Ports & MaritimeSilver report

Published May 2026Insight Research27 min read2026 Edition15 sources, 15 primary-gradeVery high source depth

Thailand Ports and Maritime Comprehensive Market Intelligence

Laem Chabang hit 9.46M TEU FY2024 (ASEAN #4, world #17); Phase 3 PPP targets 18M TEU by 2035 with Terminal F1 in 2027. Hutchison Ports Thailand and PSA International operate private terminals; Map Ta Phut Phase 3 LNG (Gulf 70% / PTT Tank 30%, THB 60B) commissions Q1 2029. Listed shipping: TTA, PSL, RCL.

Key takeaways

1
Laem Chabang Port handled TEU in FY2024 (vs FY2023, + YoY), making it ASEAN's #4 container port and the world's #17 by throughput per PAT statistics. PAT FY2024 (Oct 2023-Sep 2024) recorded record revenue of and net profit of across its five-port network.
2
Laem Chabang Phase 3 expansion is a PPP under EEC with PAT and private sector , 35-year concession, capacity rising from to TEU per year. Original handover slipped from November 2025 to June 2026 due to a land reclamation density dispute; Terminal F1 targets operations 2027, Terminal F2 in 2031.
3
Private terminal operators at Laem Chabang: Hutchison Ports Thailand (CK Hutchison, Hong Kong) runs Terminals A2, A3, C1-2, D1-3 including the Terminal D with remote-control super post-panamax cranes commissioned 2024-2025. PSA Thailand (Temasek, Singapore) operates Terminal B1, C3 concessions. COSCO Shipping Ports paid for of Thai Laemchabang Terminal and of Hutchison Laemchabang Terminal in 2024.
4
Map Ta Phut Phase 3 LNG terminal: Gulf MTP JV (Gulf Development , PTT Tank ) with EPCC contract signed July 2025 to POSCO E&C-CAZ Consortium. investment, 8 mtpa initial capacity expandable to 10.8 mtpa. Construction Q4 2025, operations target Q1 2029 — Thailand's third LNG receiving terminal.
5
Listed Thai shipping: Thoresen Thai Agencies (SET: TTA) is a diversified holdco with Thoresen Shipping dry-bulk (20-25 vessels), Mermaid Maritime offshore, Baconco fertiliser. Precious Shipping (SET: PSL) is pure-play dry-bulk with 35-40 vessels. Regional Container Lines (SET: RCL) operates 46 container vessels FY2024 across Northeast Asia, Southeast Asia, Indian sub-continent, Middle East, Red Sea.
6
Binding ESG variables: IMO CII and EEXI carbon-intensity rules in force since January 2023 with - intensity target by 2030. IMO Net-Zero Framework vote delayed at October 2025 MEPC by one year. EU CBAM affects of Thai EU exports in 2026 (~ per Kasikorn Research Center) on iron and steel, aluminium, cement, fertiliser flowing through Laem Chabang — CBAM-covered Thai EU exports already down since 2023 implementation.

PAT FY2024 release, EECO Phase 3 documentation, Gulf MTP EPCC announcement, listed 56-1 (TTA, PSL, RCL), IMO press, Bangkok Post CBAM

Data as of: May 2026 edition. FY2024 full-year anchor. Q1 2026 PAT tracking pending release.

Executive summary

What this report covers, and the thesis in one paragraph

Thailand's port system handled approximately TEU and tonnes of total cargo in FY2024 per PAT, IEAT, and Marine Department aggregates. Laem Chabang Port (PAT state operator with private terminal concessions) is the anchor at TEU, making it ASEAN's #4 container port after Singapore, Port Klang, Tanjung Pelepas, and the world's #17. Bangkok Port (Khlong Toei, in-river, PAT-operated) handled approximately TEU in FY2023, serving domestic, coastal, and feeder flows for SME exporters and Bangkok's urban economy. Map Ta Phut Port (IEAT-operated, Rayong EEC zone) handles petrochemical, LNG, and bulk industrial cargo. Regional ports — Songkhla on the Gulf of Thailand, Ranong on the Andaman side, Phuket cruise, Koh Samui ferry — serve specialty, coastal, and tourism flows.^{[, , ]}

Laem Chabang Phase 3 ( PPP, EEC-integrated) is the defining decade-long capacity story: PAT co-investment with private sector under a 35-year concession that lifts container capacity from to TEU per year. Handover slipped from November 2025 to June 2026 due to a land reclamation density specification dispute; Terminal F1 targets commercial operations in 2027 and Terminal F2 in 2031. Private terminal operators are Hutchison Ports Thailand (CK Hutchison, Hong Kong parent — Terminals A2, A3, C1-2, D1-3 with Terminal D commissioned 2024-2025 using remote-control super post-panamax cranes), PSA Thailand (Temasek-owned PSA International, Singapore — Terminal B1, C3), and local Thai operators (LCMT, Evergreen, ThaiSung). COSCO Shipping Ports entered the cluster with a deal for of Thai Laemchabang Terminal and of Hutchison Laemchabang Terminal in 2024.^{[, , , ]}

