The risk of nationalisation in many port projects and ­financings in emerging and frontier ­markets has usually been deemed to be somewhat academic. This changed with the nationalisation of Djibouti’s Doraleh Container Terminal.

Djibouti is in the Horn of Africa, at the gateway of the Suez Canal and near some of the world’s busiest shipping lanes. Because of its strategic location, ­China set up a military base in Djibouti in 2017 to protect its growing interests abroad.