Boston, MA -- (SBWire) -- 10/01/2013 --Oman continues to develop itself into a regional powerhouse for the shipping and transhipment of dry bulk goods such as iron ore. To this end a new port is being constructed at Duqm and new cargo terminals at Salalah and Sohar. The new Duqm port will also boast a new oil refinery. Further port developments include the announcement that all cargo operations are to be moved from the Muscat port of Sultan Qaboos to Sohar by the end of 2013. All of this is aided by Oman's position on the Arabian Sea, outside the Persian Gulf, enabling it to offer shorter shipping lines than ports within the congested body of water. On the macroeconomic side, growth in the Omani ports sector will be supported by an expanding GDP and rising private consumption.
Headline Industry Data
- 2013 container throughput at Salalah forecast to endure a decline of 5.0%, dropping down to 3.52mn TEUs. Growth will return at 5.9% in 2014 and average 4.3% to 2017, despite 2013's forecast decline.
- 2013 total tonnage throughput at Sohar forecast to reach 59.31mn tonnes, an expansion of 35.0%, as commercial operations are transferred from the Port of Sultan Qaboos at Muscat.
- 2013 Oman total trade real forecast at 4.3%, and to average 1.7% per annum to 2017.
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Key Industry Trends
Sohar Port Receives Vale Shinas: In July the Omani port of Sohar received one of the world's largest ore carriers, Vale Shinas, which was on its maiden voyage from Brazil. The carrier was scheduled to unload 400,000 tonnes of iron ore at a deepwater jetty in Liwa. Vale Shinas is one of the four vessels built to operate Vale's operations in Oman through an alliance with Oman Shipping Company.
PSC To Start Shinas Port Feasibility Study: Oman's port operator Port Services Corporation (PSC) is to start a feasibility study in order to ascertain the possibility of managing and operating the port of Shinas on the North Batinah coast. The move is part of PSC's plan to expand its business portfolio, after the Port Sultan Qaboos was converted into a tourism hub/port, according to Mohammed Hassan Jawad Suleiman, the chairman of the PSC board of directors.
Salahah Reports Profit Of US$5.4mn In Q113: Salalah Port Services Company registered an 18% yearon- year (y-o-y) increase in general cargo volume to 1.9mn tonnes in Q113, the company reported. The rise was driven by major goods, such as limestone, gypsum, methanol and cement, according to Ali Mohammed Redha, the chairman of the company's board of directors.
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New Market Research Report: Oman Shipping Report Q4 2013
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