2014-01-05 21:18:43 - New Transportation research report from Business Monitor International is now available from Fast Market Research
Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects this recovery to be completed for 2014. Downside risks from industrial actions by ports and customs workers appear to have dissipated, though we caution that they may rise up again, bringing additional risk to our outlook.
What does bode well for Kuwait's container ports is our macroeconomic outlook for the country, where high oil prices in recent years have translated into increased spending by the Kuwaiti government. This will boost growth at the Gulf state's ports, both through spending on infrastructure projects impacting on total tonnage throughputs, and consumer spending boosting imports of containerised goods. However, delays to infrastructure projects could hamper
tonnage throughput, and a plateauing in oil production has led us to forecast GDP growth of 2.9% in 2014. In line with the slowing economic growth we see a slightly slower pace of growth playing out at Kuwaiti ports.
Full Report Details at
Headline Industry Data
* 2014 Port of Shuaiba tonnage throughput growth forecast at 3.0% and to average 3.0% to 2018.
* 2014 Port of Shuwaikh container throughput forecast to grow 4.0% and to average 4.0% to 2018.
* 2014 total trade growth forecast to grow 2.5% and to average 2.5% to 2018.
Key Industry Trends
KOTC Modernises Fleet: BMI notes that a recent sale (September 2013) of four product tankers by Kuwaiti carrier the Kuwait Oil Tanker Company (KOTC) is in keeping with the company's aim to maintain one of the youngest tanker fleets afloat, and is part of its renewal strategy. Although we believe Kuwait's net refined exports will fall over our medium-term forecast period, the outlook for the sector is in general strong, and the company will benefit from increased refining capacity set to come online in Kuwait in 2018.
KPMG Positive About GCC Rail Network: Accountancy firm KPMG has released a report which has predicted a bright future for the US$200bn Gulf Cooperation Council (GCC) rail network, which will connect the UAE with Saudi Arabia, Qatar, Kuwait, Bahrain and Oman. The rail network will also connect ports in the region.
Risks To Outlook
Downside risks to our throughput forecasts come in the form of the exposure to oil price volatility and a slowdown in global demand. Despite the broadly healthy picture of Kuwait's public finances, its high reliance on oil - which accounts for 94% of total revenues - exposes the budget, and consequently trade, to oil price volatility.
Given the small country's location in the Gulf, Kuwait is vulnerable to any significant escalation in tensions between Iran and Israel and the West, especially if any attempt to close the Strait of Hormuz was made. Further, any strikes at Kuwaiti ports, as have occurred since 2011, could impact our forecasts.
Report Table of Contents:
BMI Industry View
- Political SWOT
- Economic SWOT
- Business Environment SWOT
- Port Of Shuwaikh Throughput
- Port Of Shuaiba Throughput
- Table: Major Port Data, 2011-2018
- Table: Trade Overview, 2011-2018
- Table: Key Trade Indicators, 2011-2018
- Table: Main Import Partners, 2004-2011
- Table: Main Export Partners, 2004-2011
- Kuwait Liquid Bulk Shipping Market Overview
- Kuwait Container Shipping Market Overview
Industry Trends And Developments
- Kuwait Oil Tanker Company (KOTC)
Shipping - Global Industry View
- Box Demand: Container Outlook Strengthening In 2014
- Box Supply: Slowing New Vessel Deliveries To Decrease Overcapacity Pressure
- Table: Q313 Container Vessel Deliveries
- Table: 2013 Mega Vessel Orders
- Box Rates: Rate Push In Preparation For 2014
- Table: 2012 & 2013 SCFI Europe Base Port Average Freight Rate Overview
- Table: 2012 & 2013 SCFI USWC Base Port Average Freight Rate Overview
Global Company Strategy
- Maersk Line
- Mediterranean Shipping Company
- CMA CGM
- Evergreen Line
- COSCO Container Lines Company
- Table: Kuwait - Economic Activity
- Demographic Outlook
- Table: Kuwait's Population By Age Group, 1990-2020 ('000)
- Table: Kuwait's Population By Age Group, 1990-2020 (% of total)
- Table: Kuwait's Key Population Ratios, 1990-2020
- Table: Kuwait's Rural And Urban Population, 1990-2020
About Business Monitor International
Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at www.fastmr.com/catalog/publishers.aspx?pubid=1010
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