Drewry: Global Port Throughput Index up 0.8% in December but down 1.6% yoy

The Drewry Container Port Throughput Indices are a series of calendar-adjusted volume growth/decrease indices based on monthly throughput data for a sample of over 340 ports worldwide, representing over 80% of global volume. The basis point for the indices is January 2019 = 100.

Drewry has developed a nowcasting model that uses vessel capacity and terminal duration data (derived from our proprietary AIS model) to make short-term predictions of port throughput.

The Drewry Global Port Throughput Index (rebased to January 2019) hit 106.6 points in November 2022, up 0.8% mom but still 1.6% lower year-on-year. Drewry’s nowcasting model points to a 1.0% decline in December 2022.

The Drewry Greater China Port Throughput Index improved by 4.0% MoM / 4.9% YoY in November 2022. Although Greater China was the only region to report both monthly and annual increases, individual ports saw mixed results. Shanghai reported a 2% MoM drop in November 2022, while Shenzhen’s throughput increased by 18.4% MoM. Shenzhen was the largest contributor to monthly growth, handling an additional 0.4 mteu containers compared to October 2022.

The Drewry North American Port Throughput Index (rebased to January 2019) declined 8.2% m/m / 8.5% y/y to 101.7 points in November after being flat in October 2022. On the West Coast, port operations in November were impacted by labor issues in Oakland, throughput down 8.8% MoM. Vancouver throughput was also down 10.7% mom, although this was 14.6% higher year-on-year. Savannah experienced the largest monthly decline in terms of TEUs, where November throughput fell 15.9% (88,000 TEUs) month-on-month, in part due to the port’s continued congestion.

Drewry’s Oceania Container Port Throughput Index (rebased to January 2019) declined to 108.5 points in November 2022, a decrease of 2.0% mom / 2.4% yoy. The 12-month rolling average growth rate eased slightly to 2.3% in November 2022, from 2.6% in October 2022. After a fall of 11% MoM in October, throughput in New Zealand’s main port of Tauranga returned to normal in November 2022.
Source: Drewry