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Kuwait Freight Transport Report Q1 2011
Business Monitor International, Jan 2011, Pages: 23
Kuwait Freight Transport Report provides industry professionals and strategists, corporate analysts, freight transportation associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Kuwait's freight transportation industry.
At the end of October 2010 Kuwait's KIPCO Asset Management Co (KAMCO), an investment bankingand financial advisory firm, and Anham FZCO LLC signed an agreement to set up a joint logistics firmto execute Anham's prime vendor contract to supply the US military, according to reports by Reuters andBloomberg. Anham also said that it already started to fulfil its US$2.2bn contract to provide logisticalservices to US troops in Iraq, Kuwait and Jordan.
The closed Kuwaiti shareholding company was expected to take over fully from the incumbent contractorby the end of 2010. In April 2010 Anham signed contract with the US Defense Department, after thecurrent contractor and biggest storage and logistics company, Kuwait's Agility Public Warehousing Co,was replaced and accused of overcharging.
Agility registered a 66% year-on-year (y-o-y) plunge in net profit, to KWD13.9mn (US$49.5mn), inQ310, compared with KWD40.5mn (US$144.2mn) in Q309. The drop in net profit was attributed to theloss of major US government contracts. The company now considers commercial customers, served byAgility Global Integrated Logistics (GIL), to be the focus of its core business, and in November 2010Agility has formed an alliance with Linfox Logistics, targeting resources projects in Australia.
BMI forecasts slow y-o-y cargo traffic growth in 2010. We see Kuwait's air freight volume increasing byjust 0.6% y-o-y to 198,390 tonnes, after a strong growth of 9.51% in 2009. BMI predicts that Kuwait's airfreight volumes will continue increasing in 2011, with an estimated y-o-y growth rate of 0.66%.Throughput at Kuwait's largest port, Shuaiba, is on course to reach BMI's throughput targets for 2010,with small growth in the year, after not being able to beat the global downturn in trade in 2009, withtonnage at the facility falling by 10.15% y-o-y.
This offers a sound base for BMI's forecasts in port throughput at Shuaiba for 2011 and for the rest of theforecast period, to 2015. Our 2011 port of Shuaiba tonnage throughput forecast is 2.2% following aprojected growth of 1% in 2010.
Port of Shuwaikh tonnage throughput is forecast to increase by 1.84% y-o-y in 2011, after a 1.06 declinein 2009 followed by projected growth of 0.58% in 2010.
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