New Transportation market report from Business Monitor International: "Croatia Shipping Report Q1 2013"
Boston, MA -- (SBWIRE) -- 02/20/2013 -- 2013 Will See Modest Recovery
BMI is now estimating that Croatian GDP will fall by 1.7% in 2012 (steeper than our earlier forecast of a 1.5% contraction) and recover moderately in 2013, with growth of 1.0%. Data releases for the first half of 2012 have convinced us that the downturn is sharper than we had expected. The main reasons for this are the government's fiscal austerity programme, high unemployment and low business confidence reflecting the wider eurozone sovereign debt crisis. There are some bright spots (such as a strong showing by the tourism industry); we think these will be boosted next year by Croatia's expected accession to the European Union and, towards the end of 2013, a recovery in the regional and global economy.
Looking at the ports and shipping sector, we are lukewarm on the outlook for bulk cargo, but significantly more positive about box traffic. On the whole, we don't think that bulk tonnage handled at Croatia's main ports will exceed the record levels achieved back in 2007/08. On the container side, however, we see steady growth boosted by regional import demand.
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Headline Industry Data
- In 2013 Port of Rijeka tonnage volume will rise by 1.9% to reach 8.705mn tonnes, after an estimated 9.0% contraction in 2012. Over the medium term to 2017 we project average annual growth of 1.7%.
- 2013 Port of Rijeka container throughput forecast to grow 6.8% to 177,015 twenty-foot equivalent units (TEUs). Over the medium term we project a good average annual increase of 5.7%, ahead of GDP.
- 2013 total trade growth forecast at -2.8%, the second consecutive year of contraction.
Key Industry Trends
Port Of Rijeka Doing Well In A Bad Year
Despite the domestic recession and slumping trade, the president of Croatia's Rijeka Port, Vedran Devcic, said that the total volume of cargo handled in the first nine months of 2012 increased by 3% year-on-year (y-o-y). Also in the first nine months of the year, Rijeka Port pre-tax profit reached HRK1.90mn (US$326,395). Income and outgoings were HRK139mn and HRK137mn respectively. Sales abroad grew by 26% y-o-y, while sales in the country went up by 6%. Business incomes rose by 5% y-o-y. Two new Liebherr coastal lifting cranes, worth EUR5mn (US$6.49mn), were due to be delivered and installed by March 2013.
ICTSI A Plus Factor for Adriatic Gate
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