As the operator of the largest number of terminals in the Middle East region, Gulftainer stands to benefit from the considerable growth in export cargos from the region. The rapidly developing petrochemical industries serve as a major factor in offsetting any reduced import volumes.
Peter Richards, Gulftainer’s managing director, said: “The benefit of being privately owned allows the Gulftainer Group to be very nimble and react to changing market conditions.
“Our throughput in 2013 will see an increase of over 30 percent as a result of strategic acquisitions and a very hands-on management team that keep close to our customers to understand and prepare for changes.”
This announcement by Gulftainer is especially noteworthy, since recent industry trends appear to be moving in the opposite direction.
The Drewry Global Throughput Index, which is published with a two-month lag, is highlighting that the market as a whole has continued to stay almost at the 2012 levels, reflecting almost nil growth. Furthermore, recent announcements by other international port management companies are showing up to 6 percent decreases on the same period last year. China has also made statements to the effect that they expect 2013 to be “even worse” than 2008 in terms of global shipping.
Gulftainer acquired the 51 percent stake in GSCCO in June 2013, allowing it to assume the full management of three Saudi terminals, located in Jeddah and Jubail.