COVID-19 caused drop of 24.6M TEU in container market growth, BIMCO says
NewsThe global container market grew by 1.5% to 173.5 million TEU in 2023, but without COVID-19, it would have reached 198.1 million TEU.
In February of this year alone, Russia’s container market rose by 23.5 per cent year-on-year to 533,000 TEU. The preceding month also saw growth.
Russia’s overall container market increased by 18 per cent year-on-year to 1.05 million TEU during the first two months of the current year, according to analytical research by FESCO Transportation Group, the country’s major intermodal transport operator.
The total figure comprises the import traffic of 473,000 TEU (up 16 per cent year-on-year), the export traffic of 283,000 TEU (up 17 per cent year-on-year), railway transit of 95,000 TEU (up 16 per cent year-on-year), and domestic traffic of 200,000 TEU (up 24 per cent year-on-year).
In this period, all sectors of the nation’s container market experienced growth to varying degrees. However, the notable surge in container traffic through Russian Baltic Sea ports primarily contributed to the two-month increase.
Following the departure of several global shipping giants from Russia in 2022, the Big Port of St Petersburg has witnessed the introduction of new domestic (including those operated by FESCO) and foreign (mainly Chinese) overseas services, connecting it with Asian markets.
In February of this year alone, Russia’s container market rose by 23.5 per cent year-on-year to 533,000 TEU. The preceding month also saw growth, with a 13.3 per cent increase compared to January 2023, totalling 518,000 TEU. However, January 2024 experienced an 8 per cent decline from December of the previous year.
This reduction stemmed from decreasing export and domestic traffic (by 12 per cent and 13 per cent respectively). It was partially influenced by the high-base effect of December 2023, along with ongoing challenges in sending block trains along the Trans-Siberian Railway.
Given the railway’s limited capacity, Russia often prioritizes coal exports to China and other Asian markets as cargo to be railed through the transcontinental line.
Russia’s overall container market encompasses foreign trade and transit traffic through both seaports and overland borders, as well as domestic shipments within the Russian Railways’ network.
By subscribing you will have: