Total cargo throughput in the port of Rotterdam this year amounted to 438.8 million tonnes, 6.1% less than in 2022 (467.4 million tonnes). The fall was mainly seen in coal throughput, containers and other dry bulk. Throughput rose in the agribulk, iron ore & scrap, and LNG segments, according to the company’s release.
Rising Revenue
Revenue rose by 1.9% to € 841.5 million, consisting mainly of contract revenue from land lease, and port dues. As a result of price changes and new contracts, contract revenue rose by € 28.4 million. Revenue from port dues fell by € 4.6 million due to a combination of lower throughput and a higher price per tonne. Operating expenses increased by 3.8% (€ 10.7 million) to € 292.9 million because of higher payroll expenses and overhead.
The operating result before interest, depreciation, and taxes (EBITDA) rose on balance by 0.9% to € 548.6 million. The net result was 5.6% (€ 13.7 million) down at € 233.5 million (2022: € 247.2 million). The lower net result was attributable to two one-off items in 2023. Acquired nitrogen deposition rights were revalued downward (€ 8.0 million) in response to the ruling from the Council of State relating to the 25-kilometre cut-off. In addition, the Porthos guarantee premium (€ 7.3 million) was booked, leading to a lower result for participating interests. Furthermore, interest expenses in 2023 were € 6.8 million higher because of higher interest rates than in 2022. The dividend proposal for the shareholders (the Municipality of Rotterdam and the Dutch State) was € 129.0 million (2021: € 132.3 million).
The Port Authority invested a total of € 295.4 million, almost 15% more than in 2022 (€ 257.0 million). The largest investments in 2023 were the investments in quay walls for the container sector (€ 72.9 million), land reclamation for the Prinses Alexiahaven (€ 23.1 million) and the fendering in the Rozenburg lock (€ 12.8 million).
A striking development in the agribulk segment was the increase in maize imports by 50% after crop failures due to drought and floods in Europe. Coal throughput fell by 20.3% to 23.1 million tonnes, mainly because of low demand for energy coal for power production. In 2022, demand for energy coal rose sharply due to concerns about energy security and large increases in gas prices. The throughput of crude oil was 9.9% higher at 28.1 million tonnes. Ore stocks were replenished after low imports of ore in 2022 under low steel production. Outgoing scrap in Rotterdam was 32% higher.
Liquid Bulk and Container Throughput
Liquid bulk throughput was 3.4% lower last year. Crude oil fell by 1.4% with the discontinuation of ship-to-ship transshipment. The throughput of mineral oil products fell by 6.5%, mainly because of the decline in the throughput of fuel oil and naphtha. This meant that the throughput of gas oil was higher than that of fuel oil for the first time. LNG throughput was 3.7% higher at 11.9 million tonnes. Europe continues to import large amounts of LNG to replace pipeline imports of Russian natural gas. There was also more bunkering in seagoing LNG tankers. Other liquid wet bulk was 5.9% down in all underlying categories (chemical, renewable and vegetable products) at 36.1 million tonnes, primarily because of low demand and stock reductions.
Container throughput in tonnes was 6.8% lower in 2023 at 130.1 million tonnes; the fall in TEUs was 7.0% to 13.4 million TEU. Container throughput has proved to be very volatile in recent years in response to COVID and geopolitical developments. The decline that began in 2022 continued in 2023. The main reasons are lower consumption, lower production in Europe and the discontinuation of volumes to and from Russia under the sanctions. Port calls in the container segment were up slightly by 1.0%.
However, container ship cargoes were 7.8% lower. Roll-on/roll-off traffic (RoRo) fell by 5.0% to 25.9 million tonnes. The weak British economy and lagging consumption continue to be the main causes. The 5.0% fall in other break bulk is largely attributable to the decline in container rates, which fell sharply in 2023, resulting in more cargo being shipped in containers rather than as break bulk. In addition, disappointing demand in Europe due to inflation and rising interest rates meant that many stocks were left in breakbulk terminals for long periods, leaving less room for additional cargo acquisition.
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Source: PortNews
