THE shipping industry in the Middle East is forecast to grow by 30 to 35 per cent in 2008, according to industry experts.
Its regional shipping industry is also projected to experience greater growth this year than the global shipping industry, reports Emirates Business 24/7, with the Middle East shipping industry expected to maintain growth this year at 20 per cent, the same level as 2007.
The report said that analysts anticipate the shipping industry will grow by around one-third in the Middle East region in 2008, up from 25 per cent growth last year.
"Strong growth in trading activities backed by increasing demand for commodities is keeping the Middle East shipping industry afloat. But oil and gas shipments remain the key factors for strong growth in the region," Abdullah Al Shuraim, chairman for Gulf Navigation Holding was quoted as saying in the report.
The top 30 container ports around the world that accounted for a throughput of 274 million TEU in 2007, comprising 56 per cent of the total world volume of 484 million TEU, are forecast to grow by 17 per cent this year, according to Drewry Shipping Consultants.
Last year, UAE terminals registered 19 per cent growth in container throughput to 14 million TEU, with Dubai's ports of Jebel Ali and Port Rashid growing at a rate of 20 per cent to 11 million TEU, the report said.
It said that Jebel Ali Port is forecasting a 40 per cent increase in container throughput from last year's 9.9 million TEU to 14 million TEU in February 2009.
The Mideast shipping industry has not been hit hard by soaring world fuel prices compared to shipping companies operating outside of the region.
"The demand for Middle East oil is increasingly becoming a major lure for capital from offshore companies that are now establishing bases in the region. We expect investments especially in crude carriers to increase tremendously this year as operators seek to tap into the market," Sharafuddin Sharaf, president of UAE Ship Owners Association was cited as saying.
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Source: schednet.com
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