Port Rankings Shifting - Top Ten Features Six Chinese Ports
04/26/2024

Port rankings shifting - top 10 features 6 Chinese ports

04/26/2024

The top ten features six Chinese ports – according to Alphaliner's top 30 ports list in container-news on Wed 24 Apr 2024. - The ports' industry is reflecting changes in economic activities, with emerging economies' terminals gaining prominence.

Emerging Economies' Terminals Gaining Prominence

The ports' industry is reflecting changes in economic activities, with emerging economies' terminals gaining prominence. Alphaliner's top 30 ports list now includes Dubai, overtaking Rotterdam due to a decline in the latter's volumes, and Tanger Med surpassing Hamburg. The top ten features six Chinese ports, alongside Singapore, Busan, the Los Angeles/Long Beach complex, and Dubai. Hong Kong has exited the rankings after a consistent drop in volumes. The World Trade Organization anticipates modest global economic growth, with trade volumes expected to increase in the coming years, despite recent declines influenced by geopolitical tensions and challenges in Europe and the US. However, Asian economies, including ports in the Middle East and India, continue to show robust growth.

North American Ports Have Seen Significant Declines 

With Los Angeles, Long Beach, New York, and New Jersey experiencing notable drops in volumes. Despite current market fluctuations, efforts to enhance trade relations within Asia and diversify manufacturing locations are contributing to inter-regional supply chain shifts and increased consumer power in these markets. Long-term growth is projected to emerge from the Middle East, Asia, Latin America, and Africa. In contrast, European ports have been affected by geopolitical events, leading to shifts in port rankings, with Dubai moving up as Rotterdam and Hamburg face volume reductions. The recent recovery signs in North European ports and strategic movements like the Gemini Cooperation's hub and spoke system highlight the evolving dynamics of global trade and port operations.

China’s Ports Recorded Another Strong Year of Growth

With Qingdao recording the highest increase of any major gateway worldwide. It handled an estimated 30 million TEUs in 2023 (December 2023 figure estimated following a change in Chinese reporting rules) and is now vying with Shenzhen, which handled 29.9 million TEUs, for the position of fourth largest container port in the world.

Alphaliner remarked, “Chinese growth is not expected to be as robust in 2024, with Western demand weakening in the fourth quarter, although exports to Russia remain strong. Nevertheless, China’s grip on the global market tightened in 2023, comprising more than half (51%) of the top 30 market throughput versus 49% in 2022. Overall, the top 30 ports recorded average growth of 1.7% during the year, an improvement in 2022.”

Source: container-news.com

Publication date: Wed 24 Apr 2024