GCC: Shipping Market 2024

Shipping Market Size in GCC

In 2021, the GCC shipping market increased by 11% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption showed a prominent expansion. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Shipping Production in GCC

In value terms, shipping production amounted to $X in 2021 estimated in export price. Over the period under review, production saw a prominent increase. The pace of growth appeared the most rapid in 2019 with an increase of 147% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Shipping Exports

Exports in GCC

In 2021, overseas shipments of ships, vessels, ferry-boats for the transport of persons decreased by -19% to X units, falling for the third year in a row after two years of growth. Overall, exports, however, enjoyed a slight increase. The most prominent rate of growth was recorded in 2017 when exports increased by 1,400%. Over the period under review, the exports reached the peak figure at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, shipping exports soared to $X in 2021. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when exports increased by 300%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Saudi Arabia (X units) and the United Arab Emirates (X units) were the largest exporters of ships, vessels, ferry-boats for the transport of persons in GCC, together amounting to approx. 82% of total exports. Kuwait (X units) took a 10% share (based on physical terms) of total exports, which put it in second place, followed by Bahrain (7.6%).

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Kuwait (with a CAGR of +22.0%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) emerged as the largest shipping supplier in GCC, comprising 64% of total exports. The second position in the ranking was held by Saudi Arabia ($X), with a 30% share of total exports. It was followed by Kuwait, with a 4.1% share.

In the United Arab Emirates, shipping exports decreased by an average annual rate of -2.5% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Saudi Arabia (+28.6% per year) and Kuwait (+36.8% per year).

Export Prices by Country

In 2021, the export price in GCC amounted to $X per unit, surging by 49% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 an increase of 485%. As a result, the export price attained the peak level of $X per unit. From 2017 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while Bahrain ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Saudi Arabia (+18.8%), while the other leaders experienced more modest paces of growth.

Shipping Imports

Imports in GCC

In 2021, after two years of decline, there was significant growth in overseas purchases of ships, vessels, ferry-boats for the transport of persons, when their volume increased by 54% to X units. In general, imports continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2018 with an increase of 865%. As a result, imports attained the peak of X units. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, shipping imports dropped remarkably to $X in 2021. Overall, imports, however, showed a pronounced downturn. The most prominent rate of growth was recorded in 2014 with an increase of 203%. The level of import peaked at $X in 2020, and then fell remarkably in the following year.

Imports by Country

Saudi Arabia was the key importer of ships, vessels, ferry-boats for the transport of persons in GCC, with the volume of imports finishing at X units, which was near 57% of total imports in 2021. Kuwait (X units) held the second position in the ranking, distantly followed by Oman (X units). All these countries together held approx. 38% share of total imports. The United Arab Emirates (X units) took a minor share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Saudi Arabia (with a CAGR of +74.4%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported ships, vessels, ferry-boats for the transport of persons in GCC, comprising 70% of total imports. The second position in the ranking was held by Saudi Arabia ($X), with a 12% share of total imports. It was followed by Oman, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates stood at -4.0%. The remaining importing countries recorded the following average annual rates of imports growth: Saudi Arabia (+60.4% per year) and Oman (-4.9% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, shrinking by -74.5% against the previous year. In general, the import price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2019 an increase of 597% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Oman (+22.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform