
Cargo transhipment in North Sea Port held steady in the first six months of 2024, matching the 33.4 million tons recorded during the same period last year. This consistency is notable given the varied economic pressures at play. Interestingly, transhipment via inland navigation saw an uptick, highlighting a shift in logistical preferences.
Focusing on specific commodities, there’s been a rise in what one might call “recession-sensitive” products. Construction materials, petroleum products, and chemical products all saw increased volumes. This trend reflects broader economic adjustments as industries adapt to fluctuating demand.
Liquid bulk goods experienced a significant boost, growing by 5% to 7.5 million tons. This increase was driven primarily by higher volumes of chemical products and fertilizers. In the realm of general cargo, there was a 4.1% rise, reaching 5.2 million tons, with cellulose being a key contributor. Ro-ro (wheeled cargo) throughput held steady at 1.9 million tons.
On the flip side, dry bulk goods saw a slight decline of 2%, falling to 18 million tons. This decrease was mainly due to drops in oil seeds and iron ore transhipment. However, it wasn’t all downhill for dry bulk; fertilizers and raw minerals managed to buck the trend and register increases.
Trade dynamics have also shifted significantly. EU sanctions have led to a further 17% reduction in trade with Russia, now the port’s tenth largest trading partner, down from its former top position two years ago. Meanwhile, the UK has emerged as the leading trading partner, followed closely by the United States and Sweden.
Inland navigation cargo transhipment climbed by 2.6%, reaching 32.2 million tons. Liquid bulk goods continued their upward trend, while dry bulk volumes remained unchanged.
Looking ahead, growth prospects for Western Europe appear modest. Forecasts suggest a cautious growth rate of around 2% for the remainder of 2024.