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Greece Shipping Report Q4 2009Published by: Business Monitor International Published: Aug. 12, 2009 - 91 Pages Table of Contents
Abstract2009 has been a tough year for the shipping sector - container freight rates have plunged, and industryobservers have issued profit warnings for container lines' full-year results. The liquid bulk sector hasremained afloat, as tankers have been used for oil-storage purposes. Dry bulk shipping fortunes havefluctuated from all-time lows, to showing a steady recovery, to dipping once more, as the sector's fortuneshave become increasingly tied to China's raw material needs.For the Q409 Greece Shipping Report we have reviewed our forecast data for total tonnage throughputand container volumes at the country's ports for 2009, taking into account, where available, the mostrecent monthly throughput data. Using one of Greece's main ports, the port of Thessaloniki, as anexample we believe that for the whole of 2009 the port's total tonnage throughput will fall by 8.12%, y-oy,although the container throughput is set to increase by 9.08%. As 2009 draws to a close, BMI answers the question of what is next for the Greek shipping sector. Wepredict that the recovery in the country's ports throughput will begin in 2010. This is based upon the factthat our Country Risk desk is forecasting Greece's total trade to increase by 3% in 2010. Using the port ofThessaloniki again as an example, BMI predicts that tonnage throughput at the port will grow by 7.12%,while container volumes will increase by 12.05% in 2010. This estimate will see the port to handling atotal of 15.8mn tonnes and 292,023TEUs in 2010. We expect growth in throughput volumes to continue at the port for the rest of the mid term (2011-2013). According to BMI's Shipping Desk forecasts for the port of Thessaloniki, we predict that total tonnagethroughput will increase on average by 4.8% per year, with container volumes increasing by a yearlyaverage of 12.8%. This growth, however, will not enable the port of Thessaloniki to reclaim its predownturnand pre-strikes levels of tonnage and container throughputs during our forecast period. Greece's port recovery is reliant on a revival in Greece's trade volumes. For the whole of 2009 BMIexpects Greece's total trade to decline by 3%. A gradual recovery is forecast to begin in 2010, with totaltrade forecast to grow by 3%. BMI predicts that over the rest of the mid term (2011-2013) the country'stotal trade will increase by a yearly average of 3.5%. This trade recovery will see the country's import and export worth increase to US$125.7bn andUS$88.0bn, respectively, by 2013. BMI does not expect the country's current main trade partners ofGermany, Italy, China, France, the Netherlands, Bulgaria, Cyprus and the US to change dramatically overthe mid term Get Full Details About This Report >> |
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