Boston, MA -- (SBWIRE) -- 05/02/2014 -- 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 5.2% to 2018.
- 2014 port of Jeddah Islamic Port container throughput forecast to return to growth at 4.1%. Growth will average 7.0% over our forecast period.
- 2014 total trade forecast to see real growth of 3.2%. Growth will average 2.5% from 2014 to 2018.
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Key Industry Trends
Bahri Role Key For Food Security: The role of the National Shipping Company of Saudi Arabia (Bahri) in the Kingdom's food security strategy is highlighted by the delivery of the third of five dry bulk vessels to its dry bulk subsidiary Bahri Dry Bulk. Bahri, primarily a liquid bulk shipping operator, is developing its dry bulk shipping credentials in order to cater to Saudi Arabia's growing demand for grain imports.
RSCT Expanding In Preparation For Landbridge Role: Saudi Arabia's Red Sea Gateway Terminal (RSCT), Jeddah Islamic Port's (JIP) newest container terminal, is planning to expand further. The terminal is seeking to increase its capacity to 2.5mn TEUs by 2015. The project will ensure that JIP retains its position as Saudi Arabia's premier container port and that it is able to keep pace with the Kingdom's expanding economy, population and the launch of the Saudi Landbridge.
Petrochemical Exports Provide USP for Jubail Commercial Port: We believe that Saudi Arabia's Jubail Commercial Container Terminal (JCT) will see strong growth in container throughput due to its proximity to the Jubail Industrial Zone, which will enable it to benefit from the increase in containerised petrochemical exports. The fact that JCT it can cater for 12,000TEU vessels also improves its future prospects. As a result, BMI forecasts that the port will see steady growth in container throughput over the next few years, rising by 14.2% over 2014 and reaching 482,240TEUs by 2017.
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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