29 Valencia Throughput 3,602,000teu (+18.4%)

Impressive full-year volume growth of over 0.5m teu saw Valencia buck the general trend as the economic crisis took hold in the third quarter of 2008. Growth has continued into 2009, with volumes up by a more modest 5% year-on-year in January and February, compared with a 10% decline in the region.

The port authority attributes its performance to its efficient service and competitive pricing, reinforced by a commitment to ongoing expansion of facilities. The port also benefits from its location at the centre of the western Mediterranean coastline, in line with the east-west shipping corridor crossing the Suez Canal and the Gibraltar Straits, allowing it to capture business as the first and last port of call for mainline sailings between America, the Mediterranean Basin and the Far East. The port of Valencia has ambitious plans to more than double the capacity of the Mediterranean hub by the middle of the next decade and points to the presence of major container lines, plus the willingness of MSC to invest in terminal capacity.

Despite expectations of a very tough year ahead in the container shipping sector, Valencia believes it can continue to grow to 3.7m teu in 2009. The port says the sensitive cargo affected by the financial crisis are those related to the construction sector and to a lesser extent the automotive industry. In a bid to protect box traffic flows, the port is freezing its rates for this year, and has initiated a global competitiveness plan with participation of the port community.

Among various projects underway, this year will see a €5m (US$7.2m) investment in remodelling the end of the south extension breakwater. Work includes cutting about 70 metres from the end of the south breakwater and the construction of a small 50-metre long breakwater perpendicular to it.