World cargo movement starts to limp from Covid crisis: Drewry
CHINA, which led the recovery from the impact of Covid, surpassed the August 2019 Drewry Global Freight Index by close to five per cent (6
CHINA, which led the recovery from the impact of Covid, surpassed the August 2019 Drewry Global Freight Index by close to five per cent (6.8 points), but month-to-month the index was flat between July and August 2020, said the London maritime consultancy's monthly update.
The year-on-year rise can be attributed to the rapid growth in domestic traffic together with growth in demand in key international markets said the Drewry statement.
'The index for Asia (except China) has also been increasing over the last few months to reach 124.8 in August, but the revival has been sluggish when compared with China.
'While the index grew by 2.6 points (2.2 per cent) over July 2020, it is still more than four per cent below the level recorded in August 2019.' it said.
The two sub-regions of America (North and Latin America) witnessed monthly growth in August 202, but failed to achieve the year-ago level of August 2019.
While the index for North America grew 8.4 points (six per cent) in a single month to reach 148.1 points in August 2020, this was still 3.2 per cent (4.8 points) lower than in August 2019.
'Some North American hubs such as New York, Savannah and Los Angeles reached their highest-ever monthly throughput figures in August 2020,' Drewry analysts noted.
The Latin American index at 110 points in August 2020 was three per cent higher than in July 2020, but about 12 per cent lower than in August 2019.
Meanwhile, Europe's index at 111 points witnessed a monthly as well as a year-on-year decline in August 2020. While the index was one per cent lower than in July 2020, it was more than nine per cent lower year on year. With a second wave of Covid taking hold across the region the prospects for recovery seem bleak.
The index for Middle East and South Asia reached close to 121 points in August 2020, a significant lag from the pre-Covid high of around 127 recorded in December 2019. Oceania has witnessed monthly as well as annual growth in August 2020. The index was 136.8 points, with 8.1 per cent monthly and 11.8 per cent annual growth.
Africa's port throughput index surpassed the milestone of 100 points in August 2020 to reach 102.6 points. It was close to 14 per cent higher than in July 2020, but 10.3 per cent lower year on year. The index for Africa is however based on a small sample.