2013-09-26 10:26:36 - Fast Market Research recommends "Kuwait Shipping Report Q4 2013" from Business Monitor International, now available
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 the most part in 2013, save for total tonnage volumes at Shuaiba. 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 help maintain 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 3.0% in 2013, meaning that a slightly slower pace of growth can be expected at Kuwaiti ports this year.
Full Report Details at
Headline Industry Data
* 2013 Port of Shuaiba tonnage throughput growth forecast at 3.5% and to average 3.1% to 2017.
* 2013 Port of Shuwaikh container throughput forecast to grow 4.7% and to average 4.1% to 2017.
* 2013 total trade growth forecast to grow 2.8% and to average 2.6% to 2017.
Key Industry Trends
Emergency Services Tackle Refinery Fire: Emergency services have extinguished a fire that broke out at Kuwait's Port Abdullah refinery on August 22. The fire was caused due to an oil leak but has not affected the refinery's operations, shipping and exports; no injuries to staff were reported.
KNPC Awards Floating And Regasification Contract: In August, London-based liquefied natural gas carrier Golar secured a new contract from the Kuwait National Petroleum Company. The contract, awarded on a five-year basis, will see the company offer floating storage and regasification services.
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.
Report Table of Contents:
BMI Industry View
- Business Environment
- Port Of Shuwaikh Throughput
- Port Of Shuaiba Throughput
- Table: Major Port Data, 2010-2017
- Table: Trade Overview, 2010-2017
- Table: Key Trade Indicators, 2010-2017
- 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)
- United Arab Shipping Company (UASC)
Shipping - Global Industry View
- Box Supply: Overcapacity Remains, But ETRs Offer Hope
- Table: Q213 Container Vessel Deliveries
- Table: Container Line Mega Vessel Newbuild Plans
- Table: Q213 New Container Ship Orders
- Box Rates: Tough 2013, ETRs Remain The Ones To Watch
- Table: 2012 & 2013 SCFI Europe Base Port Average Freight Rate Overview
- Table: 2012 & 2013 SCFI USWC Base Port Average Freight Rate Overview
- Box Demand: Static Outlook Continues, But 2014 Looks Brighter
Global Company Strategy
- Maersk Line
- Mediterranean Shipping Company
- CMA CGM
- Evergreen Line
- COSCO Container Lines Company
- Macroeconomic Forecasts
- Table: Kuwait - Economic Activity
- 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
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