Recently published research from Business Monitor International, "Kuwait Shipping Report Q2 2013", is now available at Fast Market Research
Boston, MA -- (SBWIRE) -- 06/19/2013 -- 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 in 2013. Downside risks from industrial actions by ports and customs workers appear to have dissipated.
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 help maintain 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 downgrade our 2013 growth forecast from 3.7% to 3.0%, meaning that a slightly slower pace of growth can be expected at Kuwaiti ports in 2013.
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Headline Industry Data
- 2013 Port of Shuaiba tonnage throughput growth forecast at 4.0% and to average 5.3% to 2017.
- 2013 Port of Shuwaikh container throughput forecast to grow 5.6% and to average 7.2% to 2017.
- 2013 total trade growth forecast to grow 1.0% and to average 2.4% to 2017.
Key Industry Trends
Tensions Over New Ports Likely To Resurface: Kuwait's new port development on Bubiyan Island is moving on apace, with most of the first phase of dock walls now complete. We continue to caution that there is a glut of new maritime facilities currently under development in the Gulf region, and that tensions with neighbouring Iraq, also constructing a new port, might simmer to the surface again as the two ports come online.
STFA Secures Port Contract Worth KWD137mn: Turkish conglomerate STFA has secured a KWD137mn (US$487mn) contract from Kuwait Oil Company to construct a small port and upgrade an existing one at a refinery in Kuwait, according to state news agency KUNA. The consortium will double the capacity of the port used for transporting oil from the Ahmadi refinery, according to the deputy managing director of Kuwait Oil Company.
Port Authority Partly Suspends Operations Due To Fog: Kuwait's port authority partly suspended maritime operations at the country's ports in mid-January, owing to dense fog. The entry and exit of vessels were partially stalled for safety reasons, according to the director of the Shuwaikh Port, Moussa Behbehani.
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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