When was the last time you checked the rankings of Europe’s biggest container ports? If it’s been a while, you’ll be surprised to hear that Piraeus, once a top contender, is seeing its position under serious threat. What’s happening in the world of European ports, and who’s emerging as the new heavyweights?
Theo Notteboom, a member of PortEconomics, has compiled a table showing year-on-year TEU (Twenty-foot Equivalent Unit) growth for the top 15 container ports across the EU in the first half of 2024. While 2023 saw significant drops in port traffic, the first six months of 2024 have brought a notable recovery for many. Seven out of the top 15 ports have experienced double-digit growth in container volumes.
Ports in Portugal, Spain, France, Germany, Italy, and Poland are leading the charge, with notable successes in container traffic. However, Greece’s Port of Piraeus, which had previously held a strong position in European rankings, has been hit by a significant decline in throughput, largely due to reduced Suez Canal transits. This decline leaves Piraeus at risk of dropping out of the top five by the end of the year, with other ports like Valencia and Bremerhaven rapidly closing in.
A Shift in the European Port Landscape
The European container port landscape is always in flux, but 2024 has proven to be particularly dynamic. According to Theo Notteboom, while 2023 was marked by moderate to steep traffic declines across Europe’s busiest ports, this year has brought a resurgence, especially in countries like Spain, Portugal, and Germany. These countries are seeing a resurgence in TEU volumes, and their top ports are reaping the benefits.
- Portugal’s Sines: This small but mighty port has seen one of the most significant increases in TEU traffic, driven largely by increased exports and better connectivity.
- Spain’s Valencia and Barcelona: Both ports have reported impressive year-on-year growth. Valencia is now poised to potentially overtake Piraeus and solidify its place among Europe’s top five container ports.
- France’s HAROPA Complex: A significant player, the HAROPA complex has recorded notable growth, indicating France’s strategic push to enhance its maritime capabilities.
- Germany’s Bremerhaven and Poland’s Gdansk: Both have also experienced strong recoveries, particularly in the case of Gdansk, which has benefited from increased trade routes in the Baltic Sea.
However, amidst these success stories, Piraeus – a port that had grown rapidly in the last decade under COSCO’s management – finds itself in a precarious position.
Piraeus on the Edge
Piraeus, once considered a gateway to Europe, has faced headwinds in 2024. According to Notteboom, the port has been “a victim of geography” as the East Mediterranean has become somewhat of a maritime dead-end. This has been due, in part, to a dramatic decrease in traffic through the Suez Canal, a vital artery for trade between Asia and Europe. With fewer ships passing through the canal, fewer are docking at Piraeus to load or unload cargo.
Piraeus has seen a significant decline in TEU traffic, which puts its position among the top container ports at risk. If current trends persist, it could fall as low as seventh in the European rankings by the end of 2024, overtaken by ports like Valencia, Algeciras, Bremerhaven, and perhaps even Barcelona.
“While Piraeus has the infrastructure and capacity to handle large volumes, it has been severely impacted by the broader geopolitical and economic context,” says Notteboom. “The decline in Suez Canal traffic has meant that fewer ships are making use of Piraeus, and this is likely to continue unless there is a significant shift in global trade routes.”
Northern Europe Maintains Dominance
While Piraeus struggles, the top spots in Europe’s container port rankings remain largely unchanged. The port of Rotterdam continues to reign supreme, recording a modest 2.2% growth in container traffic in the first half of 2024. Rotterdam’s position at the top is unlikely to be threatened anytime soon.
Close behind is Antwerp-Bruges, which saw a 4.1% increase in traffic, narrowing the gap between itself and Rotterdam. Belgium’s largest port has long been a critical hub for European trade and logistics, and it continues to show resilience even in challenging times.
Meanwhile, Hamburg remains stable, with a small decline of just 0.3% in its TEU volumes. Despite this slight drop, Hamburg remains firmly in the top three, showing that Northern Europe’s dominance in container shipping is unlikely to be challenged anytime soon.
Looking Ahead: A Shake-Up in the Rankings?
As 2024 progresses, there could be some significant shifts in the European port rankings. Valencia, which has seen double-digit growth, is expected to surpass Piraeus by the end of the year, taking the fourth spot behind Hamburg. Algeciras and Bremerhaven are also positioned to overtake Piraeus if current trends continue.
Another port to watch is HAROPA, which could leapfrog into the top 10, moving from its current position to number 10 by the end of the year, driven by its year-on-year growth in container volumes.
Theo Notteboom is cautious but optimistic about the future. “If these trends hold, we’ll see a much different landscape in Europe’s container ports by the close of 2024. Ports like Valencia and Bremerhaven are rapidly gaining ground, while Piraeus is on the decline.”
As always, the rankings could still be affected by broader economic trends, global trade patterns, and geopolitical developments. But one thing is clear: the competition among Europe’s top container ports is fiercer than ever.
Europe’s container port landscape is evolving rapidly in 2024. With several ports posting significant growth in TEU traffic, competition is heating up, and Piraeus is at risk of slipping from the top five. Ports like Valencia, Bremerhaven, and Algeciras are on track to overtake it, while Northern Europe’s heavyweights, Rotterdam, Antwerp-Bruges, and Hamburg, remain firmly at the top. If current trends continue, the rankings of Europe’s largest container ports will look very different by the end of the year.
“Piraeus incurred hefty traffic losses as the East Med became a maritime cul-de-sac due to the dramatic drop in Suez Canal transits.” – Theo Notteboom
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