Commentary Breakbulk & Project Cargo
During this time, Persian Gulf ports remained the primary gateway for project cargo into and out of the Middle East, including steel, machinery and construction equipment. This supported Saudi Vision 2030, a long-term strategic framework that is supercharging demand for project, heavy-lift and breakbulk cargo in the region.
Shippers in the region are less concerned about when things will return to“ normal,” and more concerned about whether supply chains built today are sustainable.
Imports of selected project cargoes to Saudi Arabia plummeted 64 % year over year in March, while shipments to the UAE tumbled 58 %, according to data from S & P Global, parent company of the Journal of Commerce. Iraq’ s general cargo imports dropped by 95 %. Iran stopped reporting data in February.
Through August, the Houthis escalated their threats to maintain an effective blockade of shipping for Saudi vessels and ports. Despite temporary ceasefires between the US and Iran, Houthi attacks on Saudi-owned and-affiliated shipping companies in the Red Sea and Bab al-Mandab Strait are expected to continue, according to S & P Global Market Intelligence.
Despite negotiations around the reopening of the Strait of Hormuz, mediated by Oman, cargo will not move quicky into the region, according to sources. A port operator speaking to the Journal of Commerce said oil tankers are likely to move back first, followed by project carriers, and then container and roll-on / roll-off vessels.
The war— and resulting congestion— hasn’ t deterred plans to expand ports, a sign of confidence that strong demand will outlast the geopolitical crises. Global terminal operator DP World is building two new terminals in Fujairah, one for containers and one for general cargo and breakbulk, expected be operational in the second half of 2028. Saudi Arabia, meanwhile, is building up Jeddah and the fellow Red Sea port of Yanbu as a two-hub alternative to Jebel Ali on the Persian Gulf.
email: susan. oatway @ spglobal. com
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