Leading valuation and data provider, VesselsValue, are pleased to announce the latest addition to their Trade offering, allowing users to monitor vessel waiting times prior to entering ports.
Using real time and historical Trade data, the new searchable feature displays congestion on a global scale for over 9,000 ports and terminals. Users can monitor congestion and the moving average waiting times at either an aggregated level, isolated by ship type, or by individual port. The feature differentiates between congestion for ballast or laden vessels, can identify trends to demonstrate whether congestion is rising or falling, and also provides a customisable chart for any given time period.
Commenting on the launch, Vivek Srivastava, Senior Trade Flow Analyst, remarked:
“The pandemic has taught us that supply chains are fragile. When bottlenecks appear, they create shortages of goods and raw materials, feed into inflation, and unexpectedly tie up huge amounts of our clients’ capital. Our Congestion measure is by far the best early warning indicator of any such unexpected events out there.”
Adding to this, Peter Williams, Trade Flow Analyst, said:
“The fallout from the Container congestion at Long Beach last year, and more recently in Shanghai, has highlighted just how critical efficient port operations are. Making business decisions based on the latest Congestion trends, in conjunction with our Predicted Destination and ETA products, gives users an invaluable analytical and planning tool”.
Below are example figures generated from VesselsValue’s Congestion model surrounding recent world events:
- Average waiting times for Containerships on the US West Coast are down from a peak of 146 hours in October 2021 to currently less than 12 hours.
- Following an 8 day strike at Felixstowe, the UK’s busiest Container port, average waiting times are elevated at 31 hours, compared to less than 12 hours before the strike.
- Europe’s renewed need for coal imports in the wake of the gas crisis has put increased pressure on ports, with average waiting times for Bulkers in Northwest Europe currently at 46 hours, compared to a 5 year average of 26 hours for this time of year.
VesselsValue Ltd. (VV) is a leading online valuation and market intelligence provider for the Aviation and Maritime industries. VV went live in 2011 and has 2,500 users and works with over 500 global companies including major banks, leasing companies, shipowners, investment funds, hedge funds, lawyers, advisors and government regulators. The company has nine offices globally including London, Singapore, Shanghai, Hong Kong, and Oslo, with over 220 employees.
VesselsValue’s mission is to bring transparency and objectivity to the Aviation and Maritime markets through a wide range of services. Data and market insights are available through online access, reports, API feeds and exports, including automated values, transactions and fleet data, as well as AIS and ADS-B derived mapping & tracking, demand, utilisation and trade and people flows. Visit www.vesselsvalue.com for more information.