Many of our key views for major global markets in 2012 looked to be playing out at the end of the first quarter, but the pace of g

Malawi remains one of Sub-Saharan Africa's less attractive auto markets, reflecting the still-difficult economic and political bac

BMI's estimate for new vehicle sales in 2011 has been revised upward after the National Association of Automobile Manufacturers of

Early indications would suggest that 2012 will be a difficult year for the Brazilian auto sector, as a combination of higher auto

Côte d'Ivoire has suffered from chronic underinvestment following years of conflict and civil war. Its poor transport infrastructu

Over the short term, BMI does not expect the situation to improve for new vehicle sales in either Sudan or South Sudan. Following

The outlook over the short and medium term is rosy for the Nigerian shipping sector and the need to plough investment into facilit

There is not much to separate Australia's three main ports by way of tonnage throughput, with the Port of Brisbane set to lead the

With Australia's fortunes very much tied up with China's, the forecast Chinese hard landing in 2012 will be to the detriment of de

BMI View: We have revised down our 2012 construction forecasts for Indonesia, with real growth expected to reach around 6.9% in 20

New vehicle sales in Vietnam fell by 2% year on year (y-o-y) over 2011 to reach 110,020 completely built units (CBUs). This figure

BMI see strong signs of significant growth in the Zambian autos industry, thanks to a slew of industryspecific and macroeconomic d

Zimbabwe remains one of the less attractive auto markets within Sub-Saharan Africa, reflecting the stilldifficult economic and pol

BMI View: Regardless of short-term risks related to slowing macroeconomic and credit growth, we continue to forecast strong averag

The first signs of BMI's view that the Ghanaian economy will enjoy stellar economic growth over the medium term, propelled by the

Namibia's new vehicle sales look to be sustaining the momentum built in 2011, as record sales in March 2012 capped a strong first

The end of the second phase of the Vehicle Restitution Programme in December 2011 has dampened BMI's optimism towards new vehicle

BMI sees significant improvements in three significant areas of the Nigerian auto industry within the forecast period: vehicle pro

Like many other African countries, Botswana's domestic new vehicle market makes up just a small percentage of the country's total

Overall, growth over the course of 2011 was strong – running at around 6.99%, and bringing the total number of new vehicles sold t

Following a year which, according to BMI's estimates, saw mixed dynamics in Turkey's freight modes, 2012 will signal further signs

BMI View: Floods Still Cast A Shadow Over Economy Our outlook for the Thai economy - and the freight sector - remains for only mod

In line with BMI's view that pent-up demand and more fuel efficient vehicles on offer would enable the industry to better prepare

Renewed optimism in the vehicles production segment in the UK could be making way for a gradual revival of the local supplier segm

Taiwan has, due to its geographic position, political stance and population size, traditionally had both its import and export pot

Calls for a supportive government policy towards vehicle and components production are gathering pace. In March 2012, the chief re

Egypt’s autos industry remains in the doldrums, with demand for new vehicles remaining depressed owing to a combination of economi

The Turkish Automotive Industry Association (OSD) reported an 8% drop in vehicle manufacturing in January 2012, when compared to t

We have upgraded our US real GDP growth forecast for 2012 to 2.0% from 1.6%, owing primarily to stronger-than-expected economic ac

BMI's projections for volume growth in South Africa's freight transport sector in 2012 are relatively bearish, sitting around the

BMI View: Floods And World Economy Weigh on Forecasts Our outlook for the Thai economy - and the shipping and ports sector - remai

Throughput at the Port of Ambarli, one of Turkey's largest ports, is set to decrease in terms of tonnage in 2012, while its contai

At the end of Q112, there was good news and bad news in Japan's macroeconomic story. The good news is that BMI believes the countr

Bahrain's economic growth is forecast to pick up slightly in 2012 following the sluggish 1.9% expansion BMI estimates took place i

In line with BMI's view that pent-up demand and more fuel efficient vehicles on offer would enable the industry to better prepare

Singapore's new vehicle registrations in 2011 fell 21% year-on-year (y-o-y) to 47,855 units. Sales were down in all vehicle catego

The Romanian auto industry is currently falling into a standard pattern for countries in Central and Eastern Europe (CEE). Namely,

Taiwan's major ports will be affected by slower economic growth in mainland China in 2012. As a result we have trimmed back our fo

With some qualifications, the South African ports and shipping industry should have a moderately good year in 2012. In terms of th

The outlook for Saudi Arabia is currently a strong one. The country benefited from elevated oil prices through 2011 and the govern

In BMI's Q212 Russia Shipping report we highlight that Russia is not just a dry bulk and liquid bulk shipping story, as although t

In BMI's view, the interplay of three main factors is setting the scene for Kenya's ports and shipping sector in general, and for

We have upgraded our US real GDP growth forecast for 2012 to 2.0% from 1.6%, owing primarily to stronger-than-expected economic ac

The major development of the quarter in Ukraine's maritime sector has been the resumption of work by Ukrtranscontainer (UTC) at th

Taiwan's freight industry will be affected by slower economic growth in mainland China in 2012. As a result we have trimmed back o

We retain our sanguine outlook for Saudi Arabian growth in 2012, despite a (relative) drop in oil prices from the 2011 highs. The

Following a year which saw the recovery continue, according to BMI's estimates, 2012 will signal further growth, albeit less prono

Peru's strong domestic demand story will continue in 2012, although an anticipated drag from net exports means we stick to our bel

BMI remains cautiously optimistic on the Mexican port sector, although we highlight that there are clouds on the horizon in the fo

BMI View: Economy Still Supporting Freight Sector Indonesia is forecast to see strong growth in 2012, despite the recessionary tre

The Port of Nagoya, Japan's largest in terms of tonnage, is set to continue recovering its pre-downturn total throughput volumes i

Israel's freight transport sector had mixed results in 2011. On H111 figures we estimate that both air and rail freight endured co

In 2011, a total of 100,100 passenger cars were sold in Kuwait, according to information from the General Directorate of Traffic c

While the last months of 2011 are reported to have resembled the days of 2008, and the depths of the global financial crisis, BMI

Given the hard-line stance of the regime, along with the West's unwillingness to use military force, we expect economic sanctions

BMI’s research shows that vehicle demand in Ukraine will cool considerably in 2012 as consumers feel the inflationary pinch and be

The political situation in Bahrain appears to be becoming the dominant factor in any reading of the country. A determined uprising

Hong Kong’s autos market has experienced three years of sharp fluctuations in annual growth through 2011. While unit sales, unit i

Although we expect the last two months of 2011 were an improvement on October for the domestic market, we have lowered our full-ye

Australian new vehicle sales for 2011 stood at a total of 1,008,437 units, down by 2.6% year on year (y-oy), according to data rel

BMI sees anaemic growth in the sales of new cars in Poland over the course of 2012, at 0.44%, bringing the total to 352,935. This

Spain's macroeconomic backdrop has soured considerably in the past few months as a result of depressed economic activity and confi

BMI remains upbeat on the long-term outlook for Thailand’s auto industry, despite the clear short-term damage that has been caused

Well Positioned To Weather Economic Storm / Despite economic uncertainty in key export markets such as China and the US both in 2

Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects this larg

India's freight transport sector continues to develop rapidly, desperately trying to keep pace with the rapid growth of the countr

The Port of Riga is set to hold the top position in Latvia's maritime sector in terms of both total tonnage and container throughp

Peru's strong domestic demand story will continue in 2012, although an anticipated drag from net exports means we stick to our bel

BMI believes that the collective labour agreement signed between Fiat and its 86,000 Italian work force / in December 2011 – calli

Autos production in the Czech Republic reached 1.2mn units during 2011, according to estimates from / the Czech Automobile Industr

BMI's forecast for passenger car sales to end 2011 down by around 2%, largely owing to supply issues / for Japanese brands, played

After two consecutive years of strong growth in 2010 and 2011, BMI believes that Russian new vehicles / sales are poised for a mod

With some reservations, 2012 looks likely to be a continuation in good trading for Morocco’s auto / industry, which has been enjoy

Bulgaria's exposure to the eurozone crisis, with the zone a major client for the country's exports, will / place downward pressure

BMI believes 2012 will be another year of strong growth for Brazilian ports. Although we expect a good / level of growth to contin

Greek shipping, like other sectors, face a tough operating environment. Domestic demand is stymied by / the economic outlook, with

BMI View: Positive But Less Dynamic / We remain positive on prospects for the Estonian ports and shipping sector in 2012, but have

BMI View: Still A Bright Spot / Indonesia is growing strongly in 2012, despite the recessionary trends in the world economy. BMI /

India's economy and trade continues to expand rapidly. BMI expects this growth to slow, but the / expansion will still be consider

Singapore is set to enter technical recession In H112 and register growth of just 2.6% in 2012, below / consensus expectations of

Following a year which, according to BMI's estimates, saw increased volumes across all freight modes, / 2012 will signal further g

BMI View / Although average annual GDP growth over our forecast period to 2016 is predicted to be relatively / healthy, we are min

The Dutch economy's exposure to the eurozone sovereign debt crisis continues to weigh heavily on / economic activity and confidenc

BMI View: South Korea To Ride The Global Economic Storm / South Korea is set to see a relative downturn in terms of both tonnage a

Following a year which, BMI believes, saw increasing volumes across all freight modes, 2012 will signal / slowdown in growth as co

While Hong Kong's port and airport cater for its domestic trade needs, the country's freight transport / sector has developed a gl

Following a year which, according to BMI's estimates, saw a recovery begin in the Czech Republic's road / freight sector and conti

BMI expects continued growth in China's freight transport sector as it continues to benefit from the / country's demand for minera

We maintain our view that Chile's economy is headed for a slowdown in growth. We believe lower / copper prices, the prospect of a

The Qatari shipping sector continues to be dominated by the export of the country's key commodity, / natural gas, through the expo

Overall, the outlook for the Pakistani shipping and ports sector is a little darker than it was at the time of / our last quarterl

BMI remains cautiously optimistic on the Mexican port sector, although we highlight that there are / clouds on the horizon in the

Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic / downturn, but BMI expects this la

Double-digit throughput growth at the primary Iranian port of Bandar Abbas appears to have come to an / end, as US sanctions again

The extent of pessimism in the Greek autos market is visible from the fact that car sales failed to pick up / in 2011 despite four

BMI has significantly revised down its Serbian vehicle sales growth forecasts, as we did last quarter, on / the back of the latest

The Croatian economy has become somewhat less supportive of the country's ports and shipping sector / over the last three months.

BMI maintains its view that the Chilean economy's robust economic growth is likely to continue cooling / in the coming quarters, a

The primacy of Shanghai in the global container port stakes was confirmed in January 2012 when the / Chinese port and Singapore re

The Port of Constantza is set to see continued growth in terms of both total tonnage and container / throughput in 2012, despite t

Israel's ports enjoyed mixed fortunes in 2011, with container throughput at Haifa, and total tonnage at / Eilat, experiencing cont

Hong Kong's transhipment role, the reason for its major role in the container shipping sector, is likely / to become a curse in 20

BMI believes 2012 will be another year of strong growth for Brazilian freight transport. Although we / expect a good level of grow

The Iranian freight transport sector continues to be affected by the effect of the Western sanctions against / the country's prima

We remain constructive toward Panama's growth outlook, forecasting real GDP growth of 8.2% in 2012 / and 7.3% in 2013 on the back

The deteriorating regulatory environment in Argentina and the tightening of import restrictions by Brazil / have prompted BMI to r

BMI foresees new auto sales of 24,037 in Bulgaria over the course of 2012, which will represent yearly / growth of 3.83%. However,

Kenya / Data from the Kenya Motor Industry Association (KMI) show that while the total new vehicle market / grew 10% year-on-year

Cumulative new passenger car sales in France just about managed to remain in positive growth territory / during the first ten mont

New car sales in Hungary ended 2011 up a modest 3.7% year-on-year (y-o-y), at nearly 44,925 units, / falling closely in line with

The rapid growth in Indonesia's new vehicle sales may be positive for the major industry players, / encouraging investment in loca

The remainder of 2012 may well be a challenge for the Slovakian auto industry – and this is largely / dependent on economic develo

BMI View / With Poland's main export partners comprising Germany, France and Italy, its trade, and by extension / its freight tran

As expected, growth in China's total vehicle sales was much lower in 2011 than the 32% year-on-year / (y-o-y) recorded in 2010. Sa

There are no comprehensive and reliable vehicle sales and import statistics available for Qatar, which has / only a very small car

The Pakistani auto sector presented a mixed picture as we entered 2012. Looking at data for the first half / of FY12 (July-Decembe

Total new vehicle sales for 2011 stood at 600,123 units, down by 0.8% year on year (y-o-y). This figure / was made up of 535,113 p

Signs of significant slowdown in the key global autos markets in 2012 are beginning to emerge. Our / core scenario envisages the U

The government’s tightening grip on the local autos manufacturing and suppliers network has given BMI / more reasons to be pessimi

Uganda's new vehicle market is a tiny fraction of the total autos sector, with second-hand vehicles still / the only affordable op

Eurozone And EMs Pose Risks To 2012 Growth Outlook; US And / Japan On The Rise / Signs of significant slowdown in the key global a

Data from the Kenya Motor Industry Association (KMI) show that while the total new vehicle market / grew 10% year-on-year (y-o-y)

BMI's view on the outperformance of India's commercial vehicle segment relative the rest of the fourwheeled / market is playing ou

The German autos industry outperformed the overall eurozone in 2011, both in terms of vehicle sales / and production. New vehicle

BMI's outlook for Venezuela's ports continues to be extremely bearish, and we do not expect any / significant recouping of lost th

BMI View / The Philippine economy grew at a disappointing rate of 3.2% year-on-year (y-o-y) in Q311, falling well / below the gove

Oman continues to develop itself into a regional powerhouse for the shipping and transhipment of dry / bulk goods such as iron ore

BMI View / Following positive throughput figures across China's port sector for the first half of 2011, we forecast / another year

For Q212 our outlook for the Colombian ports and shipping sector remains positive, with a backdrop of / strong domestic economic g

We are still expecting moderate growth in the Malaysian freight sector in 2012, with no major changes to / many of our projections

Through 2012 the key factor affecting the wider Egyptian economy, and the freight transport sector, is / political uncertainty. Af

Market Overview / BMI View: The Czech Republic's IT market is forecast to increase to US$4.9bn in 2012, up by around / 3%, with ou

BMI View: Chilean IT spending is expected to reach US$3.5bn in 2012, up 13%, with BMI upwardly / revising its forecast after the P

Following a year of estimated growth in all freight modes, BMI forecasts further expansion in 2012, with / the country's largest m

Vietnam's freight transport sector appears to be going from strength to strength, following the recessiondominated / 2009, with gr

The UAE is set for another year of steady yet relatively uninspiring growth through 2012, with real GDP / forecast to expand by 3.

