New Transportation market report from Business Monitor International: "Saudi Arabia Shipping Report Q1 2014"
Boston, MA -- (SBWIRE) -- 01/28/2014 -- Saudi ports are expected to have healthy growth in 2014, following a year of contractions for many of the facilities in 2013, though we note that these contractions followed a year of extraordinary growth in 2012 and so are not as negative as they first appear. Growth in Saudi ports will be supported by local shipping companies such as Bahri and Vela Shipping. The considerable investment into new facilities is also continuing apace.
Headline Industry Data
- 2014 port of Jeddah Islamic Port tonnage throughput forecast to grow by 4.4%, following a 2013 contraction. Growth will average 2.3% to 2018.
- 2014 port of Jeddah Islamic Port container throughput forecast to return to growth at 4.1%. Growth will average 4.3% over our forecast period.
- 2014 total trade forecast to see real growth of 2.7%. Growth will average 2.3% from 2014 to 2018.
Key Industry Trends
Funding In Place For Bahri's Dry Bulk Strategy
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Bahri's dry bulk focus continues to advance, with the shipping line gaining the finance required for its fleet of dry bulk carriers, which will be operated by the company's dry bulk arm Bahri Dry Bulk (BDB) - a joint venture with Saudi Arabia's largest grains importer ARASCO. Bahri's break into the dry bulk shipping sector is in response to the Kingdom's move away from producing wheat to meeting its wheat consumption needs by importing the commodity.
Government To Construct Port At Al Lith
The Saudi Arabian government plans to construct a large port in Al Lith to attract investment and reduce pressure on the Western Red Sea port of Jeddah. The port, which will have an area of 43mn square metres, will be able to handle huge vessels, according to Mansour Al Gamdi, Jeddah's assistant secretary-general for municipalities.
General Organization For Ports' Revenue Surpasses SAR4bn
Revenue for the General Organization for Ports in Saudi Arabia increased by SAR800mn (US$213.29mn) to reach more than SAR4bn (US$1.07bn) in FY12/13. The capacity of ports in Saudi Arabia's container sector climbed to 12mn twenty-foot equivalent units (TEUs) in 2012 from 5mn TEUs in 2008.
Risks To Outlook
There are a number of upside risks to our forecasts. These come from Saudi Arabia's significant infrastructure investment programme, particularly the Landbridge. This offers upside to our forecasts for the Jeddah and Dammam ports. Jeddah's application to be a metals hub for the London Metals Exchange also offers upside potential to the facility's tonnage throughput.
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