The Irish Maritime Development Office (IMDO) has released their Unitised Traffic Report for Q3 2024, which includes key points from their Executive Summary, as outlined below.
In the third quarter of 2024, the unitised traffic market, comprised of the Roll-on/Roll-off (RoRo) and Lift-on/Lift-off (LoLo) sectors, showed contrasting trends.
ROI RoRo volumes recorded a 1% decline compared to Q3 2023. Rosslare-Europort was the only port to record an increase, with volumes growing by 2%. This was driven by an increase in traffic on Rosslare – GB routes, which have declined significantly through this port post-Brexit. In Dublin Port, RoRo volumes fell by 1%, stemming from a drop in Dublin – EU traffic.
However, the fluctuations this quarter were minimal. For the first nine months of the year, RoRo volumes are similar to those of 2023, lagging just 1% behind. The decrease in 2024 has resulted from small, but consistent declines in driver accompanied traffic, with unaccompanied RoRo traffic remaining stable. There has also been remarkable stability in the separate markets for ROI – GB and ROI – EU RoRo traffic, post-Brexit. Since the midway point of 2021, both have averaged 0% monthly growth on a seasonally adjusted basis, indicating no sign of a return to their pre-Brexit levels.
The RoRo market in 2024 can therefore be characterised as steady, but ultimately lacking upward momentum. That stands in stark contrast to the LoLo market, where volumes are rising sharply. LoLo volumes in Q3 2024 grew by 15% compared to the same period in 2023, achieving a record high of approximately 320,000 TEU’s in one quarter. For the first nine months of the year, LoLo volumes are outperforming 2023 by 10%. The sector is on track to exceed the previous annual record of 1.17 million TEU’s recorded in 2021, when COVID-19 changes in consumer behaviour drove a surge in traffic.
Such growth is a welcome development in this market after a difficult 2023, when inflationary pressures resulted in an annual decline of 5%. All of the losses from that year are set to be recovered in 2024. All three LoLo ports – Dublin, Cork and Waterford - have benefited from the increase in traffic, with market shares remaining relatively stable. Among them, Dublin Port has performed marginally better than its counterpart ports. This is attributable to modal shifts, from RoRo to LoLo, that have occurred within the port this year.
Overall, more containerised cargo is passing through Irish ports in 2024 compared to 2023. That is not surprising, given that inflation rates have eased considerably compared to 2023, and domestic demand remains strong. That is reflected in the latest report by the Central Bank of Ireland, which forecasts domestic demand to grow by 2.4% in 2024 and the inflation rate to fall to 1.6% for the year. When combined, Irish unitised traffic is performing well in 2024. Combined volumes are above 2023 and slightly behind 2022. This sector of the Irish shipping market therefore remains stable and resilient in the wake of rising prices in recent years.
The IMDO is Ireland’s national dedicated development, promotional and marketing office for the shipping and shipping services sector.
