Beirut blast plunges port revenue 44.4pc to US$84.8 million
THE Port of Beirut posted a 44
THE Port of Beirut posted a 44.4 per cent year-on-year decline in September revenue to US$84.8 million after the massive ammonium nitrate explosion August 4 that killed 204, injured 6,500, left 300,000 homeless and caused US$15 billion in property damage.
Estimated losses since bring the total up to $350 million with huge damage in logistics and administrative buildings according to port director Bassem Al Qaissi, reports Beirut's Blom Bank's research department.
'To date, there has been a shortfall in funding for the reconstruction of the port and its surroundings, highlighting the fact that the future of the sector depends on the action plans and policies of the new government in the coming weeks,' said the Blom Bank blog.
'We also note that revenues declined due to the drastic fall in trade activity, for instance imported goods fell by 50.3 per cent year on year to $6.13 billion by July 2020.
Total container activity including transshipment fell 39.1 per cent to 587,507 TEU. Transshipment activity slipped 31.7 per cent to 256,790 TEU over the same period. Moreover, the total volume of imported and exported merchandise fell 36.98 per cent to 3,267 tons.
Accordingly, the transshipment volume of CMA CGM, one of the two major lines operating through Beirut, fell 6.1 per cent to 108,412 TEU. Similarly, the transshipment activity of MSC dropped 53.6 per cent to 85,386 TEU by September. In addition, the local volumes of CMA CGM and MSC also fell by 24.5 per cent and 57.3 per cent to 77,143 and 77,027 TEU, respectively.