Boston, MA -- (SBWIRE) -- 07/25/2013 -- BMI has revised up its forecasts for Venezuela shipping on the back of an upsurge in the country's imports. The overvaluation of the Venezuelan currency has led to a surge in imports, and therefore activity at ports, as it has become cheaper to import goods than to buy domestically produced products. While our Country Risk team believes that a devaluation of the bolivar is a question of when rather than if (and we envisage this will take place in early 2013), for now imports at the country's maritime facilities are booming.

BMI notes that these revisions might have been stronger were it not for the fact that the unexpected surge in demand at Venezuelan ports as imports have risen has led to congestion and delays at the facilities, due largely to infrastructure deficits and a lack of efficiency.

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Headline Industry Data

- 2013 Puerto Cabello tonnage throughput growth forecast at 1.9%. Slow growth expected to continue over the medium term, averaging 1.6% to 2017.
- 2013 Puerto Cabello container throughput to grow by 5.4%, and forecast to average 5% over our forecast period.

Key Industry Trends

PDVSA Takes Delivery of Four New Tankers

PDVSA took delivery of four recently purchased oil tankers in March 2013, the largest of which can carry 750,000 barrels, the country's oil minister Rafael Ramirez said. PDVSA bought the tankers from Japan's Marubeni for US$312mn, Ramirez said. 'The [Venezuelan state] oil industry now counts with 20 active tankers, to which we will add these four new ships,' Ramirez said.

Cargotec's Kalmar Gets Large Port Equipment Order From Venezuela

Cargotec's Kalmar has secured a large order for port equipment from Venezuela's government-owned port operator Bolivariana de Puertos (Bolipuertos). The order is one of the largest single port equipment contracts to be delivered to Bolipuertos.

SC Line Launches A New Service To Venezuela

SC Line is launching a new service linking Houston, Venezuela and Colombia. Called Gulftrade it will provide bi-weekly connections between Houston, Texas, Cartagena, Colombia and Maracaibo, Venezuela.

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