Listed Thai shipping universe spans dry-bulk and intra-Asia container. Thoresen Thai Agencies (SET: TTA) is a diversified holding company combining Thoresen Shipping dry-bulk (20-25 vessels), Mermaid Maritime offshore drilling (Singapore-listed sub), Baconco fertiliser (Vietnam), and PHC Healthcare. Precious Shipping (SET: PSL) is pure-play dry-bulk with a 35-40 vessel global fleet, earnings tracking the Baltic Dry Index. Regional Container Lines (SET: RCL) operates 46 container vessels FY2024 across Northeast Asia, Southeast Asia, Indian sub-continent, South Asia, Middle East, and the Red Sea — earnings tracking intra-Asia container rates. Our thesis: Thai ports and maritime is a structural trade-volume growth platform with shipping-cycle overlay, where Laem Chabang Phase 3 and Map Ta Phut Phase 3 LNG anchor a decade of capacity expansion while IMO carbon-intensity rules and EU CBAM force fleet and supply-chain repricing across both terminal operators and shipping lines.^{[, , , , ]}

PAT FY2024, EECO Phase 3, IEAT, listed 56-1, IMO, CBAM analysis

Data as of: May 2026 edition. FY2024 full-year anchor

Laem Chabang TEU throughput at a glance

Thailand's largest container port, 2020-2024 (M TEU)

2020

Throughput (M TEU)

~7.6M

YoY

base

Driver

COVID disruption; global container cycle weak; auto, electronics export shock.

2021

Throughput (M TEU)

~8.4M

YoY

+11%

Driver

Reopening, backlog clearance, global trade recovery, peak shipping rates.

2022

Throughput (M TEU)

~8.8M

YoY

+5%

Driver

Container cycle peaks then begins normalising; Thai export resilience.

2023

Throughput (M TEU)

8.67M

YoY

-2%

Driver

Global container destocking; freight rates collapse; modest Thai throughput dip.

2024

Throughput (M TEU)

9.46M

YoY

+9%

Driver

FDI, EV, electronics export growth; AI server, semiconductor demand drives container restocking.

Year	Throughput (M TEU)	YoY	Driver
2020	~7.6M	base	COVID disruption; global container cycle weak; auto, electronics export shock.
2021	~8.4M	+11%	Reopening, backlog clearance, global trade recovery, peak shipping rates.
2022	~8.8M	+5%	Container cycle peaks then begins normalising; Thai export resilience.
2023	8.67M	-2%	Global container destocking; freight rates collapse; modest Thai throughput dip.
2024	9.46M	+9%	FDI, EV, electronics export growth; AI server, semiconductor demand drives container restocking.

PAT monthly and annual throughput releases

Data as of: May 2026 edition. FY2024 full-year anchor

Laem Chabang container throughput only. Bangkok Port adds ~1.26M TEU; Map Ta Phut adds petroleum, LNG, bulk tonnage rather than TEU.

Cargo mix

Thailand total port cargo (FY2024 share by tonnage, directional)

Container (Laem Chabang, Bangkok)

~50%

Driver

Auto CBU, electronics, AC, hard drives, FMCG, AI-server adjacent inputs.

Petroleum, LNG (Map Ta Phut)

~22%

Driver

Crude, refined product, LNG import, petrochemical feedstock and product export.

Bulk industrial (cement, steel, grain)

~14%

Driver

Cement, gypsum export; steel, coal, soybean meal import; agri bulk.

Break bulk, RoRo, project cargo

~9%

Driver

Auto CBU RoRo (Thailand top-5 exporter), project machinery, steel coil, pipe.

Other (regional, coastal, cruise)

~5%

Driver

Songkhla rubber, Ranong fish, Phuket cruise, Koh Samui ferry, domestic coastal.

Segment	Share	Driver
Container (Laem Chabang, Bangkok)	~50%	Auto CBU, electronics, AC, hard drives, FMCG, AI-server adjacent inputs.
Petroleum, LNG (Map Ta Phut)	~22%	Crude, refined product, LNG import, petrochemical feedstock and product export.
Bulk industrial (cement, steel, grain)	~14%	Cement, gypsum export; steel, coal, soybean meal import; agri bulk.
Break bulk, RoRo, project cargo	~9%	Auto CBU RoRo (Thailand top-5 exporter), project machinery, steel coil, pipe.
Other (regional, coastal, cruise)	~5%	Songkhla rubber, Ranong fish, Phuket cruise, Koh Samui ferry, domestic coastal.

