Port of Valencia witnesses freight rates growth

Port of Valencia witnesses 2.13 per cent freight growth

The Port Authority of Valencia (PAV) has reported that export freights steadied in March and increased by 2.13 per cent.

This is reflected in the Valencia Containerised Freight Index (VCFI) which in the third month of 2024 stands at 1,790.11 points – remaining at similar levels to those recorded during the first quarter of 2021.

The VCFI has accumulated a growth since the beginning of the historical series in January 2018 of 79.01 per cent.

The Index reflects a 6.08 per cent increase in export freight rates from the Mediterranean to the East Coast Africa area, followed by a 5.92 per cent increase in the US and Canada, and a 4.96 per cent increase in the Middle East, while the Baltic States area has seen the largest decrease in freight rates by 39.42 per cent.

READ: Port of Valencia witnesses export freight rates rise in December

According to the current VCFI study, which serves as a benchmark for freight rates from the Mediterranean to the rest of the globe, there is an increased demand for maritime transport derived from international trade.

This resulted in a significant rise in global container throughput for four consecutive months. According to PAV, the gain would have been considerably greater if there had not been a steep decline in container throughput in Chinese ports, which was driven in part by the impact of the Chinese New Year.

Furthermore, container traffic at European ports increased by around 3 per cent, owing to the recovery of German exports and the Red Sea incidents.

The Western Mediterranean sub-index rose 0.34 per cent over the previous month. With this, the VCFI for the Western Mediterranean area currently stands at 1,935.40 points, reflecting a 93.54 per cent increase since the series began in 2018.

READ: Port of Valencia relishes from container rate increase

According to the most recent data, Valenciaport’s export volumes to Morocco and Algeria have increased, while shipments to Tunisia have fallen.

In the Far East, a 9.68 per cent drop has been recorded, with 2,424.39 points, showing an aggregate rise of 142.44 per cent since the series began in January 2018.

PAV reported that traffic with the Far East surged at Valenciaport, and China remains the area’s primary commercial partner.

This is reportedly due to a rise in transhipment business at the Valencian docks, which originates in Asia and travels to other Mediterranean ports.

PAV reported a 9.97 per cent growth in the number of containers that entered and left Valencian terminals in the first two months of 2024.

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