OVERALL TRAFFIC AT THE PORT OF LOME REBOUNDS FROM THE SECOND HALF OF 2022

Photo : PAL

Although overall traffic at the Port of Lome fell slightly (-6%) in the first half of 2022, this was made up for in the third quarter. Indeed, the region’s only deepwater port quickly made up for this decline with a 9% jump in the first three months of the second half. It has thus experienced growth of 3% to date.

 

Three key factors behind the decline in the first half

This decline in the first half of the current year at the Port of Lome can be explained by these three key factors:

The closure of Chinese ports: Due to the general containment, the authorities in Beijing have decreed the closure of Chinese ports for the first half of 2022. The port of Lome, which has built its reputation on the traffic of container ships from Asia, has particularly suffered more than its neighbors from this measure taken by the Beijing authorities.

Also, Shanghai had a long lockdown and it was only on June 1, 2022 that its measures were lifted.

Difficulty in mobilizing ships: At the beginning of the year, the economic recovery in the developed economies (United States and Europe), despite inflation, led to a strong demand for ships bound for these economies with more interesting margins for shipowners.

Unfortunately, shipping lines have found it difficult to mobilize vessels for African destinations.

The rise in the value of the dollar: Following the increase in interest rates by the U.S. Federal Reserve Bank (Fed), the value of the dollar has risen. The dollar is the main currency used to import goods to the Lome Port Authority.

With a growth rate of 3% to date, the Port of Lome is on track to break its records in 2022

Despite its difficulties in the first half of the year, the port of Lome is sure to break its records in 2022. For proof, from September 30, 2021 to October 7, 2021, the total tonnage handled at the Port of Lome was 588,832, while for the same period this year, it is 594,264. When we consider the cumulative figures from January 1, 2021 to October 6, 2021, the Lome platform handled 20,334,695 tons for 20,541,114 tons during the same interval in 2022. Similarly, we have 1,513,819 TEU treated from January 1 to October 6 of this year, against 1,496,943 last year.

By Pascaline Odoubourou