New Transportation market report from Business Monitor International: "Kuwait Freight Transport Report Q1 2014"
[ClickPress, Wed Jan 15 2014] Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects that growth will continue over the medium term. If there are continued instances of industrial unrest and strikes, however, as Kuwait's ports have struggled with since the Arab Spring of 2011, then we may have to revise our forecasts down. The air freight sector was also hit in 2011, with volumes falling. We forecast slow but steady growth in Kuwaiti air freight over the medium term.
What continues to bode well for Kuwait's freight transport is our macroeconomic outlook for the country. Although oil prices are forecast to fall in the coming years they will remain high, and this is translating into spending by the Kuwaiti government and greater wealth among the populous. This is attracting logistics companies to add services to the country. Kuwaiti logistics company Agility continues to develop rapidly.
Full Report Details at
Headline Industry Data
* 2014 Port of Shuaiba tonnage throughput growth forecast at 3.0% and to average 3.0% to 2018.
* 2014 Kuwait International Airport air freight tonnage forecast to grow 1.2% and to average growth of 1.3% a year to 2018.
* 2014 total trade real growth forecast at 2.5% and to average 2.5% to 2018. KPMG Positive About GCC Rail Network: Accountancy firm KPMG has released a report which has predicted a bright future for the US$200bn Gulf Cooperation Council (GCC) rail network, which will connect the Kuwait with Saudi Arabia, Qatar, the UAE, Bahrain and Oman.
KOTC Modernises Fleet: BMI notes that a recent sale (September 2013) of four product tankers by Kuwaiti carrier the Kuwait Oil Tanker Company (KOTC) is in keeping with the company's aim to maintain one of the youngest tanker fleets afloat, and is part of its renewal strategy. Although we believe that Kuwait's net refined exports will fall over our medium-term forecast period, the outlook for the sector is in general strong, and the company will benefit from increased refining capacity set to come online in Kuwait in 2018.
Risks To Outlook
The Middle East and North Africa region has seen huge upheavals since the start of 2011, and no country is immune from the repercussions on trade. Kuwait has not been severely hit by unrest, but it is still possible that demonstrations could develop as they have in other Gulf countries, which could adversely affect our port throughput forecasts. We have seen industrial unrest in Kuwaiti ports and airports, more instances of which in 2014 could affect our outlook.
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