Fast Market Research recommends "Egypt Shipping Report Q1 2014" from Business Monitor International, now available
Boston, MA -- (SBWIRE) -- 12/24/2013 -- Political uncertainty will continue to affect the Egyptian economy in 2014 as the country continues through its rocky transitional period towards democracy. At the time of writing, in October 2013, violence has continued to wrack the country in the wake of the ouster of democratically elected President Morsi in July 2013, and a curfew remains in place. The uncertainty will continue to hamper trade and economic growth over the year.
The presence of the Suez Canal in Egyptian territory provides an important source of income in fees and associated businesses to the Egyptian economy; those ports expected to see strongest growth in 2014 are those located near the canal, such as East Port Said. However, should instability bring danger to these ports then these two could see volumes affected.
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Headline Industry Data
- 2014 total tonnage throughput at El Dekheila is forecast to grow by 3.5% to 26.10mn tonnes, and to average 3.7% per annum to 2018.
- 2014 East Port Said container throughput growth forecast at 8.6% to reach 4.0mn twenty-foot equivalent units (TEUs), and to average 8.5% to 2018.
- 2014 Egyptian trade forecast to grow by 4.0%, and to average growth of 6.1% over the medium term.
Key Industry Trends
Suez Canal To Flow As Normal In Spite Of Recent Attacks: Despite the August attack on a container ship passing through the Suez Canal, and subsequent threats by the group responsible to repeat the assault on further vessels, we are confident that volumes passing through the channel will continue as normal, especially as the attack has not led to a hike in insurance premiums.
Ashdod Loses Major Service Call In Boon For Egyptian Ports: BMI believes that the decision by the G6 Alliance to cancel one of its direct calls at the Israeli port of Ashdod in August could be the first of many services to be lost by Israeli ports, as they are unable to handle the larger class of vessel that are coming to operate on the Asia-Europe shipping lanes. This could benefit Port Said.
Record Amount Of Cargo Passes Through Suez Canal: A total of 68 ships carrying 4.8mn tonnes of cargo passed through Egypt's Suez Canal on August 9, according to Mohab Mamish, chairman of the Suez Canal Authority. The amount was the largest ever to pass through the waterway in a single day since it started operations in 1869, Mamish added.
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