Container traffic in the port of Piraeus slightly decreased in July 2024, due to the geopolitical developments in the Red Sea, as Houthi attacks against international shipping continue.
The drop is mainly recorded in transit cargo but not domestic cargo, which is maintained at a very positive level, offering profitable results for the Piraeus Port Authority (PPA).
According to data published by Cosco Shipping Ports, a total of 369 thousand containers were handled from piers II and III managed by the Piraeus Container Terminal (PCT) in July 2024 compared to 387 thousand in the same month of 2023 (-4.8%). Between January and July 2024, the handling of containers from piers II and III fell by 11.7% compared to the same period in 2023.
In total, 2.327 million containers were handled in the seven months this year compared to 2.636 million in the same period of 2023.
Moreover, a drop of 3.5% in the handling of containers was recorded at Pier I of the PPA during the seven-month period.
In July 2024 container handling from the same pier saw an increase of more than 20% compared to the same month last year, handling around 55,000 TEUs.
Cosco Shipping Ports
The total handling of containers in the 36 ports controlled by Cosco Shipping Ports, a member of the Cosco Shipping Group, continued to grow in July, rising by 6.4% (9.779 million containers versus 9.189 million in the same month of 2023).
At seven-month level, a total of 63.818 million containers were handled by Cosco’s 36 ports compared to 59.252 million in the corresponding period of 2023, up 8%.
The best performance in China was recorded by terminals in the Yangtze River Delta region, with traffic at Nantong Tonghai port and Wuhan terminal increasing by 51.1% and 41.4% respectively. In addition, Shanghai Pudong Export Station and Shanghai Terminals Mingdong containers also saw growth, with traffic rising by 21.8% and 22.7% year-on-year.
Overseas terminals continued to show steady signs of growth and recovery, with traffic up 3.2%.
CSP Abu Dhabi, CSP Spain and CSP Zeebrugge terminals performed very well, recording traffic growth of 63.1%, 25.3% and 47.2% year-on-year, respectively.
It is noted that Drewry’s global composite container index fell 2% to 5,428 dollars per 40-foot container this week.
It is 48% below the pre-pandemic peak of 10,377 dollars per 40-foot container in September 2021, but it is 282% higher than the 2019 (pre-pandemic) average.
Fares
Freight rates from Shanghai to Los Angeles fell 3%, or 198 dollars, to 6,303 dollars per 40-foot container. Prices from Shanghai to Rotterdam, Shanghai to Genoa and Shanghai to New York fell by 2% to 7,756 dollars, 7,182 dollars and 8,764 dollars per FEU, respectively.
Similarly, prices from New York to Rotterdam fell 1%, or 4 dollars, to 762 dollars per 40-foot container.
The situation in the Red Sea reduced the transit load of the first Greek port in the seven months as 369 thousand containers were handled in July from piers II and III compared to 387 thousand in the same month of 2023.
