The reconfiguration of shipping routes due to security concerns in the Red Sea has led to adjustments in port operations in the Mediterranean area. According to an analysis by advisory firm Drewry, shipping companies are rerouting their regular journey vessels, which link Asia with Europe, to go around the Cape of Good Hope. This strategy is producing mixed effects across Mediterranean ports.
In the western Mediterranean, ports such as Algeciras, Valencia, and Barcelona are efficiently adapting to these changes. Although Algeciras saw a slight decrease of 1.4% in container traffic in January 2024, both Valencia and Barcelona experienced an 11% increase in activity during the same period.
Conversely, in the eastern and central Mediterranean region, there has been a significant reduction in weekly port capacity. This is the case for Gioia Tauro and Piraeus, where there were declines of 18% and 31% respectively in the first three months of 2024. Specifically, Piraeus suffered a 13% drop in traffic volume in January 2024, and the Suez Canal reported a 3% decrease.
Regarding the main ports of the Red Sea, there has been a decrease in the weekly frequency of container ship arrivals. Although some shipping lines continue to operate in Jeddah and King Abdullah, they have replaced the services of the main shipping lines with smaller feeder connections from Mediterranean hubs.
In contrast, Dammam has seen an increase in ship visits in the first quarter of 2024, although this growth is partly due to a low comparison base with the last quarter of 2023.
Standing out in this new landscape, the port of Colombo in Sri Lanka is positioning itself as a central hub for transshipment, facilitating the connection between routes diverted through the Cape and those to and from the Middle East. This port reported an 18% increase in the average weekly capacity of vessels in the first quarter of 2024, with a notable 30% increase in performance at the end of February compared to the previous year.