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  • Export freight rates from the Port of Valencia fall by 12.5% in March
  • 2023 April 17 15:02

    Export freight rates from the Port of Valencia fall by 12.5% in March

    The Valencia Containerised Freight Index (VCFI) stands at 2,423 points, accumulating an increase since the beginning of the historical series in January 2018 of 142.3%, according to the company's release.

    The indicator that measures the trend and evolution of container transport costs by sea from the Port of Valencia has been falling for seven consecutive months.

    The general trend has been a decrease in the level of freight rates in all the areas analysed by the VCFI, except in the Eastern and Western Mediterranean, with an increase of 9.76% and 5.89%, respectively.

    The Valencia Containerised Freight Index (VCFI) again recorded a fall of -12.52% in March compared to the previous month, accumulating seven consecutive months in decline to stand at 2,423.01 points. The indicator that measures the trend and evolution of container transport costs by sea from the Port of Valencia accumulates a growth since the beginning of the historical series in January 2018 of 142.30%. The general trend has been a fall in the level of freight rates in all the areas analysed by the VCFI, especially in Central America and the Caribbean (-24.70%) and the Baltic States (-22.06%). On the other hand, in some areas the evolution of freight rates has been upward, such as in the Eastern and Western Mediterranean, with an increase of 9.76% and 5.89%, respectively.

    Concerning the capacity on offer, data from the consultancy Alphaliner show that the idle fleet has decreased compared to the previous month. In mid-March, 122 vessels were idle for a total of 721,333 TEUs (83,429 TEUs less than the last accounting at the end of February), representing 2.8% of the total active fleet.

    Overall, at the end of March, 503 vessels were at anchorage, reaching 2,071,636 TEUs, which represented 7.94% of the total container fleet. The most congested port was Shanghai/Ningbo, accumulating a total of 505,370 TEUs at anchorage, followed by Quingdao with 199,864 TEUs, both in China. In North America, and although a reduction in the levels of congestion is observed, the port of Norfolk stands out as the most congested with a total of 32,112 TEU at anchorage at the end of March. In Europe, the Piraeus site was the most affected with a total of 29,124 TEU.

    As for the Western Mediterranean sub-index, after the fall that occurred in the month of February, an upturn of 5.89% is again observed, standing at 2,015.18 points, and accumulating a growth of 101.52% since the beginning of the series in 2018.

    The volume of exports from Valenciaport to Morocco, one of the main trading partners in this area, has increased in recent weeks, while cargo traffic to Tunisia and Algeria has decreased.

    As regards the Far East area, a more accentuated drop of -16.09% is again observed, standing at 1,956.68 points, representing a cumulative growth of 95.67% compared to the beginning of the series in January 2018. However, according to the latest available data, Valenciaport’s export levels to China, its main trading partner, have fluctuated upwards.

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