BMI View: Indonesian IT spending is expected to reach US$5.9bn in 2012, up 11.1%, with IT investment / remaining buoyant in line w

Despite the relatively high level of vehicle ownership in Sudan (data refer to pre-South Sudan secession), compared with its regio

Figures released by the Association des Concessionaires Automobiles d’Algerie (ACAA) in January 2012 show that 280,803 new cars we

The small size of its new car market and limited growth potential has put Tanzania in 16th position in BMI's newly compiled Risk/R

BMI's long-held view about Mexico being a major outperformer in autos production in the Latin America region is gathering strength

BMI expects new vehicle sales in Gabon to post impressive 17% year-on-year (y-o-y) growth in 2012, after estimated 25% y-o-y growt

Liquid Bulk Survival Tactics Deployed In Force In 2012– Executive Summary BMI continues to be bearish with regards to the global c

BMI's outlook for Canada's freight transport sector for 2012 remains broadly positive. Canada's external accounts will continue to

BMI believes the outlook for the Dry Bulk Shipping sector remains bleak. The opening weeks of 2012 saw the Baltic Dry Index hit a

BMI believes that the twin forces of overcapacity and declining volumes, on the back of slower economic growth in the main demand

Container lines will no doubt be looking to force rates up in 2012, as operators face a year of losses in 2011 on the back of sust

BMI remains concerned about the effects of Argentina's soaring inflation on the country's freight transport sector. We believe tha

BMI View Through 2012 the key factor affecting the wider Egyptian economy, and the ports and shipping sector, is political uncerta

BMI View: Moderate Growth, Downside Risks Inching Up We are still expecting moderate growth in the Malaysian ports and shipping se

BMI View Vietnam's shipping sector has seen its stock rise over the past decade on the back of booming exports as the country live

New vehicle sales in Vietnam fell by 2% year on year (y-o-y) over 2011 to reach 110,020 completely built units (CBUs). This figur

Following the country's natural disasters earlier in the year, new vehicle sales in Japan showed clear signs of recovery in the la

BMI believes that the Argentine government has artificially propped up growth during recent years. This should continue to support

Leading the way in terms of tonnage throughput in 2012 will be the Port of Brisbane, just about shading it from the Port of Melbo

We estimate that Canada's economy grew by 2.4% in real terms in 2011, which was a challenging and volatile year by any measure. We

There are good grounds for optimism for the Nigerian shipping sector as we head into Q212. Tonnage throughput forecasts over the m

The UAE is set for another year of steady yet relatively uninspiring growth through 2012, with real GDP forecast to expand by 3.0

Despite the impact of the Japanese tsunami, BMI expects vehicle sales growth to have reached 17.1% year-on-year (y-o-y) in 2011, r

The number of new vehicles sold in South Africa went up by 11% on a year-on-year basis to 49,499 units for the month of November 2

For the time being, we are happy to stick to our projections which see Bahrain's real GDP expanding 1.3% in 2012. We expect throug

BMI View Having benefited from the economy's strong growth, particularly in the first half of 2011, the Turkish freight transport

BMI View: Flooding A Setback For Freight Since our last quarterly report, prospects for the Thai freight sector have taken a knock

Vehicle production and sales in Nigeria look set to continue the strong growth seen in 2010 over the next few years. Although BMI

BMI remains highly optimistic about the growth potential of the Colombian autos industry, from the point of view of demand as well

New passenger car sales in Estonia grew a robust 92.0% y-o-y to 19,766 units during 2011 on the back of stellar real GDP growth, e

2011 was a strong year for new car sales in Israel, in line with BMI’s expectations. Looking at January- November data (the most r

Peru is showing signs of becoming one of the most promising auto growth markets in Latin America, thanks to impending regulations,

BMI remains optimistic about the outlook for the Philippines autos market, despite a cumulative 1.9% yo- y decline in new vehicle

Sales of new vehicles in Saudi Arabia have shown steady growth since the slump precipitated by the 2009 financial crisis. BMI esti

Turkey’s auto sector has come of age over the last couple of years and the country has established itself firmly as a regional hub

Die Pläne des britischen Luxus-Autobauer Jaguar Land Rover in den nächsten zwei Jahren knapp GBP350mn zu investieren für ein neues

BMI View: Moderately Good Year The South African freight sector will see lower growth in 2012 compared to 2011, which BMI neverthe

Our overall outlook for the US economy is that private consumption growth will remain subdued, government deficit reduction will w

Things appear to be looking up for the Kenyan freight industry over the medium term as the country seems to have grasped the impor

Following 2011, in which BMI believes the recovery continued in all freight modes but one, there will be growth across all freight

Egypt’s autos industry remains in the doldrums, with demand for new vehicles remaining depressed by a combination of both economic

News on the ground and official figures corroborate BMI’s outlook for a dip in total vehicle sales in Romania in 2011, driven down

Ukraine has the second largest sales market and one of the largest production capacities in the CEE region. It also has an autos i

Total light vehicle sales in the US were robust in the latter months of 2011, outperforming the largely underwhelming economic dat

Slovenian vehicle production stood at 221,207 units in 2011, according to figures released by the European Automobile Manufacturer

The earthquake and tsunami that struck Japan in March 2011, and the subsequent nuclear scare, had a devastating effect on the Japa

Following a year which saw continued growth, according to BMI's estimations, 2012 will signal further expansion in all freight mod

Over the mid term Latvia's freight industry will be reliant on various extraneous variables, as the country is liable to be affect

For the time being, we are happy to stick to our projections which see Bahrain's real GDP expanding 0.9% and 1.3% in 2011 and 2012

The earthquake and tsunami that struck Japan in March 2011, and the subsequent nuclear fallout scare, had a devastating effect on

The news surrounding the Kenyan shipping sector over the past quarter once again centres on the woes and travails of Mombasa's mod

BMI View: Moderately Good Year / With some qualifications, the South African ports and shipping industry should have a moderately

BMI View: Floods and World Economy Weigh on Forecasts / Since our last quarterly report, prospects for Thailand's ports and shipp

BMI View: GDP Slowdown Expected in 2012 / Having benefited from the economy's strong growth, particularly in the first half of 20

The Port of Odessa is set to hold the top position in Ukraine's maritime sector in terms of both total tonnage and container throu

We have downgraded our US 2012 outlook to 1.6% from 2.4%. Incoming data have been poor, but not recessionary. We see consumer acti

Against a backdrop of continuing political tensions and uncertainty, BMI’s position on economic activity in Bahrain was corroborat

BMI estimates that 2011 will have been a year of moderate growth for the Hong Kong auto industry, with sales growth coming in at a

BMI View We believe the Peruvian economy will decelerate in 2012, a view which has been reinforced by Q211 GDP data. Peru's growth

Following a year which saw increasing volumes, according to BMI's estimates, 2012 will signal further growth, with some freight mo

Through 2011 and the government, influenced by the Arab Spring which has toppled regimes in other regional countries and destabili

Given the hard-line stance of the regime, along with the West's unwillingness to use military force, we / expect economic sanctio

Car sales are driving Kuwait’s autos market, with total car sales reaching 91,162 units in 2011. / Commercial vehicle sales are e

The outlook for Thailand’s autos industry has deteriorated sharply over the last quarter as a result of the / devastating floods

Croatia’s new vehicle sales market has witnessed something of a rebirth in 2011, after two consecutive / years of heavy decline.

BMI expects new car sales in the UAE to rebound significantly in 2011, despite the industry having been / impacted by central ban

India's economy and trade continues to expand rapidly. BMI expects this growth to slow, but the / expansion will remain considera

BMI View: Indonesian Freight Demand To Remain Resilient / Our overall outlook for freight demand is dependent on the performance

BMI View: Slower GDP Growth, Mixed Freight Performance / Because of global economic headwinds and lower demand from key export ma

Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic / downturn, but BMI expects this l

BMI remains optimistic on the Mexican freight transport sector. We are forecasting real GDP growth of / 3.1% for Mexico in 2012 i

BMI View: Solid Growth / Although we expect the South Korean freight industry to achieve steady growth over the forecast period t

Following a year in which BMI believes there were increasing volumes, 2012 will signal further growth / in all freight modes, alb

BMI View: Steady Growth / The freight sector is set for steady growth in 2012 and over the medium term term to 2016. The air frei

We have raised our exports of goods and services projection for 2011 to 16.1% real growth, up from / 12.6% previously. However, t

The Port of Thessaloniki is set to hold the top position in Greece's maritime sector in terms of total / tonnage throughput for t

The country's largest port at Riga will boast the most impressive tonnage throughput growth figures in / 2012. Year-on-year (y-o-

BMI remains optimistic on the Mexican port sector. We are forecasting real GDP growth of 3.1% for / Mexico in 2012 in response to

While we forecast Peru's real GDP growth to slow, we expect growth to remain strong, and have revised / up our GDP forecasts to 5

Russia's two bellwethers, the port of Novorossiysk (the country's largest port in terms of total throughput) / and the port of St

The outlook for Saudi Arabia is currently a strong one. The country has benefited from elevated oil prices / through 2011 and the

We expected passenger car sales to end 2011 down by around 2% and results for November and the first 11 months combined are in lin

The most recent sales data available from Australia's Federal Chamber of Automotive Industries (FCAI) for the January-October 2011

BMI View: Difficult Times / / The 2012 outlook for the Greek freight sector is poor, deeply influenced by the country's sovereign

The Port of Kaohsiung is set to hold the top position in Taiwan's maritime sector in terms of both total tonnage and container thr

BMI still believes positive growth in Czech new vehicle sales is achievable in 2011 based on buying patterns in previous years, w

Cumulative new passenger car sales in France just about managed to remain in positive growth territory during the first ten months

Pessimism in consumer and business sentiment in Italy has prompted BMI to expect modest 3.5% yearon- year (y-o-y) growth in vehicl

At the close of 2011, new car sales look like they have, for the time being, weathered the international economic crisis, which b

New car sales in Poland continued their recent decline throughout the first ten months of 2011, down about 7% y-o-y from 2010, ac

Singapore's new vehicle sales continue to underperform the country's overall retail sector, reflecting the impact of ongoing cuts

Although we expect the last two months of 2011 to be an improvement on October for the domestic market, we have lowered our full-y

A further deterioration in the medium-term outlook for the Spanish economy in recent months has prompted BMI to downgrade its 2012

BMI believes 2012 will be another year of strong growth for Brazilian freight transport. Although we expect a good level of growt

The Chilean economy's robust economic growth is likely to continue cooling in the coming quarters, as an increasingly likely glob

BMI expects continued growth in China's freight transport sector as it continues to benefit from the country's demand for mineral

BMI expects further growth in Hong Kong's freight volumes in 2012, following a year in which we believe saw expansion in all major

The Iranian freight transport sector continues to be informed by the effect of the Western sanctions against the country's primary

BMI View / The Dutch economy will lose some momentum in coming quarters as export growth continues to slow and consumer confidenc

BMI View: The spotlight will be very much on the Philippines' maritime sector in 2012 as the country's largest port in tonnage han

All of Romania's freight transport modes are forecast to experience growth in 2012, albeit with mixed fortunes. In terms of annua

Very fast in 2010, fast in 2011, moderate in 2012: that is the story of Singapore's GDP growth over the last three years, and to

Oman continues to develop itself into a regional powerhouse for the shipping and transhipment of dry bulk goods such as iron ore.

