and culture. Especially in port business we need to communicate in the language of the target group i.e. we need to advertise in multilingual. But the care must be taken not to have too many languages. Give priority to the languages of those countries from which one expects more business.

BDIS Submission, Group 1 ‡ 9.4 Organizing the Port Days: As one of the most effective communication tools in the port marketing, this process of organi ing the port day is all about inviting a group of 50-100 business people who will be your potential target customers and then making a detailed presentation about the port. The advantages of organi ing the port day are as follows: ‡ People come only to meet the delegation, i.e. a serious business affair. Mere presence of the business people shows that they have an interest at the first instant. Every possibility for the port authority to give a broader view about their port when compared to the exhibition. By organi ing a port day in certain region means that the port wants to do the business with the people of that region. ‡ ‡ Direct Selling: Through delegations or representatives. Indirect Selling: Through chambers of commerce, embassies or banks. For International market understand the Social, Cultural & Economic context.

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As this tool is more advantageous the business development manager needs to make sure that the preparation for the Port-Day should start quite early.

9.5 Personal Selling: The previous promotional tool aims at identifying the contacts, where as the goal of this tool is to make sure that the contact turns into the contract. The personal selling on the national market and personal selling on the international market are different. This is because of the culture and economic homogeneity at the national level and heterogeneity at the international level. There are three different types of direct selling, and they are listed below Page 15 of 16

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9.6 Famous Ports Communications: Some Famous Ports Pictures of communication from brochures are shown below.

Above shown boat is the security boat, which shows the world class security system, further below are the pictures of various specialized cargo handling docks that speaks about the service that would be provided. (Source: LA port promotion brochure)

BDIS Submission, Group 1

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References:

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Mundra SEZ Report from http://www.quantcapital.co.in. Report on Gujarat Ports found on www.scribd.com. UN Manual on Port Business. India Port Report by i-maritime Research & Consulting Division, 2003. India Equity Research Report on Mundra Port & SEZ, KRChoksey, May 2011 India Equity Research Report on Mundra Port & SEZ, ICICI Securities, March 2008. LA port promotion brochure .

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