The Valencia Containerised Freight Index (VCFI) for the month of June has decreased slightly.
These results come in a scenario in which the activity of the maritime sector is marked by the geopolitical situation, but in which an improvement in the world economy is observed.
Thus, in the sixth month of the year, this price index, which is based on export prices recorded by the Port of València in 13 geographical areas around the world, stood at 1,585.67 points, representing a monthly decrease of 1.30 per cent and an accumulated growth of 27.8 per cent since the beginning of the year.
This variation in the value of the index is unevenly distributed over the time horizon of the data, as well as in the geographical areas that make up the index.
In this regard, the largest declines were observed in the US and Canada, with a decrease of 23.45 per cent, followed by the Far East with a drop of 13.82 per cent, and Africa East Coast with a decrease of 6.11 per cent. In contrast, the Middle East showed an increase of 21.08 per cent and the Eastern Mediterranean grew by 15.37 per cent.
The VCFI Commentary for June notes that the World Bank’s June 2024 ‘Global Economic Prospects’ report “sees an improving global economy stabilising after several years of overlapping negative shocks, and despite geopolitical tensions and high interest rates. With this, global growth is projected to remain stable at 2.6 per cent in 2024.”
On the other hand, the Commentary further notes that, in recent weeks, there has been a marked increase in demand for container shipments. According to the latest reading of the RWI/ISL Container Throughput Index, “an increase in port traffic has been observed compared to the preceding month. This increase in global container traffic is evidence of a further recovery in world trade in the second quarter, which should particularly support the economic recovery in Europe.”
As for the Western Mediterranean sub-index, it shows a drop of 3.67 per cent compared to the previous month. This brings the VCFI for the Western Mediterranean area to 1,838.17 points.
As for Valenciaport, the most recent data indicate an increase in exports to Morocco, while a notable drop in cargo to Tunisia is observed. In addition, there is a slight increase in activities related to Algeria.
In the Far East area, a decrease of 13.82 per cent was recorded, reaching 2,032.45 points. This decline is a consequence of a reduction in container traffic in China, also reflecting lower throughput and demand in the region.
This May, Valenciaport announced that the European project RENEWPORT is already underway in the Valencian docks.
More recently, Valenciaport reported that containers from January to May totalled 2.22 million TEU, reflecting a growth of 12.36 per cent.
