Boston, MA -- (ReleaseWire) -- 04/15/2014 -- The Israeli ports sector is undergoing a state of flux, with the major ports set to be expanded with new, privately operated, terminals, which will be able to handle the larger vessels that are becoming the norm on the key Asia-Europe trade route on which Israel stands. However, the developments are facing strong opposition from current port workers and unions. In terms of demand, moderate growth at Israel's containerhandling facilities should be supported by steady, though unspectacular, economic growth.
Headline Industry Data
- 2014 Port of Haifa total tonnage throughput to grow by 7.2%, and to average 5.2% to 2018.
- 2014 box handling at Haifa will grow by 4.0% to 1.50mn twenty-foot equivalent units (TEUs).
- Growth projected to average 3.8% to 2018.
- Israel's total trade is forecast to see real growth of 3.3% in 2014, from a 3.0% expansion in imports and a 3.5% growth in exports. Growth will average 3.3% over the medium term.
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Key Industry Trends
Israel Corporation To Lose Control Of Zim After Debt Settlement: A debt settlement agreement is soon to be signed between Israel Corporation and the creditors of Zim Integrated Shipping Services. The settlement would cut Zim's US$3bn debt by 50%. Israel Corporation will invest US$200mn in Zim for keeping 33% of Zim and forego debt. The remaining 66% of Zim's shares will go to its creditors.
Deadline For Private Ports Tender Postponed To February: Israel postponed the deadline for submitting technical bids for the construction of private ports at Haifa and Ashdod from January 15 to February 17, according to the Israel Ports Development & Assets Company. The deadline for the construction tender for Haifa Bay Port and South Ashdod Port was postponed at the bidders' request.
Antitrust Authority Rules Haifa And Ashdod Ports As Oligopoly: In December the Israel Antitrust Authority ruled that the ports of Haifa and Ashdod act as an oligopoly in container handling. The decision has allowed director David Gilo to ban the existing port companies from getting involved with government plans for new container ports.
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