The Qatari shipping sector continues to be dominated by the export of the country's key commodity, natural gas, through the export

BMI View: A Year of Slow Growth / 2012 will be a year of slow growth and low profitability for the Venezuelan freight transport i

The Chilean economy's robust economic growth is likely to continue cooling in the coming quarters, as an increasingly likely globa

BMI View: India's economy and trade continues to expand rapidly. BMI expects this growth to slow, but the expansion will still be

BMI View: Bucking The Trend / At the moment, Indonesia is one of the few economies showing capacity to buck the trend towards a g

Kuwait's ports have struggled to recover the volumes they enjoyed prior to the global economic downturn, but BMI expects this larg

New vehicle sales in Bulgaria dropped 4.9% year-on-year (y-o-y) to 2,049 units in July 2011, compared with 2,154 units in July 201

With Greek consumers feeling the pinch of newly introduced higher taxes and already high vehicle ownership costs, we believe that

Russia’s membership of the WTO may turn out to be a game changer for the Russian autos industry on the whole and its competitive l

In 2010, a total of 7,467 new passenger cars were sold in Lithuania, an increase of 2.2% year on year (yo- y), according to figure

BMI View For 2012, the Port of Cebu has positioned itself as the trailblazer as far as Philippines ports sector is concerned, with

Panama's impressive growth trajectory is set to continue in future and we forecast real GDP growth of 6.8% in 2012. Our current fo

The rail freight sector is going to lead the way in terms of Bulgaria's year-on-year (y-o-y) growth prospects by sector, increasin

Headline Industry Data / ?? 2012 tonnage throughput at the Port of Karachi is forecast by BMI to grow by 0.81% to 44.64mn tonnes.

The Port of Rijeka is set to hold the top position in Croatia's maritime sector in terms of both total tonnage and container throu

BMI View: Moderately Positive as Headwinds Increase We are moderately positive on prospects for the Estonian ports and shipping se

The Port of Hong Kong holds the top position in Hong Kong's maritime sector in terms of both total tonnage and container throughpu

BMI View Israel's ports continue to enjoy healthy growth, and are projected to do so over the mid term. It remains to be seen, how

BMI View The Port of Constantza is set to enjoy steady growth in the mid term, with tonnage throughput outperforming container thr

The story of Singapore's GDP growth over the last three years can be summarised as follows: very fast, fast, moderate. To some ext

Solid Growth But Container Rates An Issue / South Korea appears to be in a relatively healthy position in terms of its port secto

The Slovakian motor industry is set to have a relatively positive 2012. BMI forecasts that production growth will slow in 2012 to

Hungary’s automotive sector continued to gain ground over the first nine months of 2011, reversing the significant decline witness

BMI expected the recovery of the supply chain for Japanese carmakers to ensure Malaysia's vehicle sales in H211 were an improvemen

BMI has significantly revised down its 2011 Serbian vehicle sales growth forecast to a 12% year-on-year (y-o-y) contraction on the

The strength of private demand continues to boost optimism in the Chilean autos market. New vehicle sales reached a record 372,339

Vietnam's freight transport sector is set to continue its steady growth trajectory over the medium term with the spectre of overca

Oman continues to develop itself into a regional powerhouse for the shipping and transshipment of dry bulk goods such as iron ore.

BMI View / We have revised down our real GDP growth forecast for 2012 to 0.8%, from 2.3% previously. The ongoing deterioration in

Following a year which saw recovery begin in the road haulage sector and continue across all other freight modes, BMI believes 201

BMI believes 2012 will be another year of strong growth for Brazilian ports. The sector experienced growth of 7.1% in total tonnag

BMI View / Over the mid term to 2016, average year-on-year (y-o-y) total tonnage growth is expected to be a steady if unimpressiv

Double-digit throughput growth at the primary Iranian port of Bandar Abbas appears to have come to an end, as US sanctions against

Opportunities exist in Pakistan for the maritime industry, with national carrier Pakistan National Shipping Corporation (PNSC) gro

The Qatari shipping sector continues to be dominated by the export of the country's key commodity, natural gas, through the export

BMI's outlook for Venezuela's ports continues to be extremely bearish, and we do not expect any significant recouping of lost thro

BMI expects the UAE's freight transport sector to continue to see healthy growth in 2012 and beyond. This is an expectation that i

Political uncertainty in the run-up to Egypt's November 2012 elections, coupled with concerns over the nature of the incoming admi

BMI is forecasting growth in all of France's freight transport modes in 2012. This will be driven by a projected 3.6% real growth

Following a year which saw continued growth, BMI believes 2012 will signal further expansion, with some freight modes progressing

BMI View / Following positive throughput figures across China's port sector for the first half of 2011, we forecast another year

The outlook for the Colombian ports and shipping sector is promising, with a backdrop of strong economic growth providing support.

BMI is predicting a moderate to good year for the Belgium freight transport industry in 2012. some industry sub-sectors will retai

Following a year which was estimated by BMI to have seen continued growth in all freight modes except inland waterway, 2012 will s

With GDP set to grow by 4.5% in 2012, according to our forecasts, BMI's outlook for Colombia's freight transport sector is broadly

BMI believes 2011 saw continued growth, with 2012 signalling further increases in cargo volumes and, in some freight modes, a retu

BMI View Although we are forecasting moderate volume growth rates in 2012, Spain's freight transport sector faces an uncertain yea

BMI View: Easing Into Steady Growth / Air freight is set to lead the way in terms of sector by sector growth in 2012, although it

Figures released by the Association des Concessionaires Automobiles d’Algerie (ACAA) show that 226,073 new cars were sold in Alger

Argentina has managed to overtake Mexico in BMI’s Risk-Reward Ratings for the autos industry in the Americas this quarter, primari

Die Auswirkungen der konjunkturellen Abschwächung werden allmählich auch auf dem deutschen Automotive-Markt mit einem verlangsamte

BMI has pointed out that one of the key factors in the market's growth in the previous financial year could serve as a threat in t

Although Indonesia has one of the largest passenger car markets in South East Asia, commercial vehicles have been outperforming th

Following the widespread disruption to the Japanese autos industry caused by the March 2011 earthquake and tsunami, the Japan Auto

A 3% year-on-year (y-o-y) fall in Venezuelan vehicle production during the first nine months of 2011 comes on the back of four con

BMI View: Moderate-To-Good Growth / Although the global economic recovery could potentially stall amid fears over sluggish US gro

BMI View: We are bearish on the Italian economy in 2012, expecting GDP growth to be under 1%; however, we expect the freight secto

The Nigerian freight transport sector, in particular the port and rail freight sectors, is due for rapid growth over the medium te

The port of Gdansk is set to hold the top position in Poland's maritime sector in terms of both total tonnage and container throug

An imminent slowdown in Brazilian vehicle demand and a potential loss in exports due to the strengthening of the real are beginnin

The stage is set for nearly 10% growth in total vehicle sales in 2011 and for just over 7% growth in 2012, limited by the sluggish

Despite the relatively high level of vehicle ownership in Sudan (data refers to pre-South Sudan secession), compared with its regi

Although Tanzania has the second highest projected average annual GDP growth over the next five years among the East African count

In 2010, 4,976 new cars were sold in Latvia, according to data from the Latvian Authorized Automobile Dealers Association (LAADA).

BMI examines the outlook for the beleaguered dry bulk shipping sector, which has been blighted by sinking rates due to crippling o

BMI has a very bearish outlook for the global crude oil shipping sector in 2012, particularly toward companies with significant nu

As BMI expected, new regulations designed to engineer a cooling off of the earlier rapid sales growth have contributed to a slowdo

BMI believes that the Argentine government has artificially propped up growth during recent years. This should continue to support

Our bleak outlook for the Australian freight industry in 2012 stems from a perceived over-reliance on China. A slowdown in China w

We are forecasting real GDP growth in Canada of 1.8% in 2012, a downgrade from our previous forecasts of 2.9%. While the economy s

BMI believes that the Argentine government has artificially propped up growth during recent years. This should continue to support

We are forecasting real GDP growth in Canada of 2.4% in 2012, a downgrade from our previous forecasts of 2.8%. While the economy s

BMI View : As we go into 2012 the key factor affecting the wider Egyptian economy, and the ports and shipping sector, is political

BMI View: Moderate to Good Growth / We expect moderate to good growth in the Malaysian ports and shipping sector in 2012. Althoug

The Nigerian shipping sector, in particular the country's ports, is due for rapid growth over the mid term as the country booms on

We expect the healthy growth at UAE's ports to continue in 2012, as it benefits from the niche it has carved itself as a transhipm

BMI View Vietnam's importance in the global container shipping sector has increased considerably over the past decade, with export

Although hit by a central bank overhaul of auto finance in May, car sales in the UAE are expected to rebound significantly in 201

Promising new car sales figures, released in April, posting a year-on-year (y-o-y) monthly increase of 32% appear to have heralde

BMI forecasts steady growth in Kuwait’s auto market over the medium term against a backdrop of solid economic growth, strong budg

The latest Q211 GDP figures confirm our view that the US economy is facing serious headwinds. As a result, our global real GDP gro

Following a year in which we saw the recovery begin, there will be further growth in 2011, although some freight modes are yet to

The primary story in the Saudi Arabian freight sector continues to be the rapid expansion of the country's ports, with the port o

BMI is expecting healthy growth in Peru in 2011, and is also bullish about the medium-term outlook, which means the operating env

Bahrain’s auto market continues to hinge on the trajectory of pro-democracy protests and the state response to continuing unrest.

Based on Canada's vehicle sales results for the year so far and potential supply issues for the country's best-selling car, we rev

With passenger car sales in the first seven months of this year reaching 100,402 units, down 0.01% from the same period last year,

The autos industry in Greece continues to reel from the precarious state of the Greek economy. New car sales during the first seve

Although BMI does not see economic growth in Iran surpassing 1.2% in 2011/12 and 2.4% in 2012/13, expansion in economic activity a

Unimpressive growth in incomes, a tough domestic environment and the uncertainty over the eurozone debt crisis continue to discour

The Moroccan auto industry has experienced a positive first half of 2011, in line with BMI’s views, although an 8% fall in new veh

BMI has revised down its vehicle sales forecasts to a more than 15% y-o-y decline in 2011 and expects only a modest 2.6% y-o-y rec

The port of Kaohsiung is set to hold the top position in Taiwan's maritime sector in terms of both total tonnage and container thr

The primary story in the Saudi Arabian shipping sector continues to be the rapid expansion of the country's ports, with the port o

Russia's weakening economic growth picture is at odds with throughput volumes at the country's ports. In Q211 Russian real GDP gre

BMI View Peru's economic growth will remain dependent on private consumption as fixed investment slows down because of uncertainty

Providing good news for Latvia's shipping sector is the performance of Germany's main port Hamburg, which defied the country's mac

BMI View: Solid Growth The freight sector is predicted to see steady growth over the medium term, played out in relation to simila

In December 2010 we revised our Mexican 2011 real GDP projection to what was then an aboveconsensus 4.1%, since which time consens

The major story for the Kuwait freight sector this quarter is the start of work on the Mubarak al-Kabir port, and the tensions it

BMI View: Growth Still Solid But Global Economy Is A Drag Israel's economy is still set for moderate to strong growth, even though

The Indian freight transport sector continues to grow rapidly, in line with the growth of the country's economy and trade. There a

All freight modes in Romania's transport mix are forecast to grow in 2011 and continue their recovery over the medium term, to 201

We believe that Chile's good macroeconomic outlook, and particularly its strong consumer story, will continue to drive container t

The outlook for Australian new car sales has darkened as we pass the mid-point of 2011. A combination of poorer-than-expected econ

New car sales in Poland continued to slide in the first seven months of 2011, posting a 5.6% y-o-y decline, following a surge in s

New vehicle sales in South Korea were up 4% y-o-y in H111, to 739,197 units, with production up 9.7%, to 2,302,600 units. A six-da

New vehicle sales in Thailand rose 21.1% y-o-y during the first six months of 2011, to 432,021 units. Meanwhile, despite delays to

Following a year in which the recovery begun in all major freight modes, there will be further, although more moderate, growth in

BMI View: Positive Outlook The Indonesian economy has been supportive of the freight sector in 2011, and we expect that to continu

BMI View: Steady But Muted BMI expects steady but unspectacular economic growth in the Netherlands in 2011 and 2012. So the climat

BMI View: Slower Growth Affects Freight Sector After a spectacular recovery in 2010, BMI notes that Singapore's economy is growing

BMI Overview The planned privatisation of stakes in both of Greece's two largest ports, Piraeus and Thessaloniki, is likely to cau

The Indian maritime sector continues to grow rapidly, in line with the growth of the country's economy and trade. There are fears,

Kuwait's ports are still struggling to recover the volumes they enjoyed prior to the global economic downturn, and BMI does not ex

In December 2010 we revised our Mexican 2011 real GDP projection to what was then an aboveconsensus 4.1%, since which time consens

Growth in the South Korean ports and shipping sector is expected to be strong in 2011, although lower than in 2010. The country's

BMI expects Bulgaria’s automotive market to continue to recover in 2011. We forecast that 21,416 vehicles will be sold in the coun

On the back of strong demand in Germany and France, The Association of the Slovak Automotive Industry expects a 12% increase in au

The restriction on Certificates of Entitlement (COEs) to purchase cars continues to big the biggest influence on market sales. BMI

We continue to be concerned by the state of the shipping industry. Container shipping companies are struggling to push through rat

After a spectacular recovery in 2010, BMI notes that Singapore's economy is growing more slowly this year and is likely to do so a

Belgium's land freight modes (road, rail and inland waterway) are due to start their recovery in 2011 after three consecutive year

