Shipping trade volume returns to growth

SHIPPING trade volumes and port traffic have returned to growth, according to the latest figures issued by the Irish Maritime Development Office (IMDO).

Trade volumes for the first half of 2010 are up in three of the principal freight segments: lift-on/lift-off (lo/lo) export trades grew by 5%; roll-on/roll-off (ro/ro) was up 5% on an all-island basis; while dry bulk volumes through ROI ports increased by 15% in an encouraging six-month period to the end of June.

Part of this recovery is attributed to stronger domestic demand for grains, fertilisers and other agricultural products, while improved global demand for steel and other ore aggregates also pushed up volume throughput.

The most significant change in volume has been in the main lo/lo trades. Overall total volume including export and imports fell only marginally by 1% to June, with 517,552 units being handled. This compares with a -24% reduction for the same periods last year.

Shipments in April this year saw the strongest monthly volume of bulk cargos in over two years.

A key factor in the positive upward movement has been the continued strong performance of export volumes which as noted was up 5% year on year.

Import volumes were down 2%, which is largely as a result of continued weak domestic demand.

Nonetheless the rate of decline in import volumes has eased sharply, which is possibly also offset by demand for industrial imports used as inputs for the merchandise export trades.

The outlook for continued short term volume recovery remains largely contingent on the external recovery in the global economy.