PAT, IEAT, Marine Department cargo-type disclosures

Data as of: May 2026 edition. FY2024 reconciliation

Container dominates value; petroleum, LNG dominates tonnage at Map Ta Phut. Bulk shares vary by season and global cycle.

Analyst framing

Why this report is worth unlocking

Thai ports and maritime is a structural trade-volume growth platform with a shipping-cycle overlay. Laem Chabang Phase 3 and Map Ta Phut Phase 3 LNG anchor decade capacity. Hutchison and PSA private concessions, three listed shipping companies (TTA, PSL, RCL), and IMO and CBAM carbon overlay are the operating realities.

Operator playbooks

PAT state, foreign terminal operators (Hutchison, PSA), IEAT Map Ta Phut, three listed shipping

Port Authority of Thailand (PAT) under the Ministry of Transport manages five ports: Laem Chabang (anchor, deep-sea container), Bangkok Port at Khlong Toei (in-river, ~1.26M TEU FY2023), Chiang Saen and Chiang Khong (Mekong river border ports for Thai-China-Laos trade), and Ranong (Andaman gateway for Myanmar-India routes). FY2024 PAT record revenue THB 17.224B, net profit THB 7.648B. PAT acts as concession licensor at Laem Chabang under a multi-decade PPP framework, retaining ownership of land, basic infrastructure, and quay walls while private operators build and run terminal superstructure.

Hutchison Ports Thailand (HPT) is the dominant private operator at Laem Chabang, running Terminals A2, A3, C1-2, and D1-3 — collectively the largest private terminal footprint at LCB. Terminal D is the flagship: USD 600M investment, 1.7 km quay length, adding 3.5M TEU capacity, with remote-control super post-panamax cranes (three new units in December 2025) and seven new remote-controlled electric rubber-tyred gantry cranes commissioned October 2025. Parent CK Hutchison Holdings (HK: 1) operates approximately 50 ports globally — that network provides customer relationships, technology benchmarking, and shipping-line stickiness. COSCO Shipping Ports' USD 110M 2024 entry — 12.5% of Thai Laemchabang Terminal and 30% of Hutchison Laemchabang Terminal — adds a Chinese state-owned shipping anchor to the Hutchison alliance.

PSA Thailand is the Thai subsidiary of PSA International (wholly owned by Temasek Holdings Singapore — parent achieved 100M TEU throughput across its global network in 2024, an industry first). PSA Thailand operates Terminal B1 and C3 container concessions at Laem Chabang. Strategic advantages: PSA's global terminal-operating-system platform, automation experience from Singapore Pasir Panjang, and shipping-line relationships across Asia-Europe and intra-Asia trades. Local Thai operators (LCMT, Evergreen-affiliated terminals, ThaiSung) hold smaller concessions and serve niche, coastal, or specialty flows.

Map Ta Phut Port is operated by the Industrial Estate Authority of Thailand (IEAT) in the Rayong EEC industrial cluster — separate from PAT's container-focused network. Map Ta Phut handles petrochemical feedstock and product (serving the PTT Group, PTT Global Chemical, IRPC, Indorama petrochemical complex), LNG receiving (Thailand's primary LNG import nodes), and bulk industrial cargo. Map Ta Phut Phase 3 LNG terminal is the defining expansion: Gulf MTP JV (Gulf Development 70%, PTT Tank 30%) signed an EPCC contract in July 2025 with the POSCO E&C-CAZ Consortium for THB 60B (~USD 1.8B) of superstructure including LNG terminal and regasification facilities. Initial capacity 8 mtpa expandable to 10.8 mtpa; construction Q4 2025, commercial operations Q1 2029. This will be Thailand's third LNG receiving facility and the linchpin of long-term gas-fired power and petrochemical feedstock security.

Listed shipping (SET-listed): Thoresen Thai Agencies (SET: TTA) is a diversified Thai holdco — Thoresen Shipping (20-25 dry-bulk vessels), Mermaid Maritime (Singapore-listed offshore drilling subsidiary), Baconco (fertiliser Vietnam), PHC Healthcare. Earnings split: dry-bulk shipping cycle, offshore drilling utilisation, fertiliser margin. Precious Shipping (SET: PSL) is pure-play dry-bulk with 35-40 vessels globally, earnings tracking the Baltic Dry Index. Regional Container Lines (SET: RCL) is the listed intra-Asia container specialist — 46 vessels FY2024, routes spanning Northeast Asia, Southeast Asia, Indian sub-continent, South Asia, Middle East, and the Red Sea. Listed since 1988, RCL provides feeder service to main-line container alliances calling at Singapore and Port Klang, and direct intra-Asia trades. Container rate environment (CCFI, SCFI indices) drives RCL earnings; BDI drives PSL and the dry-bulk part of TTA.

