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    Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

    Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

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    Egypt’s food industries contribute 24.5% of GDP

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    $36mln contract for construction of Duqm fisheries complex

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    Ministry signs agreement to support Oman’s honey industry

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    Local, Italian companies partner up to establish food retail chain in Egypt

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      Profits at top Saudi banks jump 17.6% in Q1

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      GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      $36mln contract for construction of Duqm fisheries complex

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      What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

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      Madayn working on major Oman industrial city projects

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      Foundation stone laid for new 700-bed hospital is Salalah, Oman

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      Iraq set to award new Faw Port deals

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        Egypt signs 8 gas exploration contracts worth $934mn over 15 months

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        JGC lands $3.7bn Iraq refinery upgradation project deal

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          Coronavirus: UAE conducting human trials for Covid-19 vaccine

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          Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

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          UAE sends medical aid to Iraq to fight COVID-19

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          UAE launches phase III trial of inactivated Covid vaccine

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          COVID-19 vaccine could be available by autumn: Oxford University

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

          Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

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          Saudi to be among world’s big leisure tourism hubs by 2030

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          Staycations to stimulate Qatar’s hospitality sector

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          Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Pacts worth over OMR 33 million signed to establish agricultural, fisheries projects

          Egypt’s food industries contribute 24.5% of GDP

          Egypt’s food industries contribute 24.5% of GDP

          $36mln contract for construction of Duqm fisheries complex

          $36mln contract for construction of Duqm fisheries complex

          Ministry signs agreement to support Oman’s honey industry

          Ministry signs agreement to support Oman’s honey industry

          Local, Italian companies partner up to establish food retail chain in Egypt

          Local, Italian companies partner up to establish food retail chain in Egypt

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            Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

            Profits at top Saudi banks jump 17.6% in Q1

            Profits at top Saudi banks jump 17.6% in Q1

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            GCC can create 600,000 tech jobs and add US$255 billion to GDP by 2030

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            New study reveals that UAE is most competitive economy in the Arab world

            New study reveals that UAE is most competitive economy in the Arab world

            Top 10 listed companies in the Middle East

            Trending Tags

            • CES 2017
            • Election Results
            • eSports
          • Construction
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            Oman Construction Equipment Industry to 2028

            Oman Construction Equipment Industry to 2028

            $36mln contract for construction of Duqm fisheries complex

            $36mln contract for construction of Duqm fisheries complex

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            What will Qatar do with its World Cup infrastructure after FIFA 2022 ends?

            Madayn working on major Oman industrial city projects

            Madayn working on major Oman industrial city projects

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Foundation stone laid for new 700-bed hospital is Salalah, Oman

            Iraq set to award new Faw Port deals

            Iraq set to award new Faw Port deals

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            • Energy
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              Suez Canal expects US$3.5 billion in revenues in H1

              Suez Canal expects US$3.5 billion in revenues in H1

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              UAE and Egypt’s consortium to buy African renewables firm Lekela Power

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Fitch revises Saudi Aramco’s outlook to positive from stable

              Investments in renewables in Egypt reach LE6 bn: Official

              Investments in renewables in Egypt reach LE6 bn: Official

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              Egypt signs 8 gas exploration contracts worth $934mn over 15 months

              JGC lands $3.7bn Iraq refinery upgradation project deal

              JGC lands $3.7bn Iraq refinery upgradation project deal

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                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                Coronavirus: UAE conducting human trials for Covid-19 vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                GSK to develop plant-based COVID-19 vaccine with Canada’s Medicago

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                Egyptian COVID-19 drug to be on market in two weeks: Health Ministry

                UAE sends medical aid to Iraq to fight COVID-19

                UAE sends medical aid to Iraq to fight COVID-19

                UAE launches phase III trial of inactivated Covid vaccine

                UAE launches phase III trial of inactivated Covid vaccine

                COVID-19 vaccine could be available by autumn: Oxford University

                COVID-19 vaccine could be available by autumn: Oxford University

              • Hospitality

                Food Africa and pacprocess MEA attract over 25,000 trade visitors to the trade fair duo in Egypt

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Qatar has ‘solid’ line-up of infrastructure, hospitality projects to prepare for large influx of visitors in 2022: OBG

                Saudi to be among world’s big leisure tourism hubs by 2030

                Saudi to be among world’s big leisure tourism hubs by 2030

                Qatar’s hospitality sector peaks despite turbulent 2020

                Qatar’s hospitality sector peaks despite turbulent 2020

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Accor inks deal to manage first Swissôtel-branded hotel and residential project in Qatar

                Staycations to stimulate Qatar’s hospitality sector

                Staycations to stimulate Qatar’s hospitality sector

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              Qatar’s maritime transport sector bucks global slowdown

              Oxford Business Group

              June 1, 2016
              in Infrastructure, Transport & Logistics
              0

              Qatar’s maritime transport sector has taken advantage of the country’s infrastructure boom and economic diversification plans to weather a slowdown in global shipping.

