Recently published research from Business Monitor International, "Kuwait Shipping Report Q1 2014", is now available at Fast Market Research

Boston, MA -- (SBWire) -- 01/07/2014 --Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects this recovery to be completed for 2014. Downside risks from industrial actions by ports and customs workers appear to have dissipated, though we caution that they may rise up again, bringing additional risk to our outlook.

What does bode well for Kuwait's container ports is our macroeconomic outlook for the country, where high oil prices in recent years have translated into increased spending by the Kuwaiti government. This will boost growth at the Gulf state's ports, both through spending on infrastructure projects impacting on total tonnage throughputs, and consumer spending boosting imports of containerised goods. However, delays to infrastructure projects could hamper tonnage throughput, and a plateauing in oil production has led us to forecast GDP growth of 2.9% in 2014. In line with the slowing economic growth we see a slightly slower pace of growth playing out at Kuwaiti ports.

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Headline Industry Data

- 2014 Port of Shuaiba tonnage throughput growth forecast at 3.0% and to average 3.0% to 2018.
- 2014 Port of Shuwaikh container throughput forecast to grow 4.0% and to average 4.0% to 2018.
- 2014 total trade growth forecast to grow 2.5% and to average 2.5% to 2018.

Key Industry Trends

KOTC Modernises Fleet: BMI notes that a recent sale (September 2013) of four product tankers by Kuwaiti carrier the Kuwait Oil Tanker Company (KOTC) is in keeping with the company's aim to maintain one of the youngest tanker fleets afloat, and is part of its renewal strategy. Although we believe Kuwait's net refined exports will fall over our medium-term forecast period, the outlook for the sector is in general strong, and the company will benefit from increased refining capacity set to come online in Kuwait in 2018.

KPMG Positive About GCC Rail Network: Accountancy firm KPMG has released a report which has predicted a bright future for the US$200bn Gulf Cooperation Council (GCC) rail network, which will connect the UAE with Saudi Arabia, Qatar, Kuwait, Bahrain and Oman. The rail network will also connect ports in the region.

Risks To Outlook

Downside risks to our throughput forecasts come in the form of the exposure to oil price volatility and a slowdown in global demand. Despite the broadly healthy picture of Kuwait's public finances, its high reliance on oil - which accounts for 94% of total revenues - exposes the budget, and consequently trade, to oil price volatility.

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