The Port of Rotterdam, Europe’s largest port, experienced a 1.4% decrease in total throughput during the first quarter of 2024 compared to the same period last year. This dip saw throughput numbers fall from 111.7 million tonnes in Q1 2023 to 110.1 million tonnes in Q1 2024.
The decline primarily stems from reduced throughput of coal, crude oil, and oil products. Conversely, iron ore & scrap and LNG experienced increases in throughput. Container throughput also saw a modest uptick of 3.3%.
Boudewijn Siemons, CEO & Interim COO of the Port of Rotterdam Authority, commented on the figures, noting a pattern of limited imports of raw materials and exports of finished products. Siemons attributed this trend to ongoing challenges in European industrial production, citing high energy prices and subdued demand from sectors such as construction and automotive.
However, Siemons expressed cautious optimism, pointing to the growth in container throughput as an indication of potential improvements in global trade. Nonetheless, he highlighted the uncertainty surrounding these developments amid escalating global tensions.
Dry bulk throughput experienced a 4.5% decline, primarily due to reduced coal throughput, which saw a notable drop in demand for thermal coal used in power generation. On the other hand, iron ore imports increased alongside a significant rise in other dry bulk segments.
The liquid bulk segment witnessed a 3.1% decrease in throughput, driven by reduced volumes of crude oil and mineral oil products. Despite healthy refinery margins in north-western Europe, lower demand for oil products offset stable crude oil supplies.
In contrast, LNG throughput continued to increase, reflecting a growing demand for natural gas. However, the overall liquid bulk segment faced challenges across various subcategories, including chemicals and renewable products, reflecting ongoing struggles in the European processing industry.
The container segment showed signs of recovery, with a slight increase in throughput for the first time in three years. Despite initial disruptions in shipping schedules, March saw a rebound in volumes from Asia and other shipping areas, indicating a cautious economic recovery.
Meanwhile, the breakbulk market segment experienced a modest decline of 1.9%, with decreases in RoRo throughput partially offset by growth in other breakbulk categories.
The Port of Rotterdam’s performance in Q1 2024 reflects a nuanced landscape of shifting demands and global economic dynamics, with cautious optimism tempered by ongoing uncertainties.
