Drewry port throughput indices for November 2020

The Drewry Container Port Throughput Indices are a series of volume growth/decline indices based on monthly throughput data for a sample of over 235 ports worldwide, representing over 75% of global volumes. The base point for the indices is January 2012 = 100.

• After reaching an all-time high of 139.6, Drewry’s container port throughput index contracted by 2.4% (3.4 points) to 136.1 points in November 2020, a milder seasonal contraction compared to recent years. The index was more than 6 points (4.7%) higher than in November 2019, driven by strong growth in China and North America.
• China, the largest region in the index, witnessed the monthly decline for the first time since February 2020, falling by 2.9% to 147.6 points in November 2020. Looking at the top five Chinese hubs, Ningbo and Tianjin reported monthly declines of more than 10%, and Shanghai posted a 4.7% reduction in throughput. While in a normal year we would be expecting to see a seasonal slowdown in demand, in 4Q20 the continued growth in freight rates indicates that there are supply-side factors in play - and the shortfall of empty containers in China is therefore seen to have been a key factor in dampening growth in port volumes. Notwithstanding these challenges, the China index was 10 points (7.5%) higher than in November 2019.
• The port throughput index for Asia (except China) posted a decline of 1.1% on both a monthly and annual basis in November 2020. Volumes at Singapore were 3.2% down month on month, and Port Klang witnessed a 6.2% monthly decline in November. These two contribute close to 40% to the total throughput of the region.
• After reaching an all-time high of more than 162 points in October 2020, North America also witnessed a monthly decline of 5% in November 2020. Combined throughput at the San Pedro Bay ports of Los Angeles and Long Beach dropped 6% in November 2020 compared to the preceding month. Overall the index remained 15% (20 points) higher year on year as a result on the US import boom.
• European ports are faring less well, with the index contracting to 117.5 - a 3.1% monthly and 0.4% annual decline. The continent’s battle with the coronavirus continues, and the second wave outbreak has been met with another round of lockdown measures which is adding to economic woes.
• The index for Latin America increased by 0.9% in November 2020 over the previous month to reach 118.6 points, 2.5% (2.8 points) higher than in November 2019. Panama’s transhipment hubs have been among the stand-out performers in the region, offsetting declining volumes at Cartagena (Colombia).
• The index for the Middle East and South Asia declined by 2.4% monthly, but witnessed a 4.6% annual growth to 127.3 points. The decline was because of the falling throughput at South Asian ports with handling at Middle Eastern hubs remaining almost constant in November 2020.
• After reaching its highest-ever figure of 144.7 points in October 2020, the Drewry Container Port Throughput Index for Oceania declined 1.3% to 143 points in November 2020, but 3.2% higher than in November 2019.
• The container throughput index for Africa reached 104.1 points in November witnessing a 7.8% monthly and 4.8% annual growth. The index for Africa is however based on a small sample.