MUSCAT -- Cargo volumes handled at Port Sultan Qaboos jumped nearly 20 per cent during the first quarter of this year, underlining a healthy uptrend in economic activity in the Sultanate, the chairman of the Port Services Corporation (PSC), which operates and manages the port, said in the chairman's report for the quarter. Around 2.678 million Freight Registered Tons (FRT) of cargo were handled at the country's main commercial gateway during the January-March period, compared to 2.242 million FRT during the same period last year.
Imports were up 20.5 per cent at 2.229 million FRT this year, against 1.849 million FRT during the corresponding quarter last year. Exports also jumped 14.7 per cent to 0.449 million FRT this year, from 0.392 million FRT during the same quarter last year. Container volumes climbed 18.2 per cent this year to 75,199 Twenty Equivalent Units (TEUs), from 63,609 TEUs during the corresponding quarter last year. However, vehicles handled through the port fell 15.1 per cent to 24,597 units, from 28,968 units during the same quarter last year.
"As a result of the recovery of the national economy from the impact of the global slowdown the total cargo throughput during the 1st quarter of year 2010 has been higher than the volume of cargo handled last year. However, the number of vehicles had been lesser than last year as a result of reduction in local and re-exports market and shifting of a part of the cargo to Port of Sohar, Chairman Mohammed Jawad bin Hassan bin Suleiman, stated in the chairman's report.
Significantly, net profit after tax and franchise for the quarter also surged a hefty 30 per cent to RO 1.659 million, compared to earnings of RO 1.276 million for the corresponding period last year. In unaudited financial results released at the weekend, PSC posted a total income of RO 5.731 million for the first quarter of 2010, against revenues of RO 5.697 million for the same quarter last year. Total expenses were lower at RO 4.072 million for Q1 2010 against RO 4.421 million for the corresponding quarter last year.
PSC also reported significant developments in its passenger cruise business as well. The cruise terminal building officially opened in February with the duty free shop already catering to the requirements of tourists arriving in Oman by sea. "The opening of the cruise terminal had provided a distinctive facility and has helped raising the standard of services provided to the tourists. During the 1st quarter of 2010, a total number of 197,128 tourists embarked and disembarked as compared to 144,798 in the last year," the Chairman said.
The Corporation has been awarded for the second year in succession the certificate as the 'Most Efficient Port Services Company' by the Dream Cruise World Destinations Magazine in the Cruise Shipping Conference and Exhibition held in Miami in March 2010. In addition the Corporation also received the award for 'The Most Improved Destination' for the year 2009 in the same Conference. These awards were presented in recognition of the outstanding services provided to cruise ships, their crew and the tourists.
Further, with the implementation of a new terminal operating system, entire vessel and cargo operations (containers and conventional cargo vessels) including yard, shed and gate operations, document and billing processes involved in delivery and receipt operations of the port are now computerised, the Chairman stated. "This has resulted in enhanced port performance, translating into better productivity parameters reducing the waiting time for the vessel and trucks and electronic information exchange with port community, thereby providing the port customers with substantially improved standards of service and better customer satisfaction."
Mohammed Jawad bin Hassan bin Suleiman also outlined initiatives to enhance the port's competitiveness and appeal to shippers: "In the light of competition between various ports and the pressure exerted by international and regional shipping lines on ports used by these lines to secure more inducements and tariff reductions in order to reduce their costs and ensure their survival, the management has instituted various measures with a view to cut down on expenses and counter the pressure on the profit margins."
The outlook for the year was positive, he noted: "As a result of stable oil prices and the government's efforts to sustain the development projects as planned, the market surveys indicate that there would be a moderate growth in the traffic volumes. Efforts to market the facilities at the port are being intensified in order to retain the existing business as well as to capture additional volumes."
By Staff Reporter
© Oman Daily Observer 2010
