New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 12/31/2013 -- Venezuela's shipping and ports sector has been highly affected by the country's unstable political and economic situation. We expect near-recessionary economic conditions to prevail over the coming quarters, characterised by a slowdown in private consumption and exports, which will have a negative knock-on effect on shipping and port volumes.
We believe President Nicolas Maduro will continue Chavez's policies of elevated social spending, which will result in sizeable fiscal deficits. Inflation will remain elevated, at the highest level in Latin America, and the operating environment will remain very precarious for foreign multinationals in the country. Despite the less than ideal operating environment, Venezuelan ports are seeing some foreign investment, with China Harbour Engineering Company involved in building the new container terminal at the port of Cabello, the largest in the country.
Headline Industry Data
- 2014 Puerto Cabello tonnage throughput growth forecast at 1.7%. Slow growth expected to continue over the medium term, averaging 2.6% to 2018.
- 2014 Puerto Cabello container throughput to grow by 7.7%, and to average 8.6% over our forecast period.
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Key Industry Trends
PDV Marina Finally Receiving Tanker Orders: PDV Marina, the shipping arm of Venezuelan oil major Petroleos de Venezuela (PdVSA), finally has something to celebrate with the news that two Chinese-manufactured tankers have arrived in the Latin American country. The company's fleet has been beset with bad news in the past few months with reports that launched vessels have not been delivered and that two of the company's ships have been seized due to outstanding debts.
Massive Backlog Of Unloaded Dry Bulk Cargoes At Puerto Cabello: With food imports into Venezuela on the rise, and a lack of landside infrastructure in docks as well as a deficit of cargo trucks, Venezuelan ports are seeing long queues of bulk cargo vessels waiting to unload at ports. In mid-October 2013, 17 load boats were anchored at Puerto Cabello dock loaded with 353,787 tons of rice, corn, sugar, and other staples. Even though authorities allowed extra unloading and clearance operations on September 21 2013, the number of bulk ships loaded with food arriving in the dock increased.
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