              Meanwhile, looking ahead, fleet composition and integrated supply chains will be key to the continued growth of Qatar’s shipping and logistics companies.

              Changing market dynamics

              Last year the global shipping industry, particularly the dry bulk segment, was adversely affected by declining Chinese imports of coal and other raw materials.

              This contraction, combined with the supply of new vessels coming onto the market, saw the Baltic Dry Index reach an all-time low of 498 points in November.

              For most of last year, the revenues of the majority of dry bulk vessels did not exceed their operating expenses, forcing many companies to pull ships from active service. This resulted in an increase in scrapping during the first half of 2015, according to international shipping association BIMCO.

              The container segment also saw a decline on the back of slowing global economic growth and oversupply. Indeed, container supply in twenty-foot equivalent units (TEUs) rose by an estimated 8% in 2015 – a four-year high – while demand-side growth reached the lowest level in three years.

              Conversely, although lower energy prices have adversely affected the offshore servicing segment, the oil tanker market has benefitted greatly from falling hydrocarbons prices. Strong refinery margins have kept demand for these vessels high, with countries around the world racing to fill their storage facilities while low prices prevail.

              Tankers have also been pressed into service as floating storage platforms in places where onshore tank farms have reached capacity. As of November last year, some 100m barrels of crude oil and heavy fuels were being kept at sea.

              Given these changing dynamics, the fortunes of shipping companies have become intimately tied to their fleet’s composition, to the benefit of Qatar’s shipping companies.

              Fleet diversification as a key advantage

              Diversification has been the key to success for Qatar-based maritime and logistics company, Milaha, which operates a fleet of 10 container vessels, five product and crude tankers, two liquefied natural gas carriers, two ammonia/liquefied petroleum gas carriers, almost 40 offshore service vessels, a Supramax bulk vessel and over 20 harbour craft.

              Lower oil and gas prices have seen a decline in demand for offshore service vessels, though there has been an uptick in demand for crude carriers and product tankers, according to Abdulrahman Essa Al Mannai, president and CEO of Milaha.

              “Commercial shipping is driven primarily by economic activity in non-energy sectors, which remains strong and is supported by government spending on infrastructure projects,” Al Mannai told OBG. “Qatar’s economic diversification away from oil and gas has acted as a natural hedge.”

              Despite cutting back on new infrastructure spending in recent months, the government’s commitment to maintain existing projects by running a deficit provides a continued source of demand for imported materials.

              As a result, Milaha’s maritime and logistics segment reported a 26% increase in operating revenues last year to QR1.17bn ($321.5m), while net profits rose by 133% to QR279.5m ($76.8m), demonstrating the benefits of a diversified fleet.

              Rising demand for high-quality storage

              With Qatar’s boom in infrastructure requiring highly integrated supply chains to handle the increased import volumes, companies have been investing in temperature-controlled, environmentally friendly warehousing to satisfy demand for more modern storage facilities.

              Gulf Warehousing Company (GWC) is another major player in Qatar’s transport and logistics sector, with over 2m sq metres of warehousing, distribution centres, and open and container yards.

              “Warehousing has become a major profit centre, and GWC continues to bid on and enter into new logistics projects, such as our Bu Sulba Warehousing Park, a self-contained facility on 517,376 sq metres, with 194 warehouses expected to be operational by the first quarter of 2017,” Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani, chairman of GWC, told OBG. “This is in addition to expanding our present assets, including the Ras Laffan Industrial City site and the Logistics Village Qatar Phase 5 expansion.”

              Last year the company reported a 20% increase in operating revenues, which totalled QR787.9m ($216.5m), and a 32% jump in net profits to QR185.2m ($50.9m).

              Companies that can provide an integrated supply chain – bringing a diversified maritime portfolio together with efficient and modern onshore facilities – are well placed to profit from the continued pace of construction in Qatar, helping to hedge against the negative impacts of lower energy prices in international shipping.

              The year ahead will likely see this trend continue, as Qatar pushes forward with its current infrastructure and diversification projects, signifying busy times ahead for Doha Port and the soon-to-be fully operational Hamad Port.
              Oxford Business Group
              1 June

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