Port of Rotterdam's oil throughput declined in first quarter

Rotterdam’s total liquid bulk throughput dropped by 3% to 52.6 million mt in the first quarter of 2024, compared to the same period a year earlier.

PHOTO: Oil storage tanks in the oil and bunkering hub of Rotterdam, Netherlands. Getty Images

The lower throughput of crude oil, mineral products and other liquid bulk products majorly contributed to the drop. The port witnessed a 2% slump in throughput for crude oil compared to the corresponding period last year. Similarly, mineral oil and other liquid bulk saw declines of 3% and 8%, respectively. 

The port attributed the decline in throughput to low demand for oil products. Demand fell despite "healthy" refinery margins in northwestern Europe and a stable crude oil supply that mirrored levels observed in Q1 2023.

Liquid fuel demand in the first quarter of this year was lower compared to demand in the first quarter of 2023, when imports were higher in order to replace Russian oil products, according to the port authority. 

In contrast, LNG throughput rose by 4% to 9 million mt. Container throughput figures also reveal an upswing of 3%, the first in three years. 

The Red Sea crisis has pulled down vessel numbers, with a significant drop of 25% in the number of ships and around 14% less volume from Asia. This drop was noticed particularly in January and February “due to delays and missed sailings." 

Meanwhile, the port’s total throughput dipped by 1% in the first quarter of 2024 compared to the same period last year. The total throughput stood at 110.1 million mt, compared to 111.7 million mt in the first quarter of 2023, the port authority stated. 

By Manjula Nair   

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