New Transportation market report from Business Monitor International: "Saudi Arabia Shipping Report Q2 2013"
Boston, MA -- (SBWIRE) -- 06/07/2013 -- The Jeddah Islamic Port is set to hold the top position in Saudi Arabia's maritime sector in terms of both total tonnage and container throughput in 2013 after demonstrating strong growth in 2012.
The government stimulus package continues to make itself felt through increased consumer confidence, which is driving up container volumes at the Kingdom's ports. Total tonnage volumes are also undergoing strong growth, and will be supported over the medium term by a massive house-building programme that is getting underway. The country is well supported by a growing fleet of dry and liquid bulk tankers which continues to expand.
Two of the country's largest crude oil tanker operators are in the final stages of their merger, which results in the creation of the world's fourth-largest operator in this segment.
Headline Industry Data
- 2013 port of Jeddah Islamic Port tonnage throughput forecast to grow 8.8%, and to average 7.9% to 2017.
- 2013 port of Jeddah Islamic Port container throughput forecast to grow 7.7%, and to average 7.7% over our forecast period.
- 2013 total trade real growth forecast at 1.5%, averaging 1.4% to 2017.
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Key Industry Trends
Shipping Services Return To Dammam: With the Ramadan-induced congestion at the Saudi Arabian port of Dammam having eased, container-shipping companies began returning to the port in January, having been forced to reroute through Bahrain in the intervening period. This will have caused dismay to the Khalifa bin Salman Port (KBSP) in Bahrain, which had benefitted as a result of the disruption.
Bahri's Net Profit Up 75.1% In 2012: The National Shipping Company of Saudi Arabia (Bahri) registered a 75.1% year-on-year (y-o-y) increase in net profit to SAR504mn (US$134.37mn) in 2012, compared with SAR287.8mn (US$76.73mn) in 2011. The rise in net profit was attributed to an improvement in the oil and gas sector and the general cargo sector. The start of operations by Bahri's Bahri Dry Bulk Company along with an increase in profit from Bahri's portion from Petredec also contributed to the rise in net profit.
Maersk Line Unveils Plans To Make 750 Calls In Saudi Arabia: Danish ocean carrier Maersk Line has responded to the 15% y-o-y growth in Saudi Arabia's exports and imports by planning 750 calls at the country's ports in 2013, against just 450 in 2010. The firm's ships achieved a more-than-90% rate for ontime arrivals and departures when Saudi ports were heavily congested.
Risks to Outlook
A major risk to our outlook would come from a sharper-than-expected downturn in the global economy. If it was to translate into a substantial decline in oil prices, it would hit our macroeconomic forecasts for Saudi Arabia.
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