In Q411 BMI believes that growth in the Brazilian freight transport sector will continue on the back of exports to Asia, particula

The port of Rijeka is set to hold the top position in Croatia's maritime sector in terms of both total tonnage and container throu

We remain bullish on the prospects for ports and shipping in Estonia. As far as macroeconomic prospects are concerned, Estonia is

This year, China is seeing continued growth across its freight transport sector, after the robust recovery in China's trade and fr

BMI View: A strong economy is expected to drive double-digit annual growth in pharmaceutical sales in Indonesia over our five-year

The port of Hong Kong holds the top position in Hong Kong's maritime sector in terms of both total tonnage and container throughpu

We continue to be concerned by the state of the shipping industry. Container shipping companies are struggling to push through rat

Following 2010, in which the recovery began in rail freight, with an estimated growth in all other modes except one, 2011 will see

BMI View: Strong Economic Growth The Indonesian economy has been supportive of the ports and shipping sector this year, and we exp

We believe that Chile's good macroeconomic outlook, and particularly its strong consumer story, will continue to drive container t

Iran's freight transport sector, and the country's trade as a whole, continues to be hit by Western sanctions aimed at halting the

We are forecasting a steady year for the Philippines freight transport industry in 2011, with the air freight sector leading the w

2011 is the year BMI forecasts the downturn in container volumes that has plagued Romania's port of Constantza for three consecuti

Following a year of increasing volumes in all freight modes, except road freight, BMI believes 2011 will signal the beginning of t

Panama remains one of our favourite economies in Latin America, with real GDP growth forecast to come in at 6.3% in 2011 and 6.8%

BMI’s core view about the Brazilian passenger car sales heading for a significant cooling in H211 is beginning to play out. In wha

Hungary’s automotive sector has continued its recovery in Q211. Around 23,110 new passenger vehicles were sold in Hungary in H111,

A recovery in the supply chain for Japanese carmakers, coupled with sustained growth in private consumption, resulted in record ve

Although BMI has revised down its Malaysian passenger car sales growth forecast for 2011 from 4.3% to 2%, amendments to the Hire P

Q211 saw a notable increase in the number of automotive parts manufacturers choosing to invest in Serbia, which BMI has linked to

As we have progressed through 2011 it has become clear that the Czech freight transport sector is being supported by moderate GDP

Although rally in the new vehicle sales in Germany has maintained momentum in H111, we expect growth to soften in the second half

There are no comprehensive and reliable vehicle sales and import statistics available for Qatar, which has only a very small car i

BMI's long-standing view that 2011 will turn out to be a positive year for the Venezuelan autos industry – mostly on the back of t

BMI sees 2011 as a reasonably good year for Argentina's freight transport sector. The main driver will be better-than-expected eco

There was a return to growth for all Australia's freight modes in 2010, following the slump of the previous 12 months. BMI believe

BMI Industry View / The Canadian growth outlook has improved since our last report, with the 3.3% quarter-on-quarter (q-oq) annua

BMI's Country Risk team was surprised by the Egyptian transitional government's decision to turn down a loan from the IMF in late

BMI View: Positive Outlook / We remain positive in our outlook for the Malaysian freight transport sector in 2011. Since our last

We have maintained our forecast for Vietnam's freight transport sector in 2011 and see this sector performing well over the mid-te

We continue to be concerned by the state of the shipping industry. Container shipping companies are struggling to push through rat

Heading into Q411, we are predicting steady growth for the Philippines' ports and shipping industry withcontainer and tonnage thro

The port of Gdansk is set to hold the top position in Poland's maritime sector in terms of both total tonnage and container throug

We continue to be concerned by the state of the shipping industry. Container shipping companies are struggling to push through rat

Our outlook for growth in the Venezuelan port sector and shipping industry in 2011 remains distinctly underwhelming. This is becau

China's total sales actually fell y-o-y for the second consecutive month in May, prompting a revision of BMI's total vehicle sales

New locally manufactured vehicle sales in Vietnam rose 11% year on year (y-o-y) in the first five months of 2011, to reach 44,966

Strong export and production growth domestically has helped Mexico move up to fourth position in BMI’s Risk-Reward Ratings for the

While India's vehicle sales growth is undoubtedly slowing from the rapid rates of the previous financial year, which ended in Marc

Figures released by the Association des Concessionaires Automobiles d’Algerie (ACAA) show that 131,498 new cars were sold in Alger

Used cars dominate demand in Angola owing to the low affordability levels in the country. The new vehicle market is small and led

According to the African Development Bank, ownership of cars and motorcycles in Ghana has grown by 81% since 2006. The bank's repo

The Japanese auto sector is coming to terms with the effects of the earthquake and tsunami, which hit the north of the country in

BMI View Argentina's economy remains on course for another year of strong growth, with the nation's central bank recently revising

Following positive throughput figures across China's port sector for the first five months of 2011, we forecast another year of gr

The outlook for the Colombian ports and shipping sector is good, with a backdrop of strong economic growth providing support. Ther

We continue to be concerned by the state of the shipping industry. Container shipping companies are struggling to push through rat

BMI View: Positive Outlook We are still positive in our outlook for the Malaysian port and shipping sector in 2011. Since our last

We continue to be concerned by the state of the shipping industry. Container shipping companies are struggling to push through rat

BMI View The Vietnamese shipping sector is in good shape heading into the final quarter of 2011. We maintain our forecast of healt

As a result of a stronger labour market and higher disposable incomes, BMI expects vehicles sales in Taiwan to increase just over

BMI View: We are predicting moderate expansion for the Thai freight industry sector in 2011. We see two major trends. On the one h

Following a year in which BMI believes saw the full recovery, 2011 will signal further steady growth in all freight modes. / Tota

BMI's outlook for the US freight transport sector in 2011 is cautiously optimistic. We expect volumes at major ports, and on road,

The first half of 2011 has been a difficult time for companies in Egypt’s auto sector. Political unrest and regime change of the s

Sales in the Nigerian auto sector have still not nearly recovered from the successive y-o-y decreases of over 50% that were regist

The Chamber of Automotive Manufacturers of The Philippines (CAMPI) has revealed that its members’ sales fell 5% year-on-year (y-o-

The National Association of Automobile Manufacturers of South Africa (NAAMSA) reported that vehicle sales in April were up 8% y-o-

The devastating earthquake and tsunami that hit Japan in Q111 left thousands dead and shattered the country's infrastructure. The

With austerity measures taking hold across Europe and continuing high employment in the US, shipping levels may slow their growth

BMI sees a moderate-to-strong outlook for Taiwan's freight transport sector. The local economy has solid fundamentals, with growth

Sales in Romania have been hit heavily by the global financial crisis, and this trend does not look like it will let up dramatical

The Hong Kong economy ended 2010 on a strong note and figures released by the government indicate that this momentum shows no sign

The growth in auto sales in Saudi Arabia has recovered from the slump caused by the 2009 financial crisis and BMI forecast that sa

The global financial crisis resulted in a catastrophic crisis in Ukraine auto sector culminating in a collapse of annual car produ

A significant amount of optimism has returned to automotive manufacturing in the UK after the industry bagged two more investment

BMI is expecting healthy growth in Peru in 2011 and is also bullish about the medium-term outlook, which means the operating envir

Following a year in which BMI believes the recovery began, 2011 will signal further growth, with some freight modes approaching pr

BMI View: Growth In The Shadow of The Arab Spring The freight transport outlook for Saudi Arabia is moderate-to-good, although the

Global shipping continues to suffer from overcapacity caused by ships ordered during the pre-downturn boom years coming online. Wi

The March 11 earthquake has led BMI to trim its forecasts for the Japanese economy this year, with downside effects on ports and s

Global shipping continues to suffer from overcapacity caused by ships ordered during the pre-downturn boom years coming online. Wi

BMI is cautiously optimistic about the South African economy in 2011, and about the related prospects for the ports and shipping s

We are predicting moderate expansion for the Thai ports and shipping sector in 2011. We see two major trends. On the one hand, the

Throughput at the port of Ambarli, one of Turkey's largest ports, is set to increase in terms of both tonnage and container volume

Tonnage and container throughput at two of Ukraine's largest ports, Odessa and Illichivsk, are set to grow, albeit with the former

BMI's outlook for the US shipping sector in 2011 is cautiously optimistic. We expect volumes at major ports to continue recovering

Global shipping continues to suffer from the glut of vessels ordered during the pre-downturn boom years for shipping coming online

We continue to maintain a bullish outlook with regards to India's freight transport sector. The country's rapid economic growth, a

President Susilo Bambang Yudhoyono, who was re-elected in July 2009, has claimed that infrastructure projects will be among his ma

Global freight transport levels have continued their steady recovery from the economic downturn and are increasing across the worl

Global shipping continues to suffer from overcapacity caused by vessels that were ordered during the predownturn boom years coming

Headline Industry Data / ?? 2011 port of Shuaiba tonnage throughput is forecast to grow +3.4% following projected growth of 1.0%

At present, Mexican economic activity looks strong, but with the consumer story not yet convincing and high oil prices likely to d

Freight in the Netherlands receives a huge boost from the fact that it has the largest container port in Europe in the form of the

Following a year in which BMI believes the recovery began, 2011 will signal further growth in the majority of freight modes, altho

BMI View: Solid Growth BMI continues to predict a reasonably good year for the South Korean freight transport sector in 2011. We s

The recent economic recovery in Bahrain has been put at risk by tensions in the Arab world, which threaten instability and increas

Vehicle sales data for the first four months of 2011 have shown that Greek consumers have given a cold response to the vehicle scr

The imposition of international trade sanctions on Iran has done little to dent the unprecedented expansion of the country’s autom

The downturn in the Italian new vehicle sales market has continued well into 2011. After a near 7% yearon- year (y-o-y) fall in 20

The Kuwaiti auto market is expected to show steady growth through 2011 and into the future, according to the latest forecasts from

The ongoing reduction in the number of Certificates of Entitlement (COEs) available for vehicle purchases and the resulting rise i

A 26% year-on-year (y-o-y) decline in new vehicle sales in the first four months of 2011 has prompted BMI to downgrade its total v

Car sales in the UAE are expected to rebound significantly in 2011 as the UAE's economy recovers from the Dubai debt crisis and ex

The forecast real growth for total trade in 2011 is 2.7% with export real growth predicted to be 2.8% and import real growth of 2.

BMI expects strong growth and continued investment in the Brazilian freight transport sector in Q211. Growth will continue on the

We believe that Chile's good macroeconomic outlook, and particularly its strong consumer story, will continue to drive investment

This year, China is seeing continued growth across its freight transport sector, after the robust recovery in China's trade and fr

A new centre-right coalition in the Czech Republic is likely to be formed in the coming weeks after a probable vote of no confiden

The Hungarian economy will experience a recovery in 2011, but it will not be plain sailing. BMI continues to see two big structura

Developments in Panama's freight sector over the medium term will be dominated by the expansion of the Panama Canal, due to be com

We are predicting a good year for the Philippines freight transport industry. The general economic environment for the sector will

Rising wages, a low unemployment rate and a stronger currency will spur private consumption growth in Singapore for 2011, boding w

Global shipping continues to suffer from the glut of vessels ordered during the boom years coming online. With demand still strugg

Global shipping continues to suffer from the glut of vessels ordered during the boom years coming online. With demand still strugg

At present, Mexican economic activity looks strong, but with the consumer story not yet convincing and high oil prices likely to d

BMI View We expect strong growth in Peru during 2011 and are also bullish about the medium-term outlook. This means the operating

Russia's ports have had a strong start in 2011. The country's two bellwethers, the port of Novorossiysk, Russia's largest port in

BMI View BMI sees a moderate to strong outlook for Taiwan's ports and shipping sector. The local economy has solid fundamentals, w

New vehicle sales in Australia stood at 1,035,574 units in 2010, an increase of 10.5% year on year (y-oy), according to data relea

Following a 2% rise in Canada's total vehicle sales in Q111, led largely by light trucks, a shift in consumer preference prompted

With Czech passenger car sales in the first four months of 2011 reaching 56,646 units, only 3.7% higher than in the same period la

Final figures for 2010 released by Morocco’s Association of Vehicle Importers (AIVAM) showed that new car sales in Morocco were do

For the second year in succession, production in the Polish automotive industry declined. Statistics from the country’s autos rese

South Korean new vehicle sales for 2010 totaled 1,465,426 units (1,217,764 passenger cars plus 247,662 commercial vehicles), an in

New vehicles sales in Thailand showed significant growth over 2010, rising by 45.8% year-on-year (y-oy) to reach 800,357 units, ac

The port of Thessaloniki is set to hold the top position in Greece's maritime sector in terms of total tonnage throughput for the

BMI View India's shipping sector continues to expand at a frenetic pace, with a combination of increasing consumer demand and over

BMI believes the economic fundamentals are looking good for Indonesia, boding well for the country's shipping sector in particular

BMI continues to predict a reasonably good year for the South Korean ports and shipping sector in 2011. We see two major influence

Prospects for the Bulgarian car industry are picking up with the progress being shown at the Great Wall Motors plant in the countr

BMI view that the Russian autos market is likely to see a quick recovery – on the back of an anticipated increase in government sp

Slovakia has failed to attract any new entrants of late. Indian and Chinese auto companies, which are relatively new in emerging E

