by Lloyd's List
23 Oct 2024 (Lloyd's List) - EUROPE’S biggest container port handled 2.2% more teu in the first nine months of 2024 versus the same period last year.
The Port of Rotterdam said its throughput for the first three quarters of the year was 10.4m teu, compared with the 10.2m teu it handled during the same period in 2023.
This was mainly down to increased consumer spending in Europe, the port said, after a depressed period post-pandemic.
Rotterdam Port Authority chief executive Boudewijn Siemons said global trade “saw a tentative recovery in recent months”.
“Consumer confidence has increased and this translated to a growth in container throughput.”
While these results are undoubtedly welcome for Rotterdam, it should be noted that the 10.4m teu handled so far in 2024 is well down on the almost 11m handled during the same period in 2022.
In fact, Rotterdam’s neighbour and closest European competitor, Antwerp-Bruges, reported it had handled 10.2m teu so far this year yesterday, increasing its market share of the major western European ports to more than 30%.
Rotterdam said some services had been rerouted in September, leading to lower volumes last month after an early peak season thanks to uncertainty surrounding Cape of Good Hope reroutings.
While container volumes have showed signs of a recovery, the same cannot be said for dry bulk volumes at the port.
Throughput declined 0.9% in the first three quarters of 2024 versus 2023, driven largely by a 26.6% drop-off in coal throughput this year. That follows a 17% fall in the previous the year.
Thermal coal, in particular, suffered the most, the port said, as coal-fired power generation declined in Germany and the Netherlands.
On the other hand, iron ore throughput increased 11.1% in the first nine months of 2024 as European steel mills bought iron ore at low prices, the port said, despite modest steel demand on the continent.
But sentiment remains pessimistic in terms of commodity volumes at the port.
“The drop in the throughput in other segments sadly shows that European industry is still wrestling with a weak competitive position due to high energy costs,” Siemons said.
“These developments come as no surprise. We continue to deal with major challenges on the geopolitical stage and in the global supply chains. We therefore don’t expect to see any major shifts in commodity flows in the remaining months of this year.”
