Boston, MA -- (ReleaseWire) -- 03/14/2014 -- BMI forecasts growth across the board at Colombian ports in 2014. This will in part be due to base effects, as most facilities endured a downturn in their volumes in 2013. Growth over the medium term will be supported by growth in private consumption on the back of rising wages, and the opening of the expanded Panama Canal, which would see more, and larger, vessels calling at the country's ports. This possibility has piqued the interest of international container terminal operators such as International Container Terminal Services Inc (ICTSI). Throughput volumes will also be supported by the growing dry bulk export story, in particular coal.
Headline Industry Data
- The Port of Cartagena will see total tonnage volume increase by 4.4% to 20.22mn tonnes in 2014, and will average growth of 5.0% to 2018.
- Container traffic at Cartagena will grow by 13.2% to 2.11mn twenty-foot equivalent units (TEUs) in 2014. Growth to 2018 will average 13.1%
- Volume at the Pacific port of Buenaventura will rise by 2.4% to 9.41mn tonnes in 2014, while container traffic will rise by 3.7%, to reach 503,093TEUs.
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Key Industry Trends
Konecranes To Supply RTG Cranes To TCBUEN
Colombia's Sociedad Portuaria Terminal de Contenedores de Buenaventura (TCBUEN) has awarded Konecranes a contract for the delivery of six 16-wheel rubber-tyred gantry (RTG) cranes. The contract marks the company's first delivery of container-handling cranes to Colombia. The cranes will boast a lifting capacity of 40 tonnes and feature the company's active load control technology.
Port Receives Largest Ship
In December 2013, the port of Santa Marta reported that it had received Colombia's largest vessel yet, when it handled the Santa Ursula, a Panamanian-flagged vessel which was carrying 55,000 tonnes of corn from Brazil.
Cartagena Channel To Be Expanded
In November 2013, an agreement was struck to expand the access channel for the port of Cartagena at a cost of US$60mn. Half of the funds for the project will come from the port, while the remainder will come from public funds. The hope is that Cartagena's proximity to the Panama Canal will present new business opportunities once its expansion is complete and larger ships begin to pass through it. In order to ensure that they are able to capitalise on this expected business, ports throughout the region are investing on dredging and expanding their facilities.
Key Risks To Outlook
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