Boston, MA -- (SBWIRE) -- 09/30/2013 -- Political uncertainty will continue to affect the Egyptian economy in 2013 as the country continues upon its rocky transitional period towards democracy. This hit another hurdle in July as popular street protests, with the help of the army, led to the ouster of democratically elected President Morsi and the installation of an interim government. While the markets have responded favourably initially, we believe that gains were overdone and that there will be a pullback as the ongoing problems in Egypt are realised. This uncertainty will, in turn, continue to affect the shipping sector as a worsening economic position (we have revised down our growth outlook from 3.5% to 1.9%) will impact on the country's imports through the ports In light of this, a Qatari plan to invest in a new industrial and ports complex near the Suez Canal will come as a relief to the sector. The presence of the waterway 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 2013 are those located near to the canal, such as East Port Said.

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Headline Industry Data

- 2013 total tonnage throughput at El Dekheila is forecast to grow by 3.4% to 25.22mn tonnes, and to average 3.8% per annum to 2017.
- 2013 East Port Said container throughput growth forecast at 8.6% to reach 3.69mn twenty-foot equivalent units (TEUs), and to average 9.1% to 2017.
- 2013 Egyptian trade forecast to grow by 0.4%, and to average growth of 5.6% over the medium term.

Key Industry Trends

Suez Canal Revenues Increase In May 2013: Revenues generated from the Suez Canal grew by 1% yearon- year (y-o-y) in May 2013. Revenues hit US$438.1mn, with the increase attributed to an increase in total tonnage volumes and compounded by an increase in toll costs. Containership tonnage throughput grew by 33% y-o-y, while oil tanker volumes increased by 22.5% y-o-y.

Workers' Protest Halts Unloading Of LPG Vessel: The unloading of a liquefied petroleum gas (LPG) vessel at the Egyptian port of Suez ceased on June 25 due to the ongoing protest of workers. The protest has lasted for five days and has threatened LPG stocks during the month of Ramadan.

RSPA To Offer Safaga Port To Private Sector: The Egyptian Red Sea Ports Authority (RSPA) in July revealed plans to offer the Safaga Port to the private sector in July 2013 via the ministry of finance's publicprivate partnership unit. The project worth EGP6bn (US$858mn) would be offered to the private sector after the completion of a draft preliminary study, which is being compiled by German consultants Hamburg Ports.

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