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Egypt Shipping Report Q2 2011
Business Monitor International, Feb 2011, Pages: 100
Business Monitor International's Egypt Shipping Report provides industry professionals and strategists, corporate analysts, shipping associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Egypt's shipping industry.
On a global level we continue to see risks for 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. As austerity measures take hold in Europe and the US continues to have high unemployment and recover from the downturn sluggishly, shipping levels may slow their growth considerably. As a mid-point between Asia and Europe, and home to the Suez Canal, ports in Egypt, which largely managed to ride out the downturn without major contractions, may be at risk. Equally, an increase in wheat prices may also have a negative impact on tonnage throughputs at Egyptian ports. A joint initiative by Arab transport ministers to improve transit relations may offset some of this downside risk.
Headline Industry Data
2011 total tonnage throughput at Damietta forecast to grow 1.89% to 31.46mn tonnes.
2015 Damietta tonnage throughput expected to reach 32.76mn tonnes.
2011 container throughput at East Port Said forecast at 2.65mn TEUs on growth of 3.1%.
Key Industry Trends Canal revenues and through-traffic up: According to the latest figures released by the Suez Canal Authority, revenues taken in 2010 reached US$4.73bn, up an impressive 9.3% on the US$4.29bn taken in 2009. The number of vessels transiting the canal is also up. Year-end figures have not yet been released, but by the end of November 16,449 vessels had passed through it, up 4.3% on the number recorded during the same period in 2009 -- 15,776.
A port of call for new Middle Eastern container liner: In November 2010 the Omani Shipping Company, the state owned shipping company of Oman founded for just seven years (in November 2010), announced its first container service. Up until now the company has been primarily involved in the shipping of Liquefied Natural Gas (LNG), with six LNG tankers in its fleet. Its first container sailing launched on December 26 2010, and connects Egypt with a number of East Mediterranean ports including Beirut, Lattakia and Tripoli.
Wheat imports to be inspected before leaving origin ports: Egypt, which is the world's biggest importer of wheat, announced that it will now require shipments of the grain to be inspected by its national ministry of agriculture before leaving ports of shipment. Vice-chairman of the General Authority for Supply Commodities, Nomani Nomani, stated: 'The dispatching of a committee from the agriculture ministry's health quarantine department at the port means that the cargoes will be cleared for entrance before they arrive in Egypt. It was done before on a voluntary basis, and it proved successful.'
Key Risks To Outlook The global increase in food prices, especially grains, may come to affect Egypt, a massive importer of wheat for its subsidised grain programme. For containers, the Egyptian ports sector, as a mid-point for ships sailing from Asia to Europe through the Suez Canal, may be hit by reduced European consumer demand as austerity measures throughout the continent are felt.
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