Feb 02 2010 |
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Saudi seaport activity slows in 2009 amid global downturn
JEDDAH - The global economic crisis hit many Saudi and Arab seaports which led to decline in profits during the past financial year, Captain Muhammad Abood Babaidan, president of a marine consultancy company bearing his name, said on Sunday.He called for concerted efforts between the public and private sectors to overcome the crisis that has cast a shadow on the maritime sector dramatically.
"The financial crisis caused the collapse of many navigation global companies and reduced freight rates, though the Saudi and Gulf ports are less affected as none of them declared bankruptcy," Babaidan said.
Statistics showed that the Saudi ports - from Jeddah Islamic Port to King Abdul Aziz Port in Dammam - recorded a decrease in the handling of goods in the third quarter of 2009, in addition to a reduction in the number of ships coming intoin Saudi ports, which is mainly due to the impact of the global economic crisis, he pointed out.
The National Shipping Company of Saudi Arabia said its profits dropped about 51 percent in 2009," he added. "There is also a noticeable fall in the Gulf Navigation Company (a leader shipping company in UAE) where it reached 70 percent. The United Arab Shipping Company (shipping company owned by the Gulf states) also reeled from for the same reasons.
"High oil prices, decreased demand on products and banking sector not able to offer loans" sent negative results in seaport activity.
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