Israeli ports hit by crisis

The combined profits of Israel’s three maritime ports fell by 14 per cent in 2008, according to Port2Port, thanks to a sudden downturn at the end of the year due to the economic crisis.

Ashdod Port Co, Haifa Port Co and Eilat Port Co recorded a total profit of €41.6m (Shk223m) compared with €48.3m (Shk259m) in 2007.

Statistics released by the three ports suggested that 2008 was a good year on the whole. However, the fourth quarter of the year saw a sharp fall in cargo movement due to the global economic crisis.

Port2Port also reported that the drop in cargo movement is believed to have intensified in 2009, with cargo down 30 per cent in the first quarter and container movements seeing a 15 per cent fall.