Boston, MA -- (ReleaseWire) -- 02/21/2014 -- Although high prices and strong external demand for Australian commodity exports over the last couple of years helped to underpin the country's real GDP growth - despite the rising costs domestically, this trend has reversed as the declines in cost in competing countries make Australian products increasingly uncompetitive. This could end up having a detrimental impact on the country's shipping sector going forward.
In terms of Australia's top four ports, box throughput is set to perform far better than tonnage during 2014. The biggest beneficiary of this trend will be the Port of Melbourne in purely annual terms with growth of 7.73% pencilled in over the next 12 months. The Port of Brisbane is also set to enjoy healthy container growth in 2014, following on from a good year in 2013 (6.82% forecast in 2014, 6.36% in 2013). The outperformer in tonnage throughput terms is predicted to be the Port of Melbourne, ever so slightly ahead of the Port of Sydney.
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Meanwhile, China took over from regional neighbour Japan as Australia's top export partner in 2009 and so, figuratively, when China sneezes, Australia catches cold. Slackening demand from China at present is therefore posing something of a problem for Australia, among others.
Headline Industry Data
- 2014 Port of Melbourne tonnage throughput forecast to grow 3.01%.
- 2014 Port of Melbourne container throughput forecast to rise 7.73%.
- 2014 Port of Sydney tonnage throughput forecast to increase 1.47%.
- 2014 Port of Sydney container throughput forecast to increase 4.00%.
- 2014 Port of Brisbane tonnage throughput forecast to rise 3.00%.
- 2014 Port of Brisbane container throughput forecast to grow 6.82%
- 2014 Total trade growth forecast to grow by 3.33%.
Abbot Point Sees Successful Dredging Completion - The capital dredging programme at the Abbot Point coal port in Queensland was completed at the end of 2013 and was described as a 'significant milestone towards the development of GVK Hancock's Terminal 3 port facilities'. In a filing to the Bombay stock exchange, Indian conglomerate GVK stated that the final environmental approval has 'solidified its leading position in the Galilee Basin' along with 'previously received clearances for the Alpha mine, the rail to Abbot Point and the EPBC Act approval for the port'.
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