Competitive concentration

Inferred share of Thai port and maritime activity (FY2024, directional)

Port Authority of Thailand (state, multi-port)

~60%

Tier

State licensor

Role

Laem Chabang, Bangkok Port, Chiang Saen, Chiang Khong, Ranong; concession licensor framework.

Hutchison Ports Thailand

~14%

Tier

Foreign operator

Role

CK Hutchison subsidiary; Laem Chabang Terminals A2, A3, C1-2, D1-3 including USD 600M Terminal D.

PSA Thailand (PSA International)

~8%

Tier

Foreign operator

Role

Temasek-owned; Laem Chabang Terminal B1, C3 concessions.

Listed shipping (TTA, PSL, RCL)

~7%

Tier

Listed shipping

Role

Dry-bulk (TTA, PSL) and intra-Asia container (RCL); not port operators.

Map Ta Phut Port (IEAT)

~6%

Tier

State industrial

Role

Petrochemical, LNG, bulk industrial cargo in Rayong EEC zone.

Regional, private, coastal

~5%

Tier

Mixed

Role

Songkhla, Ranong commercial, Phuket cruise, Koh Samui ferry, private coastal.

Operator	Share	Tier	Role
Port Authority of Thailand (state, multi-port)	~60%	State licensor	Laem Chabang, Bangkok Port, Chiang Saen, Chiang Khong, Ranong; concession licensor framework.
Hutchison Ports Thailand	~14%	Foreign operator	CK Hutchison subsidiary; Laem Chabang Terminals A2, A3, C1-2, D1-3 including USD 600M Terminal D.
PSA Thailand (PSA International)	~8%	Foreign operator	Temasek-owned; Laem Chabang Terminal B1, C3 concessions.
Listed shipping (TTA, PSL, RCL)	~7%	Listed shipping	Dry-bulk (TTA, PSL) and intra-Asia container (RCL); not port operators.
Map Ta Phut Port (IEAT)	~6%	State industrial	Petrochemical, LNG, bulk industrial cargo in Rayong EEC zone.
Regional, private, coastal	~5%	Mixed	Songkhla, Ranong commercial, Phuket cruise, Koh Samui ferry, private coastal.

PAT FY2024, IEAT, Marine Department, listed 56-1, concession disclosures

Data as of: May 2026 edition. FY2024 operator reconciliation

State (PAT, IEAT) dominates physical port operations; foreign concessionaires hold specific Laem Chabang container terminals; listed shipping is separate from port infrastructure.

Unlock the full report

Six-operator playbook, PAT concession structure, Laem Chabang Phase 3 timeline and dispute, Map Ta Phut Phase 3 LNG schedule, listed shipping (TTA, PSL, RCL) financial profile, IMO and CBAM exposure, scenarios, and recommended actions.

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Key figures

Selected anchors from the report evidence pack.

2020-2024 (PAT monthly series)

~9.0M TEU (2024)

Laem Chabang Port TEU throughput (2020-2024)

Port Authority of Thailand, PAT Annual Report

FY2024

BKK ~1.4M TEU, MTP ~46M tonnes

Bangkok Port and Map Ta Phut cargo throughput (2024)

Port Authority of Thailand, Industrial Estate Authority of Thailand, PTT and IRPC annual reports

2024 (concession active, construction phase)

+4M TEU capacity, late 2020s

Laem Chabang Phase 3 expansion timeline and capacity

Eastern Special Development Zone Office, PAT concession documents, Gulf Energy Development SET filings

2023-2030 (IMO CII tightening path)

~USD 60-90M annual retrofit exposure

IMO 2030 CII compliance burden on Thai-flag fleet

International Maritime Organization, Thai Shipowners' Association, RCL/Thoresen/PSL SET disclosures

FY2020-FY2024 (SET filings)

~THB 25-28B (2024)

Regional Container Lines (RCL) revenue (2020-2024)

RCL SET-listed financial statements, SET market disclosures, RCL annual reports

FY2024

LCP ~85%, BKK ~13%

Thailand container throughput by port (mix share)

Port Authority of Thailand, PAT Annual Report

FY2024 (concession disclosures)

~6,500 reefer plugs

Reefer container slots at Laem Chabang

PAT terminal-operator concession disclosures, Hutchison Ports Thailand, LCMT, TIPS, Thai Frozen Foods Association

2024 (CBAM transitional reporting)

~USD 1.2-1.5B exposed annual value

EU CBAM exposure on Thai exports (transitional phase)

EU CBAM regulation, Thai Customs export data, European Commission DG TAXUD, Federation of Thai Industries

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