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Market Report, "Oman Shipping Report Q1 2014", Published

Recently published research from Business Monitor International, "Oman Shipping Report Q1 2014", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 12/20/2013 -- Oman continues to develop into a regional powerhouse for the shipping and transhipment of dry bulk goods such as iron ore. To this end a new port is being constructed at Duqm and new cargo terminals at Salalah and Sohar. The new Duqm port will also boast a new oil refinery. Further port developments include the announcement that all cargo operations are to be moved from the Muscat port of Sultan Qaboos to Sohar by the end of 2014. All of this is aided by Oman's position on the Arabian Sea, outside the Persian Gulf, enabling it to offer shorter shipping lines than ports within the congested body of water. On the macroeconomic side, growth in the Omani ports sector will be supported by an expanding GDP and rising private consumption.

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Headline Industry Data

- 2014 container throughput at Salalah forecast to return to growth of 3.2%, following an estimated 2013 decline of 5.0%. Growth to 2018 will average 6.1%.
- 2014 total tonnage throughput at Sohar forecast to reach 58.23mn tonnes - an expansion of 15.0%. Growth will spike in 2015 as commercial operations are transferred from the Port of Sultan Qaboos at Muscat.
- 2014 Oman total trade real forecast at 5.3%, and to average 1.6% per annum to 2018.

Key Industry Trends

OSC Signs OMR137mn Loan To Purchase VLOCs: Oman Shipping Company (OSC) has signed an OMR137mn (US$355.8mn) loan with two local banks to finance the purchase of four very large ore carriers (VLOCs). Bank Muscat will offer OMR107mn (US$277.13mn), while Bank Dhofa will contribute OMR30mn (US$77.7mn) towards the loan facility, which has a 12-year lifespan.

SIPC Signs Agreement To Provide Waste Collection And Disposal Services: Sohar Industrial Port Company (SIPC) has signed a licence agreement with the consortium comprising Nature Group and Al Ahlia Environmental Services to provide waste collection and disposal services to ships visiting the Omani Port of Sohar and the anchorage area. The agreement will allow the Sohar Port to fully comply with the Marpol convention.

Salalah Retains Placing In CI Port Ranking: The Port of Salalah has been ranked as one of the leading ports in the world for 2013. The ranking, calculated by Containerisation International, based its findings on both annual volumes and port productivity, saw the port come in at number 39 with container volumes totalling 3.62mn.

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