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Bahrain Shipping Report Q3 2010
Business Monitor International, July 2010, Pages: 89
Bahrain Shipping Report provides industry professionals and strategists, corporate analysts, shipping associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Bahrain's shipping industry.
The Khalifa Bin Salman Port (KBSP) has now been in operation for over a year and its effect on Bahrain's shipping sector is being felt. The port was conceived as a way to enable container lines to pull in to Bahrain directly, offering Bahraini shippers a direct route for imports and exports, rather than the kingdom being reliant on transhipped goods from ports such as the UAE's Jebel Ali. KBSP, which is operated by APM Terminals, the port operating unit of A.P. Moller Maersk, is also hoped to become a transhipment hub in its own right.
Over the quarter efforts to develop KBSP into a transhipment hub have started to be realised. The port's general director, Hassab al Majid, announced that Singapore's APL now operates a mothership into the port. The ship is reported to have previously used the main Middle Eastern transhipment port of Jebel Ali as its transhipment hub.
BMI believes that as the effects of the downturn subside and container volumes return more, transhipment opportunities will be in the offing for KBSP. In 2010 we project that container volumes at the port will grow by 2.59% to reach 286,498 20-foot equivalent units (TEUs). In its first year of operations the port handled 279,267TEUs, an increase of 3.7% from the 269,331TEUs that its predecessor, the port of Mina Salman, handled in 2008. This year-on-year (y-o-y) growth came despite a tough operating climate for the port, with a decline in global trade and a fall in Bahrain's trade. In 2009 our country risk desk reports that Bahrain's imports fell by 2% y-o-y, with exports dropping by 1.18%.
Over the mid term we forecast continued y-o-y growth in box throughput at KBSP. By the end of BMI's five-year forecast in 2014 we project that KBSP will be handling 305,259TEUs.
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