New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 11/08/2012 -- Israel's two major ports, Ashdod and Haifa are holding up better than expected in light of Israel's struggling exports. Domestic consumption has been crucial, and container throughput, the key driver of total tonnage at the Port of Haifa, has seen double-digit growth in the first half. However, with privatisation for Eilat in jeopardy, and the Mediterranean facilities facing existential problems with regards to their capacity to handle mega-vessels, the future for the Israeli ports sector may not be so rosy.
Headline Industry Data
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- 2012 Port of Haifa total tonnage throughput to grow by 8.2%, and to average 4.7% to 2016.
- 2012 box handling at Haifa will grow by 9.9% to 1.36mn TEUs. Growth projected to average 4.6% to 2016.
- The real value of Israeli imports are expected to rise by 2.0% in 2012, offsetting a 2.0% decline in exports.
Key Industry Trends
Eilat Suffers In 2012: 2012 is turning out to be a tough year for Israel's Port of Eilat (also known as Elat). The country's third largest facility and only port on the Red Sea has seen just one bidder remaining for its privatisation tender and has recorded a decline in throughput, which BMI forecasts will lead to the facility posting its second consecutive year of throughput decline.
Stark Need For Port Investment: Israel's two most important ports are Ashdod and Haifa, both located on the Mediterranean, close to population centres that lie on the littoral. Despite having two relatively new container terminals - the Carmel Port at Haifa opened in October 2010 and the Jubilee Port at Ashdod commenced operations a year earlier - the country is at risk of being by-passed as a destination on major shipping routes in the coming years.
Zim Announces US$163mn Net Loss In Q112: Israeli shipping company Zim Integrated Shipping Services in June announced a net loss of US$163mn for Q112. This compared with a net loss of US$151mn in Q411. Zim also reported a loss for earnings before interest, taxes, depreciation and amortisation of US$69mn.
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