Container xChange: Suez Canal Closure Increases the Pressure on Europe’s Ports
The anticipated box crunch at European ports following the closure of the Suez Canal at the end of March has been less severe than expected, according to Container xChange.
However, Europe’s leading box hubs are still receiving far more boxes than are departing.
The average CAx reading of incoming 20-foot dry-containers across three of Europe’s biggest ports – Rotterdam, Antwerp, and Hamburg – climbed just 3% in week 17 compared to the week before.
At Rotterdam, the increase in incoming 20 ft. dry containers was most stark, with box numbers rising +3.75% week-on-week. At Antwerp, the week-on-week increase was +3.5%, while at Hamburg it was +2.2%.
At all three ports, incoming box traffic has been heavy since March. In Container xChange’s Container Availability Index (CAx) an index reading of below 0.5 means more containers leave a port compared to the number which enter. Above 0.5 means more containers are entering the port.
Chart: Container Availability Index for 20 ft. Dry-Containers at the ports of Antwerp, Rotterdam, Felixstowe, and Hamburg in 2021. For more info, click here.
Hamburg has recorded a CAx reading of above 0.8 since week 9 of this year. In week 17 its CAx reading was 0.93, up from 0.48 in week 1. Rotterdam’s CAx reading has also risen steadily in 2021, climbing from 0.65 in week 1 to 0.74 in week 9 and up to 0.83 in week 17.
Antwerp, meanwhile, recorded a CAx of 0.38 at the start of the year, 0.78 in week 9 and 0.9 in week 17.
In contrast, the situation at heavily-congested Felixstowe has been dire all year. The hub’s lowest CAx this year was 0.87 in week 3. In week 17 it recorded a CAx of 0.95, up from 0.94 in week 16.
Dr. Johannes Schlingmeier, CEO & Founder of Container xChange, the world’s leading container leasing and trading platform, commented:
“Europe’s top container terminals have been struggling to keep congestion at bay, with incoming boxes outweighing outgoing boxes for much of 2021. The closure of the Suez Canal appears to have only made the box crunch at Europe’s hubs only slightly worse than it already was.
“What we’re hearing from our container leasing and trading members is that they find it increasingly difficult to book export containers with the carriers across Europe. It seems shipping lines are prioritizing empty containers in order to move the boxes back to China as fast as possible.”
About the Container Availability Index:
The Container Availability Index tracks millions of monthly container moves to monitor and forecast the global container equipment supply. An index of 0.5 describes a balanced market, below 0.5 a shortage of containers. For more information and weekly email updates, check out https://container-xchange.com/features/cax/
About Container xChange:
Container xChange is the world’s leading online platform used by 600+ companies to buy, sell and lease shipping containers. Container users and owners use the platform to find containers, work with vetted partners and automate the operational workload. Started by Dr. Johannes Schlingmeier and Christian Roeloffs in 2017, the company has now more than 100+ employees with headquarters in Hamburg, Germany. https://container-xchange.com/