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Oman Shipping Report Q4 2010
Business Monitor International, Aug 2010, Pages: 75
The Oman Shipping Report provides industry professionals and strategists, corporate analysts, shipping associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Oman's shipping industry.
In the analysts view the country's industrial development and diversification from its oil and gas production bodes well for mid-term dry bulk shipment volumes.
Oman's dry bulk shipping in our opinion will centre around the development of an iron ore pellet plant being built in the Sultanate, which will require import shipments of bulk iron ore from Brazil and export shipments of iron ore pellets to the Middle East and other steel producing markets.
Oman's port sector is already preparing for the country's expanding dry bulk shipment role with Oman's newest port, the port of Sohar developing to cater for the country's heavy industry needs. Oman Shipping is also preparing itself to cater for Oman's increased dry bulk shipping needs by diversifying its operations into the sector with new build orders for dry bulk carriers and very large ore carriers (VLOCs)
The Oman Dry Bulk Shipping Key Views:
- Oman to develop into a vital player in the iron ore supply chain
- Oman iron ore shipment to be centered on catering for Middle East demand, but country's strategic location would also offer export potential to North Africa and India
- Dry bulk shipping to continue to play a major role in the country's imports for food stuffs and construction material
- Oman Shipping to diversify to cater for Oman's changing trade needs
- Potential for Oman to import coal as country diversifies its power sector.
While the outlook for the Oman dry bulk shipping sector looks positive BMI warns that the sector globally is set for a rough ride in H210 and into 2011 as the main driver of the market, China, slows its demand for iron ore.
The Global Dry Bulk Shipping Key Views:
- 'China effect' in reverse, causing demand for shipping to fall
- Supply-demand imbalance to widen, with excess supply
- Thermal coal demand offers some support, but no panacea
- Vertical integration of miners a discomfort to dry bulkers
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