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Israel Shipping Report Q3 2011
Business Monitor International, June 2011, Pages: 85
Business Monitor International's Israel Shipping Report provides industry professionals and strategists, corporate analysts, shipping associations, government departments and regulatory bodies with independent forecasts and competitive intelligence on Israel's shipping industry.
Global shipping continues to suffer from overcapacity caused by vessels that were ordered during the pre-downturn boom years coming online. With demand still depressed, the three shipping sectors - container and dry and liquid bulk - are all struggling to maintain healthy rates in the face of overcapacity in the global fleet. Indexes are falling and ships are increasingly being forced to operate below break-even rates. Huge geopolitical events, such as the Arab Spring and the Japanese earthquake, have further complicated market dynamics in the shipping sector.
How Israel will be affected in the long term by the upheavals in the region remains to be seen, though it seems likely that with neighbours such as Syria restive security issues will be at the fore. During the quarter Israel once again intercepted a vessel carrying arms bound for Gaza. Domestically the key issue affecting the Israeli maritime sector is the ongoing privatisation of the major ports.
Headline Industry Data:
- Gross tonnage handled at Haifa, Israel's largest port, will expand by 4.1% in 2011 to reach 22.72mn tonnes, BMI forecasts. At Ashdod, the second largest port, tonnage will grow 5.1% to 19.48mn tonnes.
- Box handling at Haifa will grow by 1.1% to 1.28mn TEUs. Ashdod, which is also the country's second largest box container operation, will see growth of 9.1% to 1.11mn TEUs.
- The real value of Israeli foreign trade will grow at a much slower rate in 2011 than in 2010, because of the slower world economy. The report projects growth of +4.0%, down on the +8.8% registered last year.
Key Industry Trends:
Global Port Operators Shun Eilat Box Drive
Israel's port of Eilat is seeking a private operator to increase the port's role in the container sector. Despite the plan to increase container throughput at the port, the privatisation initiative has so far only attracted domestic players, not the global container terminal operators that normally flock to a port keen to increase its box operations.
New Port To Be Built Off Gaza?
In March was reported possibility that an island port could be constructed off the Gaza Strip, controlled by an international force, in order to facilitate trade for the Palestinian enclave.
Arms Intercepted
The proposed island port is prompted by events such as that in mid-March, when Israeli vessels intercepted a ship carrying arms to Gaza, and redirected it to the Israeli port of Ashdod.
Key Risks To Outlook:
Continued political turmoil in Israel's Middle Eastern neighbourhood, especially within Egypt and Syria, offer both up and downside risk to BMI's forecasts for Israeli macroeconomics and port throughputs. Further, the death of Osama bin Laden could see a heightened security threat from Islamist militants.
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