Ports See Significant Throughput Increases in First Half of 2024

Ports See Significant Throughput Increases in First Half of 2024

Ports worldwide have reported substantial growth in throughput during the first half of 2024, highlighting the effects of rising demand and stockpiling in container shipping markets. U.S. importers, concerned about potential East Coast and Gulf labor disruptions, are front-loading cargo to mitigate future supply chain issues.

In the top 30 global ports, only two—Hong Kong and Xiamen in China—recorded official volume declines in the first six months. Hamburg might also report a slight decrease, with estimates suggesting a 1% drop year-on-year.

All other ports in the top 30 that have reported Q2 figures showed volume increases over the six-month period, ranging from a 2.4% rise in Rotterdam to a 20% surge at Beibu Gulf Port. The average increase across these ports was 7.0%.

Los Angeles/Long Beach was among the biggest gainers, with a 14.7% increase to 9.0 million TEU. Outside of China, Thailand’s Laem Chabang saw the next largest gain, with a 10% year-on-year rise in volumes.

Singapore, the world’s second-largest port, experienced a 6.4% increase in throughput, while Shanghai, the largest port globally, extended its lead with 7.5% growth, reaching 25.2 million TEU in the first half of the year. Shanghai is on track to exceed 50 million TEU for the first time in 2024.

Dubai’s port continued to solidify its position in the top 10, growing volumes by 3.9% in the first half of 2024.

India’s Mundra port and Colombo in Sri Lanka are in close competition for 24th place. Mundra overtook Colombo for the first time in 2023, but Colombo saw nearly 24% year-on-year growth in Q1 2024 due to Red Sea diversions and increased transshipment business. If Colombo’s Q2 performance is similar, it could reclaim its position from Mundra, which saw 12% growth in Q1.

Tanger Med, the only African port in the top 30, hasn’t released interim figures but recently confirmed it expects to achieve a new record throughput of over 9.0 million TEU this year, representing nearly 90% growth since 2019.