Lingering disturbance in shipping and airspace due to the Iran conflict could have diverging but increasingly negative credit impact on Asia-Pacific port and airport operators, Fitch Ratings said in a recent release.
Higher unit costs and weaker productivity due to less reliable schedules offset a rise in storage and ancillary income from congestion for container ports, which could hit margins of high fixed-cost producers, Fitch said.
Continued closure of the Strait of Hormuz is a main risk given its material impact on volume and cost across energy, bulk and container supply chains, the rating agency said.
Chinese container ports will likely observe clear disruptions through network dislocation as opposed to significant Middle East exposure, Fitch said.
Zhejiang Seaport and Lianyungang Port are sufficiently capable of handling short-lived volatility from congestion, schedule disruption, and higher operating costs, Fitch said.
For Australian coal terminals, their take-or-pay capacity arrangements and diversified shipper bases should keep earnings steady.
Indian ports face some volume constraints given increased freight costs, a weaker economy, and port congestion from schedule disruptions, although Fitch said the effect should be manageable.
The region's airports, especially those in India, could observe short-term traffic disruptions under continued instability in West Asian airspace.
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