Maritime trade in the Mediterranean is undergoing a transformation of sorts as the bypass around the Cape of Good Hope (CoGH) seems to have become a normalised alternative to the Suez Canal.
Although Yemen’s Houthi rebels had halted maritime trade attacks, provided that no vessels sailing through the Red Sea were serving Israeli ports, the situation around the Bab al-Mandab Strait is again looking uncertain.
This is after CMA CGA officially announced that it was prepared to reinstate an Asia-West Europe service through the Suez.
Whereas it looked possible that the Egyptian waterway could see an increase in vessel traffic, especially because of rebates introduced by the Suez Canal Authority, it now appears unlikely, given this weekend’s bombing by the US of nuclear facilities in Iran.
This morning, logistics multinational Kuehne+Nagel reports that although the CoGH bypass is adding days to voyages, it has led to the redirecting of significant container traffic to Mediterranean ports.
Spain’s ports saw a 6% rise in merchandise volumes in 2024. Notably, Las Palmas in the Canary Islands grew 13%, while Barcelona recorded a 9% increase, Reuters reports.
Containerised cargo through Spanish ports climbed 11%, and bunkering for longer voyages became more frequent.
In the Western Mediterranean, hubs such as Valencia, Algeciras, Barcelona and Tangier Med are grappling with overcrowding due to bypass volumes.
In a bid to benefit from the increase in container traffic, Barcelona has extended working hours and reprioritised berth allocations to accommodate larger post-Panamax vessels now calling more frequently, Lloyds List reports.
Tanger Med, the largest Mediterranean port, surpassed 8.6 million TEUs in 2023 and expects to exceed its nine million-TEU capacity in 2024, with first-quarter tonnage up nearly 15%, Container News reports.
The port’s industrial zone – which employs 110 000 and generates $15 billion in exports – is also laying plans for expansion.
Western hub ports are benefiting considerably, such as Valencia, which has reported a 17% surge in transhipment volumes, vaulting past peers as Spain’s leading box port in 2024, World Cargo News reports.
In comparison, Eastern Mediterranean ports like Port Said (Egypt) and Piraeus (Greece) continue to face sharp traffic declines.
