Source: adapted from Notteboom, T. and W. Winkelmans (2003) “Dealing with stakeholders in the port planning process”, in Dullaert, W., B. Jourquin and J. Polak (eds), Across the border: building upon a quarter of a century of transport research in the Benelux (Antwerp: De Boeck), pp. 249-265.
A port generally offers a value proposition to its region by conferring economic and social benefits. The value proposition of a port for its main stakeholders (stakeholder value) is a combination of its economic, social, and environmental value. The economic value is often expressed as the direct and indirect economic benefits of ports, including employment and support for economic activities. This focuses on the competitiveness of the port in attracting and retaining traffic, which implies a commercial port. The economic value of a port can be accounted for with monetary values, including the value of the cargo handled, the operating revenue, and the port-related transactions of connected activities.
Social value is complex to assess, as it extends beyond the provision of employment and encompasses forms of community support that link commercial responsibility (to shareholders) to social acceptability and accountability. A social port is viewed as a generator of employment and a source of public-sector tax revenue. Although direct employment and taxation revenue can be accounted for, other social impact aspects, such as community relations, are much more subjective.
Since the port is at the interface between land and maritime ecosystems, it is perceived to have an environmental value. Many port-related activities and developments have significant environmental impacts, such as dredging (and the disposal of dredging materials), the loss of coastal and wetlands ecosystems, air and water pollution, congestion on local roads, loss of seafront space, and light and noise externalities, as well as involvement in potential conflicts with commercial fishing and recreational uses. Under such circumstances, the port is a natural park aiming at mitigating environmental issues. While several environmental externalities can be accounted for, such as noise levels, air quality, and emissions of pollutants, their value is subjective.
While the economic value of a port is usually well recognized, its social value can be mitigated, and its environmental value is subject to controversy. Ports are facing increasing pressure to demonstrate their value proposition beyond the economic value of a commercial port by incorporating environmental performance to ensure community support.