Export freight rates from the Port of València grew for the third consecutive month and in January recorded an increase of +43.53%. This is reflected in the València Containerised Freight Index (VCFI), which in the first month of 2024 stands at 1,779.65 points – maintaining similar levels to those recorded during the first quarter of 2021. The VCFI accumulates a growth since the beginning of the historical series in January 2018 of 77.97%.

The Index reflects the highest increases in export freight rates from the Mediterranean to the Far East area (+125.49%) and to the USA and Canada with an increase of +98.14%.

As detailed in the analysis of the latest VCFI report – a benchmark for freight rates from the Mediterranean area to the rest of the world – “the increase in shipping lines’ operating costs as a direct consequence of the escalation of tension in the Middle East explains the rise in maritime freight rates. In this sense, the reconfiguration of shipping lines’ services and routes due to the attacks in the Red Sea (opting for longer alternative routes) has led to an increase in fuel costs. Added to this is the entry into force of the application of the ETS (European Union Emission Trading System) to European ports, which means an increase in the costs of transoceanic routes“.

VCFI Western Mediterranean
With regard to the Western Mediterranean sub-index, an increase of 19.23% is observed with respect to the previous month. With this, the VCFI for the Western Mediterranean area stands at 1,726.32 points in January, representing an accumulated growth of 72.63% since the start of the series in 2018.

According to the latest available data, Valenciaport has increased the volume of exports to Morocco and Algeria, while cargo traffic to Tunisia has contracted.

VCFI Far East
The Far East area has recorded an increase of 125.49%, reaching 2,472.23 points, representing an accumulated growth of 147.22% since the start of the series in January 2018. With regard to Valenciaport’s traffic with this geographical area, an increase is observed with respect to the previous month.

Regarding traffics related to this geographical area, the VCFI report notes that: “exporters are also looking to anticipate their shipments to adapt to longer transit times and secure their orders before the arrival of the Chinese New Year. As demand eases, the industry is likely to experience some relief, which could result in lower freight rates in the near future“.
Source: Port Authority of Valencia