Boston, MA -- (SBWIRE) -- 10/04/2013 -- Manila International Container Terminal (MICT) is set to hold the top position in Philippines' maritime sector in terms of container throughput and is expected to post another year of growth in 2013, following three years of increasing volumes in 2010-2012.

Both total tonnage and box throughput are expected to increase at one of the country's largest ports Cebu in 2013.

Over the medium term we project further growth both at the MICT and Cebu.

Headline Industry Data

- 2013 port of Cebu tonnage throughput forecast to grow 5%, over the medium term we project a 21% increase.
- 2013 MICT container throughput forecast to grow 6%, over the medium term we project a 37% increase.
- 2013 total trade growth forecast at 2.50%.

Key Industry Trends

Pipes to Boost Subic Bay's Volumes

Subic Bay port's volume will receive a boost, having secured Chinese metal pipe manufacturer as a client. The Subic Bay Metropolitan Authority (SBMA) and HLD Clark Steel Pipe Co. Inc. have reached an agreement, according to which the latter will use the New Container Terminal-1 (NCT-1) to ship its exports.

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Harbor Star Defers Floatation

Philippines-based tugboat operator Harbor Star Shipping Services Inc. has deferred PHP593mn initial public offering (IPO) to September, quoting volatility in the stock market. The company's offering period was originally scheduled for July

Risks to Outlook

The strong base for growth at the country's ports stems from BMI's positive outlook for the Philippines' economy. Following an estimated growth by 6.8% in 2012, we forecast the Philippine GDP to expand by 5.9% in 2013. Leading the way forward, we expect the country's nascent investment boom to power forward on the back of strong domestic fundamentals, but note that external headwinds continue to pose a risk.

Growth slowdowns in both China and Japan, to which the Philippines is heavily exposed in both investment and trade terms, could undermine the country's strong domestic growth story and port volumes should they become more acute than expected.

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