Export freights from the Port of Valencia have stabilised in February despite experiencing a slight decrease of 1.51 per cent.
This is reflected in the Valencia Containerised Freight Index (VCFI) which in the second month of 2024 stands at 1,752.72 points – remaining at similar levels to those recorded during the first quarter of 2021.
The Index reflects the largest increases in export freight rates from the Mediterranean to Atlantic Europe with 26.67 per cent and the Baltic States with a growth of 15.43 per cent, while the largest decreases have been in the Indian Subcontinent area (6.48 per cent) and Central America and the Caribbean (4.62 per cent).
“Freight levels remain remarkably high compared to the same month in previous years, driven by rising operating costs for carriers due to escalating tensions in the Middle East,” stated the VCFI report.
“The reconfiguration of services and routes by carriers in response to the attacks in the Red Sea, opting for longer alternative routes, has resulted in higher bunker costs.”
READ: Port of Valencia relishes from container rate increase
As for the Western Mediterranean sub-index, an increase of 11.73 per cent is observed for the previous month. Thus, the VCFI for the Western Mediterranean area has stood at 1,298.77 points, representing an accumulated growth of 92.88 per cent per cent since the beginning of the series in 2018.
As for Valenciaport, according to the most recent data, there has been a slight decrease in the volume of exports to Morocco, while exports to Algeria have remained stable and traffic to Tunisia has increased.
In the Far East area, an increase of 8.58 per cent has been recorded, reaching 2,648.30 points, representing a cumulative growth of 168.43 per cent since the start of the series in January 2018.
READ: Valenciaport reports decrease in traffic
As detailed in the February VCFI analysis: “These data contrast with the sharp increase in January for freight with this area, influenced by seasonality at the time.
“As anticipated, as demand has eased with the end of the Chinese New Year holidays, the industry is experiencing some relief. It is also crucial to consider the uniqueness of the current context, marked by the Red Sea Crisis, which stems from a geopolitical conflict whose evolution remains uncertain.”
In February this year, Fundación Valenciaport, the Port Authority of Valencia (PAV), and the Valencia Provincial Consortium of Firefighters announced a partnership on the OVERHEAT project, which aims to prevent and manage fires on containerships.
More recently, Fundación Valenciaport kicked off a research study on the safety of ammonia as fuel, titled ‘Study Investigating the Safety of Ammonia as Fuel on Ships’.
