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Colombia Shipping Report Q4 2010
Business Monitor International, Aug 2010, Pages: 94
The Colombia Shipping Report provides industry professionals and strategists, corporate analysts, shipping associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Colombia's shipping industry.
Colombia's potential as a growth market for the international maritime sector has been further realised with the news that Goldman Sachs subsidiary SSA Marine will invest in a new box terminal at the port of Barranquilla. Having been largely recognised for its export potential, BMI believes Colombia's positive demographics and favourable business environment make it an attractive market for the container shipping sector. According to Mundo Maritimo, US-based SSA Marine has signed a memorandum of understanding (MoU) with the operator of the port of Barranquilla, Sociedad Portuaria del Norte, to construct a new designated container terminal at the port expected to cost about US$40mn. The country offers considerable potential from a container shipping perspective. Aside from its large consumption base, the country is well positioned geographically to benefit from future trade growth between Asia and Latin America. The port of Barranquilla, in particular, has the potential not only to supply a growing domestic consumer market, but also to position itself as a transhipment hub for other countries in the region. The port is one of the closest major maritime facilities to the Panama Canal which, following an expansion project due to be completed in 2014, will be able to service the largest classes of container vessels making the journey from Asia's manufacturing hubs to markets on the east coast of the Americas.
We expect cargo handled at two of Colombia's key ports, the Port of Cartagena (POC) and Port of Buenaventura (POB), to grow at a good rate this year. In general tonnage terms, POB will be out in front, with 11.2% growth to 12.11mn tonnes, following a good 2009 performance when the port was largely able to sidestep the effects of the international recession (volumes grew 12.7% to 10.89mn tonnes). In 2010, total volume at Port of Cartagena will gain a similar 11.4% to 9.4mn tonnes. Last year volumes there dropped by 7.1% to 8.44mn tonnes.
Container movements at the Port of Cartagena will grow 12% to 981,714 twenty-foot equivalent units (TEUs) this year, while at Port of Buenaventura they will be up by 12.4% to 727,454TEUs. While POC's growth has been consistently positive in recent years, excluding 2009, POB has been more volatile, and experienced decreases both in the last year's box throughput and in 2008.
Affected by the global recession, Colombia's total trade fell by 8.7% in real terms in 2009, and we see a good 11.7% rebound in 2010, followed by 6.9% growth in 2011. This year exports will grow slightly more strongly than imports in real terms (12% vs 11.5%).
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