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 were moved from the Muscat port of Sultan Qaboos to Sohar as of 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
2015 container throughput at Salalah is forecast to grow by 3.7%. Growth to 2019 will average 4.6%.
2015 total tonnage throughput at Sohar forecast to reach 59.38mn tonnes - an expansion of 12.3%. Growth will average 11.8% over the medium term.
2015 Oman total trade real forecast at 3.9%, and to average 1.2% per annum to 2019.
Key Industry Trends
Sohar On Course For Dry Bulk Dominance : The planned development of a grain terminal at the port of Sohar cements the facility's dry bulk focus, offering new cargo options that will boost port throughput and strengthen Oman's agricultural supply chain, thereby enhancing the country's food security.
Congestion Charge At Sohar To Pose Short-Term Risks : Delays at the port of Sohar will pose only short-term risks to traders as the facility transitions into Oman's principal port, following the closure of the port of Muscat. Congestion charges, introduced by shipping lines, will cool off in the medium term as the port adapts to additional capacity and lessens the berthing delays that ships are presently facing.
Port Of Sohar To Float Tenders In 2015 And 2016 : A consultancy tender to expand the port of Sohar in Oman to twice its existing annual container...