Boston, MA -- (SBWIRE) -- 02/13/2013 -- The Jeddah Islamic Port is set to hold the top position in Saudi Arabia's maritime sector in terms of both total tonnage and container throughput in 2013 after demonstrating strong growth in 2012.
The government stimulus package continues to make itself felt through increased consumer confidence, which is driving up container volumes at the Kingdom's ports. Total tonnage volumes are also undergoing strong growth, and will be supported over the medium term by the massive house-building programme that is getting underway. The country is well supported by a growing fleet of dry and liquid bulk tankers which continues to expand.
Two of the country's largest crude oil tanker operators are in the final stages of their merger, which results in the creation of the world's fourth-largest operator in this segment.
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Headline Industry Data
- 2013 port of Jeddah Islamic Port tonnage throughput forecast to grow 8.8%; over the medium term we project a 47% increase.
- 2013 port of Jeddah Islamic Port container throughput forecast to grow 8.5%; over the medium term we project a 45% increase.
- 2013 total trade real growth forecast at 2.69%.
Key Industry Trends
Logistics Yard to Support Dammam Growth: BMI believes that a new logistics terminal opened at the King Abdulaziz Port in Dammam, located on the Gulf, offers upside potential to the long-term container throughput growth of the port, as the facility will help facilitate Dammam's development as a logistics hub while supporting its already high growth levels. Globe Express Services (Overseas Group) has announced that its Dammam Terminal Yard, developed at a cost of over US$2mn, has opened. The terminal covers a massive 23,000 square metres and is located at the Dammam Sea Port Zone.
Strong Growth Outlook For Bahri: BMI believes that the Saudi Arabian shipping company Bahri, known as the National Shipping Company of Saudi Arabia (NSCSA) until a change of name in April 2012, has a strong growth outlook over the coming years. The recent launch of its dry bulk arm Bahri Dry Bulk (BDB) and the upcoming absorption of fellow Saudi oil tanker operator Vela will help the firm maintain profit growth like that achieved so far in 2012.
Ground-breaking Ceremony Held for New Dammam Terminal: The ground-breaking ceremony for the second container terminal at the King Abdulaziz Port in Dammam was held in October 2012. The new terminal is being developed by Singapore's PSA International. BMI notes that the port appears well in need of extra capacity given the growth in box throughput experienced at the facility in the recent years. Although the need for the second terminal might not be quite so pressing once the boost to consumer spending generated by the Saudi stimulus package of 2011 dissipates, we note that Dammam was already nearing its nominal capacity in 2011.
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