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%.
2014 total tonnage throughput at Sohar forecast to reach 52.87mn tonnes - an expansion of 17.5% - as operations are transferred from Sultan Qaboos. Growth will average 13.0% over the medium term.
2014 Oman total trade real forecast at 5.2%, and to average 2.2% per annum to 2018.
Key Industry Trends
OICT Shifts Equipment From Old Terminal To Terminal C: In July, Oman International Container Terminal (OICT) finished the movement of quayside cranes and other container handling equipment from its old Terminal B at Sohar Port to its state-of-the-art Terminal C. Under the relocation, the company shifted eight rubber-tyred gantry cranes and four Post-Panamax cranes, each with a weight of 1,050 tonnes.
Sohar Port Seeks Share Of Singapore-US Trade: Sohar port is planning to take advantage of its location and the country's free trade agreements with Singapore and the US. According to Sohar port's executive commercial manager, Edwin Lammers: 'Singapore handles the second largest container throughput in the world, so there is no shortage of volume.'
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