INFOGRAPHICS. In terms of container traffic, most of the world's ports returned to growth in the first half of 2024, particularly US ports.
1/The global Top 20
Data source: port authorities - na: non available.
In the first half of 2024, almost all of the world's Top 20 ports recorded growth in their container sector activity. The only exceptions are Hong Kong and Xiamen.
Chinese ports consistently dominate the global scene occupying 4 of the top 5 rankings. However, Hong Kong paid the price for its poor performance by dropping out of the top 10, to be replaced by Port Kelang. Conversely, Shenzhen takes the prize for growth, ahead of Los Angeles.
After a very gloomy 2023, American ports have indeed experienced an impressive rebound since the beginning of 2024, driven by strong demand from American consumers. If we combine the results of Los Angeles and those of Long Beach, we see a progression of 14.7% for the number one American port cluster. With a total of 9,023,117 TEUs, it ranks 9th in the world.
Europe is still only present in the Top 20 through its two main Benelux ports: Rotterdam and Antwerp-Bruges. Both have returned to growth, but at this stage in the year it is not enough to compensate for the 7% decline recorded by both in 2023.
Tanger Med entered the Top 20 in 2023. The port has not published its half-year results but says it is in a position to cross the 9 million TEUs mark in 2024, which should allow it to maintain its position in the ranking.
2/ European Top 10
Data source: Port authorities - * Results of Piraeus Container Terminal (Source: Cosco); ** Data over 7 months, from January to July 2024. Source: press article.
The results of European ports in the first half of 2024 generally show more moderate growth than that of their Chinese or American counterparts. This is particularly the case for the leading trio, with Hamburg even recording a slight drop. The other two ports in Northern Europe, Bremen/Bremerhaven and Le Havre, on the other hand, experienced double-digit growth.
On the Mediterranean coast, the Spanish ports of Valencia and Barcelona are also showing strong growth. In particular, they took advantage of the diversion of container ships via the Cape of Good Hope to play an increased role as transshipment hubs towards the Eastern Mediterranean. The Italian port of Gioia Tauro is also on a good trajectory. Half-yearly data is not available. However, on the occasion of the arrival of new cranes at the Medcenter container terminal in late August, the Port Authority announced that in the first seven months of 2024, the port had handled around 2.3 million TEUs, an increase of 11.9% compared to the January-July period of last year. Piraeus, on the other hand, suffered from the near-paralysis of traffic through the Suez Canal: its traffic fell by almost 13%. The port of Marseille-Fos, finally, remains far from the Top 10, but is satisfied with a growth of 7% in the first half of the year, bringing traffic to 719,000 containers.
3/ US Top 10
Data source: port authorities.
U.S. ports had a booming first half of 2024. Boosted by consumption, American growth turned out to be better than expected, particularly in the second quarter, and this situation benefited port facilities. Los Angeles/Long Beach, the leading gateway to the United States, strengthened its position with cumulative growth of 14.7%. But the East Coast ports are also doing very well.
The results for July and August show that the upward trend continued, still driven by growth but also stimulated by the prospect of additional customs tariffs on certain products. This resurgence of the trade war has led importers to anticipate a certain number of orders.
Another factor contributing to the buoyancy of traffic in the third quarter: the threat of a strike at ports on the East Coast and the Gulf of Mexico, starting October 1. Negotiations that began in May between the trade union, The International Longshoremen's Association, which represents port workers, and the USMX, which represents employers, have stagnated. They concern the signing of a framework agreement on working conditions, including salaries but also the automation of ports which crystallizes discontent.
4/ China's Top 10
Data source: Chinese Ministry of Transport
The improvement in Western demand has allowed Chinese ports to accelerate their pace of growth, after an already overall positive year 2023. While Xiamen, after an already very moderate growth of 1% in 2023, continues to struggle, Beibu Gulf, which includes three ports located in coastal cities in the Guangxi Zhuang region, continues to break records. Its geographical location makes it an ideal transit point between Western China and Southeast Asia. Over the past three years, it has taken full advantage of China's increasing trade with ASEAN.
Photo credit : Photo courtesy of the Port of Los Angeles.
