The Port of Beirut is the main port in Lebanon on Beirut’s northern Mediterranean coast, and it was the largest and the busiest port on the eastern Mediterranean just before the massive explosion caused by improperly stored ammonium nitrate. Despite the large scale damage and cargo being redirected to smaller ports, such as Tripoli and Tyr, Port of Beirut resumes its activity. However, the explosion leaves a room for Port of Haifa to increase its activity, and become one of the strongest competing Ports on the Mediterranean coast especially after the new normalization agreement with the United Arab Emirates.
In details, the latest statistics on activity at the Port of Beirut show an annual slump of 44.37% in the revenues of the Port of Beirut (PoB) to $110.63M by December 2020. We also note that revenues declined due to the drastic fall in trade activity, for instance imports fell by 48.52% year-on-year (YOY) to $7.88B by September 2020, as per the latest data.
Total container activity including transshipment (TEU+TS) fell by a yearly 37.12% to stand at 772,873, with Container activity (TEU) alone significantly declining by 36.45% year-on-year (YOY) to 466,527 TEU by December 2020. In its turn, Transshipment activity (TS) slipped by 38.11% YOY to 306,346 TS over the same period. Moreover, the total volume of imported and exported merchandise fell by an annual 30.09% to 4,561 tons.
Accordingly, the transshipment volume of CMA CGM, one of the two major shipping lines operating at the Port of Beirut, fell by 20.09% YOY to 141,814 TEU. Similarly, the transshipment activity of MSC decreased by 61.28% YOY to 90,109 TEU by December 2020. In addition, the local volume of CMA CGM and MSC also fell by 6.74% and 55.55% to 120,841 and 100,191 TEU, respectively, by December 2020.
Yearly Port of Beirut Revenues and (TEU+TS) Activity
Source: PoB, BLOMINVEST