Following a year in which saw the recovery begin, 2011 will signal further growth and in some freight modes a return to pre-downtu

We believe that Chile's good macroeconomic outlook, and particularly its strong consumer story, will continue to drive container t

BMI View The outlook for the Estonian ports and shipping sector in 2011 is positive. The Port of Tallinn remains one of the key fa

Global shipping continues to suffer from overcapacity caused by vessels that were ordered during the predownturn boom years coming

The port of Constantza is set to continue seeing growth in total tonnage throughput and a return to increase in box volumes in 201

Rising wages, a low unemployment rate and a stronger currency will spur private consumption growth in Singapore in 2011. On the ex

Strong Demand Still Can’t Soak Up Glut / BMI expects the dry bulk shipping sector’s woes to continue for some time to come, with

In one of the most significant moves in Hungary’s auto sector in recent years, the Hungarian government granted state subsidies of

Strong consumer demand and improved business confidence have resulted in a better-than-expected recovery in German new vehicle sal

Following a record year for vehicle sales in 2010, we expect 2011 to be a tougher year following the Japanese earthquake and tsuna

During the first eight months of FY10/11 (July to February), 146,271 vehicles were produced in Pakistan, representing an increase

There are no comprehensive and reliable vehicle sales and import statistics available for Qatar, which has only a very small car i

Over the long term, the outlook for the autos sector in Serbia is positive. A slew of government regulations towards the auto indu

We maintain our forecast of a good year for Vietnamese freight transport in 2011. Our overall view has two major components: a bac

Global shipping continues to suffer from the glut of vessels ordered during the pre-downturn boom years. With demand still struggl

BMI View / Our outlook for the Malaysian freight transport sector in 2011 is positive. Overall the picture is one of moderate gro

It is BMI's view that the UAE will continue to make concerted efforts to place itself at the centre of the global forwarding netwo

In Q311 BMI believes that growth in the Brazilian port sector will continue on the back of exports to Asia, particularly China, an

The port of Varna is set to continue its growth in terms of both total tonnage and container throughput in 2011 albeit at a more m

With the majority of key economic and political powers throughout the Middle East and North Africa (MENA) apparently on board to u

BMI View: Big Potential, Single-Digit Growth / We expect single-digit growth for Pakistan's ports and shipping sector this year:

The port of Doha is set continue posting container growth in 2011 after what we estimate to have been a small increase in 2010. /

There will be some growth in the Venezuelan ports and shipping industry in 2011, but the outlook is at best mixed. This is because

BMI View: Moderate-to-Good Growth / BMI is predicting a moderate-to-good year for the Croatian ports and shipping sector. General

Global shipping continues to suffer from overcapacity caused by ships ordered during the pre-downturn boom years coming online. Wi

The outlook for Argentina's auto production is beginning to look optimistic. Thanks to two recent projects – the trade agreement s

In Q111, Indonesia's total vehicle sales were performing in line, if not ahead of our full year forecast. Sales were 29.5% higher

Vehicle sales and production in Venezuela continued a downward trend in Q111, falling 7.2% year-onyear (y-o-y), to 25,790 units, a

BMI continues to remain highly optimistic about Brazil’s vehicle demand potential, despite a 13.5% year-on-year (y-o-y) fall in ve

A number of factors combined to result in production and sales reaching 4.9mn and 4.98mn units respectively in Q111, representing

Total new vehicle sales in India rose 28% in the financial year ending March 2011, which followed record sales for calendar year 2

The Mexican auto industry showed quite a divergence in trends between sales and production in Q111. While an export-led recovery b

New vehicle sales in Australia stood at 1,035,574 units in 2010, an increase of 10.5% year on year (y-oy), according to data relea

Vehicle sales in Indonesia increased by 57% year-on-year (y-o-y), to 764,710 units, in 2010, according to data from the Indonesian

Final figures for 2010 released by Morocco’s Association of Vehicle Importers (AIVAM) showed that new car sales in Morocco were do

BMI View BMI sees 2011 as a reasonably good year for Argentina's freight transport sector. The main driver will be better-than-exp

BMI View: The agriculture sector in Bangladesh is still highly fragmented and underdeveloped due to a lack of investment both from

BMI View: The fiscal consolidation plan that Greece has committed to in exchange for the EUR110bn EU and IMF bailout is proving a

BMI View: This quarter sees the introduction of new production forecasts for wheat, barley, corn and sugar. In the case of wheat a

China's freight transport sector is entering a transitional period as the economy begins to leave behind its long-held dependence

We believe that Hong Kong's freight transport sector as a whole is well placed to profit from expansion of intra-Asian trade volum

The Port Metro Vancouver (PMV) is set to hold the top position in Canada's maritime sector in terms of both total tonnage and cont

Following positive throughput figures across China's port sector in Q111, we forecast another year of growth for Chinese ports, wi

The summary outlook for the Colombian ports and shipping sector is good, with a backdrop of strong economic growth providing suppo

Despite there being risks in a global sense to all three core shipping sectors (container and dry and liquid bulk), with overcapac

We are predicting a good year for the Philippines' ports and shipping industry. The general economic environment for the sector wi

The port of Gdansk is set to hold the top position in Poland's maritime sector in terms of both total tonnage and container throug

On a global level we continue to see risks to all three core shipping sectors (container, dry and liquid bulk), with overcapacity

Tonnage throughput at Estonia's largest port, Tallinn, is forecast to post another year of growth in 2011 following two successful

On a global level we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapaci

BMI believes the economic fundamentals are looking good for Indonesia, boding well for the country's shipping sector in particular

Globally, we continue to expect risks to all three core shipping sectors (container, dry and liquid bulk), with overcapacity and a

The earthquake and tsunami that hit northern Japan in early March has had a devastating impact on the / country's autos sector, wi

The UAE is set to experience healthy growth across its ports during 2011 and through our forecast period / to 2015. The port of Je

We maintain our forecast of a good year for the Vietnamese ports and shipping sector in 2011. Our / overall view has two major com

Our outlook for the Malaysian port and shipping sector in 2011 remains positive. Overall, the picture is / one of moderate growth

Global shipping continues to suffer from the glut of vessels ordered during the pre-downturn boom years / for shipping coming onli

Both the Ports of Buenos Aires and Bahía Blanca remain on track to register good growth rates in 2011, / albeit slower than in 201

BMI believes Hong Kong ended 2010 on a strong note and we expect the solid momentum to have a positive effect for 2011 growth. The

BMI is expecting strong growth in Peru in 2011 and is also bullish about the medium-term outlook, which means the operating enviro

Net exports were a significant drag on Thailand's real GDP growth of 6.7% year-on-year in Q310. Although a surprise trade deficit

Globally, we continue to see risks to all three core shipping sectors (container as well as dry and liquid bulk), with overcapacit

Despite the poor showing in Q410, we believe the Japanese economy can look forward to brighter prospects in H111, led by a brighte

The port of Mombasa looks to be on the road to recovery after the tough times of 2008 and 2009, when Kenya was hit by a 'triple wh

The South African shipping sector is set to undergo a period of muted growth over the next five years to 2015. The latest port sta

Throughput at one of Turkey's largest ports, Ambarli, is forecast to post another year of growth in 2011 following an estimated su

Throughput at one of Ukraine's largest ports, Odessa, is forecast to post a year of growth in 2011 following 2010, which was succe

Figures released show that new vehicle sales in Turkey rose sharply by 88% y-o-y, to 58,594 units, in February 2011, according to

Japan was hit by a devastating 8.9 magnitude earthquake in Q111, which left thousands dead and shattered the country's infrastruct

On a global level, we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapac

On a global level, we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapac

On a global level, we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapac

BMI's outlook for the US freight transport sector in 2011 is cautiously optimistic. We expect volumes at major ports, and on road,

Total light vehicle sales in Canada for 2010 finished the year up 6.6% year-on-year (y-o-y), although this was largely owing to a

Sales in Romania have been hit heavily by the global financial crisis, and this trend does not look like it will let up dramatical

BMI expects auto sales in Saudi Arabia to continue their rebound which began last year. Despite sales being hit by the side-effect

BMI expects the market to return to strong growth in 2011, but we doubt it will be able to reach pre-crisis levels in our forecast

A resurgence in demand for light trucks and SUVs in 2010 contributed to the US auto industry's first year of positive sales growth

Overcapacity Exacerbating Rate Decline / Lines have posted positive 2010 results and the global economy is recovering, so why is

Israel’s freight and shipping industry had a strong recovery in 2010 after the global recession in 2008 and 2009. However, BMI exp

BMI expects little respite for the Greek automotive market despite the introduction of the vehicle scrappage scheme on February 21

Fiat returned to profitability in 2010, posting a full-year net profit of EUR600mn, compared with the EUR848mn net loss in 2009. M

Kuwait’s auto market is likely to grow at a predictable and stable rate through the course of 2011. Recent BMI figures show overal

BMI fears that a change in Spain's autos dealership law, whereby carmakers have to give authorised distributors a full refund on u

The Dubai Chamber of Commerce and Industry (DCCI) has reported that sales in the UAE have rebounded after taking a significant div

We have revised up our real GDP growth projection for Mexico to 4.1% in 2011, from 3.4% previously, on the back of a stronger outl

Following a year in which BMI believes saw the recovery begin, 2011 will signal further growth and in some freight modes a return

Throughput at one of Greece's largest ports, Thessaloniki, is forecast to post another year of unimpressive growth in terms of con

Throughput at Latvia's largest ports, Riga, is forecast to post another year of growth in 2011 following a successful decade, whic

We have revised up our real GDP growth projection for Mexico to 4.1% in 2011, from 3.4% previously, on the back of a stronger outl

BMI is expecting strong growth in Peru during 2011 and is also bullish about the medium-term outlook. This means the operating env

During 2011, Russia's ports should make a full recovery from the downturn. The country's two bellwethers, the port of Novorossiysk

On a global level we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapaci

On a global level we continue to see risks to all three core shipping sectors (container as well as dry and liquid bulk), with ove

BMI's outlook for the US shipping sector in 2011 is cautiously optimistic. We expect volumes at major ports to continue recovering

The Iranian auto industry is continuing to progress through a period of rapid expansion, despite the failure to resolve underlying

An economic recovery is under way in Bahrain, which is good news for the auto sector. Our economic outlook for Bahrain sees a stea

Total light vehicle sales in Canada for 2010 finished the year up 6.6% year-on-year (y-o-y), although this was largely owing to a

On a global level, we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapac

BMI believes the economic fundamentals are looking good for Indonesia, boding well for the country's shipping sector. Private cons

After a good year in 2010, BMI is expecting the South Korean economy to remain resilient in 2011, although the pace of expansion w

Automotive production in Poland fell marginally in 2010, by 1.4% year-on-year (y-o-y), to 887,241 units, according to estimates fr

Despite the resilience of its domestic consumers – relative to the broader eurozone, French carmakers are counting on emerging mar

Cumulative new vehicles sales in Thailand showed stellar growth over 2010, rising by 45.8% year-onyear (y-o-y) to reach 800,357 un

South Korean vehicle sales for 2010 totalled 1,465,426 units (1,217,764 passenger cars plus 247,662 commercial vehicles), an incre

The Singaporean economy will perform well this year, despite easing back on the exceptionally strong showing achieved in 2010. Som

Freight in the Netherlands receives a huge boost from the fact that it has the largest container port in Europe in the form of the

The outlook for economic growth in Israel during 2011 is somewhat subdued, with both domestic consumption and exports expected to

On a global level we see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapacity and a dro

Singapore's economy will perform well this year, despite easing back on the exceptionally strong showing achieved in 2010. Some fo

On a global level we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapaci

We predict mixed fortunes for Romania's freight sector in 2011. While the air and maritime freight sectors are set to start their

Our forecasts for consumption in Chile over the next five years are among the strongest in Latin America and, in combination with

Year-on-year (y-o-y) growth is set to continue in 2011 at both the port of Shuaiba and Shuwaikh, in terms of tonnage and container

After a good year in 2010, BMI is expecting the South Korean economy to remain resilient in 2011, although the pace of expansion w

Throughput at one of Croatia's largest ports, Plo?e, is forecast to post another year of tonnage growth in 2011 following a succes

Our forecasts for consumption in Chile over the next five years are among the strongest in Latin America and, in combination with

Last year was an up and down year for the Bulgarian auto market. Car sales continued to decrease compared with 2009, but towards t

Conditions for the Czech Auto sector should improve as the economy recovers. The new vehicle market in particular is showing cauti

Russian new light vehicle sales – comprising passenger cars and light commercial vehicles – rose 30% year-on-year (y-o-y), to 1.90

France’s PSA Peugeot Citroën, along with Kia Motors and Volkswagen (VW), comprise the backbone of auto production in Slovakia, and

BMI believes that 2011 will be the year that the Romanian port of Constantza begins it recovery. According to our predictions (ful

BMI expects to see strong growth and continued investment in the Brazilian freight transport sector in Q211. Growth will continue

BMI View: Following elections in October 2010, the centre-right Civic Democrat party (ODS) formed a coalition with the right-wing

The Hungarian economy will experience a recovery in 2011, but it will not be plain sailing. BMI continues to see two big structura

Global freight transport levels have continued their recovery from the economic downturn and are increasing across the world. The

