Recently published research from Business Monitor International, "Bahrain Shipping Report Q4 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 11/15/2013 -- Things are looking up for the Bahraini shipping sector. The Khalifa bin Salman Port (KBSP) is seeing volumes rise on the back of the massive hike in demand at Saudi Arabian ports. The consumer demand story also bodes well for domestic demand over the medium term, while the Port of Mina Salman could see tonnage volumes rise due to a house-building programme underway in the Kingdom.
Headline Industry Data
- Growth in KBSP total tonnage throughput forecast at 6.7% in 2013, with average annual growth forecast at 5.9% between 2013 and 2017.
- Growth in KBSP container throughput forecast at 6.7% in 2013, with average annual growth of 6.1% over our forecast period.
- Real growth in total trade forecast at 7.0% in 2013 and to average 4.7% over the medium term.
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Key Industry Trends
APM Terminals Bahrain Welcomes Hanjin/NYK Service: APM Terminals Bahrain, the operator of KBSP, has welcomed a new direct service launched by Hanjin Shipping and Nippon Yusan Kysha (NYK). The service will connect KBSP with international ports, such as Singapore, Malaysia, Korea, Los Angeles and Shanghai. The service, which will arrive at the port every Monday, is expected to boost economic growth as it will increase trans-shipment activities in the country.
Hanjin Mother Ships Docks In Bahrain: Bahrain's Khalifa Bin Salman Port (KBSP) received its largest ever cargo ship on September 6 2013. The ship was operated by South Korean freight services provider Hanjin, and carried 6,600 twenty-foot equivalent units (TEUs).
ASRY's Revenues Reach Record US$54mn: Revenues of Bahrain-based Arab Shipbuilding and Repair Yard (ASRY) reached an all-time high of US$54mn in the first quarter of the company's financial year, ended June 30. The increase in revenues was mainly driven by the company's ship repair and offshore repair units.
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