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Oman Shipping Report Q1 2011
Business Monitor International, Nov 2010, Pages: 94
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.
On a global level BMI see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapacity and a drop in demand continually threatening to push down rates and impinge on lines' profits.
They are relatively bullish with regard to the Omani shipping sector's prospects, and are forecasting that the country's ports will all see growth in both tonnage and container throughput levels. Oman is diversifying away from an over-reliance on oil exports to become an industrial powerhouse, and as such it is developing its dry-bulk shipping sector, particularly at the port of Sohar. There are also developments at the port of Salalah in the pipeline; not only dry-bulk facilities but also an enlarged container terminal.
Headline Industry Data
- 2011 port of Sohar tonnage throughput forecast +8.84% following projected growth of +17.91% in 2010.
- 2011 port of Salalah TEU throughput forecast +5.53% following a projected growth of 1.19% in 2010.
- 2011 trade growth forecast at 1.94%.
Key Industry Trends
Diversification into the dry-bulk sector. Following its developments at the port of Sohar, Oman is also expanding its dry-bulk capabilities in the south of the country. At the port of Salalah a new general cargo terminal, capable of handling 40mn tonnes of dry bulk and 5mn tonnes of liquid products upon its completion, is to be constructed with an investment of US$195mn.
But not neglecting its container-handling capabilities. Oman is also looking to expand its containerhandling capabilities, with plans to develop the port of Salalah until it is capable of handling 15mn TEUs per annum, which would make it one of the world's largest ports in terms of container throughput. Oman's national carrier has plans to expand and move into new sectors. Oman Shipping Company announced in September that it is to double its fleet over the next two years, from the 19 vessels it currently operates to 42 owned and chartered ships by 2012. The company will also make its initial foray into container shipping.
Key Risks to Outlook
The primary risk to BMI’s throughput projections for Oman are to the upside as the country continues to diversify its economy and build up the attendant ports and shipping infrastructure, and the Middle East region continues to see its throughputs grow. However, as this diversification continues the country does risk becoming over dependent on the Middle East region importing its pelletised iron ore and other drybulk commodities.
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