New car sales in Hungary declined nearly 38% y-o-y to 43,476 units in 2010, in what is the sixth consecutive year of falls in the

India's auto sector achieved record growth of 31% year-on-year (y-o-y) in calendar year 2010, with vehicle sales reaching 1.87mn u

New vehicle sales in Malaysia set a new record in 2010, largely as a result of economic stimulus measures, according to the Malays

Final data for 2010 (calendar year) passenger car sales within Pakistan show that a total of 134,757 passenger car units were sold

Several Qatari dealerships reported strong growth in car sales during 2010. Leading the way was Alfardan Automobiles, which had a

The domestic market has been growing slowly since the recession struck Serbia. As Serbia is not a large market in itself, much of

BMI expects Venezuelan new vehicle sales to return to a positive growth rate in 2011 for the first time since Q109, growing 18% ye

A reduction in the number of Certificates of Entitlement (COE) available for vehicle purchases in 2010 has inevitably led to a mar

BMI's view of the UAE as a growth market for freight and logistics was reinforced by a study released on November 24 2010 by consu

Foreign interest in Vietnam's transport infrastructure is growing; international investors realise the growth potential in a marke

Throughput at one of Philippines' largest ports, Manila International Container Terminal (MICT), is forecast to post another year

New vehicle sales in Argentina rose over 43% year-on-year (y-o-y), to 698,299 units, in 2010. While many sales are being boosted b

Last year was marked by Germany carmakers’ involvement in activities, ranging from joint ventures and tie-ups to a focus on altern

Auto production in Mexico enjoyed a better-than-expected recovery in 2010, surging 50% on 2009, mainly on the back of 52% year-on-

The forecast real growth for total trade in 2011 is 2.7% with export real growth predicted to hit 2.8% and import real growth of 2

On a global level we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapaci

BMI continues to see a relative growth slowdown making itself felt in Malaysia during 2011, after a strong performance in 2010. Pr

Developments in Panama's freight sector over the medium term will be dominated by the expansion of the Panama Canal, due to be com

Following a year in which BMI believes saw the recovery begin, 2011 will signal further growth and in some freight modes a return

BMI expects to see strong growth and continued investment in the Brazilian port sector in Q211. Growth will continue on the back o

Tonnage at Bulgaria's main port of Varna has managed a full recovery to pre-downturn levels in the space of a year, placing the po

BMI View: On a global level we see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapacity

On a global level we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapaci

Throughput tonnage at Pakistan's two largest ports, Port Qasim and Port Karachi, is on course to grow, albeit at a slower rate tha

Throughput at one of Philippines' largest ports, Manila International Container Terminal (MICT), is forecast to post another year

On a global level we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapaci

BMI's outlook for the Venezuelan port sector in 2011 is less than positive. An unfriendly business environment will keep much fore

A 10.6% year-on-year (y-o-y) rise in Brazil’s new vehicle sales not only makes 2010 the fourth consecutive year of record sales in

China retained its position as the world's largest car market after record new vehicle sales in 2010. Passenger vehicle sales surg

New vehicle sales in Vietnam fell by 6% year-on-year (y-o-y) in 2010 with the Vietnam Automobile Manufacturers Association (VAMA)

The Argentine economy grew vigorously in the first half of 2010, but we see the pace slowing down significantly in 2011, with the

Australia has been dominated by the monsoons that hit Queensland in the north-east of the country in December 2010 and continued t

Romania's auto industry contributed 6% to the country's GDP in 2009 and had an annual turnover of US$10.86bn. This is expected to

A combination of subsidies and tax breaks on small and fuel efficient vehicles resulted in Japan's first positive vehicle sales gr

In late 2010, BMI noted that California had received the lion's share of additional federal high speed rail funding after the fede

At the end of October Qatar Airways confirmed that a suspected Al Qaeda package addressed to a synagogue in Chicago and containing

The Argentine economy grew vigorously in the first half of 2010, but we see the pace slowing down significantly in 2011, with the

The outlook for the Canadian ports and shipping sector is moderate to good. Although the global recovery is continuing at a somewh

BMI maintains a positive outlook for the Colombian port sector in 2011, against a background of good economic growth and rising co

After a strong performance in 2010, BMI continues to see a relative growth slowdown making itself felt in Malaysia during 2011, wi

Demands on Vietnam's ports have increased in line with its development as a major export centre over the past few years. As a resu

On a global level we continue to see risks for all three core shipping sectors (container and dry and liquid bulk), with overcapac

Nigeria is an unusually strong performer among the emerging markets, and based on a solid performance from the domestic agricultur

On a global level we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapaci

The port of Gdansk is set to hold the top position in Poland's maritime sector in terms of both total tonnage and container throug

On a global level we continue to see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapaci

Expansion work on the King Fahd Causeway, connecting Bahrain with Saudi Arabia, was due to start in 2011, according to press repor

Yasumi Kudo, CEO of Japanese shipping line Nippon Yusen Kabushiki Kaisha (NYK Line), said in October that container shipping lines

In October 2010, BMI noted that the agreement for an unprecedented US$30bn Chinese loan for Turkey's high-speed rail projects woul

New vehicle sales in Taiwan bounced back strongly in 2010, increasing over 17%% y-o-y, to 234,936 units, in the first 11 months of

The main event in the second half of the year was the tightening of the US-led sanctions against the staterun Islamic Republic of

2010 has been a year of recovery, in which many Mexican freight operators have gone back in profit. For example, Mexicana de Aviac

Road freight strongly recovered in 2010 with 25.3% growth with 6,566mn tonnes carried after a decline of -24% in 2009. Over the me

We forecast economic growth recovering from 2010 onwards in Saudi Arabia, benefitting from the massive uptick in government spendi

In late 2010, South African road network manager South African National Roads Agency Limited (Sanral) raised another ZAR500mn (US$

In November 2010, the government's economic cabinet was reported to have agreed to grant more than THB40bn (US$1.326bn) for develo

The launch of the common market for the East African Community (EAC) in July 2010 has been generally thought of by BMI as a good m

In September 2010 the World Bank endorsed the US$115.8mn Karachi Port Improvement Project. Part of the National Trade Corridor Imp

According to media reports in early October 2010, revenue from the electronic motorway toll system in Slovakia reached EUR103mn (U

A serious inconsistency in UK’s electric vehicles (EV) programme came to light in November 2010 when / National Grid CEO Steve Hol

Vehicle production in Slovenia has been remarkably resilient, despite the global economic downturn. The country produced a total o

The auto market in Bahrain is set to show sustained growth in sales over the coming five years. This is driven largely by continue

With new vehicle sales in Hong Kong increasing close to 38% year-on-year (y-o-y), to 36,141 units, during the first 11 months of 2

New vehicle sales in Canada look set to finish 2010 with positive growth, although this will be largelydue to a resurgence in ligh

The Iranian auto industry has continued to expand dramatically into Q111. Production, sales and exports have all continued their u

A 1.1% year-on-year (y-o-y) growth in Italy’s real GDP during the second quarter of 2010 confirms that economic recovery is underw

So far 2010 has been a mixed year for the Moroccan auto industry. The first quarter of the year saw sharp falls in the sales of bo

The Russian auto market has grown well over 2010. Sales for the first nine months of the year are up22%, while the major Russian a

Recovery is continuing in Ukraine and the improved production and sales results prove it. The country saw car sales increase by 31

The Turkish auto industry has continued to develop in a dramatic fashion. Growth has already overtaken many forecasts for the year

The automotive sector in Egypt continues to grow from strength to strength with Q410 being very successful for the industry. A num

The Nigerian government is making a conscientious effort to support the auto industry while it recovers from the knock-on effects

BMI has previously warned that the time taken to implement the new version of the Philippines Motor Vehicle Development Programme

BMI is confident in the success of the Saudi Arabian car market. The market has avoided many of the economic issues which have aff

The South African auto industry has continued its recovery in Q410, despite being rocked by the industrial strike and the introduc

The auto industry in Israel enjoyed a far better year in 2010 than 2009. Recovery is well on its way after sales of 190,705 vehicl

BMI expects the Emirati car markets to rebound in 2010 after a contraction in sales in 2009. Sales in 2009 dropped to an estimated

At the end of October 2010 Kuwait's KIPCO Asset Management Co (KAMCO), an investment bankingand financial advisory firm, and Anham

German container line Hapag-Lloyd joined other major box lines by returning to the black, it wasreported in November 2010. BMI not

Troubled industrial relations affected the French freight transport sector in 2010, and although there was areturn to normality at

A further decline in port throughput is on the cards at Greece's ports in 2011 as macro factors affect the / forecasts, with total

In December 2010 BMI noted that Indonesia had delayed passing into law changes to the country'soffshore shipping cabotage rules. T

Throughput at Latvia's largest port, Riga, is on course to post another year of growth in tonnage in 2010after gaining the distinc

Mexico's close economic links with the US, its main import and export partner, mean that the economicdownturn across the border ha

Peru's economy continues to stand out as one of the strongest performers across the emerging marketsphere, and although there are

Having beaten the downturn by posting growth in 2009, the port of Novorossiysk has instead been hit in2010, when its Russian peers

India grew strongly in 2010 and is expected to continue to do so in 2011 and through the forecast period. A major challenge will b

In October, port operator Luka Koper said it had increased cargo handling by 16% year-on-year (y-oy) in the first nine months of 2

Going into 2011 political risk factors were on the rise in Italy, with the centre-right ruling coalitionbeginning to break up and

The latest port statistics were released in December by South African Transnet National Ports Authority. BMI notes that although N

The plans of several carmakers announced in late November 2010 suggest that Thailand and India are becoming the favourite bases fo

Indonesia is a rapidly growing emerging economy linked to the growth of China whose freight transport needs are going to rapidly e

Freight in the Netherlands has the advantage of the port of Rotterdam, the largest container port in Europe. The port has done wel

Peru's economy continues to stand out as one of the strongest performers across the emerging market sphere and while there are som

Romania was a slower developer than the other former communist countries, and it has been hit hard by the global economic recessio

BMI continues to see a strong economic recovery in South Korea in 2010, a trend favourable to the overall freight industry sector.

Israeli shipping line Zim Integrated Shipping Services (Zim) in November announced that it was selling its 47.5% stake in a contai

The minister of transport and communications in Oman signed 10 agreements for about OMR75.8mn (US$196.9mn)-worth of investment in

A new rail freight link between France and Spain was due to open in December 2010. The development emphasised both countries' comm

In October 2010 the UK's coalition government announced its plans to divest up to a 90% stake in stateowned postal and parcel deli

Throughput at Japan's largest port in terms of tonnage, Nagoya, is on course to reach BMI's throughput targets for 2010, with subs

Work on a new container terminal at the Kenyan port of Mombasa is scheduled to start in February 2011. BMI notes that given the sp

In November 2010 it was revealed that Taiwan-based shipping company Evergreen Marine was planning to acquire more container ships.

On the back of muted growth forecasts from BMI's country risk desk, the country's ports are expected to see a slowdown in the thro

On a global level we see risks to all three core shipping sectors (container and dry and liquid bulk), with overcapacity and a dro

Speaking at a seminar in Bangkok in early September, Thai foreign minister Kasit Piromya stressed the / importance of developing t

North American rail freight had a successful August, according to the Association of American Railroads / (AAR). The figures for b

Japan-based airline All Nippon Airways (ANA) expanded its regional freight operations by adding new / flights to China, Hong Kong

The Thai government was in early August said to be considering a joint venture (JV) with the Chinese / government to build Thailan

In August the Privatisation Administration Board of Turkey extended the bidding deadline for the tender / to privatise Iskenderun

Despite industrial action and sluggish demand from the dry bulk sector, Richards Bay Coal Terminal / (RBCT) is on the road to reco

Kenya is making investments to build new ports, expand existing ports and upgrade accompanying / infrastructure. BMI believes this

Russia was expected to register an annual increase of 9-10% in the volume of transport and logistics / services market between 201

In August BMI commented that investments in the expansion of Indonesia's freight railways are going to / intensify in the coming y

South Africa’s economic growth and global competitiveness is been hampered by the high cost of / logistics. According to the annua

The skies above Mainland China and Taiwan are getting busier. In June, the Beijing and Taipei / governments committed to increase

Saudi Arabia’s automotive market looks likely to post respectable growth in 2010, after sales rose slightly in 2009 despite the ef

New vehicle sales in Hong Kong increased nearly 50% year-on-year (y-o-y), to 18,375 units, during the first six months of this yea

Sales in Romania have been hit heavily by the global financial crisis, and this trend does not look like it will dramatically let

Vehicle sales in Turkey have continued to grow in 2010 as the recovery from the global financial crisis continues. Turkey was nota

The Latvian port of Riga looks set to fall behind its regional peers as the CEO of the facility has announced that the port cannot

Kuwait’s total trade is expected to have real growth of only 1.4% in 2010, after a decline in 2009, when total trade contracted by

So far, 2010 has been a mixed picture for the Bulgarian car market. Car sales have continued to fall compared with 2009, but sales

Vehicle sales in Russia have been on the rebound thanks to ongoing government support in the form of the scrappage programme. Car

The Slovakian economy is beginning to make meaningful economic gains. The global downturn significantly depressed its core export

Pakistan produced a total of 218,300 vehicles in fiscal year 2009/10 (July to end June), up 32.2% from 165,158 in fiscal year 2008

In its latest Argentina report, BMI highlights some of the major internal and external risks that the country’s auto sector faces

There are no comprehensive and reliable vehicle sales and import statistics available for Qatar, which has only a very small car i

Philippines national carrier Philippine Airlines (PAL) received approval from the government to launch a massive outsourcing progr

Remember the recession? In Hong Kong's airfreight successor the gloom of 2009 is now beginning to feel like a long time ago. Hong

In March 2010, toll road operator Abertis identified its concessions in Bolivia and Argentina as the most at risk of being expropr

2010 looks like being a year of recovery for Chile's freight transport sector in every sense of the word after the country's econo

Egypt may be opening the door to more private sector investment in the freight transport sector. The country is emerging as a high

There is evidence of both cut backs and expansion of UAE’s ability to handle freight transport. The Dubai Roads and Transport Auth

In January 2007, Vietnam officially joined the World Trade Organisation (WTO), an event seen as an important milestone in the coun

A number of Thai shipping companies have announced their recent quarterly results, showing the differing fortunes of carriers oper

Colombia's potential as a growth market for the international maritime sector has been further realised with the news that Goldman

In common with most countries, Algeria experienced a poor year for car sales in 2009 (and by extension, imports) owing to the effe

Indonesia's auto sector continues to thrive on domestic demand, with sales in H110 rising 76% year-onyear (y-o-y) to 370,208 units

India's new vehicle market is facing a number of threats in FY11 (ending March 20110, not least rising raw material costs, which h

Chinese passenger car sales growth of 10.9% year-on-year in June, the lowest in 14 months, suggests BMI's expectation of a slowdow

Q310 saw a major development in the advancement of Argentina's freight transport sector. The government announced in July that it

India's battle with China for access to the world's natural resources has thrown up a new development with news that Indian coal i

Although BMI is relatively upbeat about the outlook for the local ports and shipping sector, there was a mid-year reminder of its

The international aviation business has been highly volatile in recent years, but there seems little doubt in Asia at least that t

Vietnam's new vehicle market is characterised by fluctuating tariffs, which often make it hard to identify sustainable sales patte

Supported by the strength of the private consumption and availability of credit for vehicle purchases, Brazil’s auto industry shif

Mexico has inched nearer to becoming Latin America’s largest vehicle market, Brazil, in BMI’s Business Environment Rankings for th

Given the traditional delay in releasing freight transport data, the full extent of the slump in Hungary's rail business last year

Going into the second half of 2010 it was evident that the moderate recovery experienced by Argentina's shipping and ports industr

BMI's core view that mining companies will seek to gain ownership of freight networks such as railway lines and ports to complemen

Egyptian ports, which felt the impact of the global recession last year, were seeing the first signs of recovery trickling through

There may be doubts over the strength of the recovery across Malaysia's main ports but things are pretty clear in Penang. Major ex

In the second half of 2010, there were further signs of catch-up investment in Vietnam's ports. In June, a contract was signed bet

The recovery in Canadian consumer spending is running ahead of expectations, and that is making itself felt at the country's ports

At this stage in China's economic development, one interesting message for port operators seems to be 'go West!'. In early July, B

There is plenty of cargo to move at Chile's largest container port, Valparaiso. Total tonnage was up by 15.1% year-on-year (y-o-y)

A mixture of asset write-downs, restructuring, consolidation and recovery is on the cards for the Japanese airfreight sector. The

Congestion continues to be a problem at the Kenyan port of Mombasa with the country's revenue authority the latest in the line of

The South African public sector does not have the funds it needs to invest in the long-term development of the country's freight t

Damco, the logistics division of Denmark-based shipping group AP Moller Maersk, has expanded its operations in Thailand by startin

At a time of fiscal pressure, Turkey's transport infrastructure is being gradually opened up to private sector investment. At the

Having been ravaged by 2009's global economic downturn, a recovering US economy has helped the US freight transport sector back on

In Q210 the news emanating from the US maritime sector was positive with encouraging throughput data from ports such as Los Angele

A number of Japanese shipping lines appear to have concluded that in the current volatile conditions the dry bulk market is a safe

A change of pace is forecast for Peru's freight transport sector in 2010 as the country's economy fights its way back from near st

Russia registered a 13.3% year-on-year (y-o-y) surge in rail freight volume in April 2010, according to media reports. However, fr

Saudi Arabia's rail freight transport network is set for a boost by the end of 2010 with the launch of the north-south railway, wh

South Africa's ports and shipping sector is recovering, but the outlook is for no more than moderate growth, and that is causing a

The global economic crisis was a blow for Egypt’s automotive sector, but it was not as badly affected as in many other countries.

Nigeria’s automotive market took a huge knock from the global economic crisis, and while it is recovering, the pace is slow. Domes

Just how keen Philippines is on becoming a major force in the ASEAN auto sector is evident from the fact that the country's Board

After a sharp drop in sales in 2009 in the wake of the global financial crisis and recession, South Africa’s vehicle market is on

Taiwan is aiming to become one of the world's top five electric vehicle (EV) producers by offering subsidies to EV manufacturers,

In the second quarter of 2010, the railway consortium of Indonesia's state-owned mining company PT Tambang Batubara Bukit Asam was

The skies above Mainland China and Taiwan are getting busier. The Beijing and Taipei governments in June committed to increase the

In May the Latvian port of Liepaja was said to be planning to increase its total cargo throughput by 50% in five years - a task th

In Q210 Peru's maritime sector bore the brunt of further tension between the Peruvian national port authority, the Empresa Naciona

BMI's believes that shipping companies will seek expansion opportunities in niche markets that offer growth prospects and little c

Q110 results for the Saudi port sector indicate that BMI's predictions of a beginning of a recovery in the sector were correct. Us

One of Taiwan's top shipping lines, Evergreen Marine, has cemented its contrarian reputation by announcing a massive expansion pro

In late May we noted that the Ukrainian recovery had begun to make itself felt in the country's port and shipping sector. Ukraine'

The Automotive Manufacturers and Importers Association (APIA) in Romania has said that new car sales are not expected to exceed 10

Just as European carmakers seemed to be settling into a period of improved finance and an upturn in the market, the Greek debt cri

Local production of motor vehicles underwent a decline in 2009, in common with most auto markets around the world, owing to the ef

Saudi Arabia’s automotive sector is once again looking forward to positive prospects, as the economy picks up from a sharp slowdow

Vehicle sales in Turkey reached 103,036 units in Q110, up 6.82% year-on-year (y-o-y), according to the World Bulletin. This follow

Although on track for good growth this year, India's freight transport industry is not without its problems. The country's infrast

Airfreight operators in South Korea are benefitting from a strong recovery. In April 2010, Korean Air reported record results for

A combination of good economic growth and favourable regulatory changes could give the Indonesian shipping and ports sector a bit

The operating environment in Estonia for the shipping and port sector is improving after last year's very sharp recession. While g

Greece's much-publicised fiscal and debt problems, which have prompted European Union intervention to save it from default, are de

Q210 saw hopes of an end to a long-running dispute between Mexico and the US after the latter's cancellation of a cross-border tru

Freight transport and logistics companies have had to deal with the twin threats of sluggish trade and negative press over the qua

Although Indonesia's new vehicle sales have recorded strong growth of 29% in Q110, BMI warns that this is compared with a low bas

The worsening economic downturn in Bulgaria continues to squeeze the auto market. With a shortage of / consumer loans, demand for

The Slovakian auto sector is on course for growth, as the country remains an important production hub. / This is evident from VW’s

In its latest ‘Argentina Autos Report’, BMI warns that Argentina may not be able to reach its full potential for production and ex

The worst may not be over for Venezuela’s crippled auto industry as BMI expects further production cuts this year, on the top of t

Malaysia is returning to its pre-crisis sales levels after a rally in the latter months of 2009. BMI expects a return to positive

Pakistan’s car sales for the first six months of FY09/10 have increased 27.62% year on year (y-o-y), to 53,565 units. October 2009

The Russian automotive sector is still suffering from the effects of the country’s deep recession, though there are signs that rec

The Czech Republic continues to deal with the after-effects of the global economic downturn that began in late 2008. Gross domesti

The slide in the number of new autos on the road in Hungary does not show any signs of easing. In Q110, new car registrations fell

Serbia's auto industry has experienced a slump in the wake of the global economic crisis, but is already recovering positively. BM

In 2008, new vehicle imports (and, by extension, domestic sales) reached a total of 247,409 units, according to the Association de

The recovery in Canadian vehicle sales recorded in the latter months of 2009 has been sustained into 2010, although the first sig

We expect a 5% rise in new vehicle sales in 2010, to a total of just below 980,000 units. This forecast may appear conservative,

Auto sales have been rising in Poland, according to preliminary data from the Central Register of Vehicles (CEP). New car sales r

There are no comprehensive and reliable vehicle sales and import statistics available for Qatar, which has only a very small car

After a particularly bad year for new vehicle sales in 2009, when sales were worse than forecast, a recovery still looks far from

We have substantially revised upward our expectations of sales growth in South Korea’s auto market in 2010. We now anticipate tha

New vehicles sales in the first three months of 2010 underwent a dramatic recovery, rising 54.8% yearon- year (y-o-y) to a total

Despite significant improvement in the global economic outlook, BMI remains concerned that the operating environment is likely to

According to Malaysia's trade and industry minister Datuk Seri Mustapa Mohamed, the country needs to improve its transport infrast

South East Asia’s largest shipping line Neptune Orient Lines (NOL) reported a net loss of US$139mn in / early November for the thi

South Korea’s Korean Air (KAL) registered a net profit of KRW122.3bn (US$106mn) in the fourth / quarter ended December 31 2009, co

The government of Taiwan approved plans to regenerate the area around the Port of Kaohsiung in an / effort to make the port more c

The quarter has been marked by more turbulence in Greece's port sector. The two prolonged strikes at one / of country's largest po

The major development within Bahrain's maritime sector over the quarter has been that the new port of / Khalifa Bin Salman Port (K

An increase in the shipment of oil products to the Port of Amsterdam, made up for a dramatic fall in its container traffic in 2009

Long-drawn out efforts to privatise Ruzyne, Prague's International Airport, may come to nothing. In March 2010, the Czech lower ho

Australia's port and rail operator Asciano Group registered an increase in net profit to US$73.72mn in July to December 2009, comp

In early March, Vietnam's Prime Minister Nguyen Tan Dung approved VND350trn (US$18.09bn) for the construction and development of t

According to reports in February, Dubai Ports World (DP World)'s grip on the Australian container shipping market could be loosene

An intriguing sign of the times for China's ports and shipping sector emerged in March, when Shanghai and Ningbo-Zhoushan, the two

Although Malaysia's shipping and ports sector is on a recovery path, there are still some difficulties along the way. The staff of

In late March it was reported that Japanese conglomerate Itochu Group was planning a joint venture (JV) with Vietnam's state shipp

As the global economy continues on a path of moderate recovery in 2010, the outlook for Brazil's shipping and ports sector remains

Colombia's largest coal-mining operation, Cerrejon, joint-owned by mining companies BHP Billiton, Anglo American and Xstrata, has

In February, the World Bank approved a US$280mn loan for the expansion of the second terminal building in Cairo's international ai

In March 2010 the UAE's General Civil Aviation Authority (GCAA) further tightened its regulations, demanding that airlines have a

The Bahía Blanca port authority announced in late March that it would introduce a new set of handling tariffs to make up for what

In January the Suez Canal Authority announced that it would freeze rates on the major trade link between Europe and the United Sta

Despite the threat of further sanctions hanging over it, the outlook for Iran's maritime sector looks positive. From the port pers

In March 2010, it was reported that APM Terminals was to further expand the operational capacity of its Nigerian operation, the Ap

The government of Oman and Port of Antwerp International (PAI), a subsidiary of Belgian Antwerp Port Authority (APA), in late Marc

The merger of two of Qatar's top shipping companies has been completed, and they are now changing gear to cope with the change fro

UAE-based port operator Dubai Ports World (DP World) registered a 46% year-on-year (y-o-y) slump in profits, to US$333mn, in 2009,

Canada's Port Metro Vancouver was heading towards a recovery in traffic volumes on the back of an increase in imports and an impro

International Container Terminal Services Inc., (ICTSI), the Philippines' best-known port operator, came through last year's inter

Since the beginning of this year Venezuela has been operating a modified exchange-rate system, with negative knock-on effects for

Despite the global downturn in trade, which we believe had an impact on Kenya's shipping sector, with / BMI estimating that the co

According to reports in April, normal service was near to resuming across Chile's port sector after February's hurricane, with th

The Chinese are interested in the Adriatic. There have been talks recently between representatives of the Beijing government and

Israel's port sector appears to be on the road to recovery, with the country's main port, Haifa, posting a rise in tonnage throug

Things are - slowly - getting better in the box business. At the end of March Hutchison Port Holdings (HPH), the world's largest

As the Polish economy recovers there seems to be plenty of action in the railfreight sector. Germany's DB Schenker has being doing

Still mired in recession and fiscal austerity, Bulgaria does not have vast funds to invest in its ports and shipping infrastructur

The main issue affecting Iran's freight transport network or just trade in general is the threat of further sanctions from the int

Nigeria has a fledgling auto sector, both in terms of production and sales. According to our estimates, Nigeria produced a meagre

The shopping spree among Filipinos to replace flood-damaged vehicles during the last quarter of 2009 resulted in the industry outp

The South African automotive industry has suffered in the wake of the global economic crisis, with average production capacity usa

The rebound in overall economic activity in Q309, along with a TWD30,000 (US$909) reduction in commodity tax on vehicle purchases,

Competition in Brazil’s commercial vehicle segment has never been tougher. With the country hosting the FIFA World Cup in 2014 and

Japan's automotive industry appears to be turning a corner after posting its worst sales for 38 years in 2009. New vehicle sales,

Although Mexican autos demand looks set for a positive growth in 2010, any expectation that demand in domestic recovery is likely

Vietnam's automotive industry rode a rollercoaster in 2009 as increased taxes brought sales down earlier in the year, only for tax

Kuwait’s cabinet provisionally approved a plan to privatise national carrier Kuwait Airways Corporation (KAC) on January 25 2010,

In Q110, the government of Saudi Arabia announced that Saudi Arabia’s Public Investment Fund (PIF) would provide interest-free loa

In Q110, Peru's maritime sector was a hive of activity as the country's largest port, the port of Callao, prepared for the opening

The quarter has been marked by the Singapore-based Neptune Orient Lines (NOL) publishing its 2009 results. The company posted a US

The quarter has been marked by a number of developments in South Africa's port sector. South Africa's port authority, Transnet Nat

The quarter has been marked by some mixed developments in South Korea's port and shipping sector. The country's shipping lines hav

The quarter has been marked by an important development in Taiwan's port sector. APM Terminals, the container terminal division of

Financial advisers were appointed to arrange the financing for the Izmir-Istanbul motorway, it was reported in March 2010. This is

Union Railways, the UAE's newly created railway operator, in mid-March unveiled plans for the development of the UAE's railway net

Q110 brought with it signs of a recovery in business sentiment across Mexico's maritime sector. A number of Mexico's largest ports

Greater demand could be placed on Nigeria's shipping sector following reports this quarter that the country's petroleum company, N

The first quarter has been marked by a number of developments in Australia's port and shipping sector. In January 2010, one of the

China's maritime sector is adapting to changes in the country's trading patterns. In March, the country's port of Qingdao held tal

The quarter has been marked by a number of developments in Japan's shipping sector. Japanese shipping line Nippon Yusen KK (NYK) h

In Q110, there was renewed interest in Vietnam's port sector with news that Japanese conglomerate Itochu Group is planning a joint

The quarter has been marked by some positive developments in Ukraine's port sector. The ro-ro terminal at the Ukrainian port of Od

In Q110, Venezuela's maritime sector was rocked by news of a strike by cargo handlers at the country's largest port, Puerto Cabell

The impact of reports in the previous quarter that the UK has placed sanctions on Iran's shipping line - the Islamic Republic of I

Much is being done by governments across Europe to boost their green credentials and the UK is no exception. In February 2010, the

Egypt’s economy has been sheltered from the worst of the financial crisis, and its recovery continues to gain momentum. This year,

The UAE car market is expected to grow in 2010, as it recovers from the impact of the global financial crisis and the country's re

Romania’s automotive sector had a mixed year in 2009, with the fortunes of the domestic market and those of exporters diverging gr

Turkey’s automotive sector is likely to show a modest recovery in 2010, as it feels the effect of renewed economic growth and cont

Despite reaching record lows in 2009, Canada's new vehicle market showed signs of correction by the end of the year. Total light v

The quarter has been marked by a number of positive developments in Malaysia's port and shipping sector; the country's ports seem

The quarter has been marked by a number of developments in Pakistan's port sector. The Port Qasim Authority (PQA) has successfully

The quarter has been marked by a number of positive developments in Indonesia's port and shipping sector. The ASEAN Ports Associat

Overseas interest in Colombia's maritime sector is growing and, in Q110, attention was drawn to the country's Pacific coast where

The Suez Canal Authority announced in January 2010 that it would freeze rates on the major trade link between Europe and the US wi

Over the quarter Oman has once again demonstrated its desire to expand its port sector. The country's minister of national economy

2010 looks set to be a year of development within Qatar's maritime sector, with the country's shipping line Qatar Gas Transport Co

In the midst of the downturn, which saw the Saudi maritime facility of the Jeddah Islamic Port (JIP) post a container throughput d

The UAE's maritime sector has been buffeted by the global downturn. The country, which has been pushing port development and boast

In mid-February 2010 India’s shipping ministry was planning to introduce new guidelines to increase competition within major India

In late February 2010, news emerged that Israel’s cabinet was to hold a meeting to decide the fate of the country’s Transport Plan

There was positive news for the US shipping sector in Q110 following the release of data showing the first increase in imports at

In Q110, the expectation of a strong grain harvest brought welcome relief to the country's maritime sector, after drought and floo

The biggest development in Brazil's maritime sector in Q110 was the news that ports are to receive US$1.72bn in state funding over

In this latest report BMI has introduced Greece to its Business Environment Ratings for the autos industry in Europe. Due to the l

In what BMI sees as a classic example of industrial logic versus government policy, the Italian autos industry finds itself strang

South Korea produced a total of 3,512,926 vehicles in 2009, which is 8.2% lower than in 2008. Given the extent of the global econo

Sales of new vehicles in Thailand's domestic market fell 10.8% in 2009, to a total of 548,871 units, according to the Federation o

Car production and sales in Poland could decline in 2010 as consumers in the country’s key export markets retrench and as the dome

Riding on the success of the scrappage scheme in the domestic market and expansion in overseas emerging markets, German carmakers

There was little in the way preventing French consumers buying new cars during 2009. Despite an estimated 2.2% year-on-year (y-o-y

The Spanish autos industry is bracing itself for yet another difficult year in 2010, despite the extension of the vehicle scrappag

Car sales fell in Kuwait in 2009 to 119,133 units, from 122,623 in 2008, according to BMI. The impact of the international economi

In January 2010, transport minister Radu Berceanu said that his government would make a new attempt to privatise CFR Marfa, the fr

India's maritime sector has attracted considerable international interest in recent years, and Q110 proved no exception. A number

The quarter has been marked by a development in Egypt that affects almost the entire global shipping industry. The Suez Canal Auth

The main development within Kuwait's shipping and maritime sector over the quarter has been the news that plans to develop the por

The quarter has been marked by a number of positive developments in Canada's port sector. One of Canada's largest maritime termina

Vietnam’s Prime Minister Nguyen Tan Dung approved the Viet Nam Seaport Development Master Plan, which will require a total investm

State-owned Russian Railways (RZD) registered a 15% year-on-year (y-o-y) slump in freight tonnage to 1.11bn tonnes in 2009. The co

Two of Europe’s rail freight giants formed a partnership in December to establish a joint company, which will offer a more efficie

The quarter has been marked by a number of positive developments in Russia's port and shipping sector. The country's newest crude

China's auto industry may have sustained its rapid growth heading into 2010 with production and sales both up over 70% in Q110, bu

The small car segment continues to be the area of focus in India's automotive industry, helping to generate a 19% year-on-year (y-

Passenger car sales in Pakistan rose 41.4% year-on-year (y-o-y) in the first nine months of FY09/10, when 86,483 units were shifte

Sales of passenger cars and light commercial vehicles (LCV) in Russia fell 32% year-on-year (y-o-y) to 91,922 units in February 20

Japan's new vehicle sales fell to the lowest level in 38 years in 2009, despite a late rally kick-started by government incentives

Sales of domestically produced vehicles rallied in the latter months of 2009 thanks to tax cuts on the purchase of passenger cuts.

In our latest Brazil Autos Q2 2010 Report, BMI has extended its coverage to the motorcycle segment, where we have briefly discusse

Consumer lending, which BMI believes was a major driver of the average 5.0% year-on-year (y-o-y) growth levels in private consumpt

China fulfilled industry expectations to become the world's biggest car market in 2009, overtaking the US by a significant margin.

After marginally avoiding a contraction in new vehicle sales in FY09, India's automotive industry looks to be back to strong growt

The Czech Republic has one of the lowest risk levels of systemic economic crisis in Emerging Europe. However, it faces headwinds o

New vehicle sales in Hungary continue to fall dramatically. New car registrations in Hungary plummeted 63% year-on-year (y-o-y), t

Serbia's auto industry has experienced a slump in the wake of the global economic crisis, but is already recovering positively. BM

Pakistan's state-owned shipping line, the Pakistani National Shipping Corporation (PNSC), has seen an opportunity in the still-dep

Consolidation moves have been the order of the day in China’s strongly recovering aviation and airfreight market. China Eastern in

At the end of March 2010, Brazilian President Luiz Inacio Lula da Silva announced the Programa de Aceleração do Crescimento II (PA

The Panamanian government has moved to nationalise toll roads. The decision has more to do with what was seen as poor performance

In November 2009, it was reported that Argentine toll road operator Autopistas del Sol (Ausol) was seeking to restructure its debt

Mining giant BHP Billiton reportedly came forward as a potential bidder for Queensland Rail’s coal freight business QR National. T

One development over the quarter that highlighted how the downturn in the global shipping sector has impacted upon the Bulgarian m

Initial estimates have put the price of building the Transandino Central Rail Tunnel linking central Chile / and the Argentine pr

The quarter has been marked by a positive development in Latvia's port sector. Russian chemical giant United Chemical Company URAL

Rail shipments between Mexico and the US are recovering, according to data released in December 2009 by the Association of America

Hong Kong-based carrier Cathay Pacific Airways will bring one of its five parked 747-400 freighters back into operation as it aims

At the end of December 2009, Peru’s finance minister, Mercedes Araoz, published a decree prioritising 16 internal infrastructure p

Although the extension of the vehicle scrappage scheme until 2011 has ensured that domestic auto demand does not face a sharp plun

Although the Greek economy outperformed the eurozone's -4.1% y-o-y growth in 2009, BMI forecasts a reversal in 2010, with the Gree

Just how far the vehicle scrappage scheme in 2009 had gone towards fuelling demand for passenger cars in Italy last year is eviden

The Greek debt crisis has raised fears of contagion effects in Spain alongside Portugal and Ireland, making European carmakers con

2009 was a tough year for the Port of Singapore Authority (PSA) but there does now seem to be light at the end of tunnel. PSA repo

India's port sector appears to be on track to meet our 6.5% throughput growth target in 2010/11 after figures released by the Indi

Kuwaiti shipping firm the Kuwait Oil Tanker Company appears to have weathered the downturn well, and is making the most of the upt

Mexico's maritime sector has outperformed that of several other Latin American states in 2010; the country's 16 largest ports reco

A year has made a big difference at Busan International Container Terminal (BICT). According to press reports the big problem at B

The Czech Republic continues to deal with the after-effects of the global economic downturn that began in late 2008. Gross domesti

The slide in the number of new autos on the road in Hungary does not show any signs of easing. In Q110, new car registrations fell

Serbia's auto industry has experienced a slump in the wake of the global economic crisis, but is already recovering positively. BM

In 2008, new vehicle imports (and, by extension, domestic sales) reached a total of 247,409 units, according to the Association de

According to Malaysia's trade and industry minister Datuk Seri Mustapa Mohamed, the country needs to improve its transport infrast

In early March, Vietnam's Prime Minister Nguyen Tan Dung approved VND350trn (US$18.09bn) for the construction and development of t

According to reports in February, Dubai Ports World (DP World)'s grip on the Australian container shipping market could be loosene

An intriguing sign of the times for China's ports and shipping sector emerged in March, when Shanghai and Ningbo-Zhoushan, the two

Although Malaysia's shipping and ports sector is on a recovery path, there are still some difficulties along the way. The staff of

In late March it was reported that Japanese conglomerate Itochu Group was planning a joint venture (JV) with Vietnam's state shipp

While the recovery in shipping activity remains muted across Europe, some brighter spots are appearing here and there. In February

As the global economy continues on a path of moderate recovery in 2010, the outlook for Brazil's shipping and ports sector remains

Colombia's largest coal-mining operation, Cerrejon, joint-owned by mining companies BHP Billiton, Anglo American and Xstrata, has

In February, the World Bank approved a US$280mn loan for the expansion of the second terminal building in Cairo's international ai

The Bahía Blanca port authority announced in late March that it would introduce a new set of handling tariffs to make up for what

In January the Suez Canal Authority announced that it would freeze rates on the major trade link between Europe and the United Sta

Despite the threat of further sanctions hanging over it, the outlook for Iran's maritime sector looks positive. From the port pers

In March 2010, it was reported that APM Terminals was to further expand the operational capacity of its Nigerian operation, the Ap

The government of Oman and Port of Antwerp International (PAI), a subsidiary of Belgian Antwerp Port Authority (APA), in late Marc

The merger of two of Qatar's top shipping companies has been completed, and they are now changing gear to cope with the change fro

UAE-based port operator Dubai Ports World (DP World) registered a 46% year-on-year (y-o-y) slump in profits, to US$333mn, in 2009,

Canada's Port Metro Vancouver was heading towards a recovery in traffic volumes on the back of an increase in imports and an impro

International Container Terminal Services Inc., (ICTSI), the Philippines' best-known port operator, came through last year's inter

Since the beginning of this year Venezuela has been operating a modified exchange-rate system, with negative knock-on effects for