New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 02/13/2013 -- Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects this recovery to be completed in 2013. Downside risks from industrial actions by ports and customs workers appear to have dissipated.
What does bode well for Kuwait's container ports is our macroeconomic outlook for the country. Oil prices remain elevated, and this is translating into spending by the Kuwaiti government. This will help maintain growth at the Gulf state's ports, both through spending on infrastructure projects impacting on total tonnage throughputs, and consumer spending boosting imports of containerised goods. However, delays to infrastructure projects could hamper tonnage throughput.
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Headline Industry Data
- 2013 Port of Shuaiba tonnage throughput growth forecast at 4.0% and to average 5.3% to 2017.
- 2013 Port of Shuwaikh container throughput forecast to grow 7.2% and to average 7.2% to 2017.
- 2013 total trade growth forecast to grow 3.0% and to average 4.1% to 2017.
Key Industry Trends
Rickmers-Linie Completes LPG Cylinder Transportation
German shipping company Rickmers-Linie announced in October 2012 that it has completed the transportation of three liquefied petroleum gas (LPG) storage tanks to Shuaiba in Kuwait from Kuantan, Malaysia. The 475-tonne LPG units were fabricated by KNM Process System and were destined for the new filling station of Kuwait Oil Tanker Company that will offer 15mn cylinders of gas annually.
MP Calls For Active Role In Kuwaiti Mubarak Terminal
Iraqi MP Alia Nsaif in Sepember 2012 called upon the Iraqi Transport Ministry to have an active role in the development of the Kuwaiti Mubarak Terminal. Nsaif said that the ministry must fight to preserve Iraqi rights over the terminal, which is being built in the country. The development of the Kuwaiti facility has caused tensions between the two countries, with parties in Iraq believing that the port is intended to cater for Iraqi business, thereby threatening the development of the new Iraqi Grand Fao port project.
KOTC To Launch Newbuilding Plan
State-owned Kuwait Oil Tanker Company (KOTC) is planning to start another newbuilding programme it was revealed in August 2012. A Korean shipbuilder's sales official has said that KOTC contacted an undisclosed shipyard and said that it would give contract conditions following the end of Ramadan.
Risks To Outlook
Downside risks to our throughput forecasts come in the form of the exposure to oil price volatility and a slowdown in global demand. Despite the broadly healthy picture of Kuwait's public finances, its high reliance on oil - which accounts for 94% of total revenues - exposes the budget and, consequently, trade to oil price volatility.
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