2013-08-30 09:02:15 - New Transportation research report from Business Monitor International is now available from Fast Market Research
The Jeddah Islamic Port is set to hold the top position in Saudi Arabia's maritime sector in terms of both total tonnage and container throughput in 2013 after demonstrating strong growth in 2012. The government stimulus package continues to make itself felt through increased consumer confidence, which is driving up container volumes at the Kingdom's ports. Total tonnage volumes are also undergoing strong growth, and will be supported over the medium term by a massive house-building programme that is getting underway. The country is well supported by a growing fleet of dry and liquid bulk tankers which continues to expand.
Headline Industry Data
* 2013 port of Jeddah Islamic Port tonnage throughput forecast to grow 0.5%, and to average 5.6% to
* 2013 port of Jeddah Islamic Port container throughput forecast to grow 3.2%, and to average 6.0% over our forecast period.
* 2013 total trade real growth forecast at 1.5%, averaging 1.7% to 2017.
Full Report Details at
- www.fastmr.com/prod/670674_saudi_arabia_shipping_report_q3_2013. ..
Key Industry Trends
New Port In 2013: The port of Rabigh in Saudi Arabia, the facility being constructed to serve the new King Abdullah Economic City (KAEC), has begun operations, though much of the facility is still under construction. BMI believes that the facility has the potential to become a major container-handling port of the Middle East. Although it will not be without competition in the region, it stands to benefit from its association with investment being made in the KAEC, making it reliant on organic domestic volumes rather than transhipment.
Bahri's Net Profit Down 9.7% On Lower TCE Rates: The National Shipping Company of Saudi Arabia (Bahri) registered a 9.7% year-on-year (y-o-y) decline in net profit to SAR144.5mn (US$38.53mn) in January-March, compared with SAR160.1mn (US$42.68mn) in the same period in 2012. The drop in profit was mainly attributed to lower average time charter equivalent (TCE) rates achieved in the spot market for crude oil VLCC transportation.
Fees Rise At King Abdulaziz Port: Shipping fees are rising at the King Abdulaziz Port in Dammam owing to a shortage of workers. Fees have risen by between 6% and 8% at the facility in 2013 compared with the previous year.
Risks To Outlook
A major risk to our outlook would come from a sharper-than-expected downturn in the global economy. If it was to translate into a substantial decline in oil prices, it would hit our macroeconomic forecasts for Saudi Arabia.
Iran is the source of another threat to our outlook: if the pariah state were to go through with its threats to try and close the Strait of Hormuz, it would impact Gulf ports such as the Port of Dammam. Equally, were Israel to unilaterally strike the Islamic Republic it could greatly increase regional instability, which would affect volumes through Saudi ports.
Risks to the upside for our forecasts come from Saudi Arabia's significant infrastructure investment programme, the Landbridge in particular. This offers upside to our forecasts for Jeddah and Dammam ports. Jeddah's application to be a metals hub for the London Metals Exchange also offers upside potential to the facility's tonnage throughput.
Report Table of Contents:
BMI Industry View
- Business Environment
- King Abdulaziz Port Dammam Throughput
- Jeddah Islamic Port Throughput
- Table: Major Port Data
- Table: Trade Overview
- Table: Key Trade Indicators
- Table: Main Import Partners
- Table: Export Partners
- Saudi Arabia Container Shipping Market Overview
Industry Trends And Developments
Saudi Arabia Company Profile
- Vela International Marine (Vela)
- United Arab Shipping Company (UASC)
- Shipping - Global Industry View
- Demand: Slow Start To 2013
- Supply: Capacity To Outweigh Demand Uptick
- Table: Top 20 Container Line Newbuild Plans
- Rates: Alarm Bells Sounding
- Table: 2012 And 2013 SCFI Europe Base Port Average Freight Rate Overview, Q112-Q113
- Table: 2012 And 2013 SCFI USWC Base Port Average Freight Rate Overview, Q112-Q113
Liquid Shipping - Global Industry View
- Baltic Dirty Tanker Index Under Pressure
- VLCCs Outlook
- Bloomber Tanker Index story
- Product Tankers
Dry Bulk Shipping - Global Industry View
- Demand : Stimulus Benefit Dries Up, Tough Outlook Ahead
- Supply: Fleet Expansion Slowing, But Overcapacity Still The Key Worry
- Table: Dry Bulk Vessel Class Overview
- Demographic Forecast
- Table: Turkey's Population By Age Group, 1990-2020 ('000)
- Table: Turkey's Population By Age Group, 1990-2020 (% of population)
- Table: Turkey's Key Population Ratios, 1990-2020
- Table: Turkey's Rural And Urban Population, 1990-2020
Global Company Strategy
- Maersk Line
- Mediterranean Shipping Company
- CMA CGM
- Evergreen Line
- COSCO Container Lines Company
- Macroeconomic Forecast
- Table: Saudi Arabia's Population By Age Group, 1990-2020 ('000)
- Table: Saudi Arabia's Population By Age Group, 1990-2020 (% of total)
- Table: Saudi Arabia's Key Population Ratios, 1990-2020
- Table: Saudi Arabia's Rural And Urban Population, 1990-2020
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