A growth of almost 5% at the Port of Rotterdam has been attributed to the increased throughput of crude oil and oil products.
In 2015, goods throughput increased by 4.9% to 466.4 million tonnes as a result of the continued low oil price.
Allard Castelein, CEO of the Port of Rotterdam Authority, explains: ‘Low oil prices result in high margins for the refineries, so they have large quanities of oil shipped in for refining.
‘This not only applies to the refineries in Europe but also to those in Russia.
‘The latter product a relatively large amount of fuel oil which is shipped to the Far East via Rotterdam. The result is an 8% increase in the throughput of crude oil and an 18% increase in the throughput of oil products.’
The throughput of crude oil increased by 8.1% to 103.1 million tonnes, driven by the low oil prices.
The supply and transport of oil products increased by 18%. Additionally, more gas oil and diesel came into the port for the European market.
The LNG segment still remains small at the port, with 2.3 million tonnes. LNG prices in the Far East have fallen sharply and are now comparable to those in Europe, thus increasing the trade and shipping volume of gas in the region.
In total, 10.9% more liquid bulk was handled in Rotterdam. As total throughput comprises 48% liquid bulk, this segment largely determines the overall throughput figures.