Port of Valencia enjoys export freight rates surge

Port of Valencia's export freight rates rise for third consecutive month

Export freight prices from the Port of València (PAV) have increased for the third consecutive month in January 2024, totalling 43.53 per cent.

This is reflected in the València Containerised Freight Index (VCFI), which stands at 1,779.65 points in the first month of 2024, comparable to levels seen in the first quarter of 2021.

The VCFI has grown by 77.97 per cent from the beginning of the historical series in January 2018.

The Index represents the largest increases in export freight rates from the Mediterranean to the Far East (+125.49 per cent) and to the US and Canada (+98.14 per cent).

PAV recorded a 19.23 per cent rise in the Western Mediterranean sub-index compared to the previous month.

READ: Port of Valencia witnesses export freight rates growth in November

With this, the VCFI for the Western Mediterranean area reportedly stands at 1,726.32 points in January, showing a 72.63 per cent increase since the series began in 2018.

According to the latest available data, Valenciaport has increased the volume of exports to Morocco and Algeria, while cargo traffic to Tunisia has contracted.

Similarly, PAV recorded a 125.49 percent gain in the Far East area, reaching 2,472.23 points, for a total growth of 147.22 percent since the series began in January 2018.

READ: Port of Valencia traffic increases near 20 per cent in November

Valenciaport’s traffic with this geographical area has increased compared to the previous month.

Regarding traffics related to this geographical area, the VCFI report notes that: “Exporters are also looking to anticipate their shipments to adapt to longer transit times and secure their orders before the arrival of the Chinese New Year. As demand eases, the industry is likely to experience some relief, which could result in lower freight rates in the near future“.

In December 2023, PAV reported an increase in export freight rates for the second consecutive month.

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