Economic turbulence hits Antwerp-Bruges’ throughput numbers

Economic instability has pushed the port’s total throughput down by 6% on the year to 204.4 million mt in the first nine months of 2023.

PHOTO: Huge container ship being unloaded with cranes at a container terminal in Antwerp, Belgium. Getty Images

The port authority said the eurozone economy is feeling the pressure of sharply increased interest rates. The global economic situation "remains unstable and future indicators point to a further economic downturn,” it said. 

Liquid fuels’ throughput, however, was up by 8.7%, spurred by a strong growth of 42.7% in diesel transshipments. The segment has maintained its upward trend from the first half of the year. 

In contrast, throughput of gasoline and LNG dropped by 3.7% and 6.7%, respectively.

Liquid bulk throughput numbers also revealed a 2.9% decline on the year. Similarly, dry bulk throughput declined by 14.6%, impacted by a 24.2% fall in the fertiliser volumes — the biggest product group within dry bulk. Coal transshipments also showed a downward trend, reporting a 36% fall on the year.  

The port authority said the current economic backdrop has affected containerised trade flows which showed a downward trend worldwide. Antwerp-Bruges' container throughput decreased by 6.8% on the year to 9.5 million TEU in the first nine months of the year.

"The continued economic and geopolitical concerns have been visible in the figures for several quarters now. The competitiveness of European industry is under pressure due to high energy, raw materials and labour costs combined with low global demand," Port of Antwerp-Bruges' chief executive Jacques Vandermeiren said.

"The indicators do not yet show any improvement for the near future, and container throughput will still be impacted in the 4th quarter by cancelled voyages from the Far East," Vandermeiren added.

By Manjula Nair

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