The Middle East' second largest transshipment terminal, Salalah Port Services in Oman, saw its consolidated net earnings decline 20 per cent last year compared with the previous year, to OMR5.66 million (US$14.7 million) pulled down by lower container volume.
The Port of Salalah's consolidated revenues in 2013 amounted to OMR58.5 million up from OMR57.54 million in 2012.
The port recorded historical new highs in volumes handled at its General Cargo Terminal (GCT), according to the company's filing to the Muscat Securities Market (MSM), reported Muscat Daily.
The GCT handled 7.94 million tonnes of cargo in 2013, representing year-on-year growth of 9.5 per cent.
On the other hand, port's container terminal's throughput decreased fell eight per cent to 3.34 million TEU last year.
The company said it recorded a contraction in transshipment volume from one of its customers in the third and four quarter of 2013, which was the main reason for the decline in the overall volume handled at the container terminal.
Transshipment volumes accounted for 96.5 per cent of total throughput at the container terminal.
"Overall, volumes were negatively impacted by new terminal developments within the region, combined with the slow development of global trade," said chairman Ahmed bin Nasser.
"Despite the increased regional competition among the ports and fluctuations in the global economy, which had an impact on the company's transshipment, the general outlook for the Port of Salalah remains positive," he said.
"The company expects general cargo growth to continue during 2014 and 2015, supported by the launch of the GCT expansion that will significantly increase the port's capacity to handle cargo," said Mr Nasser.
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