VCFI Index Falls by 1.51% in February

Export freights from the Port of Valčncia stabilised in February and experienced a slight decrease of -1.51%. This is reflected in the Valencia Containerised Freight Index (VCFI) which in the second month of 2024 stands at 1,752.72 points – remaining at similar levels to those recorded during the first quarter of 2021. The VCFI accumulates a growth since the beginning of the historical series in January 2018 of 75.27%.

The Index reflects the largest increases in export freight rates from the Mediterranean to Atlantic Europe with +26.67% and the Baltic States with a growth of +15.43%, while the largest decreases have been in the Indian Subcontinent area (-6.48%) and Central America and the Caribbean (-4.62%).

As detailed in the analysis of the latest VCFI report – a benchmark for freight rates from the Mediterranean area to the rest of the world – “freight levels remain remarkably high compared to the same month in previous years, driven by rising operating costs for carriers due to escalating tensions in the Middle East. The reconfiguration of services and routes by carriers in response to the attacks in the Red Sea, opting for longer alternative routes, has resulted in higher bunker costs“.

VCFI Western Mediterranean

As for the Western Mediterranean sub-index, an increase of +11.73% is observed with respect to the previous month. Thus, the VCFI for the Western Mediterranean area has stood at 1,298.77 points, representing an accumulated growth of +92.88% since the beginning of the series in 2018.

As for Valenciaport, according to the most recent data, there has been a slight decrease in the volume of exports to Morocco, while exports to Algeria have remained stable and traffic to Tunisia has increased.

VCFI Far East

In the Far East area, an increase of +8.58% has been recorded, reaching 2,648.30 points, representing a cumulative growth of +168.43% since the start of the series in January 2018. As detailed in the February VCFI analysis: “These data contrast with the sharp increase in January for freight with this area, influenced by seasonality at the time. As anticipated, as demand has eased with the end of the Chinese New Year holidays, the industry is experiencing some relief. It is also crucial to consider the uniqueness of the current context, marked by the Red Sea Crisis, which stems from a geopolitical conflict whose evolution remains uncertain“. As far as Valenciaport is concerned and according to the most recent data available, a slight decrease has been noted in the volume of export traffic to China, the main trading partner of the Far East area.