Boston, MA -- (ReleaseWire) -- 12/26/2012 -- Things are looking up for the Bahraini shipping sector. The Khalifa bin Salman Port (KBSP) is seeing volumes rise on the back of the massive hike in demand at Saudi Arabian ports. The consumer demand story also bodes well for domestic demand over the medium term, while the Port of Mina Salman could see tonnage volumes rise due to a house-building programme underway in the Kingdom.
Headline Industry Data
- Growth in Khalifa bin Salman Port (KBSP) total tonnage throughput forecast at 12.5% in 2012, with average annual growth forecast at 7.8% between 2012 and 2016.
- Growth in KBSP container throughput forecast at 16.5% in 2012, with average annual growth of 8.2% over our forecast period.
- Real growth in total trade forecast at 15.0% in 2012 and to average 7.4% over the medium term.
Key Industry Trends
New 'Seabridge' Offers Hope For KBSP
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BMI believes that a new strategy to be implemented by the Khalifa bin Salman Port (KBSP) in Bahrain could help the facility begin to realise its transhipment aims. A new 'seabridge' feeder service to connect the port with the Saudi Arabian port city of Jubail could offer upside risk to our throughput forecasts over the medium term.
APM Terminals Bahrain Completes Year Without LTI
APM Terminals Bahrain completed a year and 2mn man hours without a lost time injury (LTI) on September 5, according to the company's CEO Marco Neelsen. A truck driver was injured in a forklift accident at the Khalifa Bin Salman Port on September 6 2011, after which an investigation and updated procedures were set up. In the past 365 days, no one was injured at the port.
GOP Registers Rise In Gross Revenue
Bahrain's General Organisation of Sea Ports (GOP) registered BHD11.7mn (US$31mn) worth of gross revenue in 2011, compared with BHD10.1mn (US$26.7mn) a year earlier. GOP also recorded a 21% year-on-year (y-o-y) growth in surplus to BHD7.7mn (US$20.4mn), compared with BHD6.3mn (US$16.6mn) in 2010.
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