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Kuwait Shipping Report Q3 2010
Business Monitor International, June 2010, Pages: 91
Business Monitor International's Kuwait Shipping Report provides industry professionals and strategists, corporate analysts, shipping associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Kuwait's shipping industry.
Kuwaiti shipping firm the Kuwait Oil Tanker Company appears to have weathered the downturn well, and is making the most of the uptick in the shipping market, which has been obvious since the beginning of 2010, by looking into expanding its fleet.
The company already holds an orderbook for new-build oil tankers, some of which the line is prepared to bring online earlier. This further validates the view that the company is in a strong position, as other carriers have been forced to defer delivery of vessels because of the downturn.
The planned expansion of the company's fleet would also see the carrier diversify further into the bulk liquid trade with a fleet of chemical tankers. Kuwait has a growing petrochemicals sector, with the country being the first in the region to begin producing petrochemicals, establishing a fertilisers industry (ammonia and urea) in the early 1960s. Recent discoveries of significant gas reserves bode well for future feedstock and an integrated downstream energy sector, further highlighting the growth potential of the petrochemicals sector and so by extension the transport industry that caters for it.
KOTC was able to ride out the downturn because of the relatively buoyant global liquid bulk sector, which saw tankers used for oil storage, staving off the impact of overcapacity, which was expected to hit the sector. Kuwait's port sector, however, is estimated to have felt the brunt of the downturn on the back of total trade estimates of a decline of 6.67% in 2009.
According to our estimates, throughput at the Kuwaiti port of Shuaiba fell by 9% in 2009. We are predicting year-on-year (y-o-y) growth in Kuwait's port sector in 2010, with tonnage throughput at Shuaiba forecast to increase by 1.38%. Considering the strength of the downturn and the relative weakness of the recovery, with our Country Risk desk forecasting growth of 1% in 2010, BMI asserts that throughput at Kuwait's ports will not be able to recover to pre-downturn levels for the next couple of years.
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