Port of Antwerp-Bruges suffers slow growth due to geopolitical tensions

Despite this difficult context the market share of the container segment increased compared to the other ports in the Hamburg - Le Havre range. To ensure its strategic role as a world port in the future, sustainable growth remains a priority and a major investment programme is foreseen for the next 10 years.

The throughput volumes of conventional break bulk normalised, after a strong post-Covid-19 recovery between spring 2021 and September 2022, to pre-Covid-19 levels. Compared to 2022, total throughput was down 18.8%. Due to a decline in European steel production and lower demand, the handling of steel, the main product group within conventional general cargo, fell by 16.9% with exports (-15.5%) holding up better than imports (-17.9%).

The dry bulk segment was down 13.9%. Demand for coal, which was high in 2022 due to the energy crisis, has since fallen sharply. Fertilisers, which were already down partly due to sanctions against Russia and increased fertiliser prices, were also decreased further heading into 2024.

Jacques Vandermeiren, CEO Port of Antwerp-Bruges said: "We had seen it coming for some time that: 2023 would not be a great year. After all, as a port, we are at the centre of economic and geopolitical challenges. But, with a powerful strategy, the merger and an efficiency exercise, we have managed to organise ourselves in good time and are even gaining market share in the Hamburg-Le Havre range. Especially in more turbulent waters, it is essential that we continue to sail in the right direction, with our strategic plan as our compass. That is what we will continue to do so in 2024. To remain attractive to investors and to continue our strategic pioneering role. Legal certainty is crucial in this regard. We therefore expect the government to promptly clarify a workable licensing framework and correct conditions to continue to operate as a business and attract investment as a top platform."

Annick De Ridder, Vice-Mayor of the City of Antwerp and President of the Board of Directors of Port of Antwerp-Bruges stated : "Our port is the economic engine of Flanders. This engine has held up well over the past year despite major economic and geopolitical challenges, thanks to all the employees and companies giving their best. I would like to take this opportunity to thank them once again, especially as we still managed to gain market share in the Hamburg-Le Havre range, despite a 5.5% decline in total cargo throughput! Our port generates wealth. In order to continue to grow, it is vital that we remain attractive enough to attract necessary investments. Key projects such as ECA (Extra Container Capacity Antwerp) and NSZ (New Lock Zeebrugge) therefore remain top priorities to secure our position as a world port in the future. The year 2024 is already off to a good start for our port with the permit for Ineos . Excellent news for our jobs and our Flemish prosperity."

Read the article online at: https://www.drybulkmagazine.com/ports-terminals/12012024/port-of-antwerp-bruges-suffers-slow-growth-due-to-geopolitical-tensions/