Infrastructure That Compounds: Terminals, Ports and Corridors

Terminals and corridors rarely attract the attention given to upstream discoveries, yet they determine whether production reaches a market at a competitive landed cost.

The investment characteristics are attractive to institutional capital: long asset lives, contracted throughput, inflation linkage and demand that grows with the underlying economy rather than with the commodity cycle.

The discipline required is patience. Permitting, land access and counterparty formation take longer than sponsors typically forecast, and capital structured on optimistic timelines destroys value before the first cargo moves.