Boston, MA -- (ReleaseWire) -- 04/30/2014 -- What bodes well for Kuwait's container ports is our macroeconomic outlook for the country, where high oil prices in recent years have translated into increased spending by the Kuwaiti government. This will boost growth at the Gulf state's ports, both through spending on infrastructure projects impacting on total tonnage throughputs, and consumer spending boosting imports of containerised goods. However, delays to infrastructure projects could hamper tonnage throughput, and a plateauing in oil production has led us to forecast GDP growth of 2.9% in 2014. In line with the slowing economic growth we see a slightly slower pace of growth playing out at Kuwaiti ports.
Headline Industry Data
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- 2014 Port of Shuaiba tonnage throughput growth forecast at 13.0% and to average 9.5% to 2018.
- 2014 Port of Shuwaikh container throughput forecast to grow 7.8% and to average 5.6% to 2018.
- 2014 total trade growth forecast to grow 2.4% and to average 2.5% to 2018.
Key Industry Trends
Industrial Unrest: There have been a number of industrial disputes between Kuwaiti ports and the oil sector and their workers over the past quarter. In December 2013, the Kuwait Ports Authority Labour Syndicate threatened to halt work at the country's three premier ports of Shuwaikh, Shuaiba and Doha if new insurance contracts were not drawn up for employees.
UASC Busy At Kuwait's Ports: United Arab Shipping Company (UASC) moved 4,913 twenty-foot equivalent units (TEUs) to Iraq from all over the world in October 2013, according to a statement from the company. The company, which is a joint venture by the Arab countries of Bahrain, Iraq, Qatar, Saudi Arabia, the UAE and Kuwait, said that 2,217 of these containers were from Asia, while 1,191 were from Europe.
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