PRLog (Press Release)– Mar 20, 2011– Throughput at one of Philippines' largest ports, Manila International Container Terminal (MICT), is forecast to post another year of growth in 2011 following a successful 2010, which allowed the port to recover from the global downturn in trade.
Latest year to date figures (January-September 2010) for tonnage volumes at the MICT of 13.7mn tonnes and box levels exceeding 1.2mn TEU offer a sound base for BMI's estimates that the port recorded a full y-o-y increases in throughput of 16.7% in tonnage and 15.9% in container volumes in 2010.
This also present bmw s a firm foundation for BMI's forecasts in port throughput at MICT for 2011 and for the rest of the medium term (to 2015). We predict that the port's tonnage will reach 23.8mn tonnes in 2015, increasing by 27.5% on projected 2011 handling figure. Container volumes for the same period will increase by 29.5% to reach 2.152mn TEU in 2015.
Headline Industry Data
* 2011 port of Cebu tonnage throughput forecast +8.67% following an estimated growth of 14.5% in 2010.&# chrysler 13; * 2011 MICT container throughput forecast +2.66% following an estimated growth of 15.9% in 2010. * 2011 total trade growth forecast +3.70%.
Key Industry Trends
Expansion Projects to Ease Congestion at Manila
International Container Terminal Services Inc (ICTSI) and South Harbour Asian Terminals Inc (ATI), two of the largest terminal operators in the country, have announced they are to implement a number of projects this year to help resolve port congestion. ATI said it would build an offsite container yard near its Manila South Harbour concession. It will be built six km from the South Harbour and will likely double the current yard's capacity to 120 containers per month. ATI said it was also extending Pier 3 by 120m, expanding Pier 9 and demolishing two Philippine Ports Authority (PPA) buildings to make way for a bigger container yard. ICTSI has expressed its commitment to expand its Berth 6 by 320m and Berth 7 by 300m, as well as increasing the size of its container yard, in the M aston martin anila International Container Terminal (MICT). It is also looking at creating a truck-holding area outside the port zone.
San Miguel to Build Logistics Centre
San Miguel has announced plans to construct a logistics centre at the Philippine port of Manila to cater for its increasingly diverse business requirements. The company declared that it was earmarking an initial US$460mn for the project. In a statement submitted to the Philippine Stock Exchange, the company said: 'We advise that the company and its subsidiaries are evaluating the viability of constructing a centralised and integrated logistics complex within the Manila North Harbour area.' The company has begun this operation already by acquiring, through the oil company Petron, of which San Miguel is a major shareholder, a 35% stake in Manila North Harbour Port. BMI notes that this development could provide upside risk to our current port throughput forecast for the Manila International Container Terminal.
Risks To Outlook
Prospective upside risk to BMI's throughput forecasts is due to the fact that intra-Asia trade holds massive potential for shipping, with major container lines Maersk, CMA CGM and Evergreen already moving to increase their exposure to this market. The country's location provides it access to intra-Asian shipping routes.
More potential upside risk to our throughput forecasts stems from the growth in private consumption, currently being the most important driver of Philippines' GDP growth, which, according to our Country Risk team forecasts, will reach 4% in 2011.
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