Cost of shipping via Hamad Port drops 31% since blockade, says report

It has now been almost four months since the start of the illegal blockade by four of Qatar’s neighbouring GCC and Arab countries.  

However, Qatar has withstood the blockade thanks to uninterrupted supply of food and raw materials through the Hamad Port.

A report has now stated that operations at Hamad Port has helped bring down shipping costs by 31% despite the economic blockade, said Gulf Times.

SAK Holding Group, in its monthly real estate report, said freight prices at the beginning of the blockade were pegged at $1,700 for a 40-foot container and that has now dropped by 31% to $1,300.

“Observers noted that the wind blew counter to what siege countries had desired. Closing ports did not isolate Qatar, harm its economy, curb the overall development of all aspects of life, or slow down the pace of construction and development projects, especially those connected to hosting 2022 World Cup,” the report said. 

“Qatar, in parallel with the blockade, launched an economic transformation plan that focused on self-reliance in securing all its needs, preserve the independence of production and manufacturing operations, and doing everything necessary to maintain food and medical security, in partnership with the Qatari private sector and regional and international partners,” the report added. 

Qatar moved fast to find various options and alternatives to fulfil the local market’s needs and supply it with all types of materials needed for day-to-day life.

The launching of new maritime routes between Hamad Port and those in Oman, Turkey and other countries in East Asia boosted the movement of Qatari imports.

According to the report, after construction materials started flowing into the Qatari market regularly and at reasonable prices, the siege countries “began to incur heavy losses because 95% of Gulf companies were operating projects in Qatar.”