New Doha Port to help ‘lure transhipment trade’

New Doha Port will help Qatar gain some lucrative transhipment trade, researcher Business Monitor International said in a report, which forecasts Doha tonnage throughput to grow at an average 3% until 2016.Qatar aims to increase its container and dry bulk shipping presence as well, through the development of the new port, it said. “The country is not only investing in its ports. There are also significant developments in road and rail, not least the Gulf Co-operation Council (GCC) rail network and the causeway that will link Qatar with Bahrain,” BMI said.BMI forecasts “moderate growth” in trade and port throughput in Qatar over the medium term. Qatar’s shipping sector continues to be dominated by the export of the country’s key commodity, natural gas, through the export terminal of Ras Laffan. Much of this is transported by Nakilat. According to BMI the Doha tonnage throughput may grow to 4.8% this year.By laying the foundations for its new port late last year, Qatar hopes it is laying the foundations for not only a premier maritime facility to serve its rapidly expanding economy, but also the possibility of having its own regional transhipment hub, BMI said. The new port will take over operations from the current Doha port from 2015, if work runs according to schedule. Qatar has been one of the world’s fastest growing economies in 2011. According to the BP Statistical Review of World Energy 2010, Qatar has 13.5% of the world’s natural gas and LNG exports are fuelling the small country’s rapid growth. BMI forecasts real GDP growth of 17.2% in 2011 for Qatar, falling to 7.8% in 2012, following moderating oil and gas prices, which will affect exports, government spending and the supply of credit. With the Qatari economy so reliant on the export of hydrocarbons, the key risk to the BMI forecasts is a drop in the global price of gas. Also, worries over the scope and duration of the political crises in the Middle East and North Africa region could result in local banks becoming significantly more hesitant to lend over the coming quarters, which could undermine BMI’s loan growth forecast in 2011. This in turn could affect BMI’s trade and freight transport volume forecasts for Qatar.