New Transportation research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 10/01/2013 -- We forecast that Iran will endure another year of recession in 2013, with real GDP set to undergo a contraction of 2.0% following our 2012 estimate of a 3.4% contraction. Container shipping is set to take another hit as since the introduction of strengthened US sanctions on July 1 all major shipping lines have now ceased calling at Iranian ports. Even regional shipping lines such as Simatech Shipping have now shied away from the market. As a result we now forecast an even greater decline in box throughput at Bandar Abbas, 25.0%, compared with our previous projection of an 18.0% drop in box handling at the facility.
Headline Industry Data
- 2013 Port of Bandar Abbas throughput forecast to decline by 25.0% before returning to growth in 2014.
- 2017 Port of Bandar Abbas throughput expected to reach 1.82mn twenty-foot equivalent units (TEUs) - not enough to match 2011 volumes.
- 2013 total trade is forecast to endure a contraction of 20.5%.
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Key Industry Trends
Iran Shipping Lines Hit By US Sanctions: Iran Shipping Lines in July confirmed that the scope of its operations has been scaled back. The company has been forced to discontinue its trade routes between Europe, East Asia and the Persian Gulf, after the service lines were blocked by US sanctions restricting USIran trade.
Cosco, China Shipping Drop Iran Service:
The Chinese shipping services providers Cosco Container Lines and China Shipping Container Lines at the start of July both confirmed that they were to cease operations in Iran. The decision was made after the US government announced new sanctions on the country, which came into force on July 1 2013.
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