Boston, MA -- (ReleaseWire) -- 06/24/2014 -- Oman continues to develop into a regional powerhouse for the shipping and transhipment of dry bulk goods such as iron ore. To this end a new port is being constructed at Duqm and new cargo terminals at Salalah and Sohar. The new Duqm port will also boast a new oil refinery. Further port developments include the announcement that all cargo operations are to be moved from the Muscat port of Sultan Qaboos to Sohar by the end of 2014. All of this is aided by Oman's position on the Arabian Sea, outside the Gulf, enabling it to offer shorter shipping lines than ports within the congested body of water. On the macroeconomic side, growth in the Omani ports sector will be supported by expanding GDP and rising private consumption.
Headline Industry Data
- 2014 container throughput at Salalah forecast to return to growth of 3.2%, following a 2013 contraction of 8.0%. Growth to 2018 will average 4.2%.
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- 2014 total tonnage throughput at Sohar forecast to reach 52.96mn tonnes - an expansion of 17.7% - as operations are transferred from Sultan Qaboos. Growth will average 8.2% over the medium term.
- 2014 Oman total trade real forecast at 5.2%, and to average 2.3% per annum to 2018.
Key Industry Trends
Salalah Port GCT To Be Operational By End-2014: The Omani port of Salalah's General Cargo Terminal (GCT) is expected to start operations by the end of 2014. The new facility will strengthen the port's cargo handling capacity by allowing it to handle dry bulk commodities and liquid products of 20mn tonnes per annum and more than 6mn tonnes respectively.
Port Of Salalah Records 20% Decline In 2013 Net Profit: The port of Salalah registered a 20% year-on-year (y-o-y) fall in net profit to ZAR5.66mn (USD521,938) in 2013, compared with ZAR7.08mn (USD652,884) in 2012. The decline was mainly attributed to a drop in container volumes handled at the port in 2013. However, the port's General Cargo Terminal recorded a rise of 9.5% y-o-y in throughput to 7.94mn tonnes by end-2013,...
The Oman Shipping Report has been researched at source and features latest-available data and Business Monitor International (BMI)'s independent forecasting, critically analysing international transport of dry bulk and containers. The report evaluates the global commodities and trade backdrop, alongside in-depth country-specific analysis of trade prospects. The report also contains company profiles covering leading multinational and national shipping companies and analysis of latest industry news, trends and regulatory developments in Oman.
BMI's Oman Shipping Report provides industry professionals and strategists, sector analysts, business investors, trade associations and regulatory bodies with independent forecasts and competitive intelligence on the shipping industry in Oman.
- Benchmark BMI's independent shipping industry forecasts for Oman to test other views - a key input for successful budgeting and strategic business planning in the Omani shipping market.
- Target business opportunities and risks in Oman through our reviews of latest industry trends, regulatory changes and major deals, projects and investments.
- Exploit the latest competitive intelligence and company SWOTS on your competitors and peers including multinational and national companies.
Summary of BMI's key industry forecasts, views and trend analysis covering shipping, major investments and projects and significant multinational and national company developments.
SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis of the state's shipping sector, which carefully evaluates the short- and medium-term issues facing the industry.
Analysis of the capacity, terminals and planned development of the major ports in each country, including data on throughput and total tonnage.
Industry Forecast Scenario
Historic data series (2008-2012) and forecasts to end-2017 for all key industry and macroeconomic indicators (see list below), supported by explicit assumptions, plus analysis of key downside risks to the main forecast, including:
Major port freight throughput (tonnes/teu); overall freight throughput (teu); total imports (US$bn) and exports (US$bn).
Company profiles include business activities, leading products and services, company strategy, trends and developments and economic performance analysis.
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