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Estonia Shipping Report Q2 2010Published by: Business Monitor International Published: Feb. 11, 2010 - 88 Pages Table of Contents
AbstractIn spite of the downturn the quarter has been marked by positive developments in Estonia's port sector. The country's main port, the port of Tallinn, has demonstrated even higher year-on-year (y-o-y) growth for the whole year than it showed for the first three quarters of 2009. The port's y-o-y growth for the whole of 2009 now stands at 8.7% for total tonnage, with the liquid bulk figure growing by 12% y-o-y, despite the fall in container volumes at the port. The expansion of the container terminal at the Muuga Harbour of the port is still very much on the cards, with the Chinese port of Ningbo showing continued interest and a US$74.3mn loan from the Estonian government assigned for the extension of the terminal. In a separate development, as BMI reported earlier, the ammonia transhipment terminal at the Baltic Chemical Terminal (BCT), which is located at Estonia's Port of Sillamäe (Silport), has begun operations. The terminal is operated by Russian fertiliser producer Acron Group. BMI notes a growing trend for Russian chemical companies to develop logistics operations in Baltic States for the shipment of fertilisers to the European market. The use of Baltic ports by Russian chemical companies is good news for Baltic ports, as it allows them to diversify their cargo portfolio. The trend for Russian chemical companies to develop operations at Baltic ports also shows that Russian companies are still prepared to ship through the ports. A previous trend had developed for Russia to develop its domestic ports to cater for its trade, namely oil shipment needs, rather than using Baltic States ports.Despite the positive developments over the quarter, in the Q210 Estonia Shipping Report we forecast a downward trend in the country's maritime sector, as trade volumes do not look set to begin to recover from the downturn of 2009, with both imports and exports expected to remain flat y-o-y. With the Russian port of Ust-Luga coming online, the stream of oil exports, currently transhipped through Estonian ports, will be diverted to Russia's own port. This will have a knock-on effect at the country's ports, as cargo volumes passing through the ports decrease. BMI's shipping team forecasts that Estonia's main port, the port of Tallinn, will experience a y-o-y throughput fall in total tonnage of 67.3% (although the port itself forecasts it to be approximately 11%), while container volumes are expected to increase by 2.3% in 2010. This is considerably different from 2009 throughput at the port, which, due to the downturn in global trade volumes and the decline of Estonia's total trade by 19.1%, saw the port of Tallinn's container throughput volumes fall by 27.6% to 131,059 20-foot equivalent units (TEUs), even though the facility's total tonnage increased by 8.7% to 31.6mn tonnes. BMI's Q210 Estonia Shipping Report not only analyses the environment in the Estonian shipping market in 2010, but looks at developments going forward into the mid term (2011-2014) and considers whether the country's trade volumes will increase adequately to allow Estonia's main port to restore its tonnage throughput level and to reclaim its pre-downturn container volumes. The report also contains an in-depth analysis of Estonia's main port, the port of Tallinn. We offer an overview of the port's infrastructure, and consider whether it will be able to cope with cargo growth or whether congestion could become an issue. The port's expansion and development plans are also reviewed, along with the facility's links to the rest of the country's freight transport. The Q210 Estonia Shipping Report contains detailed company overviews of the top 11 global container lines. Our shipping desk has prepared an analysis of these companies' varying downturn strategies, and we offer our views and predictions on what 2010 holds for these lines. Get Full Details About This Report >> |
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