DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/f0bd72/egypt_shipping_rep) has announced the addition of the "Egypt Shipping Report Q1 2012" report to their offering.
El-Dekheila - Egypt's Mediterranean Port of El-Dekheila, near Alexandria, was hit by work stoppages, sit-ins and hunger strikes in early October as workers and trade unions protested over wage levels and reductions in profit sharing. Although a return to work was agreed, BMI notes that the ports sector is being caught up in the general wave of labour militancy sweeping the country.
Sokhna - After a five-day strike in September DP World, the operator of the Port of Sokhna resolved the dispute with the offer of hardship payments. Workers had walked off the docks in protest over low pay, and mistreatment of employees. According to the port's monthly throughput data, container throughput for the first four months of the year declined by 21% y-o-y. BMI expects volumes to have picked up since then.
No Trouble On The Suez Canal?
BMI continues to believe that it is unlikely that strike action or protests will be allowed to affect the Suez Canal. The reasons for this is that Egypt's interim military-lead government will not let anything disrupt the Canal's operations for domestic reasons (the canal is a major revenue earner for Egypt) and due to international pressure (the canal is the major gateway for seaborne trade from Asia to the West). The Suez Canal Authority revenues increased by a record 11.3% y-o-y to US$5.05bn in the 2010/11 fiscal year, which is attributed to a surge in global shipping activities. However, BMI notes that industrial action at ports at the entrance, exit or along the canal could affect not only Egyptian shipping, but could cause backlogs for international shipping, as ports along the canal are used for transhipment and bunkering.
Companies Mentioned:
- Maersk Line
- Mediterranean Shipping Company (MSC)
- CMA CGM
- COSCO Container Lines Company Limited (COSCON)
- Hapag-Lloyd
- Evergreen Line
- APL
- China Shipping Container Line (CSCL)
- Hanjin Shipping (Container Operations)
- CSAV
For more information visit http://www.researchandmarkets.com/research/f0bd72/egypt_shipping_rep