- Over 11% container growth in Q3 2016 compared to Q3 last year
- Newly rebranded Hutchison Ports SOHAR plans further expansion
- Strategic location outside the Strait of Hormuz is a key growth factor
Dubai, UAE, November 15, 2016: SOHAR Port and Freezone has released its latest throughput figures for Q3 of 2016, as both the Port and Freezone continue to play a central role in developing the Sultanate as logistical powerhouse for the region. Container volumes at the Port were up by over 11% compared to the third-quarter of 2015. The newly rebranded Hutchison Ports SOHAR, formerly OICT, part of the Hong Kong based group that operates the Omani container terminal, recently celebrated the official opening of Terminal C. The new, automated terminal features remote-controlled quayside cranes equipped to handle the next generation of 20,000 TEU container vessels.
Overall tonnage at the Port was up by over 6% in Q3 2016, compared to the same period last year, at over 13.4 million metric tonnes; or an average of over one million tonnes of cargo throughput each week. Despite the trend towards larger cargo ships, vessel movements at the Port were also up by 4%, compared to the same period of last year, with over 670 ships calling at SOHAR between July and September 2016.
Despite currently low oil revenues, Oman continues to invest heavily in economic diversification beyond its traditional petrochemical base. According to Frost & Sullivan, a Californian market research consultancy, the logistics industry in Oman is predicted to grow at a Compound Annual Growth Rate (CAGR) of 6.9% between 2016 and 2020. Plans are well advanced for container Terminal D at SOHAR, a fully automated facility that will quadruple the Port’s current capacity to 6 million TEU annually.
Mark Geilenkirchen, the CEO of SOHAR Port, said: “The introduction of containers from the mid-1950s, dramatically reduced shipping costs and became a major factor in globalization; sixty years later, there is no end in sight to the success of containerization in our industry. Our efforts today are focused on making containers smarter and even more efficient, by equipping them with tracking devices and sensors so we know not only where they are in the world, but also the condition of each cargo.”
SOHAR has seen phenomenal growth since it received its first vessel in 2004, and just last week was awarded Port of the Year Award 2016 by The Maritime Standards in Dubai, beating off tough competition from some of the region’s most prominent and longer established ports. SOHAR Freezone recently announced that it had won the prestigious fDi Magazine Free Zones of the Year Award for New Investments. fDi Magazine is part of the UK’s Financial Times Group and SOHAR was the only winner in this category in the Middle East region
Jamal T. Aziz, CEO of SOHAR Freezone, added: “Our prime position at SOHAR with a fast growing hub Port outside the Strait of Hormuz, and an adjacent, customer-friendly and optimally connected Freezone, is one of the biggest keys to our success. We look forward to more growth in the months ahead.”