Container throughput is the strongest climber in the Port of Rotterdam in the third quarter of 2024
Throughput at the Port of Rotterdam decreased by 0.4 percent in the first three quarters of 2024, totalling 328.6 million tonnes compared to 329.9 million tonnes during the same period in 2023. Despite the overall decline, the container sector saw growth with an increase in weight (3.0 percent) and number of containers (2.2 percent), along with a rise in iron ore and scrap throughput by 11.1 percent. However, the reduction in total throughput is largely attributed to a significant decrease in coal and crude oil volumes.
Boudewijn Siemons, CEO of the Port of Rotterdam Authority, commented on the recent trends, stating, “Global trade saw a tentative recovery in recent months. Consumer confidence has increased and this translated to a growth in container throughput. However, the drop in throughput in other segments shows that European industry is still wrestling with a weak competitive position due to high energy costs. These developments come as no surprise, as we continue to deal with major challenges on the geopolitical stage and in global supply chains.”
Dry Bulk Performance
Dry bulk throughput declined by 0.9 percent overall, despite growth in iron ore, scrap (11.1 percent), and other dry bulk (20 percent). The falling price of iron ore, driven by a collapse in Chinese steel production, prompted European steel mills to increase purchases. In contrast, coal throughput plummeted by 26.6 percent as coal-fired power plants lost ground to renewable energy sources, particularly in the Netherlands and Germany, where coal contributed just 6 percent and 20 percent to the energy mix, respectively.
Liquid Bulk Developments
Liquid bulk throughput dropped by 1.7 percent, largely due to reduced volumes of crude oil, LNG, and other liquid bulk products. Crude oil saw a 3.6 percent decline, attributed to unforeseen maintenance at a German refinery and low refinery margins. Meanwhile, LNG throughput fell slightly, as high European gas reserves diminished demand, and LNG spot cargoes increasingly headed to Asia due to price differentials. However, mineral oil products showed a 4 percent increase, notably in fuel oil and kerosene.
Container and Breakbulk
Container throughput continued to recover, rising 3.0 percent in weight and 2.2 percent in TEUs, driven by increasing consumer spending and stock replenishment after the pandemic. However, exports of capital goods and automotive parts are still lagging due to slow industrial recovery in Europe. Breakbulk throughput, including Roll-on/Roll-off , fell by 4.7 percent, with RoRo traffic declining by 3.5 percent, reflecting the economic situation in the UK. Additionally, other breakbulk, such as steel and non-ferrous metals, decreased by 9.5 percent.
Despite a challenging economic and geopolitical climate, the Port of Rotterdam’s performance in certain key sectors highlights the complex dynamics of global trade, with container and iron ore throughput showing resilience amidst broader declines in other commodities